Reinsurance News
Ardonagh Europe launches in Dublin
26th July 2021
UK intermediary Ardonagh Group has announced the establishment of its new Dublin-based arm, Ardonagh Europe, as the firm looks to take its buy-and-build model to the continent. The new division will form part of the Ardonagh International segment and will operate alongside Ardonagh Global Partners, which launched back in April ... Read the full article
Lord Sedwill appointed to the Lloyd’s Council
26th July 2021
Lloyd's of London, the specialist insurance and reinsurance marketplace, has added Mark Sedwill, Baron Sedwill of Sherborne KCMG FRGS, to the Lloyd's Council and announced his election as Senior Independent Director and Deputy Chair of Lloyd's. Lord Sedwill takes over from Andy Haste, who has served as Lloyd's Deputy Chair and ... Read the full article
Beazley secures significant rate increases off ransomware rise
26th July 2021
Beazley has been described during a recent roundtable as having achieved good rate increases across all classes, platforms and territories during H1 2021, with most significant hardening in cyber in response to ransomware. Ransomware, and cyber crime more generally, was described as both a societal as well as an insurance issue. Beazley ... Read the full article
RSG launches initial public offering
26th July 2021
Ryan Specialty Group has launched its initial public offering of 56,918,278 shares at a price of $23.5 per share. Ryan Specialty will receive net proceeds of approximately $1,259.1 million after deducting underwriting discounts and commissions and estimated expenses. It intends to grant underwriters the right to purchase up to an additional 8,537,742 ... Read the full article
GRP to acquire WTW’s Northern Ireland portfolio
26th July 2021
Global Risk Partners (GRP) has entered into an agreement with Willis Towers Watson (WTW) to acquire the latter's commercial risk and broking business in Northern Ireland. On completion, the £57 million gross written premium (GWP) portfolio will be integrated into ABL Group, GRP’s Northern Ireland brokerage, with ABL’s CEO Maurice Boyd ... Read the full article
Society will not meet climate targets without investor action: Swiss Re
23rd July 2021
Reinsurer Swiss Re has warned that society will fail to reach the Paris Agreement target of limiting global warming without more action from investors and other financial market players. As part of its latest Responsible Investments publication, Swiss Re stressed that long-term investors have “an important role to play in achieving ... Read the full article
IAG expects a net loss of $427 million for FY21
23rd July 2021
Australian insurer IAG has released its preliminary FY2021 results, which expects a net loss of $427 million with a reported profit of $33 million in H2 2021. For this year, the insurer announced a Net Earned Premium of $7,473 million, with a growth of 1.5% on FY2020. It is also expecting a ... Read the full article
China Re expecting up to 65% H1 profit growth
23rd July 2021
China Reinsurance Group (China Re), the country’s largest reinsurer, has released a preliminary estimate of its results for the first half of 2021, which states that net profit will be up by between 55% and 65%. The company’s profits dipped by 24% to roughly RMB 2.467 billion (USD 380.8 million) ... Read the full article
BMA pegs Bermuda re/insurers’ Uri payments to US clients at $2.7bn
23rd July 2021
The Bermuda Monetary Authority (BMA) has said that Bermuda insurers and reinsurers are set to incur gross claim losses of $2.7 billion as payments to U.S. policyholders and cedents as a result of the impacts of winter storm Uri. The devastating storm arrived on the country’s President’s Day weekend bringing damaging ... Read the full article
Aon expecting $10bn economic hit from recent European floods
23rd July 2021
The catastrophic floods seen recently across parts of Western and Central Europe are expected to drive preliminary economic losses of over $10 billion, according to a new Aon report. Torrential rainfall caused by a slow-moving area of low pressure “Bernd” resulted in catastrophic flooding across parts of Western and Central Europe ... Read the full article
Aqueous adds Alex Stephenson as Senior Underwriter
23rd July 2021
Specialist MGA Aqueous Underwriting has announced the appointment of Alex Stephenson to the role of Senior Underwriter, with immediate effect. He joins Aqueous having spent 10 years at Manchester Underwriting and had previously worked at RSA and at broker Millers. Aqueous currently writes PI for a range of trades and professions. The ... Read the full article
Swiss Re CorSo to bolster International Programs leadership
23rd July 2021
Swiss Re Corporate Solutions has strengthened its International Programs leadership with the appointments of William Porter as Head International Programs Americas and Reto Collenberg as Head International Programs APAC and EMEA, both effective 1 August. Together they will oversee Swiss Re Corporate Solutions' International Programs business and market strategy globally. Based in New ... Read the full article
W. R. Berkley posts record Q2 underwriting profit
23rd July 2021
W. R. Berkley Corporation has posted record underwriting profit of $202.2 million for the second quarter of 2021, as net premiums written increased by 27.2%. Overall, the company posted operating income of $219.1 million, compared with just $11.6 million in the same period last year, while its six-month total was $420.8 ... Read the full article
Beazley returns to profit as all divisions achieve rate rises in H1 2021
23rd July 2021
Specialist insurer Beazley has reported profit of $167.3 million for the first half of 2021 against a loss of $13.8 million in the prior year period, as the firm achieved good rate increases across all classes, platforms and territories. For the first half of the year, Beazley has reported solid growth ... Read the full article
German insurers well-positioned for 2021 nat cats: AM Best
23rd July 2021
Despite the recent widespread and catastrophic flooding across Germany, AM Best believes the country’s non-life segment has, in general, the ability to absorb such high weather-related losses, as it has shown the discipline in the past to price appropriately for such events. Last week’s flooding impacted parts of Central and ... Read the full article
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