Reinsurance News
R&Q program management hits $445mn GWP in H1
29th July 2021
Non-life global specialty insurer Randall & Quilter achieved $445 million in Gross Written Premium during the first half of 2021, an 80% increase from the $247 million seen in the prior year period. Fee Income, which represents program fee revenue and the firm’s share of earnings from minority stakes in MGA’s, ... Read the full article
Lloyd’s takes steps to accelerate transition to net zero carbon
29th July 2021
The specialist Lloyd's insurance and reinsurance marketplace has unveiled a new climate action roadmap as the entity looks to work with critical industries to help accelerate the pace of change as the need for net zero carbon intensifies. Today, Lloyd's has released a new report, Insuring a sustainable, greener future, as ... Read the full article
Everest Re posts solid premium growth as net income rises in 2021
29th July 2021
Bermuda-based reinsurer, Everest Re Group, Ltd. has announced a significantly improved net income for both the second-quarter of 2021 and the first half the year, of $680 million and $1 billion, respectively. Everest Re's Q2 net income increased by a massive 256% when compared with the prior year period, while net ... Read the full article
InsurTech investment reached record high in H1 2021: WTW
29th July 2021
Global investment in the InsurTech sector reached a record during H1 2021, as half-year funding of $7.4 billion exceeded full-year investment in 2020, and in every other year, according to a new report by insurance and reinsurance broker, Willis Towers Watson (WTW). In Q2 2021, 162 deals yielded more than $4.8 ... Read the full article
ReThought Insurance completes $15.5mn Series A funding round
29th July 2021
ReThought Insurance has completed a $15.5 million Series A investment round to help fund its growth within the flood insurance market. The insurer writes flood coverage for complex mid-tier commercial risks and high net worth properties, but is also developing offerings for other perils. The funding will go towards providing funding for ... Read the full article
LifeSecure enters partnership with Swiss Re’s iptiQ
29th July 2021
LifeSecure Insurance Company has announced it has entered into a strategic partnership with Swiss Re’s iptiQ. The partnership’s aim is to simplify the life insurance buying experience by launching simplified issue final expense and term life insurance products, which will mark LifeSecure's first expansion into the life market. Patrick Prichard, LifeSecure president ... Read the full article
Germany to see roughly €5bn insured hit from July flooding, AIR says
28th July 2021
Catastrophe risk modeling firm AIR Worldwide has stated that insured losses in Germany from July’s flooding could approach €5 billion. For five days a low pressure system known as “Bernd” sat over central Europe and brought about significant flooding. Germany’s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy and, in ... Read the full article
Tackling 2021 exposures with a 2011 mindset is a recipe for disaster: EMC Re President
28th July 2021
Mondale Smith, President and COO at EMC Re, has stressed that reinsurers must pay close attention to how weather trends have altered in recent years, and has warned that “tackling 2021 exposures with a 2011 mindset is a recipe for disaster.” Speaking in an interview with Reinsurance News, Smith discussed how ... Read the full article
Thomas Miller Specialty launches construction business
28th July 2021
Thomas Miller Specialty has established its construction business, Thomas Miller Specialty Construction (TMSC), which will utilise and build on its experience with latent defect insurance. TMSC will operate on a broker distribution model only, strengthening existing links and establishing new relationships within the broker market. Technical services to support underwriters with risk management ... Read the full article
Underwriters purchase additional IPO from RSG
28th July 2021
Ryan Specialty Group Holdings has announced that underwriters have purchased an additional 8,537,742 shares of its Class A common stock at the initial public offering (IPO) price of $23.50 per share. The group previously announced an IPO of 56,918,278 shares of its Class A common stock. Ryan Specialty has issued a ... Read the full article
Stonybrook Capital names William Generous as SVP
28th July 2021
Stonybrook Capital & Risk Management has appointed William Generous as Senior Vice President of Stonybrook Capital. Generous will assist the team in expanding its capacities in capital raising and advisory in the general insurance and InsurTech space. He has joined Stonybrook from EJF, a hedge fund with $12 billion of assets under ... Read the full article
Aon establishes executive committee in client-focused strategic push
28th July 2021
Global re/insurance broker Aon has established a new executive committee intended to help facilitate it in accomplishing the objectives laid out across its four-pronged United blueprint. The motivations driving Aon's United Blueprint include creating new sources of value for clients, delivering more effective client service, driving innovation at scale and ensuring ... Read the full article
AXIS reports improved underwriting performance as CR strengthens
28th July 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has announced a rise in net income for the second-quarter and first-half of 2021, to $228 million and $344 million, respectively. Supporting this growth in net income, the carrier has reported an improved underwriting performance across both its insurance and reinsurance operations for ... Read the full article
Gallagher may still move to acquire WTW, reports
28th July 2021
Re/insurance broker Arthur J Gallagher could still seek an acquisition of all or parts of rival Willis Towers Watson after its deal with Aon fell through this week, according to Bloomberg Intelligence (BI). Gallagher had a $3.6 billion pact to buy several Willis businesses which was dependant on the Aon ... Read the full article
Lancashire Holdings reports GWP of $697.2m for H1
28th July 2021
Lancashire Holdings Limited has reported its Gross written premiums (GWP) increased by 40.7% year on year to $697.2 million for the first half of 2021. The increased GWP was driven by new business and rate increases within the property catastrophe and property retrocession classes of business. The insurer also reported a profitable ... Read the full article
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