Reinsurance News
HCI details 2021 reinsurance plan for Homeowners Choice & TypTap
19th July 2021
Florida-based insurtech HCI Group has detailed the 2021 reinsurance coverage that it has secured for its two insurance subsidiaries, Homeowners Choice Property & Casualty Insurance Company, Inc. (Homeowners Choice) and TypTap Insurance Company (TypTap). The 2021-2022 Homeowners Choice Florida reinsurance program provides coverage up to $967.6 million for catastrophic losses in ... Read the full article
Oxbridge Re targets insurtechs with first SPAC
19th July 2021
Cayman Islands based reinsurer, Oxbridge Re Holdings Limited, has launched a special purpose acquisition company (SPAC) called Oxbridge Acquisition Corp., which itself has filed an initial public offering (IPO) of its securities with the U.S. Securities and Exchange Commission (IPO). Oxbridge Acquisition Corp. has been established as a blank cheque company ... Read the full article
Europe floods largely uninsured, despite multi-billion industry loss: Aon
19th July 2021
Analysts at Aon have warned that “a large portion of the damage” from the recent catastrophic flooding in Europe will be uninsured, even as re/insurers brace for a multi-billion-dollar loss overall. Last week’s flooding impacted many parts of Central and Western Europe, including Belgium, the Netherlands, and Switzerland, although Germany remains ... Read the full article
California wildfires exceed $4bn in commercial property losses in 2017, 2018 and 2020: AM Best
19th July 2021
According to a new report by AM Best, California wildfires have caused over $4 billion in commercial property losses for insurers in three of the past four years, with the expectation that 2021 fire losses could be even greater. The report examined the worsening severity and frequency of wildfire events in ... Read the full article
Mass protests up 36% globally since 2008 financial crisis: Chaucer
19th July 2021
The number of large protests and demonstrations globally has risen 36% since the financial crisis in 2008, from an average of 355 per year in the decade to 2009 to 482 per year in the decade since, new data from Chaucer shows. The firm noted that large protests increased 71% in ... Read the full article
Newfront and ABD to combine into $1.35bn valued firm
19th July 2021
Tech-enabled broker Newfront Insurance has announced plans to merger with ABD Insurance and Financial Services into a combined entity that will be valued at $1.35 billion. The combination with ABD, which focuses on employee benefits, insurance and financial services, will bring together 600 employees, serve over 10,000 clients, and place more ... Read the full article
Sompo Intl names Marco Serra VP of Professional Lines
19th July 2021
Bermuda-based specialty re/insurer Sompo International has announced the appointment of Marco Serra as Vice President, Professional Lines. Serra has over two decades of European insurance experience in Italy, the UK and Spain for businesses such as AIG, ANV and Navigators. He joins from ArgoGlobal Assicurazioni in Rome, where he was Chief Underwriting ... Read the full article
Amir Hussain joins Africa Specialty Risks political violence team
19th July 2021
Pan-African focused reinsurance group Africa Specialty Risks (ASR) has announced the appointment of Amir Hussain as an Underwriter within its Political Risk and Trade Credit team. Hussain joins from Hamilton Insurance Group, where he also served as a Political and Credit Risk Underwriter. Prior to this, he held similar roles with AmTrust ... Read the full article
Ardonagh Group hires Neil Higgins to lead fac reinsurance at Inver Re
19th July 2021
The Ardonagh Group has named Neil Higgins, previously of Miller, as Head of Facultative Reinsurance at Inver Re, its recently launched reinsurance brokerage. In his new role, Higgins takes on oversight of the creation of a client centric, strategic, flexible and market-neutral approach to facultative reinsurance solutions. He joins Inver Re from ... Read the full article
Financial services firms to boost spending on cyber security: PwC
19th July 2021
Financial services firms are expected to boost IT spending in an effort to tighten up cybersecurity, according to new data from PwC UK and the CBI. The latest results from the CBI/PwC Financial Services Survey 2021 show that 70% of firms are planning to invest more over the next 12 months, ... Read the full article
Sepio Systems partners with Munich Re on hardware mitigation solution
19th July 2021
Security and safety services firm Sepio Systems has partnered with reinsurer Munich Re as part of the launch of its Hardware Access Control Index (HACx), which aims to help organizations improve hardware security. The company offers a rogue hardware mitigation guarantee as part of its HAC-1 solution, whereby Munich Re insures ... Read the full article
Germany floods “very likely” linked to climate change: Munich Re’s Rauch
16th July 2021
Ernst Rauch, Chief Climate and Geo Scientist at Munich Re, has said that events such as the recent catastrophic flooding in Germany are “very likely related to climate change,” and are set to grow in both frequency and intensity. This week’s flooding has impacted many parts of Central and Western Europe, ... Read the full article
Aspida acquisitions lays groundwork for launch of life and annuity platform
16th July 2021
Aspida Holdings, an indirect subsidiary of Ares Management Corporation, has finalised its acquisition of US based insurer Global Bankers Insurance Group. The acquisition will see Global Bankers rebranded as Aspida Financial and will provide a team of over 100 insurance industry professionals and an infrastructure and technology platform Aspida believes will ... Read the full article
Truist Financial’s Q2 net income rises to $1.6bn
16th July 2021
Purpose-driven financial services firm Truist Financial Corporation has announced a second quarter net income of $1.6 billion, up 73% compared to last year’s quarter. Results for the quarter also produced an annualised return on average assets (ROA) of 1.28%, an annualised return on average common shareholders' equity of 10.1% and an ... Read the full article
MS Amlin appoints new COO, P&C country manager
16th July 2021
MS Amlin Insurance SE has announced the appointments of Norbert Herkströter as Chief Operations Officer and Jan Vande Weghe as Property and Casualty Country Manager for Belgium. Herkströtermost recently served as Chief Information Officer at Delft University of Technology. Prior to this, he held a variety of senior roles at Aegon, NIBC ... Read the full article
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