Reinsurance News
BHSI opens Frankfurt office
12th November 2021
Berkshire Hathaway Specialty Insurance (BHSI) has expanded its presence within Germany, in addition to its offices in Munich and Cologne, BHSI will now one in Frankfurt. Underwriters from across all product lines, including property, casualty, and executive & professional lines, as well as BHSI risk engineers, will be based in Frankfurt. Andreas ... Read the full article
Ascot Bermuda hires Mitch McBain
12th November 2021
Specialty re/insurer Ascot has appointed Mitch McBain as Senior Vice President (SVP), Head of Management Liability in Bermuda. McBain will be responsible for the underwriting and management of Ascot’s professional and management liability insurance portfolios in Bermuda. He will help Ascot’s expansion into professional lines, collaborating closely with colleagues across the U.S. ... Read the full article
United (UPC Insurance) lowers cat retention, continues to reduce exposure
12th November 2021
United Insurance Holdings Corp. (UPC Insurance), the Florida headquartered but regionally expansive insurer, has reported a narrower net loss for the third quarter of 2021, while its premium base continues to decline amid a retreat from the catastrophe space. A net loss of $14.3 million marks an improvement on the net ... Read the full article
Allianz ‘comfortable’ with its ‘pretty good’ reinsurance program: CFO Terzariol
12th November 2021
Global insurer Allianz made significant reinsurance recoveries in the third quarter which reduced its burden from catastrophe events in the period, leading the firm’s Chief Financial Officer (CFO), Giulio Terzariol, to discuss the firm’s use of reinsurance. After pre-announcing gross losses of €1.1 billion for the flooding in Europe in July, ... Read the full article
Genesis Legacy Solutions makes first Loss Portfolio Transfer
12th November 2021
Genesis Legacy Solutions (GLS), part of the Maiden Holdings has issued its first Loss Portfolio Transfer Agreement through its Vermont cell to an affiliate of Cypress Property & Casualty Insurance Company. This agreement reinsures Cypress’ commercial general liability portfolio written in Florida and Texas from 2008 through 2020. Stonybrook Risk Management advised ... Read the full article
R&Q seeks to add takeover provisions to bye-laws, sparking rumours
12th November 2021
Randall & Quilter Investment Holdings Ltd. (R&Q), the non-life legacy and run-off insurance, programme management and investments specialist, is seeking shareholder approval to amend its Bye-laws to add certain takeover provisions that it says will protect shareholders. It's particularly interesting, as it has sparked discussion among sources that R&Q has been ... Read the full article
WTW enters APAC broking partnership with Indeez
12th November 2021
Willis Towers Watson (WTW) and European insurtech, Indeez, have entered a broking partnership to distribute insurance products for independent workers working with digital platforms in Asia Pacific (APAC) region. Through this partnership, Indeez will leverage the local market network and relationships of WTW in APAC to build tailored protection and benefits ... Read the full article
Collaboration with re/insurers “vital” for climate transition: GFIA
11th November 2021
The Global Federation of Insurance Associations (GFIA) has asserted that close collaboration and communication with the industry at both global and local level is “vital” to successfully fight against climate change. In a statement alongside the COP26 summit in Glasgow, the GFIA argued that the transition to a sustainable economy needs ... Read the full article
AXIS Insurance bolsters E&S Property team
11th November 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital, has announced the appointment of two senior underwriters to its US Excess and Surplus (E&S) Property team. Effective immediately, Chelsea McIntyre and Nicholas Crowder each join the firm as a Vice President. McIntyre and Crowder’s objective will be to develop and build ... Read the full article
Ageas grows insurance result to €777m
11th November 2021
Brussels-headquartered multinational insurer Ageas has reported an insurance net result of €777 million for the first nine months of 2021, up from €737 million for the same period last year. This result included a net result in non-life of €236 million, down from €311 million for the 9M period last year. But ... Read the full article
Global Indemnity sells specialty property business to K2
11th November 2021
Property and casualty insurer Global Indemnity Group (GBLI) has sold its American Reliable specialty residential property business to specialty MGA K2 Insurance Services. Following the sale, K2 will transfer and renew the American Reliable specialty residential property business, which will be underwritten by Homesite Group, a subsidiary of American Family Mutual ... Read the full article
Crédit Agricole reports 24% revenue growth in 9M
11th November 2021
Crédit Agricole Assurances has announced a 24.6% growth of revenue across its priority lines of business during the first nine months of 2021. Priority lines of business include protection of assets and individuals and unit-linked products in savings and retirement. Meanwhile, the combined ratio stood at 96.9%. Property & Casualty revenue increased by ... Read the full article
Kin Insurance reports improved Adjusted Loss Ratio for Q3
11th November 2021
Kin Insurance has reported that through the third quarter of 2021, its adjusted loss ratio decreased to 89.8% from 107.4% for the same prior year period. Hurricane Ida contributed 25.4% to the adjusted loss ratio, with other PCS catastrophe events contributing 8.9%. Non-cat adjusted loss ratio of 55.5% has decreased each of ... Read the full article
Zurich won’t change reinsurance significantly despite aggregate exhaustion: CFO Quinn
11th November 2021
Insurer Zurich has no intentions to significantly alter its use of reinsurance protection despite the impacts of hurricane Ida and the European floods exhausting the company's aggregate catastrophe cover in the third quarter, according to Chief Financial Officer (CFO), George Quinn. Alongside robust premium growth, Zurich's Q3 2021 results highlighted ... Read the full article
Hannover Re sheds stake in HDI as firm underlines ‘pure reinsurer’ focus
11th November 2021
Global reinsurer Hannover Re has announced the sale of its 49.8% stake in joint venture HDI Global Specialty SE to majority shareholder HDI Global SE. The deal underscores Hannover Re’s overarching ambition of repositioning itself as a pure reinsurer. Concurrently, the sale is seen as a way to free up capital for ... Read the full article
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