Reinsurance News
Greenlight Re ‘middle-of-the-road’ on cat risk, ‘sceptical’ ahead of 1/1: CEO Burton
8th November 2021
After disappointing property catastrophe rate increases at the January 1st, 2021 reinsurance renewals, Simon Burton, Chief Executive Officer (CEO) of Greenlight Re, is sceptical ahead of year-end, but feels comfortable with the firm's current catastrophe exposure. Catastrophe losses of almost $26 million contributed 19.1 points to Greenlight Re's 109.3% combined ratio ... Read the full article
Swiss Re CorSo’s PULSE platform to be deployed by MSIG
8th November 2021
Swiss Re Corporate Solutions’ PULSE platform is set to be leveraged by Tokyo-headquartered commercial insurer MSIG in an effort to help improve the way it structures and manages customers' multinational insurance programs. MSIG's customers will also be able to access self-service tools to manage and view their global risks and coverages ... Read the full article
Marsh McLennan Agency acquires Pelnik Insurance
8th November 2021
Marsh McLennan Agency (MMA), a subsidiary of Marsh, has acquired Pelnik Insurance, an independent agency in North Carolina. Founded in 1994, Pelnik Insurance, led by CEO Chris Pelnik, offers business insurance, employee health and benefits, and private client services to midsize businesses and individuals throughout the Mid-Atlantic. Pelnik has 19 employees across ... Read the full article
Climate change a growing concern for global re/insurers: PwC
8th November 2021
The PwC Insurance Banana Skins 2021 survey shows that cybercrime is ranked as the number one risk by carriers globally, while climate change tops the list for reinsurers amid a rise in natural catastrophe events. The latest global edition of the biennial survey includes responses from more than 600 industry leaders ... Read the full article
AXA XL launches Coastal Risk Index to map future flood hazards
8th November 2021
AXA XL launched the Coastal Risk Index (CRI), an innovative tool that maps current and future flood hazard resulting from climate change and integrates the protective benefits of coastal ecosystems into insurance risk models. The CRI has been developed in partnership with AXA’s scientific partners, IHE Delft (Netherlands) and University of ... Read the full article
2020’s Laura, Delta and Zeta industry cost reaches $10.6bn: LDI
8th November 2021
The cost of the 2020 hurricanes Laura, Delta and Zeta in Louisiana have inflicted insurers with $10.6 billion in losses and reserves, according to the latest data from the Louisiana Department of Insurance (LDI). This figure has increased from the previous $10 billion estimate released in August. Policyholders are reported to have ... Read the full article
Industry needs to acknowledge new frequency & severity of events: AIG’s Zaffino
8th November 2021
Peter Zaffino, President and Chief Executive Officer (CEO) of global insurer AIG, expects any fourth quarter catastrophe losses to be limited by the company's reinsurance protection, but warns that overall, the industry needs to acknowledge the dramatic shift in the frequency and severity of events. Last week, AIG announced an ... Read the full article
CCR Re adds Everest Re’s Robertson to Canadian P&C team
8th November 2021
French public-sector reinsurer CCR Re has appointed Jessica Robertson to its Canadian P&C team as Senior Treaty Underwriter. Robertson joins from Everest Re, where she was with the company for over 13 years. She initially held the role of Director Actuarial for 11 years, and was later promoted to Vice President, Data ... Read the full article
Acrisure Re bolsters leadership team with EVP, SVP appointments
8th November 2021
Acrisure Re, the re/insurance broker and fintech platform of Acrisure, has added Ian Wicks, as an executive vice president and Simon Arnott as a senior vice president. Wicks has been assigned to the firm’s London office and will report to partner Nigel Dane. His new role at Acrisure Re will focus on ... Read the full article
MS Amlin (MS AUL) adds Peter McKenna as US President
8th November 2021
MS Amlin Underwriting Limited has named Peter McKenna as President of its newly established sister firm, MS Amlin Distribution Holdings (MS ADH), effective immediately. In his new role, McKenna will report to Johan Slabbert, Chief Executive Officer (CEO) of the new sister company. McKenna joins the specialty re/insurer from RSG Europe, where ... Read the full article
Compre acquires SiriusPoint legacy portfolio for $417mn
8th November 2021
International specialist legacy group, Compre, has completed the acquisition of a $417 million legacy liability portfolio from SiriusPoint, having received all necessary regulatory approvals. The transaction, which was announced in August, structured as a loss portfolio transfer, has been underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Reinsurance Company. The portfolio ... Read the full article
Berkshire Hathaway announces $1.5bn Q3 reinsurance cat hit
8th November 2021
The reinsurance business of Warren Buffet-owned holding company Berkshire Hathaway has announced $1.5 billion in catastrophe-driven losses and loss provisions for 2021's third quarter, a figure that rises the firm’s overall losses and loss adjustment expenses by $442 million against the prior year quarter. Overall 9M cat losses of $1.9 billion ... Read the full article
Elseco bolsters leadership team with Bruno Ritchie hire
8th November 2021
Specialty insurance underwriting platform elseco has added Bruno Ritchie in an Underwriting and Corporate Development capacity. Reporting to Elseco’s group founder and Chief Executive Officer Laurent Lemaire, Ritchie will be responsible for further strengthening the group’s ongoing expansion plans while steering its capabilities towards the development of new business classes. More broadly, ... Read the full article
AM Best assigns ratings to Brookfield’s North End Re
8th November 2021
AM Best has assigned credit ratings to North End Re Ltd. (Bermuda), the newly launched Bermuda-based reinsurance subsidiary of alternative asset management company Brookfield Asset Management Reinsurance Partners Ltd. North End Re was assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent), with ... Read the full article
Fairfax reports Q3 underwriting loss but net earnings rise to $462.4mn
5th November 2021
Fairfax Financial Holdings Limited has reported an underwriting loss of $46.5 million for the third quarter of 2021, driven by the impacts of Hurricane Ida in the U.S. and the European floods in July, partially offset by lower pandemic-related losses. The consolidated combined ratio of the insurance and reinsurance businesses totalled ... Read the full article
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