Reinsurance News
Collateralised reinsurers lead the way for Citizens 2021 renewal
7th June 2021
The largest slice of Florida’s Citizens Property Insurance Corporation's 2021 traditional reinsurance renewal went to providers of collateralised reinsurance, with these participants committing more limit than domestic and Bermuda reinsurers combined. For both the Coastal Account and Personal Lines Account segments of its $4.487 billion reinsurance tower, Citizens has secured a ... Read the full article
US P&C underwriting income down 53% in Q1: Fitch
7th June 2021
A new Fitch Ratings report has highlighted a 50% fall in first quarter net income within the US property/casualty space compared to the prior year quarter. Combined ratio, meanwhile, deteriorated from 95% to 96.4%, with catastrophe losses accounting for an estimated 6.9 points. This figure is up from 3.3 points seen in ... Read the full article
Brit creates new marine consortium
7th June 2021
Insurer and reinsurer Brit Ltd has created a new marine consortium named Keel, which has been launched to revolutionise the writing of Marine War and breach call risks. Keel offers up to $152.2m of capacity per risk and provides instant quotes that are fully sanctioned screened, which is an area of ... Read the full article
Crawford launches Japan desk in Thailand
7th June 2021
Crawford & Company, a provider of claims management solutions, has launched a new Japan desk in Bangkok, Thailand. Led by Tetsuya Fujita, the desk will provide a dedicated facility to support the growing presence of Japanese companies and their affiliates in the South East Asia region. Fujita is director of the company’s ... Read the full article
Validus Re promotes Wehmeyer to Exec VP, Head of Intl.
4th June 2021
Bermuda-based reinsurer Validus Re has promoted Sven Wehmeyer to serve as executive vice president, head of international. Reporting to Chief Executive Officer Chris Schaper, Wehmeyer succeeds Steve Bardill in the role, who retires later this year. Wehmeyer will maintain his current responsibilities for Validus Re's non-US property reinsurance and overseas offices. He has ... Read the full article
Greenlight Re Innovations invests in Paxafe
4th June 2021
Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in Paxafe, a supply-chain visibility and analytics platform focused on high value and perishable cargo. Historically, shippers and insurers have lacked certain basic insights into shipments’ location, condition, and custody, whereas this platform ... Read the full article
Ascot partnership to offer US builders risk insurance
4th June 2021
Bermuda-domiciled specialty re/insurer Ascot has formed a partnership with Highland Insurance Solutions to provide a builders risk insurance program for US projects. The partnership will provide Highland, a subsidiary of WNC Insurance Services, with additional capacity to underwrite frame and concrete construction projects on all risks policies. The solution will be available ... Read the full article
Stone Point, Insight complete $5.9bn Corelogic acquisition
4th June 2021
The $5.9 billion acquisition of catastrophe risk modeller CoreLogic by Stone Point Capital and Insight Partners has now been completed, according to an official statement. Shareholders voted to approve the acquisition back in April after a long drawn out saga involving the cat modeller and various other parties, including Stone ... Read the full article
Reinsurance pricing strength to continue into Jan 2022: Moody’s
4th June 2021
Analysts at Moody’s have noted that the 2021 Atlantic hurricane season activity looks set to be “well above long-term historical averages,” which could result in continued pressure on reinsurance rates. According to forecasters, the combination of warmer than average sea surface temperatures in the tropical Atlantic Ocean and Caribbean Sea, weaker ... Read the full article
AXA XL appoints Andrew Diesel to casualty risk consultancy role
4th June 2021
AXA XL, the property & casualty and specialty risk division of AXA, has added Andrew Diesel as casualty risk consultant, fleet in the Americas. Diesel will provide technical support to AXA XL's underwriters and clients primarily in the US and Canada. He’ll also take responsibility for executing engagements with clients, including in ... Read the full article
WTW announces parametric cover for Mesoamerican Coral Reef system
4th June 2021
Re/insurance broker Willis Tower Watson has partnered with the Mesoamerican Reef Fund on the development and implementation of insurance solutions aimed at protecting and restoring the 1,000km reef system along the Caribbean coast post-hurricane. The parametric insurance covers hurricane risk to the critically endangered Mesoamerican Reef (MAR) and the communities dependent ... Read the full article
Rate hardening to persist through 2022, says Swiss Re
4th June 2021
According to key market conditions identified by global reinsurer Swiss Re, price rises are expected to continue both this year and next, further increasing the profitability of new business. For example, Swiss Re notes how re/insurance rates have been hardening since 2018, with price momentum having picked up at this year's ... Read the full article
LSM hires Ulf Knöpnadel as Senior Underwriter, Europe
4th June 2021
Liberty Specialty Markets, a division of Liberty Mutual Insurance Group, has appointed Ulf Knöpnadel as Senior Underwriter, Professional Indemnity (PI) for Europe. Knöpnadel will continue to be based in Munich, and joins from AIG, where he was Senior Underwriter, PI. Prior to AIG, Knöpnadel worked for Markel International as Underwriting Manager, and ... Read the full article
Euler Hermes promotes Sarah Murrow to CEO, UK&I
4th June 2021
Trade credit insurer Euler Hermes has appointed Sarah Murrow as CEO of its UK and Ireland business. Murrow will be transferred from her current role as the market management, commercial underwriting and distribution (MMCD) director for Northern Europe. She will be the first woman to head up Euler Hermes’ UK and Ireland ... Read the full article
COVID losses for major Japanese P&C insurers offset by domestic profit: Moody’s
4th June 2021
According to analysts at Moody’s, the pandemic-related losses for overseas business for the three major Japanese P&C insurance groups in 2020 were largely offset by the strong profit from domestic business. The rating agency expects the groups, MS&AD Insurance Group, Sompo Holdings and Tokio Marine Holdings (TMH), to maintain prudent capital ... Read the full article
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