Reinsurance News
Cordillera to acquire Sunset Life, backed by Investcorp
2nd November 2021
Cordillera Holdings, a holding company focused on investing in the insurance and reinsurance sector, has announced plans to acquire Sunset Life Insurance Company of America. Cordillera was founded in 2020 with initial capital from alternative investment manager Investcorp and its affiliates, and it is Investcorp that will provide the initial capital ... Read the full article
AIG closes sale of equity stake in Life & Retirement business to Blackstone
2nd November 2021
The previously announced transaction between American International Group, Inc. (AIG) and Blackstone, which sees the latter acquire a 9.9% equity stake in the former's Life & Retirement business, has now closed. It was announced back in July that the pair had reached an agreement over the sale of a nearly ... Read the full article
Mount Logan finalises takeover of Ability
2nd November 2021
Alternative asset management and insurance solutions company Mount Logan Capital Inc. has completed its previously announced acquisition of Ability Insurance Company for $20 million. The purchase price was comprised of the issuance of an unsecured promissory note in the amount of $15 million and $5 million of common shares of Mount ... Read the full article
US insurers must adapt to changing ESG demands: AM Best
2nd November 2021
Six in 10 US insurance companies agree that demand from stakeholders to explicitly consider environmental, social and governance (ESG) factors in their decision-making is growing, according to a new survey by AM Best. Compared with Europe, the US insurance industry is still considered to be in the nascent stages of ESG ... Read the full article
Incline P&C partners with Wright National Flood Insurance Services
2nd November 2021
Incline P&C Group has partnered with Wright National Flood Insurance Services, a flood insurance provider that offers federal, excess and private flood insurance policies to extend Incline's ability to offer flood insurance policies to those located in Texas, North Carolina and Pennsylvania. With over 40 years of experience in helping policyholders ... Read the full article
Applied Underwriters set to launch aerospace program
2nd November 2021
Risk services firm Applied Underwriters has collaborated with PartnerRe on the establishment of an aerospace program, to be handled by the latter’s former Direct and Facultative Space Team. Led by industry veteran Jon Lewis as Senior Vice President, the new operation will be based in Washington, DC. Philippe Meyenhofer, CEO Specialty Lines ... Read the full article
October storms cause IAG to tap reinsurance, raise FY loss forecast
2nd November 2021
Severe storm and hail activity over the course of October has caused Australian primary insurer IAG to tap its reinsurance coverage and raise its expectation for full-year 2022 catastrophe losses. IAG anticipates that the most recent storm event, which impacted South Australia and Victoria between 27th and 29th October and SE ... Read the full article
Allstate finalises sale of life arm to Blackstone
2nd November 2021
US primary insurance carrier, The Allstate Corporation, has completed the sale of Allstate Life Insurance Company (ALIC) and certain subsidiaries to entities managed by private equity investment giant, Blackstone. First announced in January 2021, the deal involved total proceeds of $4 billion, which included Blackstone’s $2.8 billion purchase price, as ... Read the full article
Hiscox sees 9M GWP rise 6.4% to $3.5bn off strong rate momentum
2nd November 2021
International specialist insurer Hiscox has reported gross premiums written for the first nine months of 2021 of $3,462.9 million, a 6.4% increase driven by strong rate momentum across business segments. Hiscox London Market achieved aggregate rate increases of 13% across the portfolio, with cyber growing at a significant double digit rate. In ... Read the full article
Quality control issues behind rise in offshore wind claims: GCube
2nd November 2021
A new report by renewable energy underwriter GCube Insurance argues that corrective action is needed within the offshore wind sector to incentivise quality control processes and accountability for financial losses. Analysts noted that increasing focus on cost-competitiveness has led to prolific cost-cutting in the design, manufacture, construction and operation of offshore ... Read the full article
Specialty re/insurer Inigo approved to double premiums for 2022
2nd November 2021
Specialty insurance and reinsurance company, Inigo Limited, has seen its 2022 business plan approved by Lloyd's, enabling the firm to double its underwriting to a controlled premium in excess of $850 million for the year. Inigo launched at Lloyd's last year after the acquisition of Enstar and Stone Point Capital’s managing ... Read the full article
Run-off group Marco acquires Capita’s insurance operations
2nd November 2021
Marco Capital Holdings Limited, the European P&C insurance run-off group, has expanded its headcount to more than 300 insurance specialists via the acquisition of Capita plc's insurance businesses, Capita Commercial Insurance Services (CCIS) and Capita Managing Agency (CMA). Launched in August of last year and headquartered in Malta, Marco is a ... Read the full article
TP ICAP partners with Speedwell on climate index
2nd November 2021
Global markets infrastructure and data solutions provider TP ICAP Group has partnered with Speedwell, an environmental risk-management solution provider, to launch the ICAP-Speedwell Climate Index. The index uses global weather data to track climate change thereby allowing financial risk related to the rate of climate change to be traded. Its launch will ... Read the full article
Standard Club makes appointments, expands services in APAC
2nd November 2021
Specialist marine and energy insurer Standard Club is expanding its presence in the Asia-Pacific region with some key appointments and an enhanced suite of services. These include the launch of the Coastal & Inland class in Asia and three significant appointments in Hong Kong aimed at strengthening support for members and ... Read the full article
PERILS issues final AU$1.2bn loss estimate for 2020’s Halloween Storm
1st November 2021
Zurich-based provider of catastrophe insurance data PERILS has released its fourth and final industry loss estimate of AUD 1,222 million for 2020’s Halloween Storm in South East Queensland. This final figure sees PERILS’ estimate rise from the AUD 1,173 million issued in May, six months after the event. In line with the ... Read the full article
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