Reinsurance News
Enstar to sell Pavonia Life to Aquarian
17th February 2021
Legacy acquirer Enstar is set to sell its subsidiary Pavonia Life to Aquarian Holdings for an undisclosed fee. Pavonia Life is a New York-domiciled insurance company licensed to underwrite business in New York and Delaware. The transaction is subject to customary closing conditions, including regulatory approval by the New York State Department ... Read the full article
Insurers make significant climate change improvements: ClimateWise
17th February 2021
The ClimateWise Principles, which aim to help re/insurers disclose their response to climate change, has released a review which shows that insurers have made a significant improvement in climate-related disclosures. It also highlighted the sector’s vital role in shaping resilience to climate change, whilst also showing that the insurance industry firms ... Read the full article
Korean Re Switzerland expands reinsurance business at 1/1
17th February 2021
Korean Re Switzerland, the Zurich-based subsidiary of Asian reinsurer Korean Re, has reported an expansion of its reinsurance business at the January 1 renewals. The company saw profitable growth in business as well as further diversification of its portfolio, both geographically and by line of business. In addition to its property offerings, ... Read the full article
AIG falls to $60mn Q4 loss
17th February 2021
Global insurer and reinsurer AIG has reported a net loss of $60 million for the fourth-quarter of 2020 despite a 4% rise in General Insurance (GI) adjusted pre-tax income to $809 million for the period. The Q4 net loss compares with net income of $922 million for the same period in ... Read the full article
Insurance Europe warns of AI coverage challenges
17th February 2021
European insurance and reinsurance federation, Insurance Europe, has warned that changes to the existing liability framework for emerging technologies, such as artificial intelligence (AI), could result in challenging insurability issues. Insurance Europe supports the use of AI for exploring ways to more accurately forecast risk and develop new products, and also ... Read the full article
Importance of alternative reinsurance capital growing for Swiss Re: ILS NYC 2021
16th February 2021
At Swiss Re, alternative, or third-party reinsurance capital has become an increasing part of the reinsurance giant's capital management strategy, and as the insurance-linked securities (ILS) asset class looks to longer-tail classes, the firm is focused on finding ways to transfer risk efficiently. This is according to Judy Klugman, Global ... Read the full article
CoreLogic receives further acquisition offer from CoStar
16th February 2021
Property information and analytics provider CoreLogic has confirmed that it has received an unsolicited acquisition proposal from CoStar Group, less than two weeks after it accepted an offer from private equity firms Stone Point Capital and Insight Partners. Under the terms of CoStar's all-stock proposal, CoreLogic shareholders would receive 0.1019 shares of ... Read the full article
TypTap receives New Mexico regulatory approval
16th February 2021
Florida insurtech and subsidiary of HCI Group, TypTap Insurance Company, has received regulatory approval to write homeowners insurance in New Mexico. The company, which provides homeowners and flood insurance, has planned a nationwide expansion which was announced last year. Since the beginning of 2019, TypTap’s premiums in-force for home-owners insurance, its ... Read the full article
L&G agrees £570m buy-in transaction with Deutsche Bank pension scheme
16th February 2021
Life insurer Legal & General (L&G) has agreed a £570 million pensioner buy-in transaction with the DB (UK) Pension Scheme, which is sponsored by a subsidiary of Deutsche Bank AG. The buy-in represents the first step on the Scheme’s ... Read the full article
Progressive acquires Protective Insurance for $338mn
16th February 2021
Property and auto-focused insurance group Progressive has announced the acquisition of Protective Insurance Corporation in a $338 million deal that’s expected to close by the end of third quarter. Upon the completion of the transaction, Protective shareholders will receive $23.30 per share in cash from Progressive. Progressive will fund the purchase through ... Read the full article
Jefferies highlights reinsurance opportunities amid market turn
16th February 2021
Analysts at Jefferies have spotlighted restructuring and reinsurance as two of the best areas of opportunity in the insurance market right now. Reinsurance prices finally turned in response to several years of elevated catastrophe losses, spurred on by the mounting costs of the COVID-19 pandemic. “Amidst this rare cyclical turn, the reinsurance ... Read the full article
Marsh & McLennan appoints Chief Inclusion & Diversity Officer
16th February 2021
Marsh & McLennan Companies, a professional services firm in the areas of risk, strategy and people, has announced the appointment of Nzinga Shaw as Chief Inclusion & Diversity Officer, effective February 16th, 2021. Shaw recently served as Starbucks Coffee Company’s Global Chief Inclusion & Diversity Officer. In this role, she was instrumental ... Read the full article
Ardonagh Group acquires Australian intermediary network Resilium
16th February 2021
The Ardonagh Group has announced the acquisition of Resilium, the largest independently owned intermediary network in Australia. Resilium will continue to be led by Managing Director Adrian Kitchin, who will be joined on the board by Paul Lynam in the newly created role of Chairman. Lynam has 30 years’ experience in the insurance ... Read the full article
Core Specialty hires Mary Kotch as Chief Information Officer
16th February 2021
Specialty insurance carrier Core Specialty Insurance Holdings has appointed Mary Kotch as Chief Information Officer. Kotch has over 20 years' experience in strategic technology innovation, application shared services, managing a global project management office, infrastructure, architecture, and digital and data management. She previously served in senior executive technology roles at Aspen Insurance ... Read the full article
Lloyd’s report highlights risk of cyber-attacks on the industrial sector
16th February 2021
Lloyd’s has partnered with cyber analytics specialist CyberCube and reinsurance broker Guy Carpenter on a new report examining the increasing risk posed by ‘Internet of Things’ devices to industrial and manufacturing businesses. The three firms conducted an analysis detailing scenarios which represent the most plausible routes by which a cyber-attack against ... Read the full article
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