Reinsurance News
James River expecting $5mn net income for 2020
17th February 2021
Bermuda-based insurance holdings company James River Group expects to report full year 2020 net income of between $4 million and $5 million. Full year 2020 adjusted net operating income is expected to fall between $18 million and $22 million. The combined ratio for the full year is expected to be between 105% ... Read the full article
Organic growth lifts Athene’s Q4 results
17th February 2021
Retirement services company Athene has announced that its net income in the fourth quarter of 2020 more than doubled to $1.07 billion on the back of strong organic growth. Income was up 147% on the $432 million reported in Q4 2019, and 71% on the $622 million in Q3 2020. However, over ... Read the full article
Nexus adds Denise Socrates to expand FI capabilities
17th February 2021
Independent specialty Managing General Agent Nexus Group has announced that Denise Socrates has joined its US Management & Professional Liability team as Vice President. Socrates brings over 16 years’ experience in management and professional lines and was previously employed by Hiscox USA, where she managed their financial institutions business in the ... Read the full article
Monument Re completes Isle of Man takeover from Charles Taylor
17th February 2021
Life reinsurance and insurance holding company, Monument Re, has completed the acquisition of the Charles Taylor Group’s Isle of Man life and investment operations. First announced back in August 2020, the purchase mostly consists of Charles Taylor’s life insurance entity, LCL International Life Assurance Company Limited, and Charles Taylor Holdings ... Read the full article
Aon secures ARPC account from Guy Carpenter
17th February 2021
The Australian Reinsurance Pool Corporation (ARPC), Australia's government-led terrorism reinsurance agency, has named Aon as its reinsurance broker. The new agreement see’s Aon beat rival Guy Carpenter to the contract. Guy Carpenter had previously served the role. Mike Pennell PSM, ARPC’s Chief Underwriting Officer will oversee the transition-in and commencement of broking ... Read the full article
CVC’s acquisition of RiverStone Europe approved
17th February 2021
The European Commission (EC) has approved the acquisition of RiverStone Europe by CVC Strategic Opportunities Fund II, a vehicle owned and operated by CVC Capital Partners, for a purchase price of USD 750 million. The announcement, which was made in December, also noted that RiverStone Europe, which was previously owned ... Read the full article
Arch to provide cyber insurer Coalition with long-term capacity
17th February 2021
Arch Insurance North America has partnered with Coalition to provide long-term capacity for the cyber insurance specialist’s US and Canada Cyber and Technology Errors & Omissions insurance programs on Arch’s carriers. It’s hoped the partnership with Arch will support Coalition’s growth, which over the past year included $150 million of run-rate ... Read the full article
Munich Re appoints new L&H leader for Southeast Asia
17th February 2021
Munich Re has announced the appointment of Aravind Srinivas as Managing Director Life and Health for the Southeast Asia region. He takes over the role from Tobias Frenz, who will now become Head of Digital Solutions, Life and Health, Asia Pacific, Middle East and Africa. Srinivas was previously the Chief Commercial Officer ... Read the full article
Swiss Re CorSo appoints Andrew Dougall to lead global casualty
17th February 2021
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re, has appointed Andrew Dougall as Global Head Casualty. Effective 22 February, Dougall will be responsible for driving the success and overall profitability of the bespoke casualty portfolio globally. He will also lead a global team of underwriters and work with ... Read the full article
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
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