Reinsurance News
Arch Insurance adds Craig Cafferty to Property team in London
11th February 2021
Arch Insurance International, part of Arch Capital Group Ltd., has announced the appointment of Craig Cafferty as a Senior Underwriter, Property, effective immediately. In his new role, Cafferty will work with existing clients across the portfolio as well as exploring new opportunities, adding further drive to the firm's strong growth in ... Read the full article
Deutsche Rück hires Kummer to lead LatAm expansion
11th February 2021
German reinsurer Deutsche Rückversicherung AG (Deutsche Rück) has announced plans to start writing business in Latin America, with a focus on traditional property and casualty business. As part of this expansion, the Düsseldorf-based firm has appointed Florian Kummer as Head of Latin American Markets, effective from 1 December 2020. Kummer has 25 ... Read the full article
COVID weighs on Tokio Marine’s 9M results
11th February 2021
Japanese property and casualty insurance group Tokio Marine Holdings, Inc. has reported a 39% decrease in profits over the nine-month period ending December 31, 2020. Ordinary profit stood at 182.4 billion yen (USD 1.742 billion) for the period in 2020, versus 299.2 billion yen in the previous year. In particular, Tokio Marine ... Read the full article
Cincinnati improves CR despite higher cat losses
11th February 2021
Primary insurer Cincinnati Financial improved its property casualty combined ratio to 87.3% in the fourth quarter of 2020, despite incurring higher than average catastrophe losses. The combined ratio improved by 4.3 points from 91.6% in Q4 2019, while underwriting profit grew by 57% to $187 million over the same period. This was ... Read the full article
PERILS releases final industry loss for storm Sabine (Ciara)
11th February 2021
Catastrophe loss data aggregator PERILS has released the final industry loss footprint for extratropical storm Sabine (Ciara). The event affected a wide area from the British Isles into Western and Central Europe from 9 to 11 February 2020. The total industry event loss figure, based on detailed loss data collected from the ... Read the full article
Trisura reports annual net income of $32.4mn
11th February 2021
Trisura Group Ltd. has reported net income of $10.9 million for the fourth-quarter and income of $32.4 million for the full-year, representing growth of 162.4% and 536.9%, respectively, from the same periods in 2019. The company attributes the higher figures to strong growth and underwriting in Canada, a growing contribution to ... Read the full article
Ambac launches specialty program insurer Everspan
11th February 2021
Financial services holding company Ambac Financial Group has announced the launch of Everspan Group, a specialty, participatory fronting program insurance business. With capital in excess of $100 million, Everspan will operate as a Financial Size Category Class VII property and casualty insurer and is expected to begin writing new specialty programs ... Read the full article
Canopius names AXA XL’s Neil Robertson as Deputy CEO
11th February 2021
Specialty insurer and reinsurer Canopius Group has announced the appointment of Neil Robertson as Deputy Group Chief Executive Officer (CEO), effective May 4th, 2021. In his new role, Robertson will report to Michael Watson, Group Chairman and CEO, who is expected to continue to serve as Chairman after a suitable transition ... Read the full article
PRA review aims to tailor Solvency II for the UK market
11th February 2021
The Prudential Regulation Authority (PRA) has confirmed that a post-Brexit review of Solvency II guidelines will aim to tailor the rules specifically for the UK re/insurance market. The UK Government has committed to a review of the European Union's Solvency II regulatory requirements for re/insurance firms now that it is no ... Read the full article
Arch acquires majority stake in Coface
11th February 2021
Arch Capital Group's share purchase agreement with Natixis for a majority stake in France-based trade-credit insurance firm, Coface, has received all necessary approvals for its closing, triggering the appointment of Bernardo Sanchez Incera as Chairman of the Board of Directors. It was announced in February of last year that Bermuda headquartered ... Read the full article
Zurich’s profit falls 20% on COVID-19 and catastrophes
11th February 2021
The impacts of the COVID-19 pandemic and higher catastrophe losses pushed down Zurich's business operating profit (BOP) by 20% to $4.2 billion in 2020, while net income fell by 8% to more than $3.8 billion. For the year, Zurich has reported a COVID-19-related impact of $852 million, which includes $450 million ... Read the full article
Marsh & McLennan makes two senior hires
11th February 2021
Marsh's marketing agency subsidiary, Marsh & McLennan Agency (MMA), has appointed Steven Handmaker as its first Chief Marketing Officer and Trindl Reeves as its first Chief Sales Officer. Both appointments will report to Bill Jeatran, President of Marsh & McLennan Agency. Handmaker has led Marketing and Communications for Assurance, MMA’s Midwest region ... Read the full article
SRS expands to Guernsey, hires Peter child as Managing Director
11th February 2021
Strategic Risk Solutions, a provider of insurance management and consulting services, has expanded to Guernsey, with the appointment of Peter Child as its Managing Director. He will take up his post in July, assuming responsibility for the development and oversight of SRS’s business. Child began his insurance career nearly 30 years ago, ... Read the full article
IAG falls to half-year loss despite reinsurance recoveries
10th February 2021
Australian insurer IAG has fallen to a half-year loss of $460 million despite recovering $90 million of catastrophe costs under its aggregate reinsurance cover. The company’s loss over the H1 2021 period compares with a return of $283 million for the same period in the previous year. However, IAG’s insurance profit actually ... Read the full article
HSCM enters finance transaction with Eldridge
10th February 2021
Hudson Structured Capital Management (HSCM), the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has entered a financing transaction with investment firm Eldridge. This transaction will allow HSCM to refinance its start-up obligations and accelerate further growth. It consists of a private debt issuance with warrants that will allow Eldridge ... Read the full article
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