Reinsurance News
COVID drags Tokio Marine International 2020 profits down 44%
20th May 2021
Tokio Marine Holdings, Inc. has reported a 44% decrease in profits for its international business over the full-year 2020 period, which the company attributes almost entirely to the impact of the COVID-19 pandemic. Total full-year profits across the international business segments came to JPY 101.1 billion (USD 928 million), which was ... Read the full article
Ariel Re appoints Allstate’s Mike Pedraja CFO
20th May 2021
Bermudian reinsurer Ariel Re has announced two key appointments to its senior management team, including Mike Pedraja as group Chief Financial Officer. Pedraja, who previously served as Senior Vice President and Treasurer of Allstate, will be responsible for leading the finance function as well as capital management and investor relations. He has ... Read the full article
Re/insurance industry execs support sale of Willis Towers Watson assets: KBW
20th May 2021
Florida and Bermuda insurance and reinsurance industry executives recently expressed "widespread support" for the sale of Willis Re and certain other Willis Towers Watson (WTW) assets to Arthur J. Gallagher (Gallagher), according to analysts at KBW. It was announced last week that Gallagher had agreed a $3.57 billion deal to ... Read the full article
Japan life recovery could take until 2024: GlobalData
20th May 2021
Analysts at GlobalData have warned that it could take until 2024 for growth rates in the Japanese life insurance market to return to their pre-COVID-19 levels. The industry is expected to recover from 2021 onwards and increase at a compound annual growth rate (CAGR) of 1.8% over the next three years, ... Read the full article
Execs see lower-than-expected Florida property cat rate rises: KBW
20th May 2021
The upcoming June 1st, 2021 reinsurance renewals appear to be orderly, although property catastrophe reinsurance rate increases in Florida are expected to come in below expectations, according to analysts at Keefe, Bruyette & Woods (KBW). After meeting with executives this week, analysts have determined that when compared with last year, Florida ... Read the full article
S&P upgrades Athene off continued profitable growth
20th May 2021
S&P Global Ratings shas raised its financial strength and issuer credit ratings on retirement services company Athene to 'A+' from 'A'. The outlook is stable. S&P has also raised its rating on the holding company to 'A-' from 'BBB+'. The outlook on the holding company ratings is positive. Athene’s continued growth over ... Read the full article
Amwins American Equity appoints Hapworth to CEO role
20th May 2021
Amwins subsidiary The American Equity Underwriters has appointed Adele Hapworth to succeed Michael Lapeyrouse as the company's Chief Executive Officer. Lapeyrouse will assume the role of Chairman for AEU. Hapworth joined AEU in 2007 and has served in leadership roles including Director of Product Development, Executive Vice President and Chief Operating Officer. Lapeyrouse ... Read the full article
Metromile & Hippo partner on home & auto protection
20th May 2021
San Francisco based car insurance start-up Metromile and homeowners focused-insurtech Hippo have partnered to offer consumers modern auto and homeowners insurance with a new multi-policy discount. Drivers and homeowners will be able to purchase pay-per-mile auto insurance and homeowners insurance from Metromile and Hippo, respectively, in a discounted policy bundle. “Offering choice ... Read the full article
Pacific Life Re creates Medical Analytics team
20th May 2021
Life reinsurer Pacific Life Re has created a new Medical Analytics team to further strengthen the company’s analytics and emerging risk capabilities. The team will be led by Ian Collins who has over 20 years of experience in the ... Read the full article
Cybersecurity control failures top exec concerns in Q1, finds poll
19th May 2021
Cybersecurity control failures was listed as the top emerging risk in the first quarter of 2021, according to the latest Gartner, Inc. Emerging Risks Monitor Report. The global poll of 165 senior executives found that 67% of respondents singled out cybersecurity risk as a major concern, with consistency across all geographic ... Read the full article
Mission Underwriting launches new P&C underwriting platform
19th May 2021
Mission Underwriting Managers has launched its technology-powered platform to bring innovation to the property and casualty underwriting and distribution market. The company will act as a licensed insurance general agency with a broad focus across the commercial lines segment. The platform was created due to the insurance market experiencing major disruption, which ... Read the full article
VIG Re reports higher profits and 13% premium growth
19th May 2021
VIG Re, the Prague-based reinsurance arm of Vienna Insurance Group (VIG), has reported improved profitability over the first quarter of 2021, helped by strong premium growth of 13%, compared with the same period last year. Profit for the Q1 2021 period totalled €2.79 million, compared with €2.42 million in Q1 2020. Meanwhile, ... Read the full article
Anderson Benson appointed Coverholder by Lloyd’s
19th May 2021
Nashville-based independent insurance and risk management broker Anderson Benson has been appointed as a Coverholder by Lloyd’s of London for a worldwide Media Liability errors and omissions (E&O) program. The music industry-focused coverage includes copyright, publishing, film and social influencing and will be tailored for each group. Groups includes songwriters, composers, music ... Read the full article
TWIA forgoes extra $1bn of reinsurance, looks to expand cat bond
19th May 2021
The Texas Windstorm Insurance Association (TWIA) has decided not to pursue an additional $1 billion of reinsurance that would have brought its total aggregate coverage for the 2021 season to $5 billion. Its Board will continue to seek the planned $1.9 billion of reinsurance protection at renewal this year, which, ... Read the full article
Huw Evans to leave ABI Director General role for KPMG
19th May 2021
The Association of British Insurers (ABI) has announced that its Director General, Huw Evans, will be leaving the organisation at the end of the year to join KPMG. Effective January 2022, Evans will join KPMG as a Partner within its insurance and long-term savings practice. He has served as Director General of ... Read the full article
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