Reinsurance News
Prudential Q4 income falls to $819m as company posts $374m loss for 2020
5th February 2021
Prudential has reported a fourth quarter 2020 net income of $819 million, down from the $1.128 billion achieved in the prior year quarter. Net income in the current quarter included $1.2 billion of pre-tax net realized investment losses and related charges and adjustments, driven by losses on derivatives, and also includes ... Read the full article
Gamestop drama will increase social inflation pressures: AM Best
5th February 2021
Analysts at AM Best have argued that the recent stock market frenzy and social media outrage surrounding GameStop, AMD, AMC and other stock could cause an increase in class action lawsuits. The rating agency noted that disclosures provided by Robinhood will be under intense scrutiny by lawyers. And although it may be ... Read the full article
Beazley’s combined ratio deteriorates to 109% on COVID & ransomware
5th February 2021
Beazley has reported that its combined ratio deteriorated to 109% in 2020 on the back of first-party COVID-19 losses and elevated ransomware reserves, as the firm announces a loss before tax of $50.4 million for the year. The more than $50 million loss for the period compares with profit before tax ... Read the full article
HSCM leads $30mn investment in DealerPolicy marketplace
5th February 2021
DealerPolicy, an insurance marketplace for automotive retail, has raised $30 million of funding in a Series B round led by 3L Capital and Hudson Structured Capital Management Ltd., doing its re/insurance business as HSCM Bermuda Management Company. The company plans to use the funding for the continued development of its insurance ... Read the full article
KKR finalises Global Atlantic acquisition
5th February 2021
Global investment firm KKR & Co. has closed its previously-announced strategic transaction to acquire all outstanding shares of life and annuity provider Global Atlantic Financial Group. Global Atlantic has delivered strong performance since the transaction was announced in July 2020. Based on preliminary financial results of Global Atlantic as at ... Read the full article
60 bulk annuity transactions inked by L&G in 2020
5th February 2021
In 2020 life insurer Legal & General agreed over 60 bulk annuity transactions, building a total value of over £8 billion ($11bn), whilst securing the pension benefits of more than 53,000 people globally. 2020 was one of the most successful years for its US and UK Pension Risk Transfer (PRT) businesses, ... Read the full article
Hub announces new National Director of Commercial Markets
5th February 2021
Insurance broker Hub International has appointed Michael Chapman as National Director of Commercial Markets, effective immediately. In his new role, Chapman will be responsible for the development and execution of claims best practices, product development and special projects. With over 30 years of experience, he will be working collaboratively with HUB's Specialty ... Read the full article
Imperative for businesses to change priorities after COVID: Aon
4th February 2021
A new report by re/insurance broker Aon shows that 82% of global firms did not rank a pandemic or other major health crisis within their top 10 risks prior to the outbreak of COVID-19. Additionally, less than 30% of EMEA respondents to a survey by Aon said they had a pandemic ... Read the full article
AXIS Re adds Michelle Glass to NA Casualty team
4th February 2021
AXIS Re, the reinsurance arm of Bermuda domiciled AXIS Capital Holdings Limited, has named Munich Re's Michelle Glass as a Senior Underwriter within its North America Casualty division, effective February 1st, 2021. Glass joins the firm from Munich Re where she most recently served as Senior Vice President (SVP) and Casualty ... Read the full article
Howden hires Andrew Harrison-Sleap as Executive Director
4th February 2021
International insurance broker Howden has appointed Andrew Harrison-Sleap as Executive Director and Global Deputy Head of Construction. He joins from McGill & Partners, where he served as Partner in the Professional Indemnity practice and will report to newly appointed Naresh Dade to lead the practice group. He will be based in ... Read the full article
Mitch Blaser launches next-gen specialty insurer Mosaic
4th February 2021
Mitch Blaser, founding executive of Bermuda-based Ironshore, has established Mosaic, a next-generation global specialty insurance company with operations in Bermuda, London, the U.S., and Asia. Mosaic combines newly-formed Lloyd's of London Syndicate 1609 with sophisticated underwriting talent. The new specialty insurer is backed by private equity investment firm, Golden Gate Capital, who ... Read the full article
RGA to acquire Hodge Life Assurance Company
4th February 2021
Life and health reinsurance company, Reinsurance Group of America, Incorporated (RGA), has entered into an agreement to acquire 100% of the share capital of Hodge Limited's PRA authorised life insurer, Hodge Life Assurance Company Limited (HLAC). HLAC, which has annuity liabilities of roughly £570 million (USD 780 million), intends to stop ... Read the full article
CoreLogic accepts $80 per share acquisition offer
4th February 2021
Property information and analytics provider CoreLogic has accepted an acquisition offer from private equity firms Stone Point Capital and Insight Partners that values the company at $80 per share. CoreLogic has been embroiled in acquisition disputes since July 2020 when it rejected an offer of $65 per share from investors ... Read the full article
AXA XL appoints Munich Re’s Michael Yeats to lead LatAm Reinsurance
4th February 2021
AXA XL, the property & casualty and specialty risk division of AXA, has hired Michael Yeats from Munich Re to serve as Head of Latin America, Reinsurance, based in Bogota, Colombia. In his new role, Yeats takes on oversight of the company's reinsurance offices in Bogota, Buenos Aires, Miami, and Sao ... Read the full article
Commercial insurance prices up 22% in Q4: Marsh
4th February 2021
New data from broker Marsh shows that global commercial insurance prices increased by 22% in the fourth quarter of 2020. The increase was the largest recorded since Marsh first released its Global Insurance Market Index in 2012, and follows year-on-year average increases of 20% in the third quarter of 2020 and ... Read the full article
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