Reinsurance News
Gallagher’s Willis Re acquisition will expand UK, US and international footprint
13th May 2021
Following Arthur J. Gallagher's agreement to acquire the majority of reinsurance brokerage Willis Re, a Gallagher spokesperson has confirmed that the deal will significantly expand the company's footprint in the UK and the US, and provide it with scale operations in certain key markets. It was announced yesterday that Aon ... Read the full article
Africa Specialty launches liability capacity, appoints Boreham to lead
13th May 2021
Pan-African focused reinsurance Africa Specialty Risks (ASR) has announced the launch of its liability business, appointing Martin Boreham to lead. Boreham has over 30 years’ experience within the insurance industry and joins following eight years at MS Amlin, where he was the product lead for international casualty. He was previously portfolio manager ... Read the full article
Nat cats, COVID-19 to drive $100bn+ industry losses in 2021: analysts
12th May 2021
Natural catastrophes and COVID-19 could generate over $100 billion in global insured losses across 2021 according to Bloomberg Intelligence. Analysis indicates that insurers' Tier 2 bonds have tightened significantly, leaving limited room for further compression. Furthermore, according to data from Fitch, insurers' reported natural-cat losses in Q1 could be more than $20 ... Read the full article
SCOR promotes Emmanuel Grandjean to Head of P&C Risks
12th May 2021
Global reinsurer SCOR has promoted its Deputy Chief Retrocession Officer, Emmanuel Grandjean, to a new position as Head of Property and Casualty (P&C) Risks, based in Paris. Grandjean has 15 years of experience in re/insurance industry, with experience across Life, P&C and Asset business. Notably, he has been one of the key ... Read the full article
Allianz (AGCS) names Exec Underwriter for NA Environmental practice
12th May 2021
Allianz Global Corporate & Specialty (AGCS), Allianz Group’s specialist carrier for corporate insurance business, has announced the appointment of Thomas Keating as an Executive Underwriter, Environmental Impairment Liability (EIL) for North America. In this role, Keating will report to Steve Tagert, Regional Environmental Practice Leader – North America. Effective immediately, he will ... Read the full article
Stephen Redmond joins Asta Managing Agency’s board as non-exec director
12th May 2021
Third-party Lloyd’s managing agent Asta has announced the appointment of Stephen Redmond to the board of Asta Managing Agency as independent non-executive director. Redmond joins from Antares/QIC Global where he served as active underwriter, managing director and most recently, chief transformation officer. He played a key role in establishing Antares as an ... Read the full article
Acquisition of WTW assets will ‘accelerate’ Gallagher’s long-term strategy, says CEO
12th May 2021
With global brokerage Arthur J. Gallagher set to acquire certain assets of Willis Towers Watson (WTW), including Willis Re, the company expects to significantly expand its global value proposition in reinsurance as well as its global footprint in other parts of the business. Aon and WTW announced today an agreement ... Read the full article
US insurers face multi-billion-dollar bill for April storms: Aon
12th May 2021
Analysts at re/insurance broker Aon estimate that the US insurance industry faces a multi-billion-dollar bill for thunderstorm-related claims payouts over the month of April. As we previously reported, Aon expects economic losses of more than $1 billion dollars from just the San Antonio (TX), Fort Worth (TX), and Norman (OK) ... Read the full article
BI test case pay-outs pass £700m: FCA
12th May 2021
New data from the Financial Conduct Authority (FCA) shows that to date more than £700 million has been paid out for claims related to the COVID-19 business interruption (BI) test case in the UK. This represents an increase of more than £100 million on the £600 million that the FCA recorded ... Read the full article
Aon & WTW agree $3.57bn sale of certain assets to Gallagher
12th May 2021
Global re/insurance brokers Aon and Willis Towers Watson (WTW) have signed a definitive agreement to sell Willis Re and a number of other WTW assets to Arthur J. Gallagher & Co. (Gallagher), for a total consideration of $3.57 billion. The announcement comes as the pair look to satisfy the European Commission's ... Read the full article
SCOR partnership targets new digital health data underwriting solutions
12th May 2021
Global reinsurer SCOR is partnering with digital life and health underwriting specialist HealthyHealth to help provide customers with instant underwriting decisions via new data-driven solutions. HealthyHealth’s product analyses health data from smartphones and wearables, shared with insurers by life insurance applicants, to predict applicants’ risk of developing critical medical conditions and ... Read the full article
Lemonade reports $75.8mn in gross written premiums
12th May 2021
Insurtech start-up Lemonade has released its results for the first quarter of 2021, reporting $75.8 million in gross written premiums compared to $ 38.1 million for the prior-year period. The insurtech company also reported a gross profit of $1.9 million, compared to $4.6 million for the first quarter of 2020. This was ... Read the full article
Allianz reports 45% operating profit growth in Q1
12th May 2021
Global insurer Allianz has reported a 44.8% rise in operating profit to €3.3 billion over this year’s first quarter, with all segments contributing. Total revenues declined 2.6% to €41.4 billion and were flat compared to the prior-year level, adjusted for currency and consolidation effects. Net income attributable to shareholders increased 83.4% to ... Read the full article
Limited rating impact expected from IFRS 17: Fitch
12th May 2021
Analysts at Fitch Ratings have assured that the introduction of IFRS 17 is expected to have a “limited” impact on ratings and no overall changes to its view on capitalisation for most re/insurers. While IFRS 17 is an important and major accounting change for insurance contracts, in itself it does not ... Read the full article
Zurich reports Q1 P&C premium growth of 14%; rate change of 7%
12th May 2021
Zurich has announced property and casualty (P&C) gross written premium (GWP) growth of 14%, or 9% on a like-for-like basis to more than $11 billion for the first quarter of 2021, supported by higher premium rates in all regions and driven by commercial insurance. Overall, rate changes in P&C came in ... Read the full article
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