Reinsurance News
Florida remains challenging despite declining AOB lawsuits, FedNat CEO Braun
10th May 2021
FedNat’s Chief Executive Officer Mike Braun has underlined the continuing challenges posed by Florida’s homeowners market, despite a sharp decline in Assignment of Benefits-related lawsuits. Speaking on a first quarter earnings call, Braun said overall litigation against property insurance companies in the state continues at levels that are far above the ... Read the full article
Majority of industry participants feel safe returning to offices
10th May 2021
After consulting our substantial network of industry contacts, Reinsurance News found that a majority of respondents currently feel safe returning to an office-based working environment, 14 months on from COVID-19’s elevation to pandemic status by the World Health Organisation. COVID-19’s impact as a highly contagious respiratory disease, compounded early on by ... Read the full article
Pool Re warns of post-lockdown terror risks
10th May 2021
British terrorism reinsurer, Pool Re has launched a new series of Sector Risk Reports which focuses on public transport and facilities. The initial report explains that the sector remains an attractive target for terrorists due to the high concentration of potential victims and the low complexity of planning required to cause ... Read the full article
Ariel Re recruits Nephila’s Tim Shreeve to lead Platform Development
10th May 2021
Bermuda-based reinsurer Ariel Re has appointed Tim Shreeve as Head of Platform Development. Shreeve joins the company from Nephila Capital, the insurance-linked securities (ILS) specialist manager, where he served as Head of Platform Planning. He spent nearly 10 years at Nephila in Bermuda, having joined the company in September 2011. Prior to this, ... Read the full article
RMS highlights value of its cloud-based Risk Modeler app
10th May 2021
With its annual Exceedance conference underway this week, catastrophe risk solutions firm RMS has underlined the value of Risk Modeler, a cloud based solution running on its Risk Intelligence platform. Risk Modeler is designed to meet the needs of risk analysts and cat modelers at scale by enabling real-time risk analytics ... Read the full article
Lockton hires Dane Lupe as SVP, Pacific
10th May 2021
Global re/insurance broker Lockton has appointed private equity specialist Dane Lupe to its Pacific region as Senior Vice President, Producer. Based in Los Angeles, Lupe will be partnering with private equity and commercial real estate firms to provide guidance in proactively mitigating, transferring and insuring their risk. Lupe has over 13 years ... Read the full article
ICA adds three to board of directors
10th May 2021
The Insurance Council of Australia (ICA) has appointed three new members to its board of directors, ensuring the industry is well-placed to respond to and drive the many strategic challenges and opportunities. Nicholas Hawkins, Managing Director and CEO at IAG has been appointed, along with Scott Hawkins, Managing Director, Munich Holdings ... Read the full article
Tryg and Intact receive regulatory approvals for RSA acquisition
10th May 2021
Intact Financial Corporation and Scandinavian insurer Tryg A/S have received all anti-trust and regulatory approvals for the acquisition of RSA Insurance Group plc, setting the stage for closing the mega-merger within a month. RSA will now need to re-register as a private limited company, and the High Court of Justice in ... Read the full article
AXA XL hires Anish Jadav as Retail P&C CUO for UK, Lloyd’s
10th May 2021
AXA XL, the property & casualty and specialty risk division of AXA, has appointed Anish Jadav as Chief Underwriting Officer, Retail Property & Casualty (P&C), UK & Lloyd’s market. In his new role, Jadav will oversee AXA XL’s Retail P&C underwriting strategy and optimising product offering and profitability. He will be responsible ... Read the full article
AM Best downgrades credit ratings of James River Group
10th May 2021
AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” from “a” of the rated operating subsidiaries of James River Group (JRG). AM Best has also downgraded the Long-Term ICR to “bbb-” from “bbb” of JRG. ... Read the full article
Nat Re reports USD $2.5mn net income for 2020
10th May 2021
The National Reinsurance Corporation of the Philippines (Nat Re), the country’s national reinsurer, has reported a net income of P120 million (USD $2.5mn) in 2020, down 24% from P157 million (USD $3.2mn) in 2019, as stronger underwriting results were weighed down by lower investment income. Gross written premiums grew by 3% ... Read the full article
CoreLogic’s Q1 operating income rises to $85mn
10th May 2021
Catastrophe risk modeller CoreLogic has announced a first quarter operating income of $85 million, up by $30 million from the prior year quarter. Meanwhile, revenues of $423 million represent a 20% increase over the prior year. Net income from continuing operations was reported at $55 million, up by $31 million. “Capitalizing on momentum ... Read the full article
AJ Gallagher in talks to acquire $3bn portfolio of Aon and WTW assets: Bloomberg
10th May 2021
Global insurance broker Arthur J. Gallagher is in talks with Aon and Willis Towers Watson (WTW) over the potential acquisition of a portfolio of assets, which includes Willis Re, reports Bloomberg. Bloomberg, citing people familiar with the matter, has reported that an agreement could be reached in the coming weeks. According to ... Read the full article
Enstar announces $183mn in Q1 net earnings
10th May 2021
Legacy specialist Enstar Group has reported consolidated net earnings of $183.2 million for the opening quarter of 2021, compared to a consolidated net loss of $516.8 million in the prior year quarter. Key drivers of this rather substantial earnings increase include a reduction in net incurred losses and loss adjustment expenses ... Read the full article
North Atlantic Hurricane losses could increase 24% by 2050: RMS
7th May 2021
Catastrophe risk modelling and solutions company RMS has revealed that according to its new Climate Change Models, insured average annual losses (AAL) from North Atlantic Hurricane wind could potentially increase by as much as 24% by 2050. It also noted that European Flood risk AAL could increase by up to 59% ... Read the full article
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