Reinsurance News
Assured Guaranty divides business between London and Paris
19th March 2021
Financial guaranty insurer Assured Guaranty is expanding its footprint in Europe by issuing new financial guarantees through its French subsidiary, Assured Guaranty (Europe) SA (AGE). Additionally, Assured Guaranty’s UK financial guarantee subsidiary has been renamed Assured Guaranty UK Limited (AGUK) from Assured Guaranty (Europe) plc to reflect the shift of European ... Read the full article
FG Financial reports $23.9mn loss for 2020
19th March 2021
Reinsurance and investment management holding company FG Financial Group has reported a $23.9 million net loss for 2020. Major items contributing to the net loss included non-cash losses associated with the change in fair value of the company’s investment in FedNat of $16.2 million. Furthermore, during the third quarter FGF realised losses ... Read the full article
Argenta hires Fidelis exec Ian Burford
19th March 2021
Ian Burford has been appointed as Active Underwriter of Argenta Syndicate Management Limited's (ASML) Syndicate 2121 and SPA 6134, and will also join the Board of ASML as its Underwriting Director. In his new roles, Burford will report to Andrew Annandale, Managing Director of ASML and Chief Executive Officer (CEO) of ... Read the full article
Tokio Marine’s reinsurance may not cover Greensill losses: reports
19th March 2021
Sources at Bloomberg believe that Tokio Marine may not be able to rely on its reinsurance program to limit exposure to the collapse of financial services company Greensill Capital. Tokio Marine reported last week that its reinsurance coverage was expected to absorb some of the costs the insurer may face ... Read the full article
Global Parametrics & Fathom partner on flood index
19th March 2021
Parametric and index-based disaster risk transfer firm Global Parametrics has partnered with UK-based flood risk modeller Fathom on a flood index that will enable new levels of parametric solutions. Global Parametrics has combined high resolution data provided by Fathom with streamflow data from the ECMWF GloFAS hydrological and monitoring system to ... Read the full article
Failings of public risk management “plain to see”: Denis Kessler
19th March 2021
SCOR's Chief Executive Officer (CEO) Denis Kessler has said that the failings of public risk management are “plain to see” in the aftermath of the COVID-19 pandemic. Kessler addressed the “havoc” that the pandemic has wreaked on the global economy, in addition to the severe public health threat that it represents. But ... Read the full article
Chubb approaches The Hartford over $23.24bn combination
19th March 2021
Global insurer and reinsurer Chubb has confirmed that it has made an approximately $23.24 billion acquisition offer for The Hartford, valuing the firm at $65 per share. Late yesterday, reports emerged that Chubb was considering the takeover of rival insurer The Hartford. Chubb has now confirmed that on March 11th, it ... Read the full article
Cyber insurer Coalition raises $175m
19th March 2021
Coalition, a cyber insurance and security company, has raised $175 million in a new funding round led by Index Ventures, with participation from General Atlantic and existing investors. The round, which valued Coalition at $1.75 billion, is expected to help the company accelerate its growth ambitions and global expansion. To date, Coalition ... Read the full article
CFC acquires Australian cyber security firm Insane Technologies
19th March 2021
Specialist insurer CFC has extended its in-house cyber incident response team with the acquisition of Insane Technologies, an Australian cyber security and incident response provider. With the addition of Insane Technologies, CFC says it has deepened its roster of in-house technical experts. “Like us, Insane have been handling cyber security incidents for ... Read the full article
Chubb eyeing acquisition of rival insurer Hartford, reports
18th March 2021
It appears as though global insurer Chubb could be eyeing a takeover bid for rival carrier Hartford Financial Services, according to reports emerging from Bloomberg. Chubb is led by Chief Executive Officer Evan Greenberg and is reported to be in the process of weighing up an acquisition for a rival currently ... Read the full article
Arch to acquire Westpac Lenders Mortgage Insurance
18th March 2021
The Global Mortgage Group of Arch Capital Group Ltd. has entered into a share purchase agreement with the Westpac Group to acquire Westpac Lenders Mortgage Insurance Limited (WLMI). WLMI is an Australian Prudential Regulation Authority (APRA) authorized captive lenders mortgage insurance (LMI) provider to Westpac. The business had shareholders’ equity of $AUD ... Read the full article
Aston Lark acquires North County Brokers
18th March 2021
Goldman Sachs backed insurance broker Aston Lark has announced its acquisition of North County Brokers. North County Brokers offers independent advice to businesses across a broad range of insurance and risk management services. Initially, the firm will be brought into the Aston Lark Group under Robertson Low as a temporary measure, as ... Read the full article
Zurich creates new Resilience Solutions services unit
18th March 2021
Global insurer Zurich has created a new unit designed to help meet the demand from businesses for risk prevention and mitigation services. Zurich Resilience Solutions, will provide services aimed at enhancing the overall resilience of a customer’s business and complement traditional insurance products. Its offering combines risk advisory services and insights with ... Read the full article
Tom Clark named CEO of RSG Underwriting Managers
18th March 2021
International specialty insurer, Ryan Specialty Group, has appointed Tom Clark as Chief Executive Officer (CEO) of RSG Underwriting Managers. His appointment comes after RSG hired Clark as executive vice president in January. Clark has over 33 years’ of industry experience, having recently served as president of Nationwide E&S / Specialty. RSG is ... Read the full article
Constellation appoints Crawford as President and CEO
18th March 2021
New York-based insurance consolidator platform, Constellation has appointed Ryan Crawford as president and chief executive officer. Crawford currently serves as Constellation’s senior vice president of insurance operations, and will succeed Bill McDonough when his position comes into place in June. Crawford has also been elected to Constellation’s board of director. McDonough commented: “I ... Read the full article
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