Reinsurance News
CCR Re gross premium reaches €665mn in H1 2021
1st September 2021
French public-sector reinsurer CCR Re has reported gross premiums of €665 million during the first half of 2021, a 14% increase from the prior year period. Owing to the firm’s risk management and provisioning policy, underwriting profitability was unaffected by the consequences of COVID-claims covered in 2020. Underwriting profitability was also mostly ... Read the full article
Swiss Re to invest $200mn in Economical Insurance’s new parent Definity: report
1st September 2021
Global reinsurer Swiss Re is set to invest USD 200 million in a new parent company called Definity, which prior to the closing of its initial public offering (IPO) will oversee Economical Insurance following the completion of its demutualization, according to reports. Definity Financial Corporation is a newly-created entity incorporated under ... Read the full article
Hurricane Ida could cause major hit to Lloyd’s & energy markets: Peel Hunt
1st September 2021
Analysts at Peel Hunt have warned that Hurricane Ida could result in a major hit to both the Lloyd’s and energy re/insurance markets, in addition to massive costs for the US P&C sector. Ida made landfall in Louisiana as a Category 4 hurricane just south west of New Orleans on Sunday ... Read the full article
Vantage Group launches new Financial Lines and Professional Liability products
1st September 2021
Vantage Group Holdings has launched new product offerings within its Financial Lines and Professional Liability insurance. Vantage was established late last year and began writing reinsurance risk in January through its Bermuda Class 4 company, Vantage Risk. The Bermuda carrier has since expanded its offering to include select insurance products. In the ... Read the full article
Cyclone Seroj claims rise to A$281m: ICA
1st September 2021
The Insurance Council of Australia (ICA) has announced that, along with insurers, it will meet with policyholders requiring assistance with their claims for property damage caused by Victoria’s recent exposure to destructive weather events. Claims managers and assessors will travel to the worst hit towns over four days to meet with ... Read the full article
Munich Re tops list of world’s largest reinsurers by premiums
31st August 2021
Germany's Munich Re has reclaimed its place as the world's largest reinsurance company when ranked by 2020 year-end gross reinsurance premiums written, following growth of 21.1% during the period. Based on research data from ratings agency A.M. Best, our directory of the Top 50 Global Reinsurance Groups ... Read the full article
AM Best keeps Humboldt Re under review ahead of owner change
31st August 2021
AM Best has decided to maintain its under review with negative implications status for the credit ratings of Humboldt Re Limited, ahead of a change in ownership for the reinsurer. Humboldt Re entered runoff in December 2020 alongside fellow Guernsey domiciled reinsurance vehicle Kelvin Re. Both businesses were managed and backed ... Read the full article
Argo Group agrees to sell P&C business to Mesa Underwriters
31st August 2021
Argo Group International Holdings has entered into an agreement to sell the renewal rights of its contract binding property and casualty business to Mesa Underwriters Specialty Insurance Company (MUSIC), the excess and surplus lines subsidiary of Selective Insurance Group. As a part of the transaction, the Argo contract binding team will ... Read the full article
Ascot streamlines reinsurance business with new division
31st August 2021
Bermuda-domiciled specialty re/insurer Ascot has announced the launch of a global platform designed to serve the needs of reinsurance underwriting and client focused ceded risk solutions. Under the leadership of Group Chief Underwriting Officer Mark Pepper, Ascot Re will operate as a single point of entry for all related reinsurance products and capabilities. Executive oversight ... Read the full article
OMERS takes $375m stake in Fairfax’s Brit
31st August 2021
Fairfax Financial Holdings Limited has announced the completion of an investment into its Brit Limited subsidiary by OMERS, the pension plan for Ontario’s municipal employees. First announced in February 2021, the transaction sees OMERS acquire a 14% stake in Brit for a cash sum of approximately $375 million. After closing, Fairfax will ... Read the full article
AM Best stable on global reinsurance despite ongoing uncertainties
31st August 2021
Despite improved pricing trends across most business lines, AM Best says uncertainty and abundant capital has resulted in the issuance of stable outlook for the global reinsurance segment. Further compounding this were the unprecedented events of 2020, dominated by the COVID-19 pandemic and higher frequency of medium-sized catastrophe losses. AM Best believes ... Read the full article
Ida not a capital event for Louisiana re/insurers: Fitch
31st August 2021
While Hurricane Ida is expected to generate significant economic and insured losses in Louisiana, it is likely to be an earnings event, rather than a capital event, for the re/insurance industry, according to Fitch Ratings. Fitch does not expect Ida to trigger ratings downgrades for individual P&C re/insurers operating in Louisiana, ... Read the full article
WTW reveals new global leadership team
31st August 2021
Global re/insurance broker Willis Towers Watson has unveiled a new global leadership team as the company looks to ensure future growth. “The leaders named today are highly accomplished and embody the true spirit of one Willis Towers Watson,” said John Haley, Chief Executive Officer. “This Global Leadership Team consists of voices across ... Read the full article
Zurich names Paolo Mantero Chief Strategy Officer
31st August 2021
Global insurance group Zurich has promoted its current commercial insurance Chief Financial Officer Paolo Mantero to serve as Group Chief Strategy Officer. Effective January 1, Mantero will report to Group Chief Executive Officer Mario Greco. His new role will involve oversight of all strategy resources globally and aims to strengthen coordination and ... Read the full article
Swiss Re CorSo partners with Reask on parametric windstorm cover
31st August 2021
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re, has partnered with Reask, a tropical cyclone risk analytics firm, to expand its parametric windstorm solution, STORM. The firm plans to leverage Reask's technological windspeed data to provide tropical cyclone coverage to corporate and public entities exposed to the ... Read the full article
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