Reinsurance News
Talanx falls to underwriting loss on €2.1bn of large losses
15th March 2021
Talanx, the parent of major European reinsurance company Hannover Re, has reported an underwriting loss of €2.8 billion for 2020 amid total large losses of a significant €2.1 billion, driven mostly by the coronavirus pandemic. The company's underwriting performance deteriorated further from the €1.8 billion loss reported in 2019, as the ... Read the full article
QOMPLX to acquire Sentar Inc.
15th March 2021
Risk analytics provider QOMPLX has entered into an agreement to acquire cyber-intelligence company, Sentar Inc. Sentar will continue to be led by President Darren Kraabel alongside other key management. Bridget McCaleb will continue in a formal capacity leading integration efforts for Sentar during the transition. Sentar and QOMPLX have already begun to ... Read the full article
Brokers to include more diversity: SIB
15th March 2021
A new report from the Society of Insurance Broking (SIB) has identified four areas of reputational risk. It included a breakdown of diversity and inclusion within the sector, along with qualification requirements, recommending unrated insurers and commission-based renumeration. SIB's report has explored the idea that improving the diversity of the broking ... Read the full article
There’s more to do but demand for cyber reinsurance is growing: Chatterjee, Envelop Risk
12th March 2021
In a recent interview with Reinsurance News, Ari Chatterjee from Envelop Risk discussed how the cyber re/insurance market has changed in recent years and why demand for protection is projected to rise. “The development of the cyber reinsurance market actually sped up quite a lot in the recent past and one ... Read the full article
PartnerRe set to raise $200mn
12th March 2021
Bermuda-based reinsurer PartnerRe has announced it will be raising $200 million of new capital through selling 8 million Series J Preferred Shares. The shares have a 4.875% fixed rate with a liquidation value of $25.00 per share. It expects to receive net proceeds from this offering of approximately $194 million, after the ... Read the full article
To cut uninsured risks & prevent bankruptcies use more models, finds Oxford study
12th March 2021
The use of a more diverse set of risk models by the catastrophe re/insurance industry would reduce the level of uninsured risks by 50%, significantly raise the volume of available capital and, importantly, prevent a potential insurance industry "bankruptcy cascade", according to a new Oxford study. The study, authored by Professor ... Read the full article
Stonybrook Capital develops ILW pricing service
12th March 2021
Investment banking and reinsurance broking firm Stonybrook Capital & Risk Management has developed a platform to support the pricing of industry loss warranty (ILW) contracts. Initially, established in the summer of 2020, Stonybrook says its ILW desk has already completed several transactions. “Our goal was to bring technology that delivers transparency, improved ... Read the full article
Renewal rates continue to vary across major commercial lines: IVANS
12th March 2021
With the exception of Workers' Compensation, all lines of commercial insurance business experienced an increase in average premium renewal rate during February 2021, when compared with the previous year, according to the latest results of the IVANS Index. IVANS, a division of Applied Systems, reports that month over month, premium renewal ... Read the full article
US winter weather to exceed $10bn loss: Aon
12th March 2021
Re/insurance broker Aon has estimated that the total economic cost of the severe winter weather conditions the affected the US last month will exceed $10 billion. Aon’s figure considered the economic cost of damages and net-loss business interruption for the period of February 12th to 20th, which will likely be the ... Read the full article
IGI posts robust 2020 result as underwriting performance improves
12th March 2021
International General Insurance Holdings Ltd. (IGI) has reported profit of $10.9 million and $31.6 million for the fourth-quarter and full-year 2020, respectively, as well as an improved underwriting performance for both periods. For Q4 2020, profit more than doubled from the $4.3 million posted in 2019, as full-year profit spiked by ... Read the full article
HCI’s net income up to $27.6mn in 2020
12th March 2021
HCI Group, Inc. has reported a slight increase in net income for the full-year 2020 to $27.6 million, despite a significant dip in income for the fourth-quarter to just $2.7 million. Year-on-year, Q4 2020 net income fell by almost 58% from the $6.4 million reported in 2019, as adjusted net income ... Read the full article
European reinsurers grew portfolio by 5% at 1/1: Litmus
12th March 2021
Data compiled by Litmus Analysis shows that the largest four European reinsurers – Hannover Re, Munich Re, SCOR and Swiss Re – grew their combined portfolio by 5% at the January 2021 renewals. Analysts at Litmus said the increase reflected strong new business growth across almost all core business lines. The 5% ... Read the full article
Munich Re backs cybersecurity service by Deep Instinct
12th March 2021
Munich Re is backing a new performance guarantee and ransomware warranty from cybersecurity specialist Deep Instinct. Following a due diligence on Deep Instinct’s technology, Munich Re decided to provide insurance for the guarantee and warranty via its new product, aiSure. Deep Instinct says the backing will enable it to guarantee the performance ... Read the full article
Lancashire looks to raise $400m of new debt
12th March 2021
Specialty insurer and reinsurer Lancashire Holdings Limited is planning to raise around $400 million in a new debt offering, the company has announced. Lancashire has priced the offering of $400 million in aggregate principal amount of 5.625% fixed-rate reset junior subordinated notes due 2041. The company expects to use the majority of ... Read the full article
Pool Re adds Claudio Gienal & Alan Rubenstein to its Board
12th March 2021
UK government-backed terrorism reinsurer Pool Re has announced the additions of Claudio Gienal and Alan Rubenstein to its Board, effective March 11th, 2021. Gienal serves as the Chief Executive Officer (CEO) of AXA UK & Ireland, a member of Pool Re, while Rubenstein is the Chairman of NHBC. Both appointments will contribute ... Read the full article
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