Reinsurance News
Ascot eyeing $400mn capital raise via senior notes offering
10th December 2020
Bermuda-domiciled specialty re/insurer Ascot is looking to raise $400 million via an offering of senior notes. The company hopes to use the new debt capital to help bolster growth opportunities across all of its insurance markets. The notes, due 2030, have a 10-year maturity and a fixed-rate coupon of 4.25% payable semi-annually. The ... Read the full article
B3i and msg partner on distributed ledger tech
10th December 2020
The Blockchain Insurance Industry Initiative (B3i) and msg, a German IT consulting and system integration company, have entered into a strategic partnership to develop reinsurance solutions based on distributed ledger technology (DLT). They will first focus on integrating SAP's and msg's joint solution into B3i’s network and services. Working together, the two ... Read the full article
AXA XL’s US construction arm promotes Rose Hall to VP role
10th December 2020
AXA XL's North America construction insurance business has promoted Rose Hall to the newly created role of vice president, head of construction innovation. Formerly head strategic operations manager for construction risk engineering, Hall reports to Gary Kaplan, president of AXA XL's construction insurance business. Hall joined AXA XL in 2015 as a ... Read the full article
Munich Re Automation Solutions expands Sun Life collaboration
10th December 2020
Munich Re Automation Solutions Ltd, an insurtech specialist and part of the Munich Re Group, has expanded its relationship with Sun Life Financial Inc. Currently, Sun Life advisers and clients in Canada are leveraging Munich Re Automation Solutions' cloud and managed services. This new and expanded collaboration provides access to various modules ... Read the full article
Continental Re adds Ogadi Onwuaduegbo as regional director
10th December 2020
Pan-African reinsurer Continental Reinsurance has announced the appointment of Ogadi Onwuaduegbo as regional director, anglophone West Africa. Onwuaduegbo’s appointment is effective in the new year and will see him fill a role currently held by Shola Ajibade, who is set to retire. Ogadi holds over a decade of experience in both Nigeria ... Read the full article
Fitch affirms AXIS Capital rating, outlook remains negative
10th December 2020
Fitch Ratings has affirmed the 'A+' (Strong) Insurer Financial Strength (IFS) ratings of the operating subsidiaries of Bermuda-based re/insurer AXIS Capital. The ratings agency has also affirmed AXIS’ 'A-' Issuer Default Rating (IDR), while the rating outlook is negative. Fitch says these ratings reflect the company's moderate business profile, very strong capitalization ... Read the full article
Miller adds Dave Cahill to lead expansion into UK construction
10th December 2020
Specialist re/insurance broker Miller has added Dave Cahill to lead its expansion into the UK construction market. Cahill joins with over 32 years’ experience in UK retail construction and has held a variety of roles covering claims, account handling, account management and business development. Since starting in the insurance industry in 1988, ... Read the full article
No deal Brexit shock has diminished, but insurers still at risk: Deutsche Bank
10th December 2020
Analysts at Deutsche Bank have warned that insurers still face a negative impact to their solvency ratios in the event of a no-deal Brexit outcome, even though the potential shock of this scenario has significantly diminished. The comments came amid growing concerns that the UK could be forced to end its ... Read the full article
AmTrust International hires Lead Underwriter for A&H
10th December 2020
AmTrust International, the UK and International arm of New York-based insurer AmTrust Financial Services, Inc., has appointed Steve Ranzetta to the role of Lead Underwriter, Accident & Health (A&H). Ranzetta will lead the A&H underwriting team for the Specialty Business Unit within AmTrust International. He will also be responsible for managing the ... Read the full article
Broad support for flood performance certificates, says Flood Re
10th December 2020
New research released from government-backed reinsurer Flood Re shows an overwhelming majority of prospective home movers are backing the introduction of a Flood Performance Certificate. Much like an Energy Performance Certificate (EPC), the Flood Performance Certificate would provide prospective buyers and renters with a clear overview of the flood risk posed ... Read the full article
Fidelis secures additional $185mn, brings total raised to $1.3bn
10th December 2020
Specialty re/insurer Fidelis has raised an additional $185 million from investors, as the company looks to raise funds to support its growth plan. $60 million of equity capital has come from existing and new investor relationships including Alfa Insurance and affiliated companies, with which Fidelis has a long-standing relationship. Additionally, Fidelis has ... Read the full article
2020 US medical claims lower than expected: Aon
10th December 2020
A new report from global insurance and reinsurance broker Aon shows that medical claims in 2020 are estimated to increase at a rate of 5 percentage points lower than initially estimated by US insurers due to COVID-19. The survey also predicts that the pandemic will increase US employer medical claims by an ... Read the full article
AM Best ends IRB Brasil Re review as management improves
10th December 2020
Am Best has removed IRB Brasil Re’s ‘under review with negative implications’ status following improvements in the company’s enterprise risk management (ERM) and underwriting practices. The rating agency also affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of IRB, although the outlook of ... Read the full article
Arch Insurance renames Syndicate 1955 as part of Barbican integration
9th December 2020
Arch Insurance International, a division of Arch Capital Group Ltd., has changed the name of Barbican Syndicate 1955 to Arch Syndicate 1955, effective January 1st, 2021. The rebranding is part of the ongoing integration of Barbican Insurance into Arch, and follows the launch of Arch Managing Agency Ltd to ... Read the full article
CCRIF Nicaragua payouts total $30.6m following cyclones Iota, Eta
9th December 2020
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has made payouts totalling $30.6 million to the government of Nicaragua following the passage of tropical cyclones Iota and Eta. Both storms made landfall as category 4 hurricanes along the Nicaraguan coast within two weeks of each other in November. Hurricane Iota was the last ... Read the full article
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