Reinsurance News
Bermuda re/insurers “ripe for take over,” says Fitch
26th January 2021
Analysts at Fitch Ratings believe that certain companies in the Bermuda re/insurance market are “ripe for take over” despite muted M&A market conditions. The rating agency noted that activity in the Bermuda M&A market has been comparatively low in recent months due to the improved pricing environment, which is placing more ... Read the full article
L&G agrees £400mn Assured Payment Policy de-risking transaction
26th January 2021
Legal & General has agreed a £400 million Assured Payment Policy (APP) transaction with the Legal & General Group UK Senior Pension Scheme. The de-risking transaction provides investment risk protection for the pensions of around 200 deferred members and 385 pensioner members. The deal was completed in December and follows Legal & ... Read the full article
Prudential appoints Caroline Feeney to lead US role
26th January 2021
Prudential Financial has appointed Caroline Feeney as CEO of its US Insurance & Retirement Businesses. She assumes this newly created role effective immediately and will be responsible for driving growth across the consolidated portfolio of US businesses, while ensuring alignment with PGIM, the company’s asset management business. As part of her role, ... Read the full article
Everest Re announces Q4 CAT and COVID-19 losses
26th January 2021
Bermuda-based insurer and reinsurer, Everest Re Group, Ltd., has announced estimated pre-tax net catastrophe losses of $70 million for the fourth-quarter of 2020, alongside an additional $76 million of losses related to the COVID-19 pandemic and a $400 million reserve charge. Despite these losses, of which the majority is within the ... Read the full article
IUA business plan prioritises climate risks in 2021
26th January 2021
The International Underwriting Association (IUA) has confirmed its business plan for 2021, which identifies climate risks as a key priority for the London company market. The organisation also revealed details of a strategic review that will include a reassessment of the way it supports member firms in the light of Covid-19 ... Read the full article
Brown & Brown Q4 revenue rises $63mn
26th January 2021
Insurance broker Brown & Brown has reported $642.1 million in revenues for the fourth quarter of 2020, up $63.1 million from the prior year quarter. Organic revenue for the quarter increased by 4.7% and net income was $97.3 million, up by $20.8 million. Revenues for the full year were $2.6 billion, a ... Read the full article
Heritage announces Q4 cat and weather losses of $41.5mn
26th January 2021
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has announced net current accident year catastrophe and weather losses of a combined $41.5 million for the fourth-quarter of 2020. Of the $41.5 million total, approximately $28.6 million, or 68.9% relates to net current accident year catastrophe losses; with the ... Read the full article
Southern California Edison in $2.2bn Woolsey Fire subrogation settlement
26th January 2021
Southern California Edison (SCE), the California electrical utility, has entered into a $2.2 billion agreement to settle all subrogation claims in the pending litigation arising from the 2018 Woolsey Fire. Previously, SCE had agreed to pay $1.6 billion for claims related to the 2017 Thomas and Koenigstein fires and 2018 ... Read the full article
B3i partners with Eurapco on blockchain risk transfer solution
26th January 2021
The Blockchain Insurance Industry Initiative (B3i) has partnered with Eurapco, an alliance of eight primarily mutual European insurers, to launch a new risk transfer operational solution developed on blockchain infrastructure. The solution, called Eurapco Unity, will enable the transfer of facultative risks within a network of companies, focusing initially on marine ... Read the full article
Severe convective storm events the main driver of losses for re/insurers: Aon
26th January 2021
In 2020, the severe convective storm (SCS) peril maintained its status as a primary loss driver for insurers and reinsurers; as the U.S. witnessed a record 14 individual billion-dollar economic loss SCS events, according to global brokerage Aon. The 2020 annual Weather, Climate & Catastrophe report from insurance and reinsurance broker ... Read the full article
Skyward Specialty acquires Aegis Surety & sells XPro in agreements with K2
26th January 2021
Specialty property and casualty (P&C) insurer, Skyward Specialty Insurance Group, Inc., has acquired Aegis Surety from K2 Insurance Services, which in turn has acquired the firm's XPro business. Trevor Hash, Aegis Surety Senior Vice President, will become the Head of Contract Surety, reporting to Skyward Specialty’s Head of Surety, Matthew Semeraro. "Combining ... Read the full article
Core Specialty enters underwriting agreement with Celerity Pro
26th January 2021
Core Specialty Insurance Holdings has created a new underwriting arrangement with Celerity Pro to provide Directors and Officers Liability insurance solutions for the United States management liability market. This new arrangement was affective from January 11. The program will be available to the wholesale market in the Northeast and Mid-Atlantic regions ... Read the full article
Great American names Kenneth Bearley divisional president
26th January 2021
Great American Insurance Group has announced the promotion of Kenneth R. Bearley to Divisional President within its Property & Casualty Group’s Bond Division. Bearley has over 26 years of experience working for Great American, first joining in 1994 as an underwriter in the Bond Division’s Pittsburgh office. He became a Bond Manager ... Read the full article
Marco appoints Zsolt Szalkai to lead M&A efforts
25th January 2021
European property and casualty specialist Marco Capital has named Zsolt Szalkai managing director, head of mergers and acquisitions. Szalkai joins from Premia, where he most recently served as president of its European operations. He will also become a member of Marco's executive management team. Prior to Premia, Szalkai spent eight years at DARAG working as ... Read the full article
Industry veterans launch specialty insurer Upland Capital Group
25th January 2021
A group of re/insurance industry veterans have announced the launch of a new specialty insurance business called Upland Capital Group, backed by initial capital from Newlight Partners. Upland plans to offer a diversified portfolio of excess and surplus lines (E&S) casualty, property, and specialty insurance products, with an initial focus on ... Read the full article
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