Reinsurance News
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
Re/insurance broker Oneglobal launches Bermuda office
25th January 2021
Oneglobal Broking, the commercial re/insurance brokerage owned by investor JC Flowers, has continued the build out of its international operations with the launch of its Bermuda office. Concurrently, the broker has announced the appointment of Craig Douglas as Executive Director, Oneglobal Bermuda, and Kilian Whelan as Chief Operating Officer (COO) of ... Read the full article
Universal names Chubb Tempest Re’s Burns as President of Blue Atlantic
25th January 2021
Universal Insurance Holdings, Inc. has announced the hiring of Jason Burns as President of its fully-licensed reinsurance intermediary, Blue Atlantic, effective immediately. Burns joins the firm from Chubb Tempest Re, where he most recently managed the US Pro Rata and Risk portfolio for the company out of its Stamford, Connecticut office. He ... Read the full article
Biden administration considered more positive for the re/insurance industry
25th January 2021
Of the industry contacts we approached, the largest proportion believe the Biden administration will be a catalyst for positive change within the insurance and reinsurance industry. At 37%, respondents who see this new administration as more positive than the one assembled under Trump narrowly edged out the 31% who expect the ... Read the full article
US health insurer ratings performed well in 2020: S&P
25th January 2021
Analysts at S&P Global Ratings have released a report that shows US health insurer ratings performed relatively well in 2020, despite the COVID-19 pandemic. Analysts also believe the industry's resilience to the pandemics effects remains to be seen in 2021, whilst predicting credit quality to hold up well. However, this may come ... Read the full article
Stonybrook hires William Eyre as strategic advisor
25th January 2021
Investment banking and reinsurance broking firm Stonybrook Capital & Risk Management has appointed William Eyre as a strategic advisor. In his new role, Eyre will focus on elevating Stonybrook’s investment banking and alternatives businesses. Eyre was previously Managing Director at Guy Carpenter, Vice Chairman of JLT North America, and before that, Managing ... Read the full article
AXA XL names Ashok Krishna Chief Data, Analytics Officer
25th January 2021
AXA XL, the property & casualty and specialty risk division of AXA, has named Ashok Krishnan as Chief Data and Analytics Officer. Krishnan will report to Matthieu Caillat, Chief Operating Officer, AXA XL and will be based in London. He joins from AXA Hong Kong, where he held the position of Chief ... Read the full article
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