Reinsurance News
Travelers secures more aggregate reinsurance at 1/1; raises attachment point
21st January 2021
Travelers has reported the details of its January 1st, 2021 catastrophe reinsurance renewals, revealing an increase in coverage under the firm's property aggregate catastrophe excess-of-loss reinsurance treaty. Back in 2019, Travelers added a new $500 million property aggregate cat treaty to provide it with reinsurance protection for smaller, frequency type events. Designed ... Read the full article
Kevin Gordon joins BMS from Willis Re as SVP, Treaty Reinsurance
21st January 2021
BMS Group, the specialist insurance and reinsurance brokerage, has continued its expansion in the U.S. treaty reinsurance marketplace with the addition of Kevin Gordon as Senior Vice President (SVP), Treaty Reinsurance, effective immediately. In his new role, Gordon joins the broker's Chicago office and will report to Bred Nebel, Branch Manager ... Read the full article
Alliant Specialty Group hires Lauren Gregory as SVP
21st January 2021
US insurance broker Alliant Insurance Services has appointed Lauren Gregory as Senior Vice President for its Alliant Specialty Group. She will be located in New York, serving as a leader in Alliant Public Entity, with a focus on public entity and infrastructure. Gregory expands Alliant’s expertise in public entity to the East Coast ... Read the full article
S&P underlines US P/C insurers’ resilience during the pandemic
21st January 2021
S&P Global Ratings expects underwriting results to remain resilient in 2021, supported by continued rate increases in most commercial lines but partly offset by more competitive rates in personal auto. With social distancing measures likely to remain in place well into 2021, analysts expect claims frequency trends to be muted. Assuming a ... Read the full article
Travelers’ Q4 net income rises 50% to record high of $1.3bn
21st January 2021
The Travelers Companies, Inc. has today reported record net income of $1.3 billion for the fourth-quarter of 2020, driven by an improved underwriting gain, higher favourable reserve development and investment income, and a reduction in catastrophe losses. At just over $1.3 billion, the insurer's net income increased by a significant $437 ... Read the full article
Chubb makes two senior leisure travel appointments
21st January 2021
Global re/insurer Chubb has named Shane Guerin as Head of Travel for UK and Ireland, and Ruben Rivero as Head of Travel for Continental Europe. Guerin currently serves as Accident and Health Manager for Ireland, and now takes on the additional responsibilities for the strategic development and growth of the firm's ... Read the full article
Jan 2020 Australian hailstorm industry loss raised to AUD 1.9bn by PERILS
21st January 2021
PERILS, the catastrophe loss data aggregator, has reported an increased final industry loss estimate for the January 2020 Australian hailstorms of AUD 1.887 billion (USD 1.5bn), which represents an increase of roughly 4% from the previous estimate in July of last year. The unusual hail event struck the states of Victoria, ... Read the full article
Covid-19, Brexit tops LIIBA’s 2021 priorities
21st January 2021
Helping members deal with the pandemic and supporting post-Brexit trading have been outlined as top priorities for the London and International Insurance Brokers’ Association (LIIBA) in 2021. LIIBA's Chief Executive Officer Christopher Croft says Covid-19 will continue to be a focal point for members of the trade body in 2021. "We will ... Read the full article
Increased scale will unlock market opportunities, says SiriusPoint
21st January 2021
SiriusPoint, the new insurer and reinsurer incepted via the combination of Third Point Re and Sirius Group, has said that increased scale will allow it to capitalize on more market opportunities. In a recent presentation, SiriusPoint explained that the enhanced scale and underwriting capabilities provided by its merger will make it ... Read the full article
Blackstone adds Morgan Stanley’s Hovey to lead insurance acquisitions
21st January 2021
US investment giant Blackstone has appointed Michael Hovey to the role of senior managing director. Hovey will lead acquisitions and strategic partnerships for Blackstone Insurance Solutions and reports to Gilles Dellaert, global head of the unit. He joins from Morgan Stanley, where he was a managing director and most recently served as ... Read the full article
Underlying profitability expected to improve for reinsurers in 2021: Fitch
21st January 2021
With rate rises across the vast majority of reinsurance lines of business poised to outpace both loss cost inflation and the challenges of the lower for longer interest rate environment, re/insurers' underlying profitability should improve in the year ahead, according to analysis by Fitch Ratings. Although described by some in the ... Read the full article
PartnerRe launches retro & specialty reinsurance vehicle backed by Olympus
21st January 2021
Bermuda-based reinsurance company, PartnerRe Ltd., has established a new retrocession and specialty reinsurance vehicle called Laplace-C, which has secured an investment from Olympus Partners. The backing sees Stamford, Conn.-based private equity firm, Olympus Partners, look to take advantage of favourable reinsurance market conditions in both short-tail specialty and retro insurance markets. Founded ... Read the full article
Casualty renewals see underwriting tighten against stress factors: GC
21st January 2021
Reports from re/insurance broker Guy Carpenter (GC) show that casualty reinsurance renewals varied widely at January 1, 2021, with negotiations influenced by individual circumstances such as loss experience, covered lines and classes written. But despite this divergence, analysts believe that every placement experienced some degree of continued reinsurance underwriting rigor. This trend ... Read the full article
Ascot hires Joy LaHuta as SVP, Head of Claims
21st January 2021
Global specialty insurance and reinsurance underwriter Ascot has appointed Joy LaHuta as its Senior Vice President, Head of Claims in Bermuda. She brings over 15 years of claims leadership experience with specialisation in Excess Casualty, Financial Lines, and Healthcare. LaHuta joins from RenaissanceRe where she was Vice President, Head of Claims for ... Read the full article
RT Binding Authority announces leadership team
21st January 2021
RT Specialty, the wholesale brokerage unit of Ryan Specialty Group, has created a new leadership team for its national binding authority operations, RT Binding Authority. As previously announced, Seth Johnson will be leading RT Binding Authority as President. Prior to his appointment as President of RT Binding Authority, Johnson served as ... Read the full article
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