Reinsurance News
Lloyd’s broker London Re launches in EU
12th January 2021
Reinsurance broker London Re, a new European Lloyd's broker, has been launched as a joint venture between Seventeen Group and MRH Trowe, an independent German broker. London Re will be based in Dusseldorf, Germany, with a branch office based in London. The start-up offers an independent broking solution for EU clients and ... Read the full article
Despite Q4 rebound, 2020 M&A activity fell to lowest level since GFC: WTW
12th January 2021
In spite of a rebound in the final quarter of the year, re/insurance broker Willis Towers Watson (WTW) reports that in 2020, global mergers and acquisitions (M&A) activity declined to its lowest level since the aftermath of the global financial crisis (GFC). The latest research on completed M&A deals from the ... Read the full article
Traditional reinsurer capital ended Q3 at new high of USD 533bn: Aon
12th January 2021
Global dedicated reinsurer capital rebounded to its pre-pandemic high of USD 625 billion by the end of Q3 2020, aided by continued capital market recovery and capital raises, reports insurance and reinsurance broker Aon. At the end of the third-quarter of 2020, traditional reinsurance capital reached a new high of USD ... Read the full article
Swiss Re sees short-term health insurance as growth driver in China
12th January 2021
A new report from Swiss Re has identified short-term health insurance as a growth driver for non-life re/insurers operating in China. According to data from Swiss Re, short-term health insurance premiums rose by 35% in China during the first 11 months of 2020, boosted by digital sales and risk-conscious consumers with ... Read the full article
Findings from FCA’s Covid-19 resilience survey “concerning” says the CII
11th January 2021
Keith Richards, Chief Membership Officer of the Chartered Insurance Institute (CII), has expressed concern over some of the findings from the Financial Conduct Authority's (FCA) coronavirus financial resilience survey. In an effort to understand the real-time effect the ongoing pandemic is having on the finances of companies in the UK, the ... Read the full article
MetLife inks four longevity reinsurance transactions with L&G
11th January 2021
Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, completed four UK longevity reinsurance transactions with Legal & General in 2020. The transactions will see Metropolitan Tower Life provide reinsurance to Legal & General for longevity risk associated with a combined total of approximately $2 billion of pension liabilities. “Legal & General ... Read the full article
Overall cat bond offerings at 1/1 continued to attract significant capital: GC
11th January 2021
Guy Carpenter analysts have reported that overall catastrophe bond offerings during the recent Janurary renewals continued to attract significant capital, while syndicated sidecar and collateralised reinsurance strategies experienced limited new inflows of capital. January 1 allocations were said to have been complicated by Covid-driven year-end loss reserve “buffering” and a high ... Read the full article
The U.S. endured a record 22 billion-dollar nat cats in 2020: NOAA
11th January 2021
A record number of tropical storm formations in the Atlantic, coupled with an unprecedented number of landfalls and the most active wildfire year on record, saw the U.S. experience 22 billion-dollar natural disaster events in 2020, according to analysis by the National Oceanic and Atmospheric Administration (NOAA). During the 2020 Atlantic ... Read the full article
Gallagher’s Nigel Weyman outlines “challenging” aviation renewals
11th January 2021
Nigel Weyman, Aerospace Global Executive at re/insurance broker Gallagher has reported that aviation renewal negotiations were particularly challenging this year due to the impacts of the COVID-19 pandemic. Speaking as part of Gallagher’s Plane Talking Q4 edition, Weyman described the market as facing a “perfect storm” over 2020 as the coronavirus ... Read the full article
Nassau takes $100mn investment from Wilton Re & Stone Point Credit
11th January 2021
Nassau Financial Group, an insurance and financial services firm based in Hartford, CT, has received an initial strategic investment of $100 million from Wilton Reassurance Company and Stone Point Credit, via the issuance of a series of non-cumulative perpetual preferred equity. Nassau has said that it intends to use the proceeds ... Read the full article
Demand sees New Dawn Risk launch dedicated UK division
11th January 2021
International specialist insurance broker, New Dawn Risk, has established a new unit dedicated to the UK marketplace which will mirror the company's existing offering for international businesses. According to New Dawn Risk, the launch comes as clients increasingly demand alternatives to big brokers. The company's UK market focused division will provide liability ... Read the full article
Gallagher Re secures $140mn of traditional reinsurance for Arch
11th January 2021
Reinsurance broker Gallagher Re has helped Arch Mortgage Insurance Company (Arch MI) secure $15.6 million of indemnity reinsurance in what is the fourth and final Bellemeade Re 2020 transaction. Over the course of the four transactions Gallagher Re helped Arch MI obtain $140 million in traditional reinsurance capacity. This latest deal covers ... Read the full article
QBE increases cat reinsurance tower at Jan 1st renewals
11th January 2021
Australian insurer and reinsurer, QBE Insurance Group Limited, has increased the size of its main catastrophe reinsurance tower by roughly 3% to $3.4 billion for 2021. The re/insurer has now completed its Jan 1st, 2021 reinsurance renewal, noting that the program was placed broadly in line with expectations and at terms ... Read the full article
Marsh launches UK sharing economy, mobility group
11th January 2021
Insurance broker and risk advisor Marsh has launched a dedicated Sharing Economy & Mobility (SE&M) industry group in the UK & Ireland. The group is led by Sam Tiltman and brings together over 25 sector specialists encompassing insurance placement and risk management disciplines from across the business. The group will support all ... Read the full article
Sompo Intl. adds Stephen Raymond to A&E team
11th January 2021
Bermuda-based specialty property and casualty re/insurer Sompo International has added Stephen R. Raymond to its US Sompo Pro team. Raymond, who joins with over 30 years’ experience, will serve as Vice President, Architects and Engineers (A&E). His A&E professional liability underwriting and product development experience spans various client segments. Raymond joins from Ironshore, ... Read the full article
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