Reinsurance News
Hudson adds $600m in Q4 investor commitments
29th December 2020
Hudson Structured Capital Management (HSCM) has added more than $600 million in new investor commitments in Q4 2020. This investment will see its commitments and assets under management in excess of $3.0 billion and its re/insurance linked strategy commitments and assets under management in excess of $2.6 billion, as of December ... Read the full article
R&Q’s Accredited completes LPT from Pacific Pioneer Insurance
29th December 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) has completed a loss portfolio transfer (LPT) from Pacific Pioneer Insurance Company (PPIC) to Accredited Surety and Casualty Company. Accredited is R&Q's wholly owned A- (IX) rated carrier. An announcement on the arrangement notes that this reinsurance transaction forms part of a larger transaction ... Read the full article
W. R. Berkley targets third-party capital with launch of Lifson Re
29th December 2020
Lifson Re Ltd., a new special purpose insurer registered in Bermuda and licensed by the Bermuda Monetary Authority (BMA), has been launched by W. R. Berkley Corporation. The new sidecar-type structure has been capitalised with more than $250 million of equity from a small group of global investors with long-term investment ... Read the full article
Core Specialty confirms assignment of AM Best ratings
29th December 2020
Specialty insurance carrier, Core Specialty Insurance Holdings, Inc., has confirmed that rating agency A.M. Best has removed from under review with developing implications the credit ratings of StarStone Specialty Insurance Company and StarStone National Insurance Company. At the same time, A.M. Best has affirmed the Financial Strength Ratings of A- (Excellent) ... Read the full article
Argo to sell Italian operations to Swiss holding company Perfuturo
24th December 2020
Specialty insurer Argo Group has agreed to sell its Italian operations to Perfuturo Capital, a Swiss Holding Company. Perfuturo's purchase of of ArgoGlobal Assicurazioni S.p.A is subject to regulatory approval and expected to occur in early 2021. “We are confident that Perfuturo’s expertise and knowledge of the European market will allow AGA ... Read the full article
Oceanview Re enters $1bn fixed annuity reserves transaction
24th December 2020
Oceanview Reinsurance Ltd., a recently established life reinsurer based in Bermuda, has entered into a transaction to assume approximately $1 billion of fixed annuity reserves from an A++ rated US life insurer which represents legacy fixed annuity business. The reinsurer is led by President and CEO Alberto Autmezguine, who previously served ... Read the full article
Core Specialty appoints Jeff Jacobs to SVP role
24th December 2020
Core Specialty Insurance Holdings has announced the appointment of Jeff Jacobs as Senior Vice President, Head of Errors and Omissions Professional Liability. Jacobs has 30 years' insurance sector experience and was most recently with Tokio Marine HCC. Commenting on his appointment, Jeff Consolino, President and Chief Executive Officer, said, "We are delighted ... Read the full article
Insurers looking to improve margins in hardening market: Mactavish
24th December 2020
Research conducted by commercial insurance placement and disputes firm, Mactavish, reveals that many commercial policyholders have faced drastic premium increases this year, as insurers look to improve margins in a hardening market, where some have risen up to 800%. Analysts from the firm also highlight the increase in cyber crime, which ... Read the full article
Fitch warns of investment challenges for German life sector
24th December 2020
Fitch Ratings has warned that the German life re/insurance sector is likely to face significant investment challenges once the country emerges from the COVID-19 pandemic, which is set to prolong the ultra-low interest rates that have troubled the country since the 2008 crisis. The rating agency believes that interest rates will ... Read the full article
Lockton adds Dan Urias to expand its Southern California business
24th December 2020
Global re/insurance broker Lockton has added Dan Urias as vice president, Producer to help expand its business in southern California. Urias will be providing risk management solutions to businesses aimed at tackling issues such as increased litigation aimed at company directors and officers as well as cyber exposures brought on by ... Read the full article
Beazley reports increase in ransomware severity, cost
24th December 2020
Specialist insurer Beazley has reported an increase in the severity and cost of ransomware attacks this year compared to 2019. Consequently, Beazley considers ransomware the biggest cyber threat currently facing organisations. According to the latest Beazley Breach Insights report, the total cost of ransom payments doubled year-on-year through the first six months of ... Read the full article
TigerRisk hires Daniel Eldredge as Partner and General Counsel
24th December 2020
Re/insurance broker TigerRisk has announced the appointment of Daniel J. Eldredge as Partner and General Counsel. Eldredge joins TigerRisk from Aon where he was Chief Counsel, Corporate and Americas, and served on the Global Executive Committee for the company’s Reinsurance Solutions business, whilst also providing legal support and counsel to Aon ... Read the full article
BMA leaders appointed to IAIS committee positions
24th December 2020
The Bermuda Monetary Authority (BMA) has announced that two of its senior staff members have been appointed to International Association of Insurance Supervisors (IAIS) committee leadership positions. Firstly, BMA Chief Actuary, Ricardo Garcia, has been appointed Vice-Chair of the IAIS Policy Development Committee (PDC), succeeding BMA Deputy Chief Executive Officer, Craig ... Read the full article
R&Q to acquire the Vibe Group
24th December 2020
Randall & Quilter II Holdings Limited, a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., has reached an agreement to acquire the entire issued share capital of the Vibe Group. The agreement includes the acquisition of Vibe Services Management Limited, Vibe Corporate Member Limited, and Vibe Syndicate Management Limited. The ... Read the full article
Miller bolsters A&H capabilities with Claire McDonagh hire
24th December 2020
Specialist re/insurance broker Miller has added Claire McDonagh to help support growth and strengthen its team’s client service offering. It's hoped McDonagh's knowledge of products and markets will help strengthen Miller’s position in the Accident and Health space and ensure that clients have access to the best levels of coverage and ... Read the full article
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