Reinsurance News
Optimism for sustained reinsurance rate increases at mid-year renewals: KBW
21st May 2021
Bermuda and Florida re/insurance market executives are optimistic about sustained rate increases at the upcoming June 1st, 2021 renewals, although lower year-on-year rises are expected as a result of reduced COVID-19-related fears and abundant insurance-linked securities (ILS) capacity, according to analysts at Keefe, Bruyette & Woods (KBW). With the June and ... Read the full article
Climate change could impact US corn yields by 40%: AIR
21st May 2021
In collaboration with data analytics provider Verisk, David Victor and experts from AXIS Capital, explored how climate change may affect agricultural risk in the United States, specifically looking at the impact on corn yield. Verisk’s extreme event modelling business unit, AIR Worldwide (AIR), conducted the research to isolate effects of variation ... Read the full article
Randall & Quilter announces new Group Head of Data Strategy and Technology
21st May 2021
Randall & Quilter Investment Holdings has appointed Robert Thomas as Group Head of Data Strategy and Technology. With his appointment taking place next month, Thomas will report directly to Executive Chairman William Spiegel. He will be responsible for leading and developing R&Q's data strategy, automation strategy as well as overseeing the Group's ... Read the full article
‘Class of 2020’ re/insurers opt for AIR as modeller of choice
21st May 2021
Catastrophe modelling firm AIR Worldwide has said that it ranked as the modeller of choice among newly established international insurance and reinsurance companies from the so-called ‘Class of 2020.’ Recently formed re/insurers including Conduit Re, Core Specialty, Inigo Ltd, Integral ILS Ltd, and Vantage Risk have all opted for services from ... Read the full article
Fitch revises US life to negative off COVID-19 concerns
21st May 2021
Fitch Ratings has revised its rating outlook for the US life insurance industry to stable from negative, citing the economic impact of COVID-19 and its effect on credit quality . Analysts note how that, when uncertainty about the implications of the coronavirus pandemic peaked in 2020, almost 30% of ratings assigned ... Read the full article
AFG’s annuity business sale gets regulatory nod
21st May 2021
The Ohio Department of Insurance has approved American Financial Group’s previously-announced sale of certain annuity businesses. The deal consists of Great American Life Insurance Company and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company. MassMutuals is the acquirer and this deal is expected to close ... Read the full article
ICA welcomes $517mn Victorian bushfire funding
21st May 2021
The Insurance Council of Australia (ICA) has approved of the Victorian Government’s Budget announcement of $517 million which will be allocated across several bushfire risk reduction projects. However, ICA noted that the projected growth in taxes on insurance were unsustainable and meant that the public would continue to be underinsured or ... Read the full article
Castel transforms Square Pegs e-trading platform into standalone cell
21st May 2021
Castel Underwriting Agencies, the club-style MGA formation platform, has announced the transformation of its Square Pegs SME e-trading solution into a standalone underwriting cell. The move is in response to strong profitable business growth since launching as part of Castel’s specialty division in 2019. Square Pegs enables brokers to obtain coverage for ... Read the full article
CNA paid $40mn ransom to resolve March cyber attack
21st May 2021
US insurer CNA is reported to have paid a $40 million ransom last March as the company attempted to regain control over its network and meet the demands of a highly organised cybercrime syndicate. The hackers had been successful in infecting CNA’s network with a type of malware known as ransomware, ... Read the full article
IGI returns to profit as underwriting & investments improve
21st May 2021
International General Insurance Holdings Ltd. (IGI) has reported profit of US $14.5 million for the first quarter of 2021, compared with a loss of $900,000 for the same period last year. This was partly attributable to an improvement in underwriting performance, as the net underwriting result stood at $27.6 million at ... Read the full article
Accelerant acquires Kinnell Holdings
21st May 2021
Underwriting group Accelerant Holdings has announced its acquisition of insurance group Kinnell Holdings and its six subsidiaries. Through the acquisition, Accelerant will acquire Kinnell's subsidiary Guarantee Protection Insurance Limited (GPI). The acquisition will broaden Accelerant's portfolio with the addition of Kinnell's other subsidiary companies, including two insurance intermediaries, a trade association, a ... Read the full article
Sompo International names SVP, Agency Management for agri unit
21st May 2021
Bermuda-based specialty P&C re/insurer Sompo International Holdings has announced the appointment of Billy Moore as Senior Vice President of Agency Management for AgriSompo North America, Sompo International’s North American crop insurance platform. In this role, Moore will be responsible for the overall management of agency relationships and the marketing of the ... Read the full article
Africa Specialty Risks launches reinsurer in Mauritius
21st May 2021
Africa Specialty Risks Group (ASR), which is backed by Helios Investment Partners, has announced the launch of a fully capitalised and licenced reinsurance entity in Mauritius, designed to meet the needs of the African continent. Helios announced the launch of ASR, in partnership with Mikir Shah, former CEO of AXA ... Read the full article
Open Insurance should bring an increase in innovation: Perera, Capco
21st May 2021
“Open Insurance should bring an increase in innovation,” according to Sanjiva Perera, Managing Principal at Capco, a management and technology consultancy focused on the financial services industry. He believes access to customer data will likely encourage new providers to enter the market and use their speed, agility and insights to create ... Read the full article
Acrisure hires Mark McIlquham as President of UK Retail
21st May 2021
Insurance broker and fintech services provider Acrisure has appointed Mark McIlquham as President of UK Retail, bringing over twenty years of experience to its international operation. McIlquham was most recently a Deloitte financial services executive, where he was responsible for leading complex audit, M&A, restructuring and regulatory projects. He has been a ... Read the full article
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