Reinsurance News
Genworth’s focus shifts to contingency plan as Oceanwide merger stalls
4th January 2021
Genworth Financial and China Oceanwide Holdings Group have revealed uncertainty around the completion of their long-delayed merger agreement, leading mortgage insurer Genworth to focus on its contingency plan. The proposed acquisition of control by Oceanwide of Genworth’s New York-based insurance company, Genworth Life Insurance Company of New York, had initially been ... Read the full article
Santam to assess rejected COVID-19 BI claims
4th January 2021
South African insurer Santam is set to commence the process for assessing claims for policies with contingent business interruption (CBI) extensions. The claims assessment process applies to policies impacted by the recent judgment in the Western Cape High Court in the case between Santam and hospitality firms Ma-Afrika Hotels and Stellenbosch Kitchen ... Read the full article
Pure property catastrophe bonds push market to record high in 2020: Report
4th January 2021
More than $11 billion of pure property catastrophe bond issuance, alongside another active year for mortgage insurance-linked securities (ILS) deals, helped the catastrophe bond and related ILS marketplace break records in 2020, according to Artemis. The recently published Q4 2020 catastrophe bond and ILS market report from our sister ... Read the full article
Core Specialty names Tyburski as Co-Head, Personal Lines Fronted Programs
4th January 2021
Recently launched specialty insurance carrier, Core Specialty Insurance Holdings, Inc., has hired Adam Tyburski as Co-Head of Personal Lines Fronted Programs, effective January 2021. As Co-founder and most recently Chief Underwriting Officer (CUO) of Spinnaker Insurance Company, Tyburski brings extensive industry experience to Core Specialty. During his time with Spinnaker, he served ... Read the full article
AJG a good fit for Willis Re if regulators force sale: KBW
4th January 2021
Analysts at KBW have pointed to Arthur J Gallagher as a likely buyer of Willis Re, if the investigation currently being carried out by EU regulators forces Aon and Willis Towers Watson (WTW) to make divestitures ahead of their planned merger. The European Commission (EC) confirmed last month that it ... Read the full article
Lemonade hits one million customer milestone
4th January 2021
Insurtech start-up Lemonade has announced that it reached more than one million customers in 2020, 1,500 days after its initial launch. This milestone follows the company's recent expansion into France, a move that introduced its artificial intelligence-driven solutions to a third European country. Lemonade has noted how the one million customer ... Read the full article
Catalina Re hires Tom Duggan as Senior Investment Manager
4th January 2021
Catalina Re, the reinsurance arm of Bermuda-based insurance and reinsurance run-off and legacy specialist, Catalina Holdings, has appointed Tom Duggan as Senior Investment Manager. Duggan joined Catalina Re in January, 2021 from his role as Senior Vice President (SVP), Manager Research, at investment consultancy Redington. During his time with Redington, which commenced ... Read the full article
Reinsurers halted downward trends in 2020, says Willis Re
4th January 2021
Despite the ongoing impact of COVID-19, reinsurers have largely halted the persistent downward trends which characterised recent years, according to a new report from Willis Re. On the buying side, Willis Re states that the efficient working of the global reinsurance market ensured that terms and conditions have been less of ... Read the full article
Constellation acquires Coastal Insurance Underwriters & Cybercom
4th January 2021
Constellation Affiliated Partners has announced the acquisition of Coastal Insurance Underwriters (Coastal) and Cybercom. Through these acquisitions, Constellation hopes to continue to expand its product offerings to the Condominium Association and Homeowner’s Association marketplace. “These new business classes complement many of our existing programs and will provide increased product access to our ... Read the full article
January reinsurance renewals adequate. Capital blamed as momentum stalls
4th January 2021
The January 2021 reinsurance renewal season is largely concluded and while the overall perception from the market appears to be that pricing was adequate, it's clear that momentum stalled as the year drew to a close. We say largely concluded as there are some programs that remain unfilled, particularly in the ... Read the full article
Insurers must demonstrate value after COVID: Dun & Bradstreet
31st December 2020
Once the COVID-19 crisis is in the rearview mirror for most businesses, it will be up to insurers to prove that they are more than an additional cost in a challenging economy. This is according to James Harrison, UKI Head of Insurance at data and analytics provider Dun & Bradstreet, who ... Read the full article
Premia announces formation of sidecar Elevation Re
31st December 2020
Re/insurer Premia Holdings has announced the formation of Elevation Re, a sidecar vehicle intended to provide collateralised reinsurance support for its activities in the global P&C run-off market. This move will allow Premia to support run-off reinsurance opportunities with additional capacity and allows investors in Elevation Re to also participate. Elevation Re ... Read the full article
Fleming Re establishes LPT reinsurance facility for BevCap
31st December 2020
Bermuda-based, run-off reinsurance provider, Fleming Reinsurance Ltd. (Fleming Re), has announced the formation of a new custom reinsurance facility for BevCap P&C Protected Cell, Inc. (BevCap). The new, innovative loss portfolio transfer (LPT) facility provides BevCap's members with the ability to remove seasoned risks by providing full economic and legal finality ... Read the full article
Enstar, CNA agree $690mn workers’ comp reinsurance transaction
31st December 2020
Legacy acquirer Enstar has signed an agreement with Continental Casualty Company, via one of its subsidiaries, to reinsure a legacy portfolio of excess workers’ compensation business. The transaction will see Enstar’s Cavello Bay Reinsurance assume net insurance reserves of approximately $690 million, relating to 2007 and prior year business. The closing of ... Read the full article
One80 acquires Chicago-based Brokers’ Risk
31st December 2020
One80 Intermediaries (One80), a national wholesale broker, program manager, third-party administrator (TPA), and insurance aggregator headquartered in Boston, has announced the acquisition of Brokers’ Risk. Brokers’ Risk is a Chicago-based managing general underwriter that specialises in developing and managing insurance and risk management programs. Founded in 1979, the Brokers’ Risk has offices ... Read the full article
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