Reinsurance News
Conduit Re secures AM Best ratings following $1.1bn IPO
8th December 2020
Newly-launched property and casualty reinsurer Conduit Re has secured a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” from AM Best. The outlook assigned to these Credit Ratings (ratings) is stable. Led by founders Neil Eckert and Trevor Carvey, Conduit Re completed its initial public offering ... Read the full article
Munich Re to halt event cancellation cover for pandemics
8th December 2020
Reinsurance giant Munich Re has confirmed that it will stop writing coverage for events cancelled due to pandemics. Munich Re unveiled its “Ambition 2025” growth and results targets earlier today, which include a targeted return on equity of 12-14% by 2025 and a combined ratio of approximately 95% in property ... Read the full article
Major League Baseball sues insurers over pandemic BI losses
8th December 2020
As the legal battles over the status of business interruption (BI) claims connected to the pandemic continue to play out, Major League Baseball (MLB) has announced that it intends to sue its insurance providers. The League and all 30 of its teams plan to file a lawsuit against their insurers over ... Read the full article
Lemonade launches in French insurance market
8th December 2020
Insurtech start-up Lemonade has now launched in France, marking the third EU country the company has entered, following a launch in the Netherlands earlier this year, and Germany in June 2019. Lemonade's latest expansion will provide French residents with access to instant renter’s insurance as well as file claims through the ... Read the full article
Tort reform needed to combat social inflation: Jefferies
8th December 2020
Analysts at Jefferies have said that tort reform may be needed to resolve the underlying problems of social inflation in the US. Responding to recent analysis by Swiss Re Institute, Jefferies argued that historically social inflation has only been resolved with tort reform. Swiss Re believes that social inflation in the US ... Read the full article
Beach & Associates rebranded to Acrisure
8th December 2020
Beach & Associates, the reinsurance brokerage arm of Acrisure, is to be rebranded as Acrisure Re and Acrisure London Wholesale, the company has announced. The rebrand comes as part of Acrisure’s increasing focus on technology and artificial intelligence, and follows the recent acquisition of AI firm Tulco’s insurance assets. Beach was originally ... Read the full article
GIG under review following AXA acquisition
8th December 2020
AM Best has placed insurance group Gulf Insurance Group (GIG) and its subsidiary Gulf Insurance and Reinsurance Company under review with developing implications of their Financial Strength Rating of A (Excellent). The rating agency’s actions follows GIG’s acquisition of AXA's insurance operations in the Gulf region for $475 million. Last week, ... Read the full article
Lockton Re integrates Tremor’s pricing optimisation tech
8th December 2020
Global reinsurance brokerage, Lockton Re, has partnered with Tremor Technologies to deliver modern reinsurance trading capabilities to its clients, via the integration of Tremor's pricing optimisation technology into Lockton Re's SAGE platform. The reinsurance broker's SAGE proprietary software platform is designed to better help insurers understand risk impacts with a detailed ... Read the full article
Brit hires Group CFO Gavin Wilkinson from RSA
8th December 2020
Specialty re/insurer Brit has announced the appointment of Gavin Wilkinson as Group Chief Financial Officer. Wilkinson will start his new role in May 2021 and will also join the Executive Committee and Board of Brit. He joins the company from RSA where he has spent the last 10 years, most recently as ... Read the full article
Munich Re targets 95% P&C combined ratio each year through 2025
8th December 2020
German reinsurance giant Munich Re has unveiled its "Ambition 2025" growth and results targets, in which the company is targeting a return on equity (RoE) of between 12 - 14% by 2025 and a combined ratio of approximately 95% in property / casualty reinsurance. Underpinned by scale, shape and success, the ... Read the full article
US P/C sector to improve throughout 2021: Fitch
8th December 2020
Despite ongoing losses related to the Covid-19 pandemic, Fitch Ratings says the US property/casualty (P/C) sector has stabilised with an improving outlook for 2021. Fitch Ratings analysts are anticipating higher underwriting income in 2021, with a statutory combined ratio below 97%. This would follow three consecutive years of approximately 99% combined ratios ... Read the full article
Tony Matta takes regional President role at Lockton
8th December 2020
Insurance broker Lockton has appointed Tony Matta as President of its Caribbean & Central America Facultative team, which is based in Miami. Matta most recently served as CEO for Facultative business in the Caribbean and Central America at rival broker Willis Towers Watson, also in Miami. Prior to this he held a ... Read the full article
Companies struggling to meet cost of capital: AM Best
8th December 2020
With the average return on equity measures having declined consistently since 2014, AM Best sees this year and the next as critical for reinsurers, both in terms of challenges and opportunities. Analysts note how the situation is even more pressing given that 3% to 4% of the performance during the period is ... Read the full article
Swiss Re’s iptiQ leads investment round for insurtech Getsafe
8th December 2020
IptiQ, global reinsurance giant Swiss Re's digital B2B2C provider of bespoke insurance solutions, recently led insurtech Getsafe's Series B funding round, in which the digital insurer raised an additional $30 million. This latest funding round takes the firm's total funding to $53 million, which makes it one of Europe's best funded ... Read the full article
Ben Keslowitz to lead Guy Carpenter’s US Life Reinsurance business
8th December 2020
Guy Carpenter, the reinsurance broking arm of Marsh, has announced the appointment of Benjamin Keslowitz to the newly created role of US Life Leader, effective immediately. In his new role, Keslowitz will have a focus on delivering the full range of Guy Carpenter's risk and capital solutions to clients and prospects ... Read the full article
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