Reinsurance News
DARAG acquires motor insurer in Luxembourg
22nd December 2020
Legacy acquirer DARAG Group Limited has completed the acquisition of Arisa Assurances, an automobile and travel insurance company based in Luxembourg. Arisa, which represents DARAG’s first company acquisition in Luxembourg, was previously owned by ADAC Versicherung AG. Its insurance portfolio consists primarily of motor third party liability business, and will be transferred ... Read the full article
LGRA pension risk transfer deals top $1.6bn in 2020
22nd December 2020
Legal & General Retirement America (LGRA) has exceeded $1.6 billion in pension risk transfer deals transacted this year, resulting in year-over-year growth of more than 40% from 2019 to 2020. LGRA completed 17 transactions in total over the last 12 months with seven deals occurring in Q4 alone. These deals have ... Read the full article
Aon cautions pension schemes against pandemic over-reaction
22nd December 2020
Re/insurance broker Aon has predicted that 2021 will be another huge year for the UK risk settlement industry but has also cautioned against over-reaction to the impact of COVID‑19 on longevity assumptions. “It is maybe no surprise that we have seen knee-jerk reactions in some quarters implying that there must be ... Read the full article
Lloyd’s limits underwriting room access under tier 4 rules
22nd December 2020
Following the introduction of tier 4 COVID restrictions in London this week, insurance and reinsurance marketplace Lloyd’s of London has decided to limit access to its underwriting room to just one day per week. The room will remain open for all classes of business on Wednesdays in order to continue providing ... Read the full article
Liberty Mutual signs UN Principles for Responsible Investment
22nd December 2020
U.S primary insurer Liberty Mutual has become a signatory of the United Nations-supported Principles for Responsible Investment (PRI). Liberty Mutual is the first US Property and Casualty insurer to join the international network of institutional investors committed to including ESG factors in their investment decision making. Liberty Mutual Chief Investment Officer Neeti ... Read the full article
Arch approved for Part VII transfer ahead of Brexit
22nd December 2020
Arch Insurance (UK) Limited has received approval for a Part VII transfer of insurance business conducted in any state within the European Economic Area (EEA). By transferring business carried out by Arch Insurance (UK), excluding inwards reinsurance business, to Arch Insurance EU in Ireland, the company hopes to ensure continuity of ... Read the full article
Covid-19 losses to impact casualty treaties in 2021: New Dawn Risk
22nd December 2020
As Covid-19 losses continue to bite, New Dawn Risk’s senior treaty broker Rachel Cohen expects to see casualty treaties in 2021 impacted by an accelerating hardening of reinsurance rates, restricted terms and conditions and reduced capacity. While there are already several US D&O class actions related to Covid-19, liability claims are ... Read the full article
ARC launches parametric cyclone product in Africa
22nd December 2020
The African Risk Capacity (ARC) Group is proposing a new parametric insurance mechanism to African countries in the South West Indian Ocean (SWIO) to help mitigate the damages caused by tropical cyclones. The product, already in use by Madagascar, was developed by ARC in response to a growing demand for parametric ... Read the full article
EC confirms “in-depth investigation” of Aon / WTW merger
21st December 2020
The European Commission (EC) has now confirmed that it has opened what it calls an "in-depth investigation" of insurance and reinsurance broker Aon's proposed acquisition of rival Willis Towers Watson (WTW). The European Commission (EC) said it will carefully investigate the proposed acquisition and merger to establish whether the combination of ... Read the full article
Dale & DUAL announce MGU partnership, capacity from Aviva
21st December 2020
Dale Underwriting Partners and DUAL have announced a new joint venture in collaboration with Aviva. Brought together by Howden, the deal sees Aviva enter into a three-year agreement to offer capacity on mid-market global Commercial Property business written by Dale’s Property Insurance team and focusing primarily in the US. The initial focus ... Read the full article
AXA XL appoints Alex Barker to lead Canadian aviation business
21st December 2020
AXA XL, the property & casualty and specialty risk division of AXA, has appointed Alex Barker to lead its aviation insurance business in Canada. Barker will report to Eric Donofrio, Chief Underwriting Officer, Aerospace, Americas and to Renato Rodrigues, Country Manager, Canada. Donofrio commented on the appointment: "Alex brings exceptional technical knowledge ... Read the full article
Marsh names Phil Hobson affinity leader, international division
21st December 2020
Global insurance and reinsurance broker Marsh has appointed Phil Hobson as affinity leader within its international division, a newly created role. Hobson will oversee the development of Marsh’s affinity business across the international division, comprising Africa, Asia, Continental Europe, Latin America & the Caribbean, Middle East and North Africa, Pacific, and ... Read the full article
Tremor exceeds $1bn in limit placed, eyes significant growth for 2021
21st December 2020
Programmatic re/insurance risk transfer marketplace Tremor has now exceeded $1 billion in limit placed and is expecting significant growth for 2021. Tremor says its reinsurance risk transfer technology has now been field-tested in both soft and hard markets and is able to bring efficiency, transparency and speed to the placement process. The ... Read the full article
Lloyd’s ups electronic placement targets to 90% in 2021
21st December 2020
The Lloyd’s of London insurance and reinsurance marketplace has announced an update to its Electronic Placement Mandate, increasing the target on risks bound for all classes to 90% by Q2. The electronic placement target has been 80% of risks bound throughout 2020, and will remain so during the first quarter ... Read the full article
COVID-19 loss reports approach low-end of industry estimates at $30bn
21st December 2020
Data from financial services advisory PeriStrat shows that total tracked public loss estimates from re/insurers are now approaching the low-end of market loss estimates, which range from $30 billion to $80 billion. PeriStrat believes that reported losses now amount to $29.5 billion, and warned that Q4 financial reporting will probably reveal ... Read the full article
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