Reinsurance News
Optio Group acquires Northcourt
6th May 2021
Specialty MGA Optio Group has acquired nuclear risk specialist Northcourt from John McInespie and the Northcourt management team, who held a minority share. Northcourt’s executive management team and staff, led by CEO Alan Rickett, will all remain at the business. With the minimum liability limits for nuclear institutions set to rise dramatically ... Read the full article
Capacity is adequate, demand is high: GC’s Peter Hearn
5th May 2021
Peter Hearn, Chief Executive Officer of reinsurance broker Guy Carpenter (GC), has maintained that, despite some moderation in pricing over Q1, reinsurance market capacity remains adequate, and demand is high. The Guy Carpenter global property catastrophe rate online index increased just under 5% at the January 1 reinsurance renewals. And similarly, for ... Read the full article
Charles Taylor acquires loss adjusting firm IES
5th May 2021
Insurance services provider Charles Taylor has announced its acquisition of Insurance Engineering Services (IES), a loss adjusting practice headquartered in Italy. IES provides a range of services including loss adjusting, corporate claims management, risk engineering and training to the insurance market. Charles Taylor says the acquisition supports the growth of its adjusting ... Read the full article
AXIS Insurance hires Thomas Uribe as AVP, Excess Casualty
5th May 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings has appointed Thomas Uribe as an Assistant Vice President for its U.S. Excess Casualty business. Uribe will be responsible for broadening relationships with distribution partners, expanding general new business opportunities and the execution of underwriting strategy. He will be based in ... Read the full article
BHSI hires Thieviasingham as Senior Underwriter, Transactional Liability
5th May 2021
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Daniel Thieviasingham as Senior Underwriter, Transactional Liability, Asia Middle East. Thieviasingham comes to BHSI with just under 10 years of experience in corporate finance, Mergers & Acquisitions and transactional liability insurance. He was most recently at Lockton London, prior to that he underwrote transactional risks ... Read the full article
Labuan IBFC highlights resilience despite challenging landscape
5th May 2021
The Labuan International Business and Financial Centre (Labuan IBFC) has highlighted its resilience and solid performance across sectors despite the unique challenges that 2020 brought. The Labuan Financial Services Authority was able to remain agile and respond to market needs via a set of pre-emptive temporary measures to alleviate the industry’s ... Read the full article
Lockton Re hires Dan Shaw as Senior Broker, London North America
5th May 2021
Lockton Re, the reinsurance arm of global brokerage Lockton, has appointed Dan Shaw to its London North America division later this year as a Senior Broker. Shaw will report to Mark Higgins, Head of London North America. He was most recently the Head of US Wholesale P&C Reinsurance at Acrisure Re. Over ... Read the full article
Trigger certainty & rapid payout give parametrics a competitive edge: Artemis Live
5th May 2021
Speed of payment, trigger certainty and the potential for much lower basis risk than the traditional insurance product, are three of the main competitive advantages of parametric insurance, according to industry experts. Last week, the Artemis Live series of interviews and webcasts with leaders and experts from across the re/insurance and ... Read the full article
Zurich hires Timothy Powell as Global Head Financial Lines and Cyber
5th May 2021
Zurich Insurance Group (Zurich) has appointed Timothy Powell as Global Head Financial Lines and Cyber, a newly created role that combines lines of business and simplifies the group’s offering. Powell’s position will take place at the end of this month where he will report to Ralph Brand, Global Head of Casualty, ... Read the full article
Mercury General reports $107mn net income for Q1
5th May 2021
Mercury General Corporation has reported a net income of $107 million for the first quarter of 2021, after having fallen to a $139 million loss in the prior year quarter. This turn around was largely driven by the company's investment performance, having registered a $231 million improvement after having announced $198 ... Read the full article
RMS announces key modelling updates
5th May 2021
Catastrophe risk modeller RMS has announced a series of key changes to the flood models and maps it utilises, including new inland flood models and global flood hazard maps. Changes to its global flood coverage includes a new inland flood model for China, which will be available in June 2021 on ... Read the full article
FedNat reports net loss of $19.4mn
5th May 2021
FedNat Holding Company has reported a net loss of $19.4 million for Q1 2021, compared to a net income of $2.1 million for the prior year period. The net loss was primarily the result of Winter Storm Uri, which caused heavy residential damage in Texas, primarily associated with freezing temperatures causing ... Read the full article
Verisk insurance revenues up 8.1% in Q1
5th May 2021
Data analytics provider Verisk has reported overall revenue growth of 5.3% to $726.1 million during the first quarter of 2021, boosted by revenue growth of 8.1% in its insurance segment. Underwriting and rating revenues increased 7.7% in the quarter, resulting primarily from annual increases in prices derived from enhancements to solutions ... Read the full article
DARAG enters reinsurance transaction with Lyft Captive
5th May 2021
Legacy acquirer, DARAG Group has entered into a reinsurance transaction with Pacific Valley Insurance Company, Lyft Inc.’s captive insurance company. The transaction which has been written through DARAG Bermuda, covers Pacific Valley’s commercial auto liabilities occurring from October 1, 2018 through September 30, 2020. The underlying reserves subject to the transaction are ... Read the full article
American Financial Group reports net income of $419 million
5th May 2021
Insurance and investments holding company, American Financial Group has reported its net income for Q1 at $419 million compared to a net loss of $301 million for Q1 2020. Its first quarter 2021 combined ratio improved to 88.5%, improving 3.7 points from the prior year period. P&C insurance operations generated an underwriting ... Read the full article
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