Reinsurance News
American Family Ventures launches insurer-backed venture capital fund
21st August 2020
American Family Ventures (AFV) has announced the launch of AFV Fund III, a $213 million venture capital fund. The fund is supported by multiple limited partners that focuses on early stage startups impacting the insurance industry. AFV Fund III’s limited partners (LPs) represent over $100 billion in assets and over $25 billion ... Read the full article
China’s insurance growth to be strongest worldwide in 2020: Swiss Re
21st August 2020
Thanks to China's effectiveness in implementing measures to help its economy rebound from the wide-ranging impacts of COVID-19, Swiss Re expects the country's insurance industry growth to be the strongest worldwide in 2020. Furthermore, the reinsurer sees double-digit growth in the country to resume in 2021. According to analysis from a Swiss ... Read the full article
Aeolus to add Nicholas Jagoda as a partner and portfolio manager
21st August 2020
Aeolus Capital Management has announced the appointment of Nicholas Jagoda as a Partner and Portfolio Manager of Aeolus. He will step into this new role following his obligations with Elementum Advisors, where he is currently a Partner and Portfolio Manager. Jagoda first became involved with investments in collateralized reinsurance when he joined ... Read the full article
Expect further international growth at Whitespace after a promising year: Marcus Broome
20th August 2020
After an impressive 2020 for digital e-trading platform, Whitespace, underpinned by rapid uptake and full recognition by Lloyd’s of London, Reinsurance News spoke with Marcus Broome, Chief Platform Officer. Broome has been in the insurance industry since 1985, originally working for a Lloyd’s syndicate before founding a technology business called ROOM ... Read the full article
BMS hires Nebel & Biancardi from WTW as expansion plans continue
20th August 2020
Independent specialist reinsurance brokerage, BMS Group, has announced the appointment of Bradley Nebel as Branch Manager in its Chicago office, and Mariel Biancardi as Casualty Facultative Senior Vice President (SVP), effective immediately. In his new role, Nebel will report to Jonah Pfeffer, Chief Casualty Officer at the reinsurance broker's US arm. ... Read the full article
Allstate’s July catastrophe results produce income on $450m PG&E recovery
20th August 2020
U.S. primary insurer, The Allstate Corporation, has revealed that catastrophe results for the month of July generated pre-tax income of $334 million ($264mn after-tax), as previously announced PG&E subrogation recoveries more than offset the impacts of catastrophe events in the period. After investigations in 2019 found that PG&E's equipment was responsible ... Read the full article
Swiss Re co-leads new funding round for Chinese InsurTech Waterdrop
20th August 2020
Reinsurance giant Swiss Re, alongside China-based internet firm Tencent Holdings, has led a new $230 million funding round for Chinese online InsurTech firm, Waterdrop Inc. According to reports, the funding signals Swiss Re's first investment into an InsurTech startup in China and is part of the reinsurer's long-term commitment to the ... Read the full article
Guy Carpenter names Willis Re’s Livingston as Global Head of Sales
20th August 2020
Guy Carpenter, the reinsurance arm of global brokerage Marsh, has named Jeffrey Livingston as Global Head of Sales, effective September 1st, 2020, reporting to Peter Hearn, President and Chief Executive Officer (CEO), Guy Carpenter. In this newly established position, Livingston takes responsibility for leading all of the reinsurance broker's sales activities, ... Read the full article
Tens of thousands of structures at risk as California wildfire season intensifies
20th August 2020
Wildfires continue to rage through Northern California, threatening thousands of properties and structures, prompting evacuations and a State of Emergency in California. In recent days, the California wildfire season has intensified, driven by severe thunderstorms and lightning, exacerbated by hot and dry weather. After the active and costly wildfire seasons in both ... Read the full article
Auto insurer profits driven by record drop in claims frequency: Fitch
20th August 2020
Financial services ratings agency, Fitch Ratings, believes that commercial re/insurers underwriting profits within the personal auto line have had a dramatic increase after a reduction in driving has led to lower claims frequency in the first half of 2020. According to Fitch, this has helped to offset higher incurred losses which ... Read the full article
R&Q agrees to acquire The World Marine & General Insurance Company
20th August 2020
Randall & Quilter II Holdings Limited, a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., has reached an agreement to acquire the entire issued share capital of The World Marine & General Insurance Company PLC (WMG) from BHP Group Limited. BHP acquired WMG, which was established in England & ... Read the full article
Integra creates remote inspection tech for specialty insurance claims
20th August 2020
Loss adjustment business, Integra Technical Services has developed a new technology to investigate and manage specialty lines claims. This technology was created to avoid the challenges imposed by the COVID-19 pandemic’s national and international lockdown restrictions. The technology can be used on a smart phone camera handled by an insured’s employee, Integra’s ... Read the full article
Non-life run off deals steady in Q2 despite COVID-19 challenges
20th August 2020
Executed deals have remained relatively steady in Q2 2020 despite the potential challenges presented by completing deals during the COVID-19 pandemic, with 12 deals publicly announced, according to PwC. With a number of smaller value deals, the overall total estimated liabilities transacting dropped from $2.1 billion in Q1 2020 to $1.3 ... Read the full article
Japanese non-life insurers to see claim costs rise as containment eased: Fitch
20th August 2020
A reduction in traffic amid the COVID-19 pandemic benefitted the performance of Japanese non-life insurers in Q1, but this trend isn't expected to last, according to analysis by Fitch Ratings. Fitch's outlook on the Japanese non-life insurance sector remains negative amid widespread uncertainty on the total COVID-19 claims count and the ... Read the full article
IRB Brasil Re raises $380m via share issuance
19th August 2020
Brazilian reinsurer IRB Brasil Re has successfully raised $380 million via an issuance of 300,083,857 common shares, in an effort to bolster liquidity margins and improve its cash position. After being installed in March 2020, IRB's new board had identified several indications that suggested that the fiscal year's opening balances in 2020 ... Read the full article
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