Reinsurance News
Aston Lark to acquire O’Loughlin Insurance Group
19th April 2021
Aston Lark, the chartered insurance broker backed by Goldman Sachs, has announced that it intends to acquire Irish insurance brokerage, O’Loughlin Insurance Group. Based in Swords in County Dublin, the O’Loughlin Insurance Group was founded in 1984 by David O’Loughlin and focuses on both personal and commercial lines insurance. “O’Loughlin Insurance Group ... Read the full article
United pegs Q1 cat losses at $24m; strengthens reserves for litigation in Florida
19th April 2021
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), recently announced first-quarter 2021 current year catastrophe losses of $24 million, pre-tax and net of expected reinsurance recoveries. UPC Insurance's Q1 2021 cat loss bill comes in at approximately $19 million after-tax, and includes claims from winter storm Uri, ... Read the full article
David Flandro predicts pricing improvements for mid-year renewals
19th April 2021
David Flandro, Managing Director at HX Analytics, has predicted that the upcoming June and July reinsurance renewal period will yield more favourable pricing improvements than were seen at January and April. Speaking to analysts at Morgan Stanley, Flandro noted that, while industry capital remains high, reinsurers are facing constraints on profitable ... Read the full article
The Hartford reaches $650m settlement with the BSA; pre-announces cat losses
19th April 2021
Property and casualty insurer The Hartford has pre-announced unfavourable prior year reserve development of approximately $225 million (pre-tax) and current accident year catastrophe losses of $214 million (pre-tax) for the first-quarter of 2021. The estimates for unfavourable reserve development includes, among other items, a charge to increase reserves related to a ... Read the full article
QBE Re hires Jamie Cook as Head of Client Management
19th April 2021
QBE Re, the reinsurance arm of the Australian insurer, has appointed Jamie Cook as Head of Client Management. In this newly created role, Cook will be responsible for rolling out a consistent client model across all of QBE Re’s offices, as well as leading and co-ordinating interactions with key global clients. He ... Read the full article
PERILS releases new Industry Exposure Database
19th April 2021
Zurich-based catastrophe insurance data provider PERILS has released its Industry Exposure Database (IED). The report contains information about property market sums insured exposed to natural perils in Australia, Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, New ... Read the full article
Industry flags litigation as biggest issue facing Florida’s re/insurance market
16th April 2021
An approach of Reinsurance News’ industry contacts has found abusive litigation practices to be the biggest issue currently facing Florida’s insurance and reinsurance market. For several years Florida's property insurance market is perceived to have been plagued by abusive, even underhanded behaviour that has led to elevated loss and litigation costs, ... Read the full article
Pacific Life Re names Justin LaHood as Head of Tax
16th April 2021
Life reinsurer Pacific Life Re has announced the appointment of Justin LaHood as its new Head of Tax. Based in London, LaHood will be responsible for managing tax activities across Pacific Life Re globally, with a focus on strategy, coordination, and compliance. He has more than 20 years’ experience as a tax ... Read the full article
Swiss Re shareholders elect Ermotti as Chair; Kielholz named Honorary Chairman
16th April 2021
Shareholders of reinsurance giant Swiss Re today approved all proposals put forward by the company's Board of Directors at the Annual General Meeting (AGM) held in Zurich; marking the election of Sergio P. Ermotti as successor to Walter B. Kielholz as Chairman of the Board. Swiss Re announced in early ... Read the full article
Miller adds Paula Smith to Political Violence and Terrorism team
16th April 2021
Re/insurance broker Miller has appointed Paula Smith to join its Political Violence and Terrorism team within Property and Casualty Facultative Reinsurance. Smith brings over 25 years’ experience in the insurance industry, and was most recently Head of Political Violence and Terrorism at GC FAC. Her appointment is Miller’s latest investment in the ... Read the full article
Arch’s reinsurance segment takes bulk of $180m-$190m Q1 cat bill
16th April 2021
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has announced a pre-tax catastrophe loss range of between $180 million to $190 million for the first-quarter of 2021, of which roughly 80% falls to its reinsurance segment. The up to $190 million loss range is almost entirely from natural catastrophe events that ... Read the full article
Will there ever be an oversupply of cyber capacity, asks Gallagher Re white paper
16th April 2021
Gallagher Re's global head of cyber Ian Newman has questioned whether the cyber risk market will ever be short of capital, in a white paper examining the broader implications for the industry. “The principal ingredient required for softening a market is an oversupply of capacity, but cyber has to date not ... Read the full article
Chaucer hires Jaime Taylor as class underwriter
16th April 2021
Specialty re/insurance group Chaucer has appointed Jaime Taylor as class underwriter. Taylor joins from Talbot Risk Services and will work in Chaucer’s Political Risks and Credit team, bringing just under 20 years of experience in the insurance industry. She spent six years at Talbot Risk Services, part of AIG, where she served ... Read the full article
Core Specialty to combine with Lancer
16th April 2021
Specialty property and casualty (P&C) insurers Core Specialty and Lancer Insurance Group have announced plans to combine their companies in a stock and cash deal. The transaction, which is to be structured as a merger, will see Lancer operate as a separately managed Division of Core Specialty, retaining the Lancer brand ... Read the full article
Insurers need to increase reinsurance process efficiency: Sequel
16th April 2021
Analysts at Sequel have argued that insurers need to rethink their “highly inefficient approach” to reinsurance buying, alongside the release of the latest version of the Sequel Re system. Sequel, a Verisk business, argues that investing in an end-to-end reinsurance system is now the logical way to manage reinsurance programs efficiently ... Read the full article
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