Reinsurance News
MetLife completes sale of US P&C business to Zurich
8th April 2021
MetLife, Inc. has announced the completion of its previously announced sale of Metropolitan Property and Casualty Insurance Company and certain wholly-owned subsidiaries to Farmers Group, Inc., a subsidiary of Zurich Insurance Group. First reported in November, the $3.94 billion deal sees Farmers Group jointly acquire MetLife Auto & Home ... Read the full article
Reinsurance management tech critical for carriers: Sapiens’ Greenberg
8th April 2021
Technologies to help manage and automate the reinsurance ceding are becoming increasingly critical for insurance carriers, according to Martin Greenberg, Reinsurance Product Manager for Sapiens, a global provider of software solutions for the insurance industry. Greenberg noted that managing reinsurance is an often overlooked and underserved part of the insurance process, ... Read the full article
AM Best notes rising prominence of DUAE model
8th April 2021
In a new report, rating agency AM Best has noted the “rising prominence” of the delegated underwriting authority enterprise (DUAE) model in the insurance industry distribution ecosystem. Analysts said that the success of this model was evident in the growing number of managing general agents (MGAs) and the amount of MGA-generated ... Read the full article
Zurich partners with Previsico using technology for a major client
8th April 2021
Flood forecaster Previsico has partnered with insurer Zurich and one of their top UK customers in a market-first tripartite pilot across 5,000 UK locations. The aim is to plug a major flood forecasting gap around surface water flooding and significantly reduce the cost of false alarms. One of the biggest risks in ... Read the full article
Mexico industry capital strong despite credit quality downswing: AM Best
8th April 2021
AM Best expects Mexico’s insurance companies to remain able to meet regulatory capital requirements despite a downswing in the credit quality of its fixed-income investments. The downswing is being driven by action on the country’s sovereign debt rating and issues at its heavily indebted oil company, the rating agency noted. However, on ... Read the full article
Brokerslink adds B. Riley Advisory Services Group to network
8th April 2021
Independent broker network Brokerslink has expanded its international network with the addition of financial advisory, B. Riley Advisory Services Group. Riley’s Compliance, Risk and Resilience practice specialises in business continuity, cybersecurity risk management, crisis management, enterprise risk management and operational resilience for corporate organisations across a range of industry sectors. Brokerslink’s partners ... Read the full article
Good progress made at “disciplined” April renewals: Willis Re’s Vickers
7th April 2021
Willis Re’s James Vickers believes that reinsurers made “good progress” at an April renewal period that saw underwriting discipline and a continuation of the rate increases seen at 1/1. Vickers, who is Chair of Willis Re International, recently spoke to Reinsurance News alongside the release of Willis Re’s 1st View ... Read the full article
Price Forbes adds two to US Healthcare team
7th April 2021
Independent insurance broker, Price Forbes has appointed Chris Brooking and Vicky Ivanova to its US Healthcare team. Brooking joins from Tysers where he was Head of Healthcare and US Professions. He has 16 years of underwriting experience from positions at Brit Insurance, where he established the company's healthcare portfolio, Barbican and Catlin. Ivanova ... Read the full article
Porch Group completes Homeowners of America takeover
7th April 2021
Software company Porch Group has completed its previously announced acquisition of Homeowners of America (HOA), a property and casualty insurance company that specializes in residential property coverage for homeowners and investors. HOA is a managing general agent and insurance carrier hybrid and primarily operates in Texas, Arizona, North Carolina, South ... Read the full article
Arthur J. Gallagher acquires Parisco in Norway
7th April 2021
International insurance brokerage firm Arthur J. Gallagher & Co. has announced the acquisition of Parisco, a marine and energy broker based in Norway. Founded in 2001, Parisco serves contractors, offshore service vessels, exploration and production, shipping, passenger vessels and renewable energy clients. Following the acquisition, Parisco head Dag Magne Torjussen and his ... Read the full article
Insurtech Corvus enters partnership with Skyward Specialty
7th April 2021
Boston-based insurtech firm Corvus Insurance has entered into a new partnership with Skyward Specialty Insurance Group to expand its Smart Cargo + Cyber offering. The announcement comes after Corvus raised $100 million in a Series C fundraising round, bringing the company to a $750 million valuation. Corvus Smart Cargo + Cyber insurance ... Read the full article
Brazilian regulator to end special inspection of IRB Brasil Re
7th April 2021
The Board of Directors of SUSEP, the Brazilian insurance regulator, has unanimously decided to end the special inspection of IRB Brasil Re it commenced in May of last year, the reinsurer has announced. Reports emerged towards the end of May 2020 that the Brazilian reinsurer was to be investigated by SUSEP ... Read the full article
Insurer M&A activity to ‘at least double’ in 2021, says S&P
7th April 2021
Analysis by S&P claims that for 2021, insurance carrier merger and acquisition (M&A) activity is poised for a breakout year, with deal value potentially reaching as high as $71.65 billion in the aggregate. Deal value of this magnitude would represent an increase of 269.5% from the levels seen in 2020, and ... Read the full article
Acrisure hires Matthew Marolda as CIO
7th April 2021
Global insurance broker and fintech financial services provider Acrisure has appointed Matthew Marolda as its first Chief Innovation Officer. He will be focusing on business and growth opportunities aligned with Acrisure’s artificial intelligence (AI), data and technology platform. Marolda has spent his career using data and analytics to drive strategic, marketing and ... Read the full article
Aegon business sale blocked in Hungary
7th April 2021
Hungarian regulators have refused to give approval to the previously announced sale of Aegon’s Central and Eastern European operations to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). Under the €830 million deal, VIG had agreed to acquire Aegon’s insurance, pension, and asset management business in Hungary, Poland, Romania, and ... Read the full article
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