Reinsurance News
Kemper to acquire American Access in $370mn deal
24th November 2020
US insurer Kemper is set to acquire American Access Casualty, its related captive insurance agency Newins Insurance Agency Holdings, as well as its subsidiaries, in a cash transaction valued at $370 million. The transaction is expected to close in the first quarter of 2021 and is subject to regulatory approval and ... Read the full article
SCOR & Garmin expand BAM health solution across APAC
24th November 2020
SCOR Global Life, Garmin and ReMark (SCOR’s in-house InsurTech solution provider) have announced plans to expand their Biological Age Model (BAM) solution across the wider APAC region. Launched in November 2019, in partnership with Taiwanese insurer Nanshan, BAM is a health and wellness platform for both insurance policyholders and public users. It ... Read the full article
Re/insurance pricing won’t peak at 1/1, say panellists at Prospectus 2021
23rd November 2020
The increased sophistication of the insurance and reinsurance industry, combined with the impacts of a prolonged soft market state, suggests that pricing won't peak at the upcoming January 1st, 2021 renewals, according to industry experts. While market sentiment points to some fairly significant rate improvements at the key 1/1 reinsurance renewals, ... Read the full article
Hamilton launches Ada Re, a newly-formed special purpose insurer
23rd November 2020
Bermuda-based Hamilton Insurance Group has announced the launch of Ada Re, a newly-formed special purpose insurer. Ada Re has secured capital commitments and will look to provide capacity for high-return collateralised retrocession reinsurance contracts on a market-facing basis. The newly launched venture will leverage the portfolio management expertise and leadership of Hanni ... Read the full article
CoreLogic replaces three directors in Board shakeup
23rd November 2020
Property information and analytics provider CoreLogic has confirmed the addition of three new directors, following pressure from investors Senator and Cannae to replace the majority of its board. Back in July, the two investors initiated a process to call a Special Meeting of shareholders with the aim of removing and ... Read the full article
RMS assists Willis Re, Securian on first indemnity-based mortality cat bond
23rd November 2020
Catastrophe risk modelling company RMS worked with Willis Re Securities and Securian Financial on the launch of La Vie Re Limited (Series 2020-1), a mortality catastrophe bond providing $100 million of reinsurance protection for Minnesota Life Insurance Company, a Securian Financial affiliate. The notes being issued by La Vie Re were ... Read the full article
Sompo Int. names Balthazard Head of APAC Reinsurance, Deputy CEO Singapore
23rd November 2020
Sompo International Holdings, a Bermuda-based global specialty provider of property and casualty insurance and reinsurance and part of Sompo Holdings, Inc., has announced the promotion of Pierre Balthazard. Formerly Senior Vice President (SVP), Head of Asia Pacific Property Catastrophe Reinsurance at Sompo International, Balthazard has been named as the company's new ... Read the full article
Jefferies forecasts multi-year reinsurance price increases
23rd November 2020
Analysts at financial services company Jefferies have forecast that reinsurance rate rises could continue beyond the 2021 renewals, leading to multi-year increases. “With the 2021 reinsurance renewals approaching, we expect prices to rise materially, and, as conditions in 2020 are reminiscent of 2001, multi-year rises may be possible,” analysts said. The firm ... Read the full article
BMS appoints Chris Madell to lead new FI division as director
23rd November 2020
Independent specialist re/insurance broker BMS Group has appointed Chris Madell to serve as director of its new financial lines division. Madell joins immediately and will be based in London, reporting to Ian Gormley, managing director of the BMS Global Risks division. He brings over 33 years’ insurance experience in both the London ... Read the full article
SCOR to announce Kessler successor next year: reports
23rd November 2020
Reports from French media sources suggest that reinsurance giant SCOR could be set to announce a successor to CEO Denis Kessler at its next general meeting in 2021. L'Argus de l'Assurance reports that SCOR had originally been due to reveal Kessler’s replacement at the Rendez-Vous de Septembre in Monte Carlo this ... Read the full article
Santam ordered to pay out BI claims to two South African hospitality companies
23rd November 2020
According to a Bloomberg article, a Cape Town court has ordered Santam to pay out Business Interruption (BI) claims to two South African hospitality companies. This could bring the potential to other South African insurers to cover losses suffered because of the coronavirus pandemic. The court has approached the BI case just ... Read the full article
Lloyd’s syndicate Ki goes live with broker trading partners
23rd November 2020
Digital Lloyd’s syndicate Ki has onboarded its initial broker trading partners, providing access to its algorithmic underwriting ahead of the upcoming January 1 renewals. Broking partners include Aon, Aon Re, BGCI, including Ed and Besso, Bishopsgate, BMS, Gallagher, Guy Carpenter, Howden, Lockton, Lockton Re, Marsh, Miller, Price Forbes, AmWins / THB, ... Read the full article
Zurich eyeing takeover of MetLife’s US P&C business
23rd November 2020
Zurich Insurance Group has confirmed that it is currently in discussions regarding a potential takeover of MetLife’s US property and casualty (P&C) business. The company announced that talks had indeed begun after rumours about an acquisition began circulating in the media. Reuters had previously reported that a deal with life insurer MetLife ... Read the full article
Helios 2019 forecasts deteriorates due to COVID losses
23rd November 2020
Lloyd’s of London investment and underwriting vehicle Helios' current mid-point sydicate forecast for its 2019 year of account stands at negative 2.6%, a drop from the negative 1.6% predicted earlier this year. The company notes that while last year's estimates have deteriorated following losses arising from the COVID-19 pandemic, it remains above ... Read the full article
New Lloyd’s re/insurer Inigo confirms $800m launch ahead of Jan 1 renewals
23rd November 2020
New specialty insurer Inigo has confirmed the successful raising of $800 million from a consortium of global investors, providing the firm with the capital base required to proceed with its plans to open for business in the 2021 year of account. After reports started to circulate last week over a ... Read the full article
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