Reinsurance News
BHSI makes two promotions within exec, professional lines claims group
24th November 2020
Berkshire Hathaway Specialty Insurance (BHSI) has announced two promotions within its Executive & Professional Lines Claims group. Shelby Rootenberg has been named Senior Vice President, Head of U.S. Commercial Lines (Public) and Financial Institutions Claims. Rootenberg came to BHSI in 2014 as Assistant Vice President and Head of Financial Lines Claims. Prior ... Read the full article
Aviva sells shares in Italian life venture to UBI Banca
24th November 2020
London-headquartered insurer Aviva has agreed to sell its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A, to its partner UBI Banca. Aviva previously announced a commitment to refocus its portfolio, and this transaction represents just that. On completion, Aviva will receive €400 million in cash consideration. The ... Read the full article
Howden set to acquire cyber, tech-focused broker Safeonline
24th November 2020
Insurance broker Howden has agreed to acquire specialist broker and Lloyd’s coverholder Safeonline. The deal will see a team of cyber insurance specialists join Howden’s cyber division and is intended to add resources and expertise to the company's presence in the marketplace. Chris Cotterell, Chief Executive Officer of Safeonline will join Howden ... Read the full article
Swiss Re CorSo names Tina Baacke as Global Head Risk Engineering Services
24th November 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurance giant Swiss Re, has announced that Tina Baacke is set to succeed Martin Schürz as Global Head Risk Engineering Services, effective January 1st, 2021. In her new role, Baacke takes on responsibility for leading a global team of ... Read the full article
United (UPC Insurance) secures additional reinsurance protection
24th November 2020
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has expanded its current quota share reinsurance programme for United Property & Casualty Insurance Company (UPC) and Family Security Insurance Company (FSIC), effective December 31st, 2020. For both UPC and FSIC, the insurer has expanded its current quota share ... Read the full article
IAG completes $650mn institutional placement following BI hit
24th November 2020
IAG has successfully completed a $650 million fully underwritten institutional placement, as the company looks to compensate for an anticipated $865 million hit from pandemic-related business interruption claims. A NSW Court of Appeal ruled last week that insurers could not decline business interruption claims due to incorrectly worded exclusions for ... Read the full article
51 new Bermudian insurers registered in Oct, says PwC’s Wightman
24th November 2020
With the announcement that 51 new insurers were registered in Bermuda throughout October, PwC’s territory and insurance leader Arthur Wightman has released a statement praising the resilience of the island in 2020. Wightman said Bermuda has overseen the deployment of between $12 billion and $15 billion in new capital over the ... Read the full article
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
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