Reinsurance News
Lancashire’s H1 combined ratio jumps to 106.9%
29th July 2020
Specialty re/insurer Lancashire Holdings saw its combined ratio for the first half of 2020 jump to 106.9%, up from 86.6% in H1 2019. The group’s COVID-19 ultimate loss estimate, net of reinsurance and reinstatement premiums, amounted to approximately $42 million. This arose primarily from exposures within its property segment. Prior year unfavourable development ... Read the full article
Davies acquires Citadel Risk’s captive management operations
29th July 2020
Leading specialist professional services and technology firm, Davies, has announced a deal to acquire the captive management & consulting businesses of insurance and reinsurance specialist, Citadel Risk. Citadel Management & Cedar Consulting will become part of Davies’ Insurance Services practice under the new deal, which is led by CEO Steven Crabb. ... Read the full article
Oneglobal adds Alan Grant as a non-exec director
29th July 2020
Oneglobal Broking has today announced the appointment of Alan Grant as a non-executive director. Grant was recently at Dual International having served as chairman. Before that he spent time as CEO of SCOR UK and active underwriter of Syndicate 991 at Lloyd’s. He is currently a non-executive director at Argenta Syndicate Management and ... Read the full article
Canopius promotes Stephen Pike to lead credit and political risk
29th July 2020
Global specialty re/insurer Canopius has announced the promotion of Stephen Pike to head of credit and political risk (CPR). Pike will lead the CPR team and help develop its proposition across Europe and internationally. He joined Canopius as an Underwriter in CPR in 2017 from ED&F Man Capital Markets where he co-led ... Read the full article
Markel income up 75% as investment gains recover
29th July 2020
Markel Corporation has reported that its comprehensive income increased by 75% to $1.09 billion in the second quarter of 2020, as investment gains recovered following an initial Q1 COVID-19 shock. Comprehensive income was up from $623.3 million in Q2 2019, and the company’s combined ratio similarly improved from 95% to 88%. Net ... Read the full article
Praedicat releases COVID-19 litigation tracker results
29th July 2020
Praedicat, a risk analytics and modelling company for casualty re/insurers and industrial firms, has released the initial results from its COVID-19 litigation tracker platform. The newly launched platform found that more than 200 casualty-relevant virus complaints have already been filed in the US courts. The complaints allege that corporate defendants are responsible ... Read the full article
RenRe improves Q2 income, reports further capital raise
29th July 2020
Bermuda domiciled reinsurer RenaissanceRe Holdings Ltd. (RenRe) has reported an improved net income of $575.8 million in the second quarter of 2020, while also disclosing a further capital raise of $250 million through its managed joint ventures and third-party capital vehicles. Net income increased from $367.9 million in Q2 2019, although ... Read the full article
Majesco agrees to be acquired by Thoma Bravo
29th July 2020
Majesco shareholders are set to receive $13.10 in cash per share as the company will be acquired by Thoma Bravo. Majesco, a global leader of cloud insurance software solutions for insurance business transformation, has signed a definitive agreement to be acquired by Thoma Bravo, L.P., one of the worlds leading private ... Read the full article
LV= turns Swiss Re-reinsured longevity swap into £800m Phoenix Life buy-in
29th July 2020
The Trustee of the LV= Employee Pension Scheme has converted a longevity swap held with UK closed life book consolidator business ReAssure - and reinsured by Swiss Re - into a £800 million buy-in with Phoenix Life. Following the conversion to buy-in, Swiss Re will continue to cover the longevity risk ... Read the full article
PartnerRe reports H1 net loss as COVID-19 impact hits $338 million
29th July 2020
Bermuda-based reinsurer PartnerRe has reported a net loss of $204 million for the first-half of the year, as the firm booked $338 million of pre-tax losses, net of retrocession and reinstatement premiums, as a direct result of the COVID-19 pandemic. The firm's H1 2020 net loss includes net realised and unrealised ... Read the full article
Africa Re offers $3.3mn to support pandemic resistance
29th July 2020
Pan-African reinsurer Africa Re has announced that it will offer US $3.3 million in financial support to various governments and private institutions to help resist the impacts of the COVID-19 pandemic. Managed by the Africa Re Foundation, the funds will aid awareness campaigns, preventive measures, acquisition of medical equipment and personal ... Read the full article
Ping An to launch joint ventures with Shionogi
29th July 2020
Chinese insurance company, Ping An and Shionogi have signed agreements to launch joint ventures in Shanghai and Hong Kong. These new agreements are designed to enhance health and medical care services in China, in line with Ping An's healthcare ecosystem strategy. Ping An-Shionogi is registered in Shanghai, with a total investment of 2.94 billion ... Read the full article
PartnerRe names Jacques Bonneau President & CEO as Clarke departs
28th July 2020
Bermuda-based reinsurer PartnerRe has announced the appointment of Jacques Bonneau as its President and Chief Executive Officer (CEO), effective immediately. Since February 2019, Bonneau has served on the reinsurer's Audit Committee and as the Chairman of its Underwriting and Risk Committee. Formerly, he served as CEO of Ace/Chubb Tempest Re Group and ... Read the full article
Rate momentum to continue into 2021, says Beazley CEO Horton
28th July 2020
Andrew Horton, the Chief Executive Officer of specialist insurer Beazley, anticipates the rate momentum seen over the first six months of 2020 to continue into next year and enable double digit top-line growth for the company. “We expect this momentum to continue into 2021 because there doesn't seem to be anything ... Read the full article
Aviva facing class action from Canadian hotel chains as BI tensions mount
28th July 2020
Global insurer Aviva is facing a class action lawsuit in Canada as a number of hotel groups look to enforce insurance policies covering business interruption or loss of income. Several hotel chains are affected, including Best Western, Home 2 by Hilton and Hampton Inn. This action applies to all hotels who were insured ... Read the full article
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