Reinsurance News
Berkshire Hathaway GUARD further expands US homeowners coverage
13th November 2020
Berkshire Hathaway GUARD Insurance Companies has added Indiana, Kansas, Kentucky, Nevada, and Oregon to the list of states where its homeowners product is available. Chief Insurance Officer Lyle Hitt said he has been pleased with the caliber of submissions already experienced in previous states, and fully expects to see the trend ... Read the full article
Intact raises funds for proposed RSA takeover
13th November 2020
Intact Financial Corporation has announced that it has entered into an agreement with a group of underwriters, led by CIBC Capital Markets and Barclays Capital Canada, Inc., designed to finance a slice of its proposed acquisition of UK insurer RSA. Under this arrangement, the underwriters have agreed to purchase, on a ... Read the full article
P&C insurers continue to face risk management challenges: Fitch
13th November 2020
Fitch Ratings has released a report that explores how Property and Casualty (P&C) insurers are continuing to face new operational and risk management challenges, some of which include pandemic-related insurance losses and premium volume declines in 2021. The rating agency believes that insurers will be best positioned to adapt to the ... Read the full article
BRP Group falls to a $6.6mn Q3 operating loss
13th November 2020
Independent insurance distribution firm BRP Group has reported a $6.6 million operating loss for the third quarter, having registered a $1.4 million profit in the prior year period. The group also registered a $7.6 million net loss for the quarter, a drop from the $2.3 million loss reported during the same ... Read the full article
Non-life performance helps Ageas to solid Q3 results
13th November 2020
Personal and commercial insurer Ageas has reported a Group net result of €203 million for the third quarter of 2020, driven by strong performance in its non-life business. Looking at the first nine months of the year, the net result stands at €994 million, to a large extent supported by the ... Read the full article
Vault holdings acquired by HSCM Bermuda
13th November 2020
Private investment firm Cornell Capital LLC and Hudson Structured Capital Management, doing its re/insurance business as HSCM Bermuda, have announced that they have entered into an agreement to acquire Vault Holdings. Florida-based Vault first launched in October 2017 and offers insurance that combines an advanced technology platform and personalised concierge service ... Read the full article
INSTANDA launches new integration marketplace
13th November 2020
Cloud-based digital insurance platform INSTANDA has launched a virtual marketplace designed to give insurers the ability to pick and choose pre-integrated technology solutions. INSTANDA says its clients will be able to integrate with other digital platforms, including Fitbit, Hive, Sage50 and Salesforce, Docusign, and Hyperscience. The marketplace will expand in 2021, as ... Read the full article
Pandemic is insurable, government actions are not: Prospectus 2021
13th November 2020
During the opening panel of the Prospectus 2021 online conference, David Flandro, Managing Director at Hyperion X Analytics argued that the private market is fully capable of handling pandemic risk, but not the accompanying government actions. Prospectus 2021, the new annual conference by Reinsurance News and Artemis, kicked off yesterday ... Read the full article
IGI improves Q3 profit, grows reinsurance premiums
13th November 2020
Specialist commercial insurance and reinsurer International General Insurance Holdings Ltd. (IGI) improved its profit to $9.5 million for the third quarter of 2020, compared with $4.3 million for the same period last year. For the first nine months of the year, profit was also up slightly to $20.7 million, from $19.2 ... Read the full article
Richard Milner appointed CEO of Aspen UK, Managing Agency
13th November 2020
Richard Milner, former senior managing director of Aspen Re International, has been promoted to serve as Chief Executive Officer Aspen Insurance UK & Aspen Managing Agency. Milner appears to have transitioned to the new role earlier this year, after having served in his previous position for five months. Milner holds over 20 years’ ... Read the full article
Marine P&I market in “turbulent times”: Gallagher
13th November 2020
Insurance broker Gallagher has reviewed the state of the marine protection and indemnity (P&I) market ahead of the upcoming renewals, noting that it is a “turbulent time” for re/insurers in this sector. The pandemic’s impact on the economy, international trade and safety of crew members has made it a very challenging ... Read the full article
Generali’s net profit dips 40% but operating result spikes on P&C improvement
13th November 2020
Generali has reported a 40% decline in Group net profit for the first nine months of the year to approximately €1.3 billion, while gross written premiums (GWP) increased slightly, year-on-year, to roughly €52 billion. The Group's net profit was impacted by €310 million in net impairments on investments related to the ... Read the full article
AIG makes two senior hires
13th November 2020
Global insurer American International Group, has announced that Lucy Fato, Executive Vice President & General Counsel, has taken on additional responsibilities in the newly created position Global Head of Communications and Government Affairs. In her expanded role, Fato has assumed responsibility for Global Communications in addition to the Government Relations and ... Read the full article
Brookfield Asset Management to launch reinsurance entity
13th November 2020
Alternative asset management company Brookfield Asset Management has announced the launch of a new reinsurance entity that will enable it to grow its reinsurance business "in the most efficient fashion.” Brookfield Asset Management Reinsurance Partners (BAM Reinsurance) will operate as a ‘paired’ entity to Brookfield, meaning shareholders will have flexibility in ... Read the full article
Obsidian Insurance Holdings receives A- from AM Best
13th November 2020
Obsidian Insurance Holdings has announced that AM Best has assigned an A- (Excellent) financial strength rating to its recently-formed Obsidian Specialty Insurance Company, an excess and surplus (E&S) lines insurer. Obsidian Specialty Insurance Company was established in Delaware as a domestic surplus lines insurer with the carrier receiving its certificate of ... Read the full article
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