Reinsurance News
Fairfax looks to take Singapore Re fully private under 100% ownership
22nd March 2021
Fairfax Asia Limited, the Asian holding company for operating entities of Fairfax Group in the region, has made a voluntary conditional cash offer to acquire all of the issued and paid-up ordinary shares in the capital of Singapore Reinsurance Company Limited. Fairfax, which alongside the concert group currently owns 28.18% of ... Read the full article
Pandemic “reached the limits of insurability”: Swiss Re’s Kielholz
22nd March 2021
Swiss Re Chairman Walter Kielholz has said that the industry withdrawal from covering pandemic risk was “unavoidable” because this peril “once again reached the limits of insurability.” Writing as part of the reinsurer’s annual report for 2020, Kielholz noted that Swiss Re has been prepared for a severe pandemic scenario for ... Read the full article
Bernhard Capital enters partnership with Gray Surety
22nd March 2021
Bernhard Capital has entered into an agreement to make a significant investment in The Gray Casualty & Surety Company, Gray Insurance’s surety market affiliate. Gray Surety, established 2003, is a surety carrier headquartered in Metairie, LA that provides surety bonds to emerging and mid-market contractors. The Gray Surety team also underwrites commercial ... Read the full article
Kovrr adds Hetul Patel to advisory board
22nd March 2021
Cyber risk modeller Kovrr has announced that Hetul Patel has joined its advisory board. Hetul is currently Director for non-life consulting at Actuaries OnTap. He has extensive knowledge of the reinsurance industry gained through his 20 years’ experience working as an actuary and executive in the global reinsurance industry. His experience includes ... Read the full article
Direct Insurance Group adds Matt Field to board
22nd March 2021
Global speciality insurance business Direct Insurance Group has appointed Matt Field to its board as Group Sales & Marketing Director. Field has been with Direct Insurance Group since 2016 when he joined as Business Development Manager for the North for its UK wholesale broking business DILM (Direct Insurance London Market). In 2017 ... Read the full article
Fitch affirms Aon, stays positive on WTW despite merger uncertainty
19th March 2021
Fitch Ratings has affirmed the 'BBB+' Issuer Default Rating (IDR) for Aon and removed its Negative Rating Watch, while maintaining Willis Towers Watson’s 'BBB' Long-Term IDR and issue-level ratings on Rating Watch Positive. This move from the ratings agency is directly linked to the much-talked about combination between the two ... Read the full article
Cincinnati Insurance adopts Zesty.ai’s wildfire risk analysis tool
19th March 2021
Climate risk analytics firm Zesty.ai has announced that The Cincinnati Insurance Company has integrated its predictive wildfire risk analytics solution, Z-FIRE, across the carrier's personal lines property portfolio. With Z-FIRE, Cincinnati hopes to be able to assess wildfire risk using an AI model that's been trained on ... Read the full article
Swiss Re Corporate Solutions launches Elevate platform
19th March 2021
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re has launched its new platform Elevate to the middle market. Elevate leverages technology to make the insurance buying process simpler for customers and trading partners. Walt Sykes, Head Middle Corporate Business NA, Swiss Re Corporate Solutions commented: "Customers and trading ... Read the full article
2021 Monte Carlo Rendez-Vous cancelled
19th March 2021
The annual Rendez-Vous de Septembre (RVS) in Monte Carlo has been called off for the second year in a row, due to the ongoing COVID-19 pandemic. According to an official statement from the historic conference’s organisers, the next RVS is planned to take place in 2022. However, it’s worth noting that on ... Read the full article
Chord Re bumps CUO Tom Meyer up to CEO role
19th March 2021
Newly launched generation specialty reinsurer Chord Re has announced the promotion of Chief Underwriting Officer Tom Meyer to the role of Chief Executive Officer. Meyer is set to replace Stefan Long, who will transition to Executive Director ahead of stepping down from the company in 2022. “We are thrilled to announce Tom’s ... Read the full article
Cat losses running 20% above average this year: Jefferies
19th March 2021
Analysts at Jefferies have estimated that insured catastrophe losses year-to-date are running at around 20% above the long-term average, or 34% above the 10-year average. Looking at the month of February alone, catastrophe losses are 59% above the long-term average, Jefferies says, with winter weather accounting for 97% of the insured ... Read the full article
AmWINS Program Underwriters launches alarm contractors solution
19th March 2021
AmWINS Program Underwriters, a managing general agency within the underwriting division of AmWINS, has developed a new insurance solution dedicated to alarm contractors offering clients access to ongoing service and claim support, as well as expertise across the specialty insurance space. The solution includes commercial general liability, professional liability, property and ... Read the full article
Assured Guaranty divides business between London and Paris
19th March 2021
Financial guaranty insurer Assured Guaranty is expanding its footprint in Europe by issuing new financial guarantees through its French subsidiary, Assured Guaranty (Europe) SA (AGE). Additionally, Assured Guaranty’s UK financial guarantee subsidiary has been renamed Assured Guaranty UK Limited (AGUK) from Assured Guaranty (Europe) plc to reflect the shift of European ... Read the full article
FG Financial reports $23.9mn loss for 2020
19th March 2021
Reinsurance and investment management holding company FG Financial Group has reported a $23.9 million net loss for 2020. Major items contributing to the net loss included non-cash losses associated with the change in fair value of the company’s investment in FedNat of $16.2 million. Furthermore, during the third quarter FGF realised losses ... Read the full article
Argenta hires Fidelis exec Ian Burford
19th March 2021
Ian Burford has been appointed as Active Underwriter of Argenta Syndicate Management Limited's (ASML) Syndicate 2121 and SPA 6134, and will also join the Board of ASML as its Underwriting Director. In his new roles, Burford will report to Andrew Annandale, Managing Director of ASML and Chief Executive Officer (CEO) of ... Read the full article
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