Reinsurance News
MAPFRE eyeing solvency ratio close to 200%
16th March 2021
Spanish re/insurer MAPFRE has stated that its solvency position currently reflects a ratio of 183.5% as at the end of 2020. However, the company expects to receive approval from the Spanish supervisor for the internal model for calculating longevity risk within the Group, which would elevate the ratio above 190%. Furthermore, the ... Read the full article
Manuel Sicard to lead New Dawn Risk’s LatAm expansion
16th March 2021
Specialist insurance intermediary, New Dawn Risk Group, has appointed Manuel Sicard to lead the company’s expansion into Latin America. Prior to joining New Dawn Risk, Sicard was vice-president, financial lines at reinsurance broker Guy Carpenter. He previously held a similar role at Willis Towers Watson (WTW) in London. Earlier in his career ... Read the full article
Transactional risk insurance hits record high in 2020: Marsh
16th March 2021
A new report from Marsh shows that transactional risk insurance purchases reached a record high in the US and Canada over 2020 despite challenges due to the pandemic. After a dramatic downturn in the second quarter of 2020 due to the coronavirus pandemic, merger and acquisitions (M&A) deal volume soared to ... Read the full article
Applied Underwriters acquires Florida Casualty Insurance Company
16th March 2021
Risk services firm Applied Underwriters has announced the acquisition of Florida Casualty Insurance Company (FCIC), formerly Ashmere Insurance Company. The newly re-branded FCIC is based in Fort Lauderdale and licensed in 41 states. Once approved, the acquisition will form part of Applied Underwriter’s strategy to expand in key US and international markets. "Enterprises ... Read the full article
Castel Underwriting appoints leader for renewable energy cell
16th March 2021
Castel Underwriting Agencies, the club-style MGA formation platform, has appointed Matthew Melville to lead its renewable energy underwriting cell. Melville joins from Albus Underwriting and brings Castel 20 years’ experience of the renewable energy sector. He was previously Chief Underwriting Officer at GCube Underwriting Limited and founder and Global Head of Renewable ... Read the full article
SiriusPoint CEO to ring NYSE Opening Bell
16th March 2021
Following the recent launch of SiriusPoint, a new insurer and reinsurer incepted via the combination of Third Point Re and Sirius Group, the company's Chairman and Chief Executive Officer (CEO), Sid Sankaran, will today ring The Opening Bell of the New York Stock Exchange (NYSE). The new Bermuda-based company launched on ... Read the full article
Maiden Holdings returns to underwriting profitability in 2020
16th March 2021
A return to underwriting profitability and a favourable result from continuing operations helped Maiden Holdings, Ltd. produce net income of $47.7 million and $80 million for the fourth-quarter and full-year 2020, respectively. For the quarter, net income improved significantly from the $21.5 million net loss reported for the same period in ... Read the full article
AM Best revises Argo Group’s outlooks to Stable
16th March 2021
AM Best has revised the outlooks to stable from negative and affirmed the financial strength rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Argo Re and its subsidiaries. The rating agency has also revised the outlooks to stable from negative and affirmed the ... Read the full article
Swiss Re plans full coal exit in renewed climate push
16th March 2021
As part of its goal to transition towards net zero emissions, Swiss Re has revealed a new set of climate targets that include a full phase-out of thermal coal in treaty re/insurance by 2040. In 2023 Swiss Re will tighten its coal policy by introducing new thermal coal exposure thresholds for ... Read the full article
CCR Re’s premium income jumps 12% at Jan 1 reinsurance renewals
16th March 2021
French state-owned reinsurer CCR Re has reported overall premium income growth of 12% to €50 million at the January 1st, 2021 reinsurance renewals, a period which represents roughly 70% of its annual premium income volume across both P&C and L&H reinsurance. The reinsurer explains that it underwrote roughly €500 million at ... Read the full article
Enstar finalises sale of StarStone Underwriting to Inigo
16th March 2021
Legacy specialist Enstar Group Limited and Stone Point Capital LLC have now completed the sale of StarStone Underwriting Limited and its managed Lloyd's Syndicate, 1301, to recently launched speciality insurer and reinsurer, Inigo Limited. Now finalised, Enstar, Stone Point and Dowling Funds received $30 million of consideration from the sale in ... Read the full article
US re/insurers may face implications with Paris Agreement: AM Best
16th March 2021
AM Best has released a report which explores the possible implications that US re/insurers may face after rejoining the Paris Agreement. Outside the US, in Europe and Asia, re/insurers have increased their integration of ESG factors into their investment and underwriting activities. However after Presidents Trump’s administration, it is clear that the ... Read the full article
TransRe announces Brandt as new President & CEO as Sapnar departs
16th March 2021
Transatlantic Holdings, Inc. (TransRe) has announced that its President and Chief Executive Officer (CEO), Mike Sapnar, will be leaving the company to pursue another opportunity and will be succeeded by the firm's Co-President of Global Underwriting, Ken Brandt. Sapnar will remain with the company through April 30th, 2021 to assist with ... Read the full article
PERILS creates exposure database for Indonesia, Philippines & Thailand
16th March 2021
Zurich-based catastrophe insurance data provider PERILS has established the first detailed industry exposure database (IED) for Indonesia, the Philippines and Thailand. PERILS will provide the market-wide property sums insured exposed to earthquake, tropical cyclone and flood for each of these territories. The sums insured information for each market is broken down by ... Read the full article
Argo to reduce level of ceded reinsurance it purchases
15th March 2021
Argo Group is expecting to reduce the level of ceded reinsurance it purchases in 2021 and beyond by exiting poorly performing lines, exiting the reinsurance business and reducing its use of third-party capital layers. Speaking during an investor presentation last week, Argo’s Chief Financial Officer Scott Kirk ... Read the full article
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