Reinsurance News
FedNat announces public offering of common stock
5th March 2021
Florida based primary insurer FedNat has announced that it is commencing a proposed underwritten public offering of its shares of common stock. The company says that it will be offering 6,500,000 shares of its common stock. Based on a closing pricing of $6.77 per share on March 4th, 2021, this suggests FedNat ... Read the full article
AM Best revises outlooks to negative for James River Group
5th March 2021
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the rated operating subsidiaries of James River Group. The ratings agency has also revised the outlook to negative from stable ... Read the full article
Amwins bolsters US presence with Worldwide Facilities takeover
5th March 2021
Amwins Group, Inc., the global distributor of specialty insurance solutions and services, has entered into a definitive agreement to acquire the fourth-largest U.S. wholesale brokerage, Worldwide Facilities. Scheduled to close in April of this year, the acquisition stands to bolster Amwins' presence in the U.S. and reinforce its position as a ... Read the full article
RLI Corp. makes several leadership appointments
5th March 2021
US property and casualty insurer RLI Corp. has made several leadership appointments as part of the company's growth plan. Eric Raudins, Vice President, Personal Lines, has been promoted to Senior Vice President, Transactional Insurance Solutions, and will oversee RLI’s Personal Lines and Commercial Transactional Insurance Solutions products. With 37 years of industry ... Read the full article
Merlin Underwriting rebrands as TruStar
5th March 2021
Merlin Underwriting, a Toronto-based Managing General Agent (MGA), has rebranded as TruStar. The rebrand will come into place effective immediately and will still offer a portfolio of specialty insurance solutions that span across the commercial, professional, and financial line segments. Led by CEO Daniel Moses, the rebranded organisation will focus on building ... Read the full article
AEGIS London profits double in 2020
5th March 2021
Lloyd’s Syndicate 1225 managed by AEGIS Managing Agency Ltd (AEGIS London) nearly doubled its profits in 2020 despite Covid-19 losses and an active catastrophe season. The Syndicate posted a UK GAAP profit of £60.3 million, up 94% on 2019’s figure of £31.1 million. Meanwhile, written premium gross of commissions was £707.9 million, ... Read the full article
Lloyd’s updates electronic response targets
5th March 2021
The Lloyd’s of London insurance and reinsurance marketplace has provided another update on its requirements for the use of electronic placements this year. For Q2 and Q3 of this year, syndicates will now have to adhere to an electronic response target of 60% when replying to submissions and quotes from brokers. Details ... Read the full article
Risk Strategies adds Eric Levy as COO
5th March 2021
National specialty insurance brokerage Risk Strategies has appointed Eric Levy to the position of Chief Operating Officer (COO). Levy brings 20-year’s experience and assumes the COO position from Sharon Edwards, who has transitioned into the role of Chief Financial Officer (CFO). “Eric is joining at a pivotal time for our company,” said ... Read the full article
RiverStone Europe & Hamilton Managing Agency complete RITC transaction
5th March 2021
Legacy specialist RiverStone Europe has completed a reinsurance-to-close (RITC) transaction of the legacy liabilities of the 2018 and prior years of account of Syndicate 4000, managed by Hamilton Managing Agency Limited. Under the arrangement, legacy Pembroke business that remained with Liberty Mutual Group following Hamilton Insurance Group's acquisition of Pembroke and ... Read the full article
Aston Lark to acquire Venture Insurance Brokers
5th March 2021
Chartered insurance broker Aston Lark has announced the acquisition of Bristol-based Venture Insurance Brokers. Venture Insurance offers traditional insurance advice to both businesses and individuals and advises on business risks across every sector. The business has specialist expertise in Professional Indemnity insurance, property management, haulage, small business solutions and also risk management. “From ... Read the full article
Lockton Re announces addition of Simon Moore as a Senior Broker
5th March 2021
Reinsurance brokerage Lockton Re has announced that Simon Moore, former Chief Underwriting Officer (CUO) of Markel CATCO's Investment Management in Bermuda, will be joining the firm in October 2021 as a Senior Broker. Moore is set to join the company as a Senior Broker within its Non-Marine Retrocession & Property Specialty ... Read the full article
E&S outlook improves to stable: AM Best
5th March 2021
AM Best has revised its outlook for the US excess and surplus (E&S) lines market segment from negative to stable, due to its ongoing profitability and premium growth. The rating agency acknowledged that the E&S market still faces uncertainty due to the impact of COVID-19 on the US and global economies, ... Read the full article
Scott Egan to remain as RSA UK&I CEO following Intact acquisition
5th March 2021
RSA UK & International, a division of RSA Insurance Group plc, will continue to be led by Scott Egan as Chief Executive Officer (CEO) following the completion of the insurer's proposed acquisition by Intact Financial Corporation and Scandinavian insurer Tryg. After finalising a $3.2 billion capital raise ahead of its ... Read the full article
Beazley names Praesidium as provider for Safeguard policyholders
5th March 2021
Specialist insurer Beazley has named Praesidium as its provider of enhanced risk management, prevention, and response services for Beazley Safeguard policyholders. The Beazley Safeguard policy combines risk management and crisis response for primary insureds with effective insurance coverage to reduce the risk of sexual abuse occurring within organisations and to respond ... Read the full article
Crum & Forster receives Monitor Life acquisition approval
5th March 2021
Crum & Forster Accident & Health has received regulatory approval on its acquisition of Monitor Life which started at the end of last year. The acquisition of Monitor Life, previously a wholly owned subsidiary of AmFirst Insurance Company, has authority to operate in 27 states and the District of Columbia. C&F is ... Read the full article
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