Reinsurance News
QOMPLX to develop multi-peril modeling platform
11th March 2021
Risk analytics provider QOMPLX has revealed that it plans to develop a dynamic multi-peril modeling platform following its acquisition of insurance modelling and actuarial platform Tyche. The acquisition of Tyche was announced recently alongside news that QOMPLX has elected to go public via a merger with special purpose acquisition company, ... Read the full article
Hannover Re’s income robust but large losses (COVID) dent underwriting result
11th March 2021
Global reinsurer Hannover Re has outperformed its Group profit guidance of more than €800 million for 2020 despite the significant impacts of the COVID-19 pandemic, which, alongside other large losses pushed the firm's property and casualty (P&C) combined ratio into unprofitable territory. Group net income declined from the €1.3 billion posted ... Read the full article
General insurance in Taiwan to hit $8.3bn by 2024: GlobalData
11th March 2021
Data and analytics firm GlobalData is expecting Taiwan’s general insurance industry to grow from $6.1 billion in 2019 to $8.3 billion in 2024, in terms of gross written premium. GlobalData has revised Taiwan’s general insurance forecast following the COVID-19 outbreak and is expected to grow at a compound annual growth rate ... Read the full article
Assurant to sell Global Preneed to CUNA Mutual Group for $1.3bn
10th March 2021
US specialty insurance group Assurant has agreed to sell its prearranged funeral insurance and final expense business, Global Preneed, to CUNA Mutual Group, a broad financial services provider, for approximately $1.3 billion in cash. The Global Preneed sale is expected to generate $1.2 billion of net proceeds at closing, which is ... Read the full article
AXIS earnings to benefit from reserve development: KBW
10th March 2021
Analysts at KBW have suggested that the earnings of Bermudian re/insurer AXIS Capital could benefit from positive reserve development in 2021. The firm estimates that AXIS’s year-end 2020 loss and LAE reserves were overstated by about $236 million, implying that reserve releases should add modestly to its 2021/22 earnings. AXIS reported ... Read the full article
W. R. Berkley names president of agriculture business
10th March 2021
W. R. Berkley Corporation has appointed Bradley T. London as president of Berkley Agribusiness, succeeding Michael Ekiss who will continue to engage on special projects and initiatives throughout W. R. Berkley Corporation. London has nearly 30 years of experience in the insurance industry with a particular focus on underwriting for agricultural businesses. Most ... Read the full article
Lockton partners with Four Twenty Seven to provide climate data
10th March 2021
Lockton Global Real Estate & Construction has entered into a partnership with Four Twenty Seven, an affiliate of Moody’s, in order to help clients integrate climate science into business decisions. Four Twenty Seven uses data-driven risk analysis to score assets’ exposure to the physical risks associated with climate change and other ... Read the full article
U.S. P/C sector outlook improving but BI uncertainty remains: Fitch
10th March 2021
Despite the pandemic, U.S. property / casualty (P/C) insurers have broadly maintained capital strength, but although the performance of the sector in the year ahead is expected to improve, the business interruption (BI) issue lingers, says Fitch Ratings. On the back of substantial commercial lines premium rate increases and lower COVID-19-related ... Read the full article
ERS secures $350m in funding from Abry & Aquiline
10th March 2021
Specialist insurer ERS DGB Limited has secured $350 million in a new capital raise led by private equity firms Abry Partners and Aquiline Capital Partners. The financing is expected to accelerate ERS’ growth strategy and expansion into specialty re/insurance business lines, allowing it to take advantage of attractive market opportunities. In addition ... Read the full article
Marsh appoints Amy Barnes to lead sustainability, climate change strategy
10th March 2021
Insurance broker Marsh has announced the appointment of Amy Barnes to the newly created role of Head of Sustainability and Climate Change Strategy, effective 1 April. Barnes is set to relocate to London later this year and will report to Lucy Clarke, President, Marsh JLT Specialty and Global Placement. She will be ... Read the full article
CRC Group partners with Pan-American Benefit Solutions
10th March 2021
CRC Group, a wholesale distributor of specialty insurance products, has formed a new partnership between its subsidiary 5Star Specialty Programs and Pan-American Benefit Solutions (PABS). PABS is a division of Pan-American Life Insurance Group and the new partnership will focus on offering Workers Compensation coverage for the trucking industry. The product is ... Read the full article
Beazley launches D&O product suite for SPACs
10th March 2021
Specialist insurer Beazley has launched a directors’ and officers’ (D&O) product suite designed specifically for Special Purpose Acquisition Companies (SPACs). The new D&O products for US-domiciled SPACs offer dedicated coverage for either the individuals, or the entity and individuals combined, from the initial public offering (IPO) to the initial business combination. Jim ... Read the full article
ManhattanLife acquires Western Skies MGU
10th March 2021
ManhattanLife Assurance Company of America has bolstered its presence in the self-funded medical stop loss market through the acquisition of Western Skies MGU, a national wholesaler and Program Manager of self-funded medical stop-loss health plans. Western Skies MGU was established in 2019 and is headquartered in Las Vegas. The company has ... Read the full article
Tokio Marine says reinsurance protects it against Greensill losses
10th March 2021
Japanese insurance giant Tokio Marine has told the Financial Times that it expects its exposure to the collapse of supply-chain financing group Greensill will be limited by its reinsurance protection. The exposure comes through trade credit insurance policies relating to the, extremely well-documented by the FT's journalists, collapse ... Read the full article
IAG reshuffles leadership team
10th March 2021
Australian insurer IAG has announced several key appointments within its leadership team, including the appointment of Julie Batch as Group Executive Direct Insurance Australia. Batch has acted as IAG’s Group Executive Intermediated Insurance Australia since November, in addition to leading IAG’s Strategy & Innovation division. She was previously the company’s Chief ... Read the full article
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