Reinsurance News
BHSI hires Andy Barberis as SVP Claims
1st March 2021
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett's global insurance and reinsurance company, has appointed Andy Barberis as Senior Vice President, Claims. He will be working with the BHSI claims leadership team across the globe on the most catastrophic and complex casualty and healthcare claims. Barberis has over 35 ... Read the full article
Philips NA enters pension agreement with Principal & Metropolitan Tower Life
1st March 2021
Philips North America has entered into an agreement with Principal Financial Group and Metropolitan Tower Life Insurance, a subsidiary of MetLife, to transfer approximately $1.2 billion of its pension plan obligations. The agreement, which was signed in the fourth quarter of 2020, provides guaranteed retirement income solutions for approximately 11,000 retirees, ... Read the full article
Analysis predicts insurtech premium will exceed $556bn in 2025
1st March 2021
A new study by Juniper Research has found that the total value of premiums generated by insurtech firms will exceed $556 billion in 2025, a 123% leap from the $250 billion seen in 2020. Juniper Research’s analysis also predicts that insurers in the motor, life, home and health industries risk becoming ... Read the full article
TypTap secures $100m of funding from Centerbridge
1st March 2021
Florida insurtech and subsidiary of HCI Group, TypTap Insurance Company, has secured a $100 million investment from private investment management firm Centerbridge Partners. The investment, representing about 11.75% of TypTap, implies a post-money valuation for TypTap of approximately $850 million. In exchange for its investment, Centerbridge received from TypTap preferred shares with ... Read the full article
Cinven & GIC complete Miller acquisition
1st March 2021
The previously announced acquisition of specialist insurance and reinsurance broker, Miller, by global private equity firm, Cinven and GIC, Singapore’s sovereign wealth fund, has now completed. Miller, which operates in the UK, Lloyd's of London, and internationally, has been acquired from global brokerage Willis Towers Watson (WTW). The deal was first ... Read the full article
Reinsurance will help insurers absorb unusually severe storm Uri losses: S&P
1st March 2021
Early insured loss estimates for the unusually severe winter storm Uri in the United States appear significant, but carriers should be able to absorb the shock thanks to robust capital levels and reinsurance protection, according to S&P Global Ratings. Winter storm Uri has caused significant disruption across a number of southern ... Read the full article
Aviva intends to become a net zero company by 2040
1st March 2021
UK insurer Aviva has unveiled plans to become a net zero carbon emissions firm by 2040, as the company sets targets ahead of those required by the Paris Agreement. The Aviva plan includes net zero emissions from its investments by 2040; a cut of 25% in the carbon intensity of its ... Read the full article
SCOR adds Claire Le Gall-Robinson to Executive Committee
1st March 2021
Global re/insurer SCOR has announced that its General Secretary, Claire Le Gall-Robinson, has been appointed to the company's Group Executive Committee, effective immediately. In addition to her General Secretary role, which she has held since 2016, Le Gall-Robinson is now in charge of governance, the compliance function and the legal function. She ... Read the full article
Lloyd’s to reopen underwriting room on May 17
1st March 2021
Lloyd's of London has confirmed the reopening of its underwriting room and corporation offices on May 17. The specialist re/insurance marketplace plans to apply a class of business rota during the week and will confirm further details closer to the date. Looking further ahead, there will be additional action over further relaxing ... Read the full article
D&O focused MGA Rising Edge to launch in H1
1st March 2021
Rising Edge, a London-based Managing General Agent (MGA) writing directors’ and officers’ (D&O) insurance, has announced that it will launch during the first half of 2021. The new company will be led by Chief Executive Officer, Philippe Gouraud, a well-known industry executive in the London insurance market. He will be joined by ... Read the full article
PERILS sets final £368mn estimate for Feb 2020 UK floods
1st March 2021
Zurich-based catastrophe insurance data provider PERILS has placed a £368 million final industry loss estimate of the flooding that took place across the UK during February 2020. The floods primarily affected Wales and the Midlands and Yorkshire in England between 9 and 29 February 2020. PERILS’ estimate is based on claims data ... Read the full article
Applied Underwriters acquires Oklahoma Property & Casualty
1st March 2021
Applied Underwriters has announced that its North American Casualty Company has completed the acquisition of Oklahoma Property and Casualty Insurance Company (OP&C). The acquisition was subject to regulatory approvals from the Oklahoma Insurance Department, and will effect a number of changes with respect to OP&C as well as the Texas Insurance ... Read the full article
Fathom launches UK flood model on Nasdaq’s risk modelling, cat service
1st March 2021
Fathom, a research-led flood risk modelling specialist has launched its UK flood model on Nasdaq’s Risk Modelling for Catastrophes service. This is the second model that Fathom had launched with Nasdaq, following its US flood model. Fathom’s Chief Research Officer Oliver Wing, commenting within an official company statement, said he’s keen to ... Read the full article
Berkshire Hathaway’s reinsurance underwriting loss widens on COVID & catastrophes
27th February 2021
Berkshire Hathaway’s insurance and reinsurance business suffered the effects of the global pandemic and severe catastrophe events in 2020, driving the reinsurance underwriting loss higher to -$2.7bn for the year. A year ago, the reinsurance business of the Warren Buffett owned conglomerate, Berkshire Hathaway Reinsurance Group, fell to an underwriting loss ... Read the full article
Aon / WTW deal circled by merger arb & event driven hedge funds
26th February 2021
The Aon and Willis Towers Watson (WTW) deal, which will be the largest insurance and reinsurance broker merger or acquisition in history, is now attracting significant attention from investors in the merger arbitrage and event driven hedge fund space. Just in the last two weeks, we've heard from numerous global investment ... Read the full article
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