Reinsurance News
ERS reports record results, as expansion to commercial & specialty lines begins
26th February 2021
Specialist motor insurer ERS has announced record profits of £32.8 million for 2020 and an improved combined ratio of 91.9%, as the company prepares to expand its capabilities into new lines of business. Profits increased from 2019 on the back of disciplined underwriting, the realisation of technology investments and also lower ... Read the full article
Supercede founders see opportunity in overlooked reinsurance space
26th February 2021
Supercede co-founders Jerad Leigh and Ben Rose believe there is “real opportunity” for their firm to become the primary digital ecosystem in the reinsurance space, which they say has historically been overlooked by technology. The launch of Supercede, a data-driven global trading platform formerly known as Riskbook, was announced earlier ... Read the full article
Ian Thompson takes Bermuda CEO role at Ascot
26th February 2021
Global specialty insurance and reinsurance underwriter Ascot has announced the appointment of Ian Thompson as Chief Executive Officer (CEO) for Bermuda. In this role, Thompson will assume responsibility for Ascot’s business on the island, which includes specialty insurance, reinsurance and alternative capital capabilities. Thompson joined Ascot in 2017 as Head of Casualty ... Read the full article
S&P stays negative on global reinsurance as sector fails to earn cost of capital
26th February 2021
Despite an improving and hardening market environment, reinsurers were faced with a myriad of challenges throughout 2020 as catastrophes and COVID-19 added to existing adverse sector trends, leading S&P Global Ratings to maintain its negative stance on the global reinsurance industry. Back in May 2020, S&P turned negative on the ... Read the full article
Insurer and reinsurer SiriusPoint launches with $3bn+ in capital
26th February 2021
Bermuda-based SiriusPoint Ltd., the new insurer and reinsurer incepted via the combination of Third Point Re and Sirius Group, has officially launched with more than $3 billion in initial capital. Led by Chief Executive Officer (CEO) and Chairman Sid Sankaran, SiriusPoint launches as one of the first substantial players of the ... Read the full article
Capital inflows could dampen positive pricing momentum, says A.M. Best
26th February 2021
The inflow of new capital into the industry on the back of improving market conditions could have a detrimental effect on price improvements, although a number of "moving parts" could also have an influence, according to analysis by A.M. Best. The combination of heavy catastrophe loss years, the lower for longer ... Read the full article
BMS adds David Cameron as exec VP, property treaty
26th February 2021
Specialist re/insurance broker BMS has appointed David Cameron as executive vice president, property treaty, effective March 1. Cameron will join BMS’s Minnesota office and report to Pete Chandler, President and Chief Executive Officer of BMS Re. He will work with Jeff Irvan, Chief Property Officer, and Kirk Conrad, Chief Analytics Officer, to ... Read the full article
Universal reports $27m loss in Q4
26th February 2021
Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has reported that it suffered a net loss of $27.0 million in the fourth quarter of 2020. It comes after Universal warned that it was due to incur catastrophe losses of $76.0 million for the quarter. The Q4 loss did ... Read the full article
FEMA secures a further $575mn of flood reinsurance for NFIP
26th February 2021
The US Federal Emergency Management Agency (FEMA) has transferred an additional $575 million of the National Flood Insurance Program's (NFIP) flood risk to the capital markets through the sponsor of its fourth catastrophe bond transaction. FloodSmart Re Ltd. (Series 2021-1) is FEMA's fourth and largest catastrophe bond transaction, providing $575 ... Read the full article
James River posts $20.3mn Q4 net loss
26th February 2021
James River Group has reported a fourth quarter 2020 net loss of $20.3 million, compared to net income of $20.5 million for the prior year period. Adjusted net operating loss was $29 million , against an adjusted net operating income of $23.3 million for the same period in 2019. Gross written premium ... Read the full article
Beazley forms new digital business unit
26th February 2021
Specialist insurer Beazley has announced the creation of a new digital business unit, which is intended help the company to reformulate its approach to developing and underwriting digital insurance solutions. Existing digital initiatives and platforms created to further Beazley’s digital capabilities will now be led by a multi-disciplinary team headed up ... Read the full article
RSA posts £718mn 2020 underlying profit, details reinsurance renewals
26th February 2021
UK insurer RSA has announced an underlying profit before tax of £718 million for full year 2020, up 15% from 2019. Additionally, group business operating result was up 15% at £751 million. In aggregate, the estimated net impact of COVID-19 from premiums, claims and investment income effects is a £42 million drag ... Read the full article
MetLife expands in UK longevity market with $5bn Rothesay transactions
26th February 2021
Metropolitan Tower Life Insurance Company, a subsidiary of financial services company MetLife, Inc., has announced the completion of two longevity reinsurance transactions with Rothesay Life Plc. After entering the UK longevity reinsurance market in June of last year via an arrangement with Pension Insurance Corporation (PIC), MetLife subsequently completed ... Read the full article
PartnerRe’s income dips in 2020 as COVID-19 dents underwriting result
26th February 2021
Bermuda-based reinsurer PartnerRe has reported net income of $204 million and $206 million for the fourth-quarter and full-year 2020, respectively, while the impacts of catastrophe events during the year and the ongoing pandemic pushed down its underwriting performance. Net income for the quarter improved from the net loss posted a year ... Read the full article
January shows fluctuations in commercial lines rates: IVANS
26th February 2021
Commercial lines premium renewal rates fluctuated over the month of January, according to the latest results of the IVANS Index. IVANS, a division of Applied Systems, reported that all major lines of business showed an increase in average premium renewal rate year-over-year in January. This is with the exception of Workers’ Compensation, ... Read the full article
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