Reinsurance News
Totus Re warns UK Gov against narrow focus on pandemic risk
25th June 2020
Totus Re, an open collective to help plan coverage for catastrophic pan-economic events, has warned the UK Government against taking a single peril view to societal risk following the COVID-19 pandemic. In a new statement, Totus Re expressed support for the UK’s Pandemic Re steering group, but said that current plans ... Read the full article
Lemonade looks to raise up to $286 million in IPO
25th June 2020
InsurTech start-up Lemonade has commenced the previously announced initial public offering (IPO) of its common stock, which could raise up to $286 million. The company, which is backed by Japanese conglomerate SoftBank, announced in early June that it had filed a registration statement with the US Securities and Exchange Commission ... Read the full article
Arch Capital raising $1bn with senior debt issuance
25th June 2020
Bermuda-based re/insurer Arch Capital Group has priced $1 billion of 3.635% senior notes as it looks to raise funds for general corporate purposes. This move effectively sees Arch join a number of other companies looking to capitalise on a firming re/insurance marketplace. For Arch, raising capital could be considered important following ... Read the full article
GIC Re’s combined ratio slips to 114% in 2019
25th June 2020
India’s national reinsurance company, General Insurance Corporation of India (GIC Re), has reported that its combined ratio deteriorated to 114% during the financial year 2019. Underwriting losses over the year were up threefold from Rs 2,211 crore ($409 million) to Rs 6,367 crore ($1.18 billion), causing the combined ratio to move ... Read the full article
Bichard named Global Insurance Leader for PwC as O’Hearn departs
25th June 2020
PwC has announced the appointment of Jim Bichard as its new Global Insurance Leader, effective July 1st 2020, succeeding Stephen O'Hearn who is retiring after 38 years with the company. Bichard has worked in the insurance segment throughout his 23 years with PwC, most recently serving as the leader of its ... Read the full article
Willis Re Securities closes €100m cat bond for Achmea Reinsurance
25th June 2020
Willis Re Securities in collaboration with Willis Re, the reinsurance division of Willis Towers Watson has structured and placed €100 million of insurance-linked securities (ILS) for Achmea Reinsurance Company. Achmea Reinsurance is the reinsurance arm of Achmea B.V., the leading Dutch insurance group with a cooperative background. Windmill II Re DAC, settled ... Read the full article
Generali to become a major shareholder of Cattolica via strategic partnership
25th June 2020
Generali Group has committed to becoming a major shareholder of Cattolica Group through a reserved share capital increase for €300 million, as the pair announce the launch of a new strategic partnership. The Board of Directors of both companies recently approved the launch of a strategic partnership between the pair, which ... Read the full article
UK Gov to review Solvency II ahead of Brexit transition deadline
25th June 2020
The United Kingdom’s HM Treasury has announced that it plans to review Solvency II rules for insurers and reinsurers ahead of the Brexit transition end on 31 December 2020. The government said that the review would ensure that Solvency II is “properly tailored” to take account of the structural features of ... Read the full article
JB Boda adds Kiguru to Nairobi office, eyes Africa expansion
25th June 2020
Indian broker JB Boda Insurance & Reinsurance Brokers (PVT) Ltd has announced the appointment of James Kiguru to its Nairobi office, as it eyes further expansion into the Africa agriculture market. Kiguru will work to drive the broker’s agriculture Panafric strategy, support the existing clientele base seeking agro-based organic growth and ... Read the full article
Insurtech may offer insurers a route out of the pandemic
24th June 2020
New research by Cass Business School has outlined how insurtech may offer a route out of the pandemic for insurance companies. It's suggested that Covid-19 will act as a catalyst for the industry-wide adoption of new digital initiatives in the insurance industry. They also suggest that the pandemic has uncovered the value ... Read the full article
Aegon adds Duncan Russell as Chief Transformation Officer
24th June 2020
Aegon, a provider of life insurance, pensions and asset management, has appointed Duncan Russell in the newly established role of Chief Transformation Officer. Effective September 1, Russell will report to CEO Lard Friese and will become a member of Aegon’s Management Board. He will work closely with the Executive Board in setting ... Read the full article
Fathom announces innovative new US flood model
24th June 2020
UK-based flood risk modeller Fathom claims to have developed a new flood model that is set to fundamentally change the understanding of the risk by providing an unparalleled view of flood hazard across mainland US. Fathom-USv2 is a national-scale model adapted to account for climate change rather than relying solely on ... Read the full article
Farmers Insurance to reinsure policies for fintech Jetty
24th June 2020
Jetty, a fintech company that helps property managers increase lease conversion, reduce bad debt, and streamline operations, has announced a new deal with Farmers Insurance. Under the terms of the deal, Toggle Insurance Company, a Farmers Insurance company, will become the exclusive reinsurance provider for all new policies written under Jetty's core ... Read the full article
Ryan Specialty Group to merge with All Risks
24th June 2020
Ryan Specialty Group, LLC (RSG) has announced an agreement to merge with independent wholesale insurance brokerage All Risks, Ltd. The two firms believe they have complementary strengths, with both specialising in transactional wholesale distribution and underwriting businesses in the form of managing general underwriters, programs and delegated binding authorities. RSG is headquartered ... Read the full article
World Bank’s IFC mobilises $2bn in credit capacity from re/insurers
24th June 2020
IFC, a member of the World Bank Group, has partnered with six global insurance companies to mobilise $2 billion in credit capacity under the Managed Co-Lending Portfolio Program (MCPP). The initiative will allow IFC to increase its medium- and long-term lending to commercial banks and non-bank financial institutions in emerging markets ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
