Reinsurance News
Munich Re opts against providing fresh profit guidance for 2020 on COVID-19
23rd June 2020
Global reinsurance giant Munich Re has said that while it continues to stand on firm economic footing, the losses and uncertainty being caused by the ongoing COVID-19 pandemic means that it will not meet its previously announced profit guidance for 2020. The reinsurer announced on April 1st, 2020 that it ... Read the full article
BRP Group files for offering of 11.5mn shares
23rd June 2020
BRP Group has today announced the proposed underwritten offering of 11,500,000 shares of its Class A common stock, subject to market conditions and other factors. BRP expects to grant the underwriters a 30-day option to purchase up to 1,725,000 additional shares of its Class A common stock at the public offering ... Read the full article
Trident Marine Managers adds Clarke Smith as Director of Underwriting
23rd June 2020
Trident Marine Managers (TMM), a managing general underwriter for the specialty marine and offshore energy industries and a part of Ryan Specialty Group, has appointed Clarke Smith as Director of Underwriting. TMM has also announced the opening of a new office in Read the full article
AM Best warns against COVID-19 workers’ compensation laws
23rd June 2020
AM Best has warned that legal efforts in several US states to expand workers’ compensation coverage to allow employees to claim for COVID-19 will have a negative impact on re/insurers. The rating agency turned negative on workers’ compensation lines back in March due to the economic conditions and rise in unemployment ... Read the full article
CCRIF pays $3.6mn to Guatemala for Storms Amanda & Cristobal
23rd June 2020
CCRIF has paid the Government of Guatemala US $3.6 million under its excess rainfall (XSR) parametric insurance policy following Tropical Storms Amanda and Cristobal. Amanda, which originated in the Pacific Ocean, initially made landfall on Guatemala’s Pacific coast on May 31, causing flooding and landslides. This tropical storm dissipated but the remnants ... Read the full article
HSCM expected to take majority control of Weston Insurance
23rd June 2020
Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, is expected to take majority control of specialty insurer Weston Insurance Holdings Corporation (WIHC). Financial analysis firm Demotech said the move would be beneficial for both WIHC and its insurance carrier subsidiaries. Accordingly, analysts assigned Financial Stability ... Read the full article
AmWINS Program Underwriters forms new carrier partnership
23rd June 2020
AmWINS Program Underwriters (APU) has announced a new carrier partnership that is expected to result in multiple program enhancements to APU offerings. Specifically, the partnership will provide insurance solutions APU’s Metal & Plastics, Natural Gas Distributors, Trailer & Work Truck Manufacturers and Water Well Contractors programs, effective May 1st. The new carrier ... Read the full article
Bold Penguin partners with State Automobile Mutual Insurance Company
23rd June 2020
Commercial insurance technology provider Bold Penguin has announced the integration of State Automobile Mutual Insurance Company into its platform. Bold Penguin says this integration allows users of its platform access to business use auto coverage through State Auto with other insurance products, to be launched in the third quarter. State Auto currently ... Read the full article
W. R. Berkley promotes both John Littzi and Neil Keenan
23rd June 2020
W. R. Berkley Corporation, a U.S. domiciled insurance holding company, has announced the appointments of John Littzi as senior vice president, deputy general and Neil Keenan as vice president, senior counsel, effective immediately. Keenan takes over from Littzi who has served as vice president, senior counsel since 2013, having joined the ... Read the full article
The Ardonagh Group secures £1.875bn commitment led by Ares
23rd June 2020
Ares Management Corporation, a leading global alternative investment manager, is serving as the lead arranger for a £1.875 billion financing commitment to The Ardonagh Group, the largest independent insurance broker in the UK. The Ardonagh Group was established in 2017 and expanded significantly the following year through numerous acquisitions. The company ... Read the full article
Brokers hold key to cyber growth: CyberCube
23rd June 2020
Brokers have a critical role to play in addressing adequate coverage and a range of other factors holding back growth in the cyber insurance market, according to a new report from cyber analytics provider CyberCube. The report highlighted several challenges the market faces in growing adoption of cyber insurance, including the ... Read the full article
Haven Life partners with Benefitfocus to provide new insurance solution
23rd June 2020
Customer-centric life insurance agency Haven Life has partnered with tech platform Benefitfocus in order to provide individuals with Salary Protection, a new term life insurance policy that pays an employee's beneficiary an amount equal to the policyholder's paycheck every month for up to 15 years after initial purchase. Salary Protection claims ... Read the full article
Climate change & cyber growing priorities for re/insurers: LCP
22nd June 2020
A new report by pension, insurance and investment consultancy firm Lane Clark & Peacock LLP (LCP) has found that climate change and cyber risk are seen as the main rising priority areas for re/insurance firms. An analysis of early Solvency II disclosures by 50 re/insurers across the UK and Ireland found ... Read the full article
MAPFRE launches €250m private equity fund
22nd June 2020
Spanish insurer MAPFRE has announced the launch of a new fund designed to bring together the existing private equity investments of all the companies in the group, as well as those made going forward. The €250 million fund is being launched alongside financial advisory firms Abante and Altamar. The fund will be managed ... Read the full article
Markel’s PACE portfolio to focus solely on entertainment lines
22nd June 2020
Markel International has announced that, effective immediately, its wholesale operation will no longer be writing personal accident or contingency insurance and will be focusing solely on the entertainment book within its personal accident, contingency and entertainment portfolio (PACE). Consequently, the entertainment portfolio, which includes film, TV, and advertising production coverage alongside ... Read the full article
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