Reinsurance News
Universal estimates Q4 cat losses at $76m
18th February 2021
Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has announced that it expects to incur a total net impact of $76.0 million due to catastrophe losses in Q4. This figure ($57.7 million after-tax) covers estimated weather events in excess of plan for named hurricanes and PCS events. Universal also ... Read the full article
Argo posts $19.7mn Q4 net loss
18th February 2021
Specialty re/insurer Argo Group has reported a fourth quarter 2020 net loss of $19.7 million, up from the $103.3 million loss posted for the prior year quarter. Operating loss in the fourth quarter was $18.2 million compared to an operating loss of $73.9 million for the prior year quarter. The company’s combined ... Read the full article
Central Bank of Ireland presses insurers to honour valid BI claims: report
18th February 2021
Following landmark rulings in the UK and Ireland concerning disruption to businesses as a result of the COVID-19 pandemic, which largely favoured insureds, the Central Bank of Ireland has reportedly written to numerous insurers pressing them to pay out on valid claims, reports The Irish Times. Back in January, the ... Read the full article
Louis Tucker named Head of Arch Managing Agency
18th February 2021
Arch Insurance International, a division of Arch Capital Group Ltd., has named Louis Tucker as Managing Director of Arch Managing Agency Limited, with immediate effect. Arch Managing Agency was formed in September 2020 as a single brand under which to combine Arch’s Lloyd’s managing agency units. As Managing Director, Tucker will ... Read the full article
Aon and WTW merger will “significantly lessen competition” in Australia
18th February 2021
The Australian Competition & Consumer Commission (ACCC) is concerned that the proposed combination of Aon and Willis Towers Watson (WTW) will significantly lessen competition in the supply of commercial risk, reinsurance and employee benefits broking and advisory services in Australia. The announcement from the ACCC comes just weeks after the ... Read the full article
EIOPA proposes measures to improve BI insurance
18th February 2021
The European Insurance and Occupational Pensions Authority (EIOPA) has proposed a series of measures to improve the insurability of business interruption (BI) in light of pandemics. The Authority explored options relating to prevention measures to reduce losses, capital markets risk transfer, and multi-peril solutions for systemic risk. It also addressed the general ... Read the full article
PERILS finalises storm Victoria (Dennis) loss at €350m
18th February 2021
Catastrophe insurance data provider PERILS has released its fourth and final industry loss estimate for storm Victoria, also known as storm Dennis, settling on a figure of €350 million. This represents a slight upward revision on the previous €344 million estimate that PERILS released back in August 2020. Storm Victoria affected ... Read the full article
James River expecting $5mn net income for 2020
17th February 2021
Bermuda-based insurance holdings company James River Group expects to report full year 2020 net income of between $4 million and $5 million. Full year 2020 adjusted net operating income is expected to fall between $18 million and $22 million. The combined ratio for the full year is expected to be between 105% ... Read the full article
Organic growth lifts Athene’s Q4 results
17th February 2021
Retirement services company Athene has announced that its net income in the fourth quarter of 2020 more than doubled to $1.07 billion on the back of strong organic growth. Income was up 147% on the $432 million reported in Q4 2019, and 71% on the $622 million in Q3 2020. However, over ... Read the full article
Nexus adds Denise Socrates to expand FI capabilities
17th February 2021
Independent specialty Managing General Agent Nexus Group has announced that Denise Socrates has joined its US Management & Professional Liability team as Vice President. Socrates brings over 16 years’ experience in management and professional lines and was previously employed by Hiscox USA, where she managed their financial institutions business in the ... Read the full article
Monument Re completes Isle of Man takeover from Charles Taylor
17th February 2021
Life reinsurance and insurance holding company, Monument Re, has completed the acquisition of the Charles Taylor Group’s Isle of Man life and investment operations. First announced back in August 2020, the purchase mostly consists of Charles Taylor’s life insurance entity, LCL International Life Assurance Company Limited, and Charles Taylor Holdings ... Read the full article
Aon secures ARPC account from Guy Carpenter
17th February 2021
The Australian Reinsurance Pool Corporation (ARPC), Australia's government-led terrorism reinsurance agency, has named Aon as its reinsurance broker. The new agreement see’s Aon beat rival Guy Carpenter to the contract. Guy Carpenter had previously served the role. Mike Pennell PSM, ARPC’s Chief Underwriting Officer will oversee the transition-in and commencement of broking ... Read the full article
CVC’s acquisition of RiverStone Europe approved
17th February 2021
The European Commission (EC) has approved the acquisition of RiverStone Europe by CVC Strategic Opportunities Fund II, a vehicle owned and operated by CVC Capital Partners, for a purchase price of USD 750 million. The announcement, which was made in December, also noted that RiverStone Europe, which was previously owned ... Read the full article
Arch to provide cyber insurer Coalition with long-term capacity
17th February 2021
Arch Insurance North America has partnered with Coalition to provide long-term capacity for the cyber insurance specialist’s US and Canada Cyber and Technology Errors & Omissions insurance programs on Arch’s carriers. It’s hoped the partnership with Arch will support Coalition’s growth, which over the past year included $150 million of run-rate ... Read the full article
Munich Re appoints new L&H leader for Southeast Asia
17th February 2021
Munich Re has announced the appointment of Aravind Srinivas as Managing Director Life and Health for the Southeast Asia region. He takes over the role from Tobias Frenz, who will now become Head of Digital Solutions, Life and Health, Asia Pacific, Middle East and Africa. Srinivas was previously the Chief Commercial Officer ... Read the full article
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