Reinsurance News
Progressive acquires Protective Insurance for $338mn
16th February 2021
Property and auto-focused insurance group Progressive has announced the acquisition of Protective Insurance Corporation in a $338 million deal that’s expected to close by the end of third quarter. Upon the completion of the transaction, Protective shareholders will receive $23.30 per share in cash from Progressive. Progressive will fund the purchase through ... Read the full article
Jefferies highlights reinsurance opportunities amid market turn
16th February 2021
Analysts at Jefferies have spotlighted restructuring and reinsurance as two of the best areas of opportunity in the insurance market right now. Reinsurance prices finally turned in response to several years of elevated catastrophe losses, spurred on by the mounting costs of the COVID-19 pandemic. “Amidst this rare cyclical turn, the reinsurance ... Read the full article
Marsh & McLennan appoints Chief Inclusion & Diversity Officer
16th February 2021
Marsh & McLennan Companies, a professional services firm in the areas of risk, strategy and people, has announced the appointment of Nzinga Shaw as Chief Inclusion & Diversity Officer, effective February 16th, 2021. Shaw recently served as Starbucks Coffee Company’s Global Chief Inclusion & Diversity Officer. In this role, she was instrumental ... Read the full article
Ardonagh Group acquires Australian intermediary network Resilium
16th February 2021
The Ardonagh Group has announced the acquisition of Resilium, the largest independently owned intermediary network in Australia. Resilium will continue to be led by Managing Director Adrian Kitchin, who will be joined on the board by Paul Lynam in the newly created role of Chairman. Lynam has 30 years’ experience in the insurance ... Read the full article
Core Specialty hires Mary Kotch as Chief Information Officer
16th February 2021
Specialty insurance carrier Core Specialty Insurance Holdings has appointed Mary Kotch as Chief Information Officer. Kotch has over 20 years' experience in strategic technology innovation, application shared services, managing a global project management office, infrastructure, architecture, and digital and data management. She previously served in senior executive technology roles at Aspen Insurance ... Read the full article
Lloyd’s report highlights risk of cyber-attacks on the industrial sector
16th February 2021
Lloyd’s has partnered with cyber analytics specialist CyberCube and reinsurance broker Guy Carpenter on a new report examining the increasing risk posed by ‘Internet of Things’ devices to industrial and manufacturing businesses. The three firms conducted an analysis detailing scenarios which represent the most plausible routes by which a cyber-attack against ... Read the full article
Willis Re hires Michel Büker as Head of Lloyd’s Capital
16th February 2021
Willis Re, the reinsurance broking arm of Willis Towers Watson, has appointed Michel Büker in a dual role as Head of Lloyd’s Capital and Head of Production, Customised Solutions, EMEA at Willis Re Specialty. Effective 8th February, 2021, he will be responsible for extending Willis Re’s relationships with the Lloyd’s sector ... Read the full article
P&C insurers generate $466bn over 20 years: ACORD
16th February 2021
According to a recent ACORD study, a total of $466 billion has been generated by the world's top 100 P&C insurers over a period of 20 years being studied. The study leveraged in-depth financial analysis, data-driven research and interviews with industry leaders answering key questions about carrier performance and the strategies ... Read the full article
SCOR calls on reinsurers to back COVID-19 vaccine
16th February 2021
Global re/insurer SCOR has made a call for re/insurers to help convey the broad health benefits of getting the COVID-19 vaccination. The reinsurer says it has already helped to dissect the misconceptions and questions that surround the vaccination fears, and has stressed the importance of the vaccine roll-out in building towards ... Read the full article
Selective says reinsurance costs outpacing primary rate increases
15th February 2021
Selective Insurance has reported that its reinsurance renewal prices at January 1 were in some cases higher than it expects to generate on the underlying insurance policies it sells. The company warns that the accelerating cost of reinsurance will likely impact its underwriting profitability over 2021, At the same time, it has ... Read the full article
ABIR announces new industry leaders
15th February 2021
The Association of Bermuda Insurers & Reinsurers (ABIR) has made several appointments to lead its committees and working groups. The entity's Policy Committee, which reviews public policy and re/insurance regulation in Bermuda and internationally, will be led by co-chairs Edward Mishambi, Senior Vice President, Chief Risk Officer of Europe at Renaissance ... Read the full article
Vermont’s Sustainable Assurance receives licensing from DFR
15th February 2021
The Department of Financial Regulation (DFR) announced it had licensed Sustainable Assurance Company as a pure Captive Insurance Company last month. The new insurer was formed by the Lancaster County Solid Waste Management Authority (LCSWMA), bringing the amount of licensed captive insurance companies in Vermont to 1200. Governor Phil Scott said: “As ... Read the full article
AEGIS London’s Opal reports 40% growth in 2020
15th February 2021
Opal, AEGIS London’s online quote-and-bind platform, has reported 40% growth in trading during 2020, based on $70 million gross premium passing through the platform. The platform was originally designed to provide a means for SME business to be written in Lloyd's of London. AEGIS notes that this 40% rise is a combination ... Read the full article
FedNat puts Q4 cat losses at $31m, updates on reinsurance
15th February 2021
Florida based primary insurer FedNat has estimated that catastrophe weather losses incurred during the fourth quarter of 2020 will reduce its net income by $31.1 million, pre-tax. Losses were driven primarily by Hurricanes Delta, Zeta and Eta, which together impacted parts of Louisiana, Florida, Texas and Alabama. Louisana made up the largest ... Read the full article
PERILS settles on AU $989mn loss for Australian East Coast Low
15th February 2021
Catastrophe insurance data provider PERILS has settled on a final industry loss estimate of AU $989 million (US $769 million) for the East Coast Low that hit Australia in February 2020. This fourth update, which comes a full 12 months on from the event, is slightly above the previous $954 ... Read the full article
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