Reinsurance News
BDA appoints Susan Pateras as Deputy Chair
8th February 2021
The Bermuda Business Development Agency (BDA) has elected Susan Pateras as its new Deputy Chair, whilst reappointing Fiona Beck as Treasurer. Its Board members have also been assigned to the BDA’s standing committees focused on audit, compensation, and governance and nominations. Pateras joined the BDA board last year, bringing over 20 years ... Read the full article
Core Specialty recruits Fischer to lead Agriculture Reinsurance Division
8th February 2021
Specialty insurance carrier Core Specialty Insurance Holdings has announced the appointment of William R. Fischer to lead its newly formed Agriculture Reinsurance Division. Fischer joines from AIG Reinsurance, where he served as Senior Vice President of Agriculture. In total, he has 25 years of experience in the crop reinsurance business. "Bill has a ... Read the full article
Robert Mercier takes US Chief Operating Officer role at BMS
8th February 2021
BMS, the independent specialist insurance and reinsurance broker, has announced the appointment of Robert Mercier as Chief Operating Officer (COO) of its US business. He joins from Willis Re, where he has spent 15 years across several senior positions, most recently as Operations Director. Prior to joining Willis Re, Mercier was the ... Read the full article
Coverys promotes Joseph Murphy to CEO
8th February 2021
Coverys has appointed Joseph Murphy to Chief Executive Officer and President, succeeding Gregg Hanson, Chief Executive who will retire next month. He joined Coverys as COO in 2015, overseeing the insurers underwriting, business development and distribution, business analytics and risk management. Prior to joining Coverys, he served as the Commissioner of Insurance ... Read the full article
Chubb Tempest Re promotes Sam Peters to Division President, Bermuda
8th February 2021
Chubb's global multi-line reinsurance unit, Chubb Tempest Re, has appointed Sam Peters as Division President of Chubb Tempest Re Bermuda. Peters currently serves as Chief Actuary for both this business and for Chubb Bermuda, which provides excess casualty, professional liability and property products. Peters will have management responsibility for Chubb Tempest Re ... Read the full article
Tremor enhances reinsurance placement capabilities with next-gen Panorama
8th February 2021
Tremor Technologies has built on the success of its original programmatic re/insurance risk transfer marketplace with the launch of its next generation trading platform, Panorama™. As Tremor continues to expand, having now exceeded $1 billion in risk priced and placed with its tech with almost 100 participating reinsurance markets, its ... Read the full article
Aon still confident WTW combination will close in H1
8th February 2021
Executives at re/insurance broker Aon have confirmed that they still expect the planned business combination with Willis Towers Watson (WTW) to close in the first half of 2021, despite an ongoing investigation by EU regulators. Speaking as part of a fourth quarter earnings call, Chief Financial Officer (CFO) Christa Davies said ... Read the full article
CNA reports record core income as catastrophe losses fade
8th February 2021
CNA Financial has reported net income of $387 million for the fourth-quarter of 2020 and record core income of $335 million for the period, aided in part by an improved property & casualty (P&C) performance as catastrophe losses fell. Net income climbed $114 million from Q4 2019, while core income increased ... Read the full article
Flood Re welcomes flood-resilience targets
8th February 2021
State-backed reinsurance scheme Flood Re has welcomed a report published by the Environment, Food and Rural Affairs (EFRA) Select Committee, which calls for clear flood-resilience targets. It explored different measures to help tackle flooding, which include continuing investment in new and maintenance of existing flood defences, as well as improvements in ... Read the full article
Talanx announces FY20 income of €673mn as COVID claims hit €1.5bn
8th February 2021
Talanx, the parent of major reinsurance company Hannover Re, has announced that, based on preliminary unaudited consolidated figures, it has produced Group net income of €673 million (USD 809mn) for 2020. The company notes that this is in spite of COVID-19 claims of an estimated €1.5 billion (USD 1.8bn) for the ... Read the full article
White Mountains revenue surges in Q4 as Ark “hits ground running”
8th February 2021
Bermuda domiciled financial services holding company White Mountains Insurance Group has reported an almost 200% increase in revenue for the fourth quarter of 2020. The company recorded total revenue of $520.8 million in Q4 2020, up from $175.3 million for the same period in the previous year. Looking at the full year, ... Read the full article
Irish High Court rules FBD Insurance must compensate for COVID-19 BI losses
8th February 2021
The Commercial Court in Ireland has ruled that FBD Insurance must compensate four pub owners for the disruption caused to their businesses as a result of the COVID-19 pandemic. Justice Denis McDonald found that a policy sold by the insurer covered losses the pubs suffered by having to close as a ... Read the full article
Lloyd’s launches resilience platform for systemic risks
8th February 2021
Insurance and reinsurance marketplace Lloyd’s of London has announced the launch of Futureset, a new platform and community designed to drive greater societal and economic resilience to some of the largest and most complex global risks. The platform will bring together different perspectives and foster cross-country dialogue to help communities, businesses ... Read the full article
Enstar completes $690mn workers’ comp reinsurance transaction with CNA
8th February 2021
A wholly owned subsidiary of legacy acquirer, Enstar Group Limited, has completed a reinsurance transaction with Continental Casualty Company (CNA). Enstar's subsidiary has finalised a transaction to reinsure a legacy portfolio of excess workers' compensation business. Under the terms of the deal, CNA has ceded net insurance reserves to the subsidiary of ... Read the full article
Howden to rebrand recently-acquired South African broker
8th February 2021
Insurance broker Howden has announced the rebranding of the recently-acquired Matrix group, a set of companies acquired in April 2020. Under the new Howden name, the group will continue to provide bespoke treaty, facultative, structured reinsurance alongside other value-added services to its clients. “We are incredibly excited about the future possibilities that collectively ... Read the full article
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