Reinsurance News
HCI secures larger reinsurance limit at renewals despite increasing rates
10th June 2020
HCI Group, Inc., a Florida-headquartered property and casualty insurer, grew the size of its catastrophe reinsurance cover by approximately 31% at the mid-year 2020 renewals, securing a total limit of $1.93 billion on a first and second event basis. HCI's two insurance subsidiaries, Homeowners Choice Property & Casualty Insurance Company, Inc. ... Read the full article
London’s claims performance is ‘outstanding’: LMA, IUA
10th June 2020
Research commissioned by the Lloyd’s Market Association and the International Underwriting Association has found that insurers paid 100% of all valid claims made by regulated financial institutions under credit insurance policies in 2018 and 2019. The analysis of claims-performance data, which is conducted annually, also found that the market paid more ... Read the full article
Fidelis raises a further $500 million of equity capital for growth
10th June 2020
Fidelis Insurance Holdings Limited, the specialty insurance and reinsurance firm, has announced that it has executed agreements to raise an additional $500 million of equity capital from existing investors. Combined with the successful raising of $300 million from existing stakeholders and a wholly owned subsidiary of the Abu Dhabi Investment ... Read the full article
Lancashire’s equity share placing raises £277 million
10th June 2020
Specialty insurer and reinsurer Lancashire Holdings Limited has announced the successful completion of the placing of new common shares, raising gross proceeds of approximately £277 million as the firm looks to take advantage of improved pricing. Lancashire revealed yesterday that it was looking to raise fresh capital with an up ... Read the full article
Berkshire Hathaway Specialty launches EIL insurance in France
10th June 2020
Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett's global insurance and reinsurance company, has introduced Environmental Impairment Liability (EIL) Insurance in France. The new policy pairs coverage for multiple environmental risks with technical and legal support to help insureds mitigate environmental incidents and claims. “Our experienced environmental team has ... Read the full article
Japanese life insurers see core profits weaken over 2019: Moody’s
10th June 2020
The four major Japanese life insurers reported a 5.8% decline in their combined core profits over the fiscal year 2019, according to analysts at Moody’s. The rating agency attributed the decrease to a revision in mortality table, and warned that capital and profitability remain at risk in the current environment. The four ... Read the full article
Lancashire targets up to $365m equity capital raise
9th June 2020
Lancashire Holdings Limited, the specialty insurance and reinsurance underwriter, has joined the ranks of companies seeking to take advantage of market conditions by raising fresh capital, with an up to $365 million target for a new equity share placing. Lancashire follows other specialty players including RenaissanceRe, Hiscox and Read the full article
APCIA examines implications of Argentina-Panama reinsurance dispute
9th June 2020
The American Property Casualty Insurance Association has released a white paper examining recent developments in financial services trade jurisprudence resulting from a reinsurance dispute between Argentina and Panama at the World Trade Organization. The dispute led to the examination of the “prudential exception” to financial services trade commitments for the first ... Read the full article
Arthur J. Gallagher acquires CRES Insurance Services in Nevada
9th June 2020
International insurance brokerage firm, Arthur J. Gallagher & Co., has announced the acquisition of Las Vegas, Nevada-based CRES Insurance Services, LLC. Founded in 1996, CRES designs, markets and services comprehensive errors & omissions insurance and risk management services to real estate firms and professionals across the US, particularly in the Southwest. Following ... Read the full article
ESRB calls for liquidity monitoring framework amid pandemic
9th June 2020
The European Systemic Risk Board (ESRB) has called for a framework to enable closer monitoring of re/insurers’ liquidity risks as part of its effort to address COVID-19 challenges. In a communication to the European Insurance and Occupational Pensions Authority (EIOPA), the Board strongly encouraged EIOPA and its members to finalise and ... Read the full article
Lloyd’s launches new API to enhance electronic placement
9th June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced the launch of a new application programme interface (API) to help London Market brokers and underwriters place business electronically. The launch will form part of the Future at Lloyd’s work on developing the next generation of PPL. The new API is available immediately ... Read the full article
US commercial insurance prices up “significantly” in Q1 2020: WTW
9th June 2020
Insurance and reinsurance broker Willis Towers Watson (WTW) has reported that U.S. commercial insurance prices "increased significantly" in the first-quarter of 2020 when compared with the same period in 2019. Continuing the momentum witnessed in the final quarter of last year, the aggregate price change reported by U.S. carriers exceeded 6% ... Read the full article
AEGIS London’s Opal platform sees record-breaking month
9th June 2020
AEGIS London has revealed that for the very first time, its online quote-and-bind platform Opal generated more than $5 million of net premium in a single month. The record-breaking volumes of business seen last month, means that as of the end of May 2020, Opal has now generated $100 million net ... Read the full article
Swiss Re and WWF collaborate on World Heritage Sites protection
9th June 2020
Swiss Re Institute has collaborated with the World Wildlife Fund (WWF) to focus on the concept of spatial finance in understanding threats to World Heritage Sites (WHS). Spatial finance uses geospatial observational data – geographical information systems (GIS) – combined with machine learning to assess the risks and impact of financing ... Read the full article
Nautilus Insurance promotes Trish Buckhardt, Tom Joyce to EVPs
9th June 2020
Nautilus Insurance Group, a Berkley Company, has announced the promotion of two senior staff members to the position of Executive Vice President. Trish Buckhardt, Senior Vice President, Chief Operating Officer (COO), and Chief Information Officer (CIO), has been promoted to Executive Vice President while retaining both COO and CIO offices. Since joining ... Read the full article
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