Reinsurance News
Weston’s founder & CEO Lyons to retire; CUO Nixon named as successor
12th February 2021
Michael Lyons, the founder and Chief Executive Officer (CEO) of Weston Insurance Holdings Corporation, is to retire from the company later in February and will be succeeded by Weston's current Chief Underwriting Officer (CUO), Deanne Nixon. Lyons is scheduled to retire from the Florida-based insurer on February 23rd, 2021, having started ... Read the full article
Prudential creates new senior leadership team for Jackson Financial
12th February 2021
UK insurer Prudential has created a new senior leadership team for its US business, Jackson Financial, ahead of Jackson's planned separation from the Group. Laura Prieskorn, previously Jackson's Executive Vice President and Chief Operating Officer, has been appointed Chief Executive Officer (CEO). She has worked at Jackson's for over 11 years, and ... Read the full article
Brit reports strong rate increases as COVID pushes combined ratio to 112.6%
12th February 2021
Specialty insurer and reinsurer Brit has reported strong rate increases and premium growth for 2020, while the significant impacts of the COVID-19 pandemic pushed the firm to a $215 million underwriting loss with a combined ratio of 112.6%. The firm has reported risk-adjusted premium rate increases on renewal business of 10.6%, ... Read the full article
Monument Re finalises portfolio transfer from Omega Life
12th February 2021
Life reinsurance and insurance holding company Monument Re has completed a portfolio transfer from Omega Life. The Omega Life book was transferred into the Italian Branch of Monument Assurance Luxembourg S.A at the end of December 2020, Monument Re explained. Omega Life is an Ireland-domiciled life assurance company that has been closed ... Read the full article
Fairfax reports re/insurance underwriting profit despite high cat & COVID losses
12th February 2021
Fairfax Financial Holdings Limited has reported a decline in net earnings to $218.4 million for fiscal year 2020, as combined catastrophe and COVID-19 losses reached more than $1.3 billion. Despite the high level of catastrophe and pandemic-related losses, Fairfax's insurance and reinsurance operations recorded a consolidated combined ratio of 97.8%, resulting ... Read the full article
SCOR partners with Senseye on machinery failure product
12th February 2021
SCOR has partnered with industrial software company Senseye to develop ROI Lock, a product guarantee that refunds the subscription cost of a Senseye product manufacturers use to detect machinery failures. ROI Lock will refund customers using Senseye’s Predictive Maintenance (PdM) solutions, Senseye PdM Complete, if they do not achieve full return ... Read the full article
AmTrust Europe hires Julian Millar as Head of Claims
12th February 2021
AmTrust International, the UK and International arm of New York-based insurer AmTrust Financial Services, has appointed Julian Millar to the role of Head of Claims for AmTrust International Specialty and Chief Claims Officer for AmTrust Europe. Millar will be based in London and will report to Angel Mas, Specialty Business Unit ... Read the full article
Aon & Chubb launch digital insurance platform for SMEs in France
11th February 2021
Global insurance and reinsurance broker Aon has partnered with Chubb to provide small and medium-sized businesses in France with an efficient means to understand coverage options and purchase insurance online. The new digital Aon platform in France is powered by the broker's CoverWallet company, offers more than 10 insurance products from ... Read the full article
MAPFRE RE reports €80mn COVID hit
11th February 2021
Spanish re/insurer MAPFRE has released its results for 2020, which include an €80 million hit to its reinsurance business from COVID-19. MAPFRE RE incurred a further €68 million in losses due to earthquakes in Puerto Rico but still managed to achieve slight growth (0.2%) in net earnings over 2020, which amounted ... Read the full article
QBE launches new Custom Property product
11th February 2021
The North American division of global insurer QBE has launched its new QBE Custom Property product. The product includes a First Party Cyber coverage, which provides coverage for business interruption, data recovery and incident response service expenses, per network security event. It also has other features such as crime coverage, which covers ... Read the full article
Sidley adds Michael Homison as insurance partner in NY
11th February 2021
Law firm Sidley Austin LLP has announced that Michael Homison will join its global insurance practice as a partner based in New York. In this role, he will support clients in a wide range of domestic and international insurance and reinsurance transactions. Previously, Homison was a partner with Skadden, Arps, Slate, Meagher ... Read the full article
Arch Insurance adds Craig Cafferty to Property team in London
11th February 2021
Arch Insurance International, part of Arch Capital Group Ltd., has announced the appointment of Craig Cafferty as a Senior Underwriter, Property, effective immediately. In his new role, Cafferty will work with existing clients across the portfolio as well as exploring new opportunities, adding further drive to the firm's strong growth in ... Read the full article
Deutsche Rück hires Kummer to lead LatAm expansion
11th February 2021
German reinsurer Deutsche Rückversicherung AG (Deutsche Rück) has announced plans to start writing business in Latin America, with a focus on traditional property and casualty business. As part of this expansion, the Düsseldorf-based firm has appointed Florian Kummer as Head of Latin American Markets, effective from 1 December 2020. Kummer has 25 ... Read the full article
COVID weighs on Tokio Marine’s 9M results
11th February 2021
Japanese property and casualty insurance group Tokio Marine Holdings, Inc. has reported a 39% decrease in profits over the nine-month period ending December 31, 2020. Ordinary profit stood at 182.4 billion yen (USD 1.742 billion) for the period in 2020, versus 299.2 billion yen in the previous year. In particular, Tokio Marine ... Read the full article
Cincinnati improves CR despite higher cat losses
11th February 2021
Primary insurer Cincinnati Financial improved its property casualty combined ratio to 87.3% in the fourth quarter of 2020, despite incurring higher than average catastrophe losses. The combined ratio improved by 4.3 points from 91.6% in Q4 2019, while underwriting profit grew by 57% to $187 million over the same period. This was ... Read the full article
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