Reinsurance News
United (UPC Insurance) and HCI complete renewal rights agreement
25th January 2021
United Insurance Holdings Corp. (UPC Insurance) has completed its previously announced renewal rights agreement with Florida-based insurtech, HCI Group, Inc., effective January 18th, 2021. Under the terms of the agreement, UPC Insurance will transfer all of its personal lines insurance business in the states of Connecticut, New Jersey, Massachusetts, and Rhode ... Read the full article
Demotech accuses rating agencies of “short-sighted” reinsurance view
25th January 2021
Financial analysis firm Demotech has encouraged property re/insurers to re-think their choice of rating agency, on the basis that many agencies take a “short-sighted,” quarterly earnings perspectives. For instance, it is prudent for property insurers with exposure to catastrophe to spend heavily on reinsurance to secure appropriate levels of vertical and ... Read the full article
Allianz (AGCS) appoints Chief Information Officer
25th January 2021
Allianz Global Corporate & Specialty (AGCS), Allianz’s specialist carrier for corporate insurance business, has announced the appointment of Olav Spiegel as its new Chief Information Officer (CIO). Spiegel joins from Allianz SE where he was responsible for developing workplace strategy for Allianz, ensuring modern IT equipment, performance both in the office ... Read the full article
Catalina Holdings adds two to UK board
25th January 2021
Legacy specialist Catalina Holdings has appointed Anthony Mason as Chair, and Penny Shaw as Non-Executive Director of its UK Board. These appointments follow the planned departure of current long term Chair, Tim Cox, and Independent Non-Executive Director, David O’Connor. Mason is a qualified actuary and brings a mix of experience across investments, ... Read the full article
Indian insurers set to withstand economic downturn: Moody’s
25th January 2021
Moody’s has reported a relatively optimistic outlook for the Indian insurance sector given the economic downturn across the country resulting from the COVID-19 pandemic. The rating agency noted that insurance premium growth's deceleration has been limited, supported by strong demand for health coverage, favourable regulation and increased digitalisation Specifically, Moody’s expects general ... Read the full article
Heightened storm frequency, rising sea levels to drive greater losses: report
22nd January 2021
A recent report examining the influence of climate change on hurricane risks in the U.S. shows that increased event frequency and sea level rise will have a significant impact on future damages. The AIR Worldwide-led report, in collaboration with experts from re/insurer AXIS Capital Holdings Limited and the Brookings Institution, explores ... Read the full article
SCOR launches machine learning-driven biometric risk calculator
22nd January 2021
Reinsurance giant SCOR has announced the launch of Vitae, an automated biometric risk calculator that employs machine learning techniques. The tool is designed to enable more accurate risk assessment based on a wider array of medical factors and simplifies the underwriting process, in an effort to yield a better experience for ... Read the full article
RMS bolsters cyber offering with two key updates
22nd January 2021
Catastrophe risk modeller RMS has bolstered its cyber offering with the launch of a new underwriting application. The company has also made significant updates to its cyber solutions portfolio management application. RMS Cyber Solutions Version 5.0 will allow users to price and select cyber risks without the need for large sets of ... Read the full article
COVID restaurant ruling may have wider ramifications for re/insurers: analysts
22nd January 2021
Following a landmark pandemic business interruption (BI) ruling by an Ohio judge against Zurich American, analysts at KBW and Credit Suisse have warned that the case could have wider ramifications for the insurance and reinsurance industries. In the recent Ohio case, the federal judge ruled that Zurich must pay out on ... Read the full article
Beazley appoints Christine LaSala as Chair
22nd January 2021
Specialist insurer Beazley has announced that Sir Andrew Likierman will be succeeded by Christine LaSala as Chair of the Beazley Remuneration committee. This is at the conclusion of the company's AGM on 26 March, 2021 following the completion of his second three-year term, in line with standard succession requirements. In addition to ... Read the full article
Willis Re sale deemed necessary for Aon-WTW merger
22nd January 2021
73% of industry participants we approached feel regulators will require Willis Towers Watson to sell its reinsurance subsidiary Willis Re if the much publicised mega-merger with Aon is to go ahead. The two broking giants confirmed that a business combination was being pursued back in March 2020. It's believed such a ... Read the full article
First American enters P&C book transfer deal
22nd January 2021
First American Financial Corporation’s property and casualty insurance subsidiaries have entered into book transfer agreements with Safeco Insurance, a Liberty Mutual Company, and Heritage Insurance Holdings. The agreement, which is expected to complete by the end of the third quarter of 2022, will provide qualifying First American property and casualty insurance ... Read the full article
Labuan IBFC signs MoU with RAM Ratings
22nd January 2021
Labuan IBFC has signed a Memorandum of Understanding (MoU) to collaborate on RAM Ratings’ Labuan Entity Corporate Assessment (LECATM) service. RAM Ratings is Malaysia's premier rating agency and this agreement will see the two organisations develop, promote and facilitate the adoption of LECATM. LECATM is a new rating service for companies based ... Read the full article
Amynta Group names John Matesic as Vice President of Surety
22nd January 2021
Amynta Group announced the appointment of John Matesic as Vice President of Amynta Surety Solutions, its commercial surety division. Matesic will be responsible for underwriting commercial surety opportunities, focused on supporting Amynta's New England, New York, New Jersey and Philadelphia producer partners. He joins Amynta from Nationwide, where he managed the commercial ... Read the full article
R&Q wraps up $80mn Brickell investment
22nd January 2021
Non-life re/insurance legacy and run-off acquisition specialist Randall & Quilter has successfully completed its previously announced $80 million equity investment from Brickell Insurance Holdings. As previously announced on 29 April 2020, investment vehicle Brickell made a $80 million subscription for a new series of preferred stock issued by Randall & ... Read the full article
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