Reinsurance News
Industry veterans launch specialty insurer Upland Capital Group
25th January 2021
A group of re/insurance industry veterans have announced the launch of a new specialty insurance business called Upland Capital Group, backed by initial capital from Newlight Partners. Upland plans to offer a diversified portfolio of excess and surplus lines (E&S) casualty, property, and specialty insurance products, with an initial focus on ... Read the full article
Re/insurance broker Oneglobal launches Bermuda office
25th January 2021
Oneglobal Broking, the commercial re/insurance brokerage owned by investor JC Flowers, has continued the build out of its international operations with the launch of its Bermuda office. Concurrently, the broker has announced the appointment of Craig Douglas as Executive Director, Oneglobal Bermuda, and Kilian Whelan as Chief Operating Officer (COO) of ... Read the full article
Universal names Chubb Tempest Re’s Burns as President of Blue Atlantic
25th January 2021
Universal Insurance Holdings, Inc. has announced the hiring of Jason Burns as President of its fully-licensed reinsurance intermediary, Blue Atlantic, effective immediately. Burns joins the firm from Chubb Tempest Re, where he most recently managed the US Pro Rata and Risk portfolio for the company out of its Stamford, Connecticut office. He ... Read the full article
Biden administration considered more positive for the re/insurance industry
25th January 2021
Of the industry contacts we approached, the largest proportion believe the Biden administration will be a catalyst for positive change within the insurance and reinsurance industry. At 37%, respondents who see this new administration as more positive than the one assembled under Trump narrowly edged out the 31% who expect the ... Read the full article
US health insurer ratings performed well in 2020: S&P
25th January 2021
Analysts at S&P Global Ratings have released a report that shows US health insurer ratings performed relatively well in 2020, despite the COVID-19 pandemic. Analysts also believe the industry's resilience to the pandemics effects remains to be seen in 2021, whilst predicting credit quality to hold up well. However, this may come ... Read the full article
Stonybrook hires William Eyre as strategic advisor
25th January 2021
Investment banking and reinsurance broking firm Stonybrook Capital & Risk Management has appointed William Eyre as a strategic advisor. In his new role, Eyre will focus on elevating Stonybrook’s investment banking and alternatives businesses. Eyre was previously Managing Director at Guy Carpenter, Vice Chairman of JLT North America, and before that, Managing ... Read the full article
AXA XL names Ashok Krishna Chief Data, Analytics Officer
25th January 2021
AXA XL, the property & casualty and specialty risk division of AXA, has named Ashok Krishnan as Chief Data and Analytics Officer. Krishnan will report to Matthieu Caillat, Chief Operating Officer, AXA XL and will be based in London. He joins from AXA Hong Kong, where he held the position of Chief ... Read the full article
FloodFlash pays Storm Christoph claims on same day
25th January 2021
Parametric insurtech firm FloodFlash has issued pay-outs to policyholders affected by flooding from Storm Christoph, in many cases on the same day as the flooding occurred. The fastest claims took just 9 hours and 44 minutes from the property flooding to the client receiving the full settlement in their account, which ... Read the full article
Pacific Life Re partners with data analytics firm Sapientus
25th January 2021
Life reinsurer Pacific Life Re is partnering with data analytics firm Sapientus to enhance the efficiency and effectiveness of its insurance solutions for the Chinese market. Sapientus is part of China-based mobile services and data firm FingerMotion and will also help Pacific Life Re enhance its current underwriting and claims management processes. Pacific ... Read the full article
Insured 2020 cat losses estimated at $97bn by Aon
25th January 2021
Re/insurance broker Aon has estimated that catastrophe losses insured by the private sector or by government-sponsored programs totalled $97 billion over 2020. Overall economic losses were estimated at $268 billion, caused by 416 catastrophe events, leaving a protection gap of 64%. Aon’s Weather, Climate & Catastrophe Insight report for 2020 also shows ... Read the full article
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
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