Reinsurance News
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
Everest makes three leadership changes
22nd January 2021
Bermuda-based reinsurer Everest Re has made three new appointments within its Distribution, Specialty Casualty and Everest Specialty Underwriters units. Marcus Cooper has been appointed Head of Distribution for Everest North America. He will be based in Chicago and will report to Mike Karmilowicz, President of Everest. He joins from Liberty Mutual where he ... Read the full article
Storm Christoph losses could reach £120mn: PwC
22nd January 2021
Analysts at PwC have estimated that insurance industry losses from Storm Christoph in the UK will likely total between £80 million and £120 million. Christoph brought widespread flooding across England and Wales this week, prompting evacuations from a “large number” of homes in South Wales. About 2,000 homes in the Didsbury and ... Read the full article
LTC performance adds pressure to life re/insurers: AM Best
22nd January 2021
AM Best has reported that continued poor performance from inadequate pricing is a significant issue for US long-term care (LTC) re/insurers, owing to low interest rates, improving mortality, rising morbidity and policyholder utilisation assumptions. The rating agency noted that loss ratios in the “beleaguered” LTC market continue to climb, with individual ... Read the full article
Arch expects Q4 catastrophe losses of up to $165mn
22nd January 2021
Bermuda domiciled insurer and reinsurer, Arch Capital Group Ltd., has announced estimated pre-tax catastrophe losses of between $155 million and $165 million for the fourth-quarter of 2020. Arch explains that the losses are across its property / casualty insurance and reinsurance operations, net of reinsurance and reinstatement premiums. The loss estimate range ... Read the full article
Lloyd’s names Aviva’s Patrick Tiernan as Chief of Markets
22nd January 2021
The specialist Lloyd's of London insurance and reinsurance marketplace has appointed Aviva's Patrick Tiernan to the newly created role of Chief of Markets, which will see him take oversight of market performance and distribution. Tiernan joins the market from Aviva where he currently serves as Managing Director, UK Commercial Lines & ... Read the full article
Milestone Partners builds out specialty insurance holdings
22nd January 2021
Investment firm Milestone Partners has announced the formation of a specialty insurance holding company, Insure Homes Holdings LLC, through which it has acquired control of Cypress Group Holdings, Inc., including reinsurance brokerage subsidiaries Access Re and Vista Re. Cypress is a holding company that owns managing general agent and insurance carrier ... Read the full article
Core Specialty names Van Spanos as new VP
22nd January 2021
Specialty insurance carrier Core Specialty Insurance Holdings has appointed Van Spanos as Vice President. He will be leading its newly formed excess & surplus (E&S) primary Product Liability group and will be responsible for managing all facets of this business. This will include direct oversight over the underwriting team dedicated to the ... Read the full article
Impact of business interruption ruling is manageable: Moody’s
21st January 2021
Analysts at Moody’s have reported that the recent business interruption ruling by the UK Supreme Court is a credit negative for re/insurers, although the financial impact on individual companies will be manageable, net of reinsurance protection. Additionally, the clarity provided by the judgement should ultimately benefit the industry by ending damaging ... Read the full article
AXIS adds two to underwriting team
21st January 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has hired two additional underwriters within its renewable energy business. Nicholas Boswell Brown and Claire Whelan will join in April in order to support the expansion of the company’s renewable energy business in Spain, Portugal and Latin America. Boswell Brown joins ... Read the full article
Travelers secures more aggregate reinsurance at 1/1; raises attachment point
21st January 2021
Travelers has reported the details of its January 1st, 2021 catastrophe reinsurance renewals, revealing an increase in coverage under the firm's property aggregate catastrophe excess-of-loss reinsurance treaty. Back in 2019, Travelers added a new $500 million property aggregate cat treaty to provide it with reinsurance protection for smaller, frequency type events. Designed ... Read the full article
Kevin Gordon joins BMS from Willis Re as SVP, Treaty Reinsurance
21st January 2021
BMS Group, the specialist insurance and reinsurance brokerage, has continued its expansion in the U.S. treaty reinsurance marketplace with the addition of Kevin Gordon as Senior Vice President (SVP), Treaty Reinsurance, effective immediately. In his new role, Gordon joins the broker's Chicago office and will report to Bred Nebel, Branch Manager ... Read the full article
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