Reinsurance News
Continental Re secures $71.7mn gross premium income in H1
10th September 2020
Pan-African reinsurer Continental Reinsurance plc has reported a gross premium income of $71.7 million for the first half of 2020. This figure represents a 27% growth over the same period in 2019. Underwriting profit for the period stands at $6.9 million, an increase of 442% from the prior year period. Investment and other ... Read the full article
Descartes Underwriting secures $18.5mn in series A funding
10th September 2020
Descartes Underwriting, an insurtech focused on climate risk modeling and data-driven risk transfer, has raised $18.5 million in a series A funding round. Co-led by Cathay Innovation and Serena, this latest round follows $2.5 million in seed funding from BlackFin Capital Partners. The new funds will be used to support Paris-based Descartes’ ... Read the full article
Fitch stays negative on global reinsurance for 2021 amid COVID-19 impacts
10th September 2020
Fitch has said that the outlook for the global reinsurance sector for 2021 remains negative, amid growing COVID-19 losses, the global economic contraction, and the lower for longer interest rate environment. The ratings agency's outlook for the global reinsurance industry turned negative back in March, and while reinsurance companies are ... Read the full article
Lloyd’s falls to H1 net loss; expects gross COVID-19 claims of $6.5bn
10th September 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has reported a loss of £0.4 billion (USD 0.5bn) in the first half of 2020, as COVID-19 related claims, after reinsurance recoveries, reached £2.4 billion (USD 3.1bn). On a gross basis, Lloyd's says that it expects to pay out up to £5 ... Read the full article
Chubb launches new digital distribution platform
10th September 2020
Global re/insurer, Chubb has announced the launch of Chubb StudioSM, a new platform that aims to streamline the distribution of the company’s insurance products through its partners' digital channels around the world. Chubb believes the system will benefit its partners in retail, e-commerce, banking, fintech, airline, telecommunications and other industries by ... Read the full article
RCA opens Amsterdam office
10th September 2020
Risk Capital Advisors (RCA) has announced a new office opening in Amsterdam as the firm looks to expand its presence in the continental European market. RCA says its long-term strategy is to expand in order to meet market demand for M&A insurance advice. It noted that, due to the COVID-19 pandemic, demand ... Read the full article
Continental Re enhances agricultural reinsurance capabilities through Agritask
10th September 2020
Pan-African reinsurance company, Continental Reinsurance plc, is looking to enhance its agricultural reinsurance operations via the utilisation of Agritask's risk management platform. Agritask, the developer of an agronomic operations platform with clients across five continents, will support Continental Re through its flexible, data-driven system and modelling suite. Continental Re stands to benefit ... Read the full article
Aon Reinsurance Aggregate reports 104% CR in H1 as RoE sinks
9th September 2020
The Aon Reinsurance Aggregate (ARA) reported a return on equity (RoE) of -1.5% in the first half of 2020 and a combined ratio of 104%, as reinsurers continue to navigate COVID-19-related impacts on both sides of the balance sheet. Earlier today, Aon Reinsurance Solution's held its virtual reinsurance renewal season press ... Read the full article
Empower in $3.3bn acquisition of MassMutual’s retirement plan business
9th September 2020
Empower Retirement is set to acquire the retirement plan business of mutual life insurer MassMutual in a reinsurance transaction for a ceding commission of $2.35 billion. In addition, the balance sheet of the transferred business will be supported by $1 billion of required capital when combined with Empower’s existing US business. Through ... Read the full article
Cohen & Company acquisition vehicle completes $230mn IPO
9th September 2020
Fixed income financial services specialist Cohen & Company has announced that INSU Acquisition Corp. II has completed its initial public offering (IPO), raising $230 million in the process. First announced back in July, INSU Acquisition Corp. II is a blank-check company sponsored by Cohen & Company, formed for the purpose ... Read the full article
Nexus shuffles management following launch of Xenia Broking Group
9th September 2020
Independent specialty Managing General Agent Nexus Group has announced a reorganisation in its management team following the recent launch of Xenia Broking Group. Xenia is the independent broking arm of Nexus and was formally united under a single trading name and brand in August. Tim Coles will hands over his COO ... Read the full article
Tremor secures extra funding, completes more reinsurance auctions
9th September 2020
Tremor, the programmatic insurance and reinsurance risk transfer marketplace, has raised another $4 million in financing, bringing its total funds to date to $15 million. Anthemis Group, Berkley Ventures and Markel Digital Investments participated in this latest round of funding, which will set the marketplace up for further growth. So far, Tremor ... Read the full article
Megan Thomas named CEO of Hamilton Re
9th September 2020
Bermuda-based firm Hamilton Insurance Group has announced that Megan Thomas has been appointed as the new Chief Executive Officer (CEO) of its reinsurance arm, Hamilton Re. She will take over from David Brown, who has served as interim CEO of Hamilton Re following the departure Kathleen Reardon last month. Thomas arrives ... Read the full article
Reinsurer returns still insufficient relative to risk: Moody’s
9th September 2020
Despite reinsurance pricing having built much upward momentum over the course of the year, analysts at Moody’s remain adamant that the sector’s returns are still insufficient relative to risk. Speaking at a briefing alongside the release of Moody’s Global Reinsurance Outlook report, Vice President James Eck maintained that “much more rate ... Read the full article
W. R. Berkley makes two senior appointments
9th September 2020
Re/insurance holding company, W.R Berkley has announced the appointments of David R. Lockhart as president of Carolina Casualty, a Berkley Company, along with Jason R. Lewis, who is to be the new president of Gemini Transportation Underwriters, a Berkley Company. Lockhard will be succeeding David A. Dunn, who will continue to ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
