Reinsurance News
Swiss Re’s net loss forecast to hit $389mn in 2020, says Berenberg
20th January 2021
Berenberg is anticipating Swiss Re to register a net loss of $389 million for 2020, up from the previous $178 million estimate, with COVID-19 claims driving the earnings downgrade for the year. It's worth noting that while this analysis applies directly to Swiss Re, the widespread nature of COVID-19 could result ... Read the full article
Constellation acquires INSUREtrust
20th January 2021
Constellation Affiliated Partners has acquired INSUREtrust, a specialty wholesale broker and MGA headquartered in Atlanta, Georgia. INSUREtrust distributes cyber liability, technology errors & omissions, and miscellaneous professional liability coverages. Alongside its acquisition by Constellation, a New York-based insurance consolidator platform, the INSUREtrust team also announced the promotion of Christiaan Durdaller to President ... Read the full article
HSBC & Etiqa named as shortlisted bidders for AXA Singapore: reports
20th January 2021
British bank HSBC Holdings and Etiqa, the majority owned Malayan Banking insurance joint-venture, have been named as two of the shortlisted bidders for the Singapore operations of global insurer and reinsurer AXA, reports Bloomberg. According to reports, people familiar with the matter have said that the sale of AXA Singapore could ... Read the full article
Gallagher acquires Atlas General Insurance Services
20th January 2021
Re/insurance broker Arthur J. Gallagher & Co. has announced the acquisition of San Diego-based multiline program manager and managing general agency Atlas. Founded in 2009 by Bill Trzos, Atlas offers workers compensation, commercial lines and specialty property programs nationwide, with expertise in the California workers compensation market. Mike Mathews, Charles Lasher and ... Read the full article
Liberty (LSM) launches terrorism coverage for SME sector in Germany
20th January 2021
Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, has announced the launch of a new terrorism insurance coverage designed specifically for the SME sector in Germany. LSM entered the marketplace in 2018 as part of its strategy to extend its reach in Europe, and since then, business written ... Read the full article
Hiscox able to absorb COVID-19 BI losses: S&P
20th January 2021
Hiscox's capitalisation can absorb additional COVID-19 business interruption losses despite earnings impact, says global ratings agency S&P Global Ratings. S&P believes the Supreme Court's recent COVID-19 BI decision has further depressed Hiscox Group's earnings. The U.K.'s Financial Conduct Authority brought forward a test case to determine whether certain holders of business ... Read the full article
Integral ILS secures investment from New Holland Capital
20th January 2021
ILS fund manager Integral ILS has received a cornerstone investment from alternative investment manager New Holland Capital (NHC). With this announcement, Integral has secured $600 million of signed commitments for its new dedicated ILS strategy. Along with the seed investment, NHC will provide strategic support to Integral as it ramps up its ... Read the full article
Intact gains approvals for RSA acquisition
20th January 2021
Canadian property and casualty insurer Intact gained shareholder approval for its proposed joint-takeover of UK insurer RSA. The company also received unconditional approval for the Acquisition from the Canadian Competition Bureau. A majority of RSA shareholders likewise voted to approve the acquisition. Back in November, Intact announced the successful completion of a ... Read the full article
ACORD launches accounting platform
20th January 2021
International standard-setting body for the insurance sector ACORD has announced that its subsidiary, ACORD Solutions Group (ASG), has implemented its ADEPT platform to perform automated, real-time premium accounting reconciliation between insurers and brokers. The platform was developed through working closely with some of the industry's largest stakeholders, with the first data ... Read the full article
Record Q4 drives annual ILS issuance to $16.4bn
19th January 2021
In each quarter of 2020, although most notably in Q1 and Q4, catastrophe bond and ILS issuance remained above average. Combined with the previous three quarters, the record-breaking level of both transactions and issuance in Q4 drove annual issuance to $16.4 billion, which, as shown by the Artemis Deal Directory, is ... Read the full article
Donegal Insurance names WTW’s Jeffery Hay as SVP and CUO
19th January 2021
The Donegal Insurance Group has named Jeffery Hay, previously of re/insurance broker Willis Towers Watson (WTW), as Senior Vice President (SVP) and Chief Underwriting Officer (CUO). Hay is expected to play a vital underwriting oversight role at the company as it looks to expand its capabilities to maximise the value it ... Read the full article
L&G secures £544mn bulk annuity transaction with Evonik
19th January 2021
Legal & General has agreed a £544 million full buy-in of four pension schemes sponsored by Evonik UK Holdings. The deal secures the benefits of over 3,600 UK defined benefit pension scheme members and facilitates the merger of the four schemes as part of the de-risking process. L&G has an existing relationship ... Read the full article
Hamilton appoints Clay Rhoades to lead MGA efforts in US
19th January 2021
Bermuda-based re/insurer Hamilton has today announced the appointment of Clay Rhoades as President, Hamilton Managing General Agency Americas. Rhoades will report to Hamilton Chief Executive Officer Pina Albo and joins her group executive team. He arrives from Kinsale Insurance where he served as SVP of Commercial Property/Inland Marine. Before that he spent time as ... Read the full article
Stable launches collateralised insurer in Bermuda
19th January 2021
Commodity risk insurtech Stable has launched a collateralised insurer to help protect global food and farming businesses from volatile commodity prices. Stable leverages its proprietary data science platform to address the $5 trillion of untraded or illiquid agricultural commodities that cannot be hedged. Stable’s index-based solution has over 3,000 commodities in over ... Read the full article
AXIS announces Q4 losses of up to $205mn from COVID-19 and cats
19th January 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has announced a preliminary Q4 2020 net claims estimate of between $195 million to $205 million, pre-tax, for catastrophes and weather-related events. Of this range, AXIS states that a significant $125 million, pre-tax, relates to the COVID-19 pandemic, while an additional $70 million ... Read the full article
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