Reinsurance News
Royal Chartered Insurance to be acquired by IORC
12th January 2021
Royal Chartered Insurance has announced that it will be acquired by IORC Export & Credit Insurance Corporation. The insurer offers a range of products and services involving various classes of insurance, which have been designed and developed in collaboration with leading international insurance, reinsurance companies, and recognised banks. Royal Chartered Insurance works ... Read the full article
Generali’s Urlini re-elected as Chair of Insurance Europe’s GI Committee
12th January 2021
European insurance and reinsurance federation, Insurance Europe, has re-elected Franco Urlini, Group P&C, Claims and Reinsurance Director at Generali, as Chairman of its General Insurance Committee. Having held the position since 2013, Urlini's re-election sees him take on the role for an additional three-years. Insurance Europe seeks to raise awareness to issues ... Read the full article
UPC Insurance renews all other perils, cat excess of loss cover
12th January 2021
Property and casualty insurance holding company UPC Insurance has successfully renewed its all other perils catastrophe excess of loss agreement (AOP CAT agreement) and its personal property excess per risk agreement (Personal Lines XPR agreement). These agreements provide coverage for in-force, new and renewal business. Effective January 1, UPC Insurance, via its ... Read the full article
Alliant acquires employee benefit platform Vertus
12th January 2021
Alliant has acquired employee benefit platform Vertus in a bid to improve benefit schemes for its employees. The strategic acquisition adds a diverse profile of services and global benefits capabilities to the company’s current employee benefits group. Vertus provides a range of services which includes medical and RX, dental, life, disability, absence ... Read the full article
Lloyd’s broker London Re launches in EU
12th January 2021
Reinsurance broker London Re, a new European Lloyd's broker, has been launched as a joint venture between Seventeen Group and MRH Trowe, an independent German broker. London Re will be based in Dusseldorf, Germany, with a branch office based in London. The start-up offers an independent broking solution for EU clients and ... Read the full article
Despite Q4 rebound, 2020 M&A activity fell to lowest level since GFC: WTW
12th January 2021
In spite of a rebound in the final quarter of the year, re/insurance broker Willis Towers Watson (WTW) reports that in 2020, global mergers and acquisitions (M&A) activity declined to its lowest level since the aftermath of the global financial crisis (GFC). The latest research on completed M&A deals from the ... Read the full article
Traditional reinsurer capital ended Q3 at new high of USD 533bn: Aon
12th January 2021
Global dedicated reinsurer capital rebounded to its pre-pandemic high of USD 625 billion by the end of Q3 2020, aided by continued capital market recovery and capital raises, reports insurance and reinsurance broker Aon. At the end of the third-quarter of 2020, traditional reinsurance capital reached a new high of USD ... Read the full article
Swiss Re sees short-term health insurance as growth driver in China
12th January 2021
A new report from Swiss Re has identified short-term health insurance as a growth driver for non-life re/insurers operating in China. According to data from Swiss Re, short-term health insurance premiums rose by 35% in China during the first 11 months of 2020, boosted by digital sales and risk-conscious consumers with ... Read the full article
Findings from FCA’s Covid-19 resilience survey “concerning” says the CII
11th January 2021
Keith Richards, Chief Membership Officer of the Chartered Insurance Institute (CII), has expressed concern over some of the findings from the Financial Conduct Authority's (FCA) coronavirus financial resilience survey. In an effort to understand the real-time effect the ongoing pandemic is having on the finances of companies in the UK, the ... Read the full article
MetLife inks four longevity reinsurance transactions with L&G
11th January 2021
Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, completed four UK longevity reinsurance transactions with Legal & General in 2020. The transactions will see Metropolitan Tower Life provide reinsurance to Legal & General for longevity risk associated with a combined total of approximately $2 billion of pension liabilities. “Legal & General ... Read the full article
Overall cat bond offerings at 1/1 continued to attract significant capital: GC
11th January 2021
Guy Carpenter analysts have reported that overall catastrophe bond offerings during the recent Janurary renewals continued to attract significant capital, while syndicated sidecar and collateralised reinsurance strategies experienced limited new inflows of capital. January 1 allocations were said to have been complicated by Covid-driven year-end loss reserve “buffering” and a high ... Read the full article
The U.S. endured a record 22 billion-dollar nat cats in 2020: NOAA
11th January 2021
A record number of tropical storm formations in the Atlantic, coupled with an unprecedented number of landfalls and the most active wildfire year on record, saw the U.S. experience 22 billion-dollar natural disaster events in 2020, according to analysis by the National Oceanic and Atmospheric Administration (NOAA). During the 2020 Atlantic ... Read the full article
Gallagher’s Nigel Weyman outlines “challenging” aviation renewals
11th January 2021
Nigel Weyman, Aerospace Global Executive at re/insurance broker Gallagher has reported that aviation renewal negotiations were particularly challenging this year due to the impacts of the COVID-19 pandemic. Speaking as part of Gallagher’s Plane Talking Q4 edition, Weyman described the market as facing a “perfect storm” over 2020 as the coronavirus ... Read the full article
Nassau takes $100mn investment from Wilton Re & Stone Point Credit
11th January 2021
Nassau Financial Group, an insurance and financial services firm based in Hartford, CT, has received an initial strategic investment of $100 million from Wilton Reassurance Company and Stone Point Credit, via the issuance of a series of non-cumulative perpetual preferred equity. Nassau has said that it intends to use the proceeds ... Read the full article
Demand sees New Dawn Risk launch dedicated UK division
11th January 2021
International specialist insurance broker, New Dawn Risk, has established a new unit dedicated to the UK marketplace which will mirror the company's existing offering for international businesses. According to New Dawn Risk, the launch comes as clients increasingly demand alternatives to big brokers. The company's UK market focused division will provide liability ... Read the full article
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