Reinsurance News
Gallagher Re secures $140mn of traditional reinsurance for Arch
11th January 2021
Reinsurance broker Gallagher Re has helped Arch Mortgage Insurance Company (Arch MI) secure $15.6 million of indemnity reinsurance in what is the fourth and final Bellemeade Re 2020 transaction. Over the course of the four transactions Gallagher Re helped Arch MI obtain $140 million in traditional reinsurance capacity. This latest deal covers ... Read the full article
QBE increases cat reinsurance tower at Jan 1st renewals
11th January 2021
Australian insurer and reinsurer, QBE Insurance Group Limited, has increased the size of its main catastrophe reinsurance tower by roughly 3% to $3.4 billion for 2021. The re/insurer has now completed its Jan 1st, 2021 reinsurance renewal, noting that the program was placed broadly in line with expectations and at terms ... Read the full article
Marsh launches UK sharing economy, mobility group
11th January 2021
Insurance broker and risk advisor Marsh has launched a dedicated Sharing Economy & Mobility (SE&M) industry group in the UK & Ireland. The group is led by Sam Tiltman and brings together over 25 sector specialists encompassing insurance placement and risk management disciplines from across the business. The group will support all ... Read the full article
Sompo Intl. adds Stephen Raymond to A&E team
11th January 2021
Bermuda-based specialty property and casualty re/insurer Sompo International has added Stephen R. Raymond to its US Sompo Pro team. Raymond, who joins with over 30 years’ experience, will serve as Vice President, Architects and Engineers (A&E). His A&E professional liability underwriting and product development experience spans various client segments. Raymond joins from Ironshore, ... Read the full article
AnaCap makes growth investment in German broker MRH Trowe
11th January 2021
AnaCap Financial Partners, a specialist private equity firm focused on investing in the European financial services sector, has announced a significant growth investment into MRH Trowe (MRHT), a commercial lines insurance broker in Germany. The transaction will see AnaCap join the MRHT management team as a strategic growth partner, with management ... Read the full article
Analysts see potential for more notable rate rises at upcoming reinsurance renewals
8th January 2021
While risk-adjusted pricing gains in the mid-single-digits at the Jan 1st, 2021 reinsurance renewals fell below expectations, analysts at Morgan Stanley feel it's likely that "more pronounced" rate rises will come to fruition at the April and mid-year renewals. As the COVID-19 pandemic compounded losses for reinsurers in 2020, the industry's ... Read the full article
Pro Global opens Sao Paulo office
8th January 2021
Global re/insurance outsourcing and consulting specialist Pro Global has opened an office in Sao Paulo, Brazil in an effort to expand its services in Latin America. The new office will offer services to the local re/insurance community across Pro’s underwriting, claims, technical accounting, auditing and outsourcing verticals. Juan Pablo Bragadin, who has ... Read the full article
ABIR elects officers for 2021-2022
8th January 2021
The Association of Bermuda Insurers and Reinsurers (ABIR) has elected its officers for 2021-2022. Marc Grandisson, CEO of Arch Capital Group has been elected Chair. Hamilton CEO, Pina Albo becomes Deputy Chair while Christopher Schaper, CEO of AIG Re, will serve as Second Deputy Chair. Past ABIR Chairs Albert Benchimol, President and CEO ... Read the full article
Allianz (AGCS) & Nephila provide hedge structure for Texas solar project
8th January 2021
The capital solutions unit of Allianz Global Corporate & Specialty (AGCS) and Nephila Climate have entered into a new a proxy generation power purchase agreement (pgPPA) for a 153 megawatt solar farm in Texas. Briar Creek solar farm, which is owned by Lightsource bp, is expected to start commercial operation at ... Read the full article
New sponsors account for over 13% of record cat bond issuance: Report
8th January 2021
Inaugural full catastrophe bond issuances from insurers and reinsurers in 2020, combined with maiden deals from the largest municipal utility in the U.S. and Google's parent, Alphabet, Inc., contributed to a record year for the catastrophe bond and related insurance-linked securities (ILS) market. The Artemis Deal Directory ... Read the full article
WTW updates RiskAgility Financial Modeller software
8th January 2021
Re/insurance broker Willis Towers Watson (WTW) has launched a new version of RiskAgility Financial Modeller, its financial modelling and reporting software technology for life insurers. RiskAgility FM 3.0 provides life and health insurers with a new calculation approach to actuarial modelling, with faster run-times than current software. This is thought to reduce ... Read the full article
National Lloyds rebrands after ReAlign acquisition
8th January 2021
National Lloyds Insurance Company has announced that it has rebranded as National Summit Insurance Company following its acquisition by ReAlign Insurance Holdings, Inc. back in July 2020. The rebranding also follows the conversion of National Lloyds from a Texas Lloyds Plan company into a capital stock insurance company. The company, now ... Read the full article
AbsoluteClimo, AKR Zell announce strategic partnership
8th January 2021
AbsoluteClimo and AKR Zell have announced a strategic partnership that will see the two firms provide the Insurance-linked securities (ILS) and re/insurance industry with climate-driven risk services. The partnership will have an emphasis on providing independent views of risk and addressing climate- related gaps unfulfilled by traditional industry tools. AKR Zell’s reinsurance ... Read the full article
Legeis Capital launches, names Michael Morrissey chair
8th January 2021
Legeis Capital, a newly introduced company that provides re/insurers with efficient access to higher-returning investment assets, has named Michael Morrissey chairman of its board. Legeis Capital has been established to provide a capital-efficient form of investment to re/insurance firms and focuses on lower risk mechanisms to access the returns of asset ... Read the full article
Pen Underwriting & Zurich in specialist fleet capacity deal
8th January 2021
Multi-territory managing general agent Pen Underwriting has announced a new UK capacity deal with Zurich in the specialist area of hazardous industries and tanker transportation. The agreement will see Zurich provide capacity for in excess of £165m in premium over the next five years for Pen’s Hazardous Goods and Environmental Industries’ ... Read the full article
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