Reinsurance News
Premia announces formation of sidecar Elevation Re
31st December 2020
Re/insurer Premia Holdings has announced the formation of Elevation Re, a sidecar vehicle intended to provide collateralised reinsurance support for its activities in the global P&C run-off market. This move will allow Premia to support run-off reinsurance opportunities with additional capacity and allows investors in Elevation Re to also participate. Elevation Re ... Read the full article
Fleming Re establishes LPT reinsurance facility for BevCap
31st December 2020
Bermuda-based, run-off reinsurance provider, Fleming Reinsurance Ltd. (Fleming Re), has announced the formation of a new custom reinsurance facility for BevCap P&C Protected Cell, Inc. (BevCap). The new, innovative loss portfolio transfer (LPT) facility provides BevCap's members with the ability to remove seasoned risks by providing full economic and legal finality ... Read the full article
Enstar, CNA agree $690mn workers’ comp reinsurance transaction
31st December 2020
Legacy acquirer Enstar has signed an agreement with Continental Casualty Company, via one of its subsidiaries, to reinsure a legacy portfolio of excess workers’ compensation business. The transaction will see Enstar’s Cavello Bay Reinsurance assume net insurance reserves of approximately $690 million, relating to 2007 and prior year business. The closing of ... Read the full article
One80 acquires Chicago-based Brokers’ Risk
31st December 2020
One80 Intermediaries (One80), a national wholesale broker, program manager, third-party administrator (TPA), and insurance aggregator headquartered in Boston, has announced the acquisition of Brokers’ Risk. Brokers’ Risk is a Chicago-based managing general underwriter that specialises in developing and managing insurance and risk management programs. Founded in 1979, the Brokers’ Risk has offices ... Read the full article
AXA agrees €165mn sale of operations in Greece to Generali
31st December 2020
Global insurer AXA has entered into an agreement with Generali to sell its insurance operations in Greece for a consideration of €165 million. The agreement will see AXA sell its Life & Savings and Property & Casualty businesses in Greece, and is seen as a continuation of the insurance giant's simplification journey, ... Read the full article
Chubb announces new Climate Sustainability Manager
31st December 2020
Global re/insurer Chubb has appointed Alexandra Waldman as Climate Sustainability Manager. In this newly created global role, Waldman will help to identify and implement opportunities for climate-related products and services as well as encourage employee engagement in climate sustainability issues. She will also be in charge of establishing a framework against which ... Read the full article
ABI praises extension of trade credit reinsurance scheme
31st December 2020
Graham Walsh, a senior policy adviser at The Association of British Insurers, has praised the decision to extend the trade credit reinsurance scheme until 30 June 2021. It was reported towards the end of April that the UK government was considering the implementation of a trade credit reinsurance backstop to prevent ... Read the full article
Encouraging prospects for specialty lines in 2021: KBW
31st December 2020
Analysts at KBW are predicting persistent rate increases and solid core underwriting margin expansion for most commercial insurance and reinsurance lines in 2021, but particularly for specialty. In contrast, personal lines are set to face sustained rate competition and underwriting margin compression, especially in auto. Over the course of 2021, KBW also ... Read the full article
ICA welcomes release of Northern Australia insurance inquiry
31st December 2020
The Insurance Council of Australia (ICA) has welcomed the release of the Australian Competition and Consumer Commission’s (ACCC) Northern Australia Insurance Inquiry. The 2020 General insurance Code of Practice will have new policies to support customers experiencing family violence and financial hardship provisions, streamlining complaints processes, and the introduction of mandatory ... Read the full article
AJ Gallagher acquires Harden & Associates in Florida
30th December 2020
International insurance brokerage firm Arthur J. Gallagher & Co. has announced the acquisition of Harden & Associates, Inc., a full-service insurance broker headquartered in Jacksonville, Florida. With additional offices in Amelia Island and Tampa, Harden offers retail property/casualty, employee benefits and related services to businesses and individuals primarily in Florida, In particular, ... Read the full article
German re/insurers paid €2.5bn for weather losses in 2020: GDV
30th December 2020
New data from the General Association of the German Insurance Industry (GDV) shows that the German re/insurance industry paid around €2.5 billion this year for damage caused by storms, hail and other natural hazards such as heavy rain. Overall, 2020 was a below-average year in terms of claims, standing at around ... Read the full article
Blackstone invests in SUNZ Holdings
30th December 2020
Investment management firm Blackstone Tactical Opportunities has acquired a significant stake in SUNZ Holdings, in order to help fund its continued expansion. SUNZ is a provider of workers compensation insurance and related services such as policy administration, claims administration and customer support. SUNZ has a particular focus on risk sharing programs for ... Read the full article
Sompo International completes DCIS acquisition, rebrands crop unit
30th December 2020
Bermuda-based specialty property and casualty re/insurer Sompo International Holdings Ltd. (SIH) has completed its previously announced acquisition of Diversified Crop Insurance Services (DCIS), a subsidiary of CGB Enterprises, Inc. (CGB). DCIS and ARMtech, Sompo International’s existing US federally sponsored multi-peril crop insurer, will now operate under the brand name AgriSompo ... Read the full article
Cayman Islands reinsurers set up industry group
30th December 2020
A group of reinsurance companies located in the Cayman Islands have announced the formation of a new industry group, called the Cayman International Reinsurance Companies Association (CIRCA). The founding members of CIRCA include Aureum Re, Barents Re, CIBC Cayman Reinsurance Ltd., Greenlight Re, Knighthead Annuity & Life Assurance Company, Nassau Re ... Read the full article
R&Q completes Marilac acquisition
30th December 2020
Randall & Quilter II Holdings Limited, a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., has completed the acquisition of Marillac Insurance Company (Marillac), the Cayman captive insurer of Verity Health System of California. The transaction, which has received bankruptcy court and all regulatory approvals, is the second Cayman ... Read the full article
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