Reinsurance News
Startups to have laser focus on expenses in 2021: Dmitry Mnushkin, Treefrog
29th December 2020
Both startups and established players in the reinsurance industry are likely to have a strong focus on expense efficiency in 2021, according to Dmitry Mnushkin, President of Bermuda-based insurance and reinsurance software specialists, Treefrog Consulting. From a systems perspective, a startup has some unique challenges. While there’s tremendous opportunity to innovate ... Read the full article
BMS grows Private Equity and M&A division in Canada
29th December 2020
Specialist re/insurance broker BMS Group has announced the appointment of Trevor Kirsh as Director, BMS Canada Private Equity, M&A division, effective immediately. He will be based in Toronto and report to Jason Stone, Managing Director of the division, who joined the team in September 2020. Kirsh was most recently an Associate Senior ... Read the full article
TypTap expands to six new states
29th December 2020
HCI Group-owned insurtech TypTap has received regulatory approval to write homeowners insurance in the states of Indiana, Mississippi, Montana, South Carolina, South Dakota, and Utah. The approvals are part of TypTap’s planned nationwide expansion, which it announced in August. The company, which provides homeowners and flood insurance, had asked Florida insurance ... Read the full article
Arch promotes Papadopoulo to President and CUO
29th December 2020
Nicolas Papadopoulo, the Chairman and Chief Executive Officer (CEO) of Arch Worldwide Insurance Group and Chief Underwriting Officer (CUO) for Property and Casualty Operations at Arch Capital Group Ltd., has been promoted to President and CUO, effective January 1st, 2021. Papadopoulo joined the insurer and reinsurer in 2001, and in his ... Read the full article
Admiral Group sells price comparison sites to RVU
29th December 2020
Admiral Group has agreed to sell its Penguin Portals business, comprising online comparison portals Confused.com, Rastreator.com and LeLynx.fr, to ZPG Comparison Services Holdings UK Limited (RVU). As part of the transaction, RVU will also acquire tech unit Admiral Technologies, as well as Admiral’s 50% share of Preminen Price Comparison Holdings Limited. Alongside ... Read the full article
Chubb promotes leaders within CGM unit
29th December 2020
Global re/insurer Chubb has announced leadership promotions to its professional indemnity teams for Chubb Global Markets (CGM). Steve Driscoll has been appointed Head of Professional Indemnity for CGM and also for the United Kingdom & Ireland. Meanwhile, Benjamin Rowley has been promoted to Head of U.S. Professional Indemnity at CGM. Both appointments ... Read the full article
Hudson adds $600m in Q4 investor commitments
29th December 2020
Hudson Structured Capital Management (HSCM) has added more than $600 million in new investor commitments in Q4 2020. This investment will see its commitments and assets under management in excess of $3.0 billion and its re/insurance linked strategy commitments and assets under management in excess of $2.6 billion, as of December ... Read the full article
R&Q’s Accredited completes LPT from Pacific Pioneer Insurance
29th December 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) has completed a loss portfolio transfer (LPT) from Pacific Pioneer Insurance Company (PPIC) to Accredited Surety and Casualty Company. Accredited is R&Q's wholly owned A- (IX) rated carrier. An announcement on the arrangement notes that this reinsurance transaction forms part of a larger transaction ... Read the full article
W. R. Berkley targets third-party capital with launch of Lifson Re
29th December 2020
Lifson Re Ltd., a new special purpose insurer registered in Bermuda and licensed by the Bermuda Monetary Authority (BMA), has been launched by W. R. Berkley Corporation. The new sidecar-type structure has been capitalised with more than $250 million of equity from a small group of global investors with long-term investment ... Read the full article
Core Specialty confirms assignment of AM Best ratings
29th December 2020
Specialty insurance carrier, Core Specialty Insurance Holdings, Inc., has confirmed that rating agency A.M. Best has removed from under review with developing implications the credit ratings of StarStone Specialty Insurance Company and StarStone National Insurance Company. At the same time, A.M. Best has affirmed the Financial Strength Ratings of A- (Excellent) ... Read the full article
Argo to sell Italian operations to Swiss holding company Perfuturo
24th December 2020
Specialty insurer Argo Group has agreed to sell its Italian operations to Perfuturo Capital, a Swiss Holding Company. Perfuturo's purchase of of ArgoGlobal Assicurazioni S.p.A is subject to regulatory approval and expected to occur in early 2021. “We are confident that Perfuturo’s expertise and knowledge of the European market will allow AGA ... Read the full article
Oceanview Re enters $1bn fixed annuity reserves transaction
24th December 2020
Oceanview Reinsurance Ltd., a recently established life reinsurer based in Bermuda, has entered into a transaction to assume approximately $1 billion of fixed annuity reserves from an A++ rated US life insurer which represents legacy fixed annuity business. The reinsurer is led by President and CEO Alberto Autmezguine, who previously served ... Read the full article
Core Specialty appoints Jeff Jacobs to SVP role
24th December 2020
Core Specialty Insurance Holdings has announced the appointment of Jeff Jacobs as Senior Vice President, Head of Errors and Omissions Professional Liability. Jacobs has 30 years' insurance sector experience and was most recently with Tokio Marine HCC. Commenting on his appointment, Jeff Consolino, President and Chief Executive Officer, said, "We are delighted ... Read the full article
Insurers looking to improve margins in hardening market: Mactavish
24th December 2020
Research conducted by commercial insurance placement and disputes firm, Mactavish, reveals that many commercial policyholders have faced drastic premium increases this year, as insurers look to improve margins in a hardening market, where some have risen up to 800%. Analysts from the firm also highlight the increase in cyber crime, which ... Read the full article
Fitch warns of investment challenges for German life sector
24th December 2020
Fitch Ratings has warned that the German life re/insurance sector is likely to face significant investment challenges once the country emerges from the COVID-19 pandemic, which is set to prolong the ultra-low interest rates that have troubled the country since the 2008 crisis. The rating agency believes that interest rates will ... Read the full article
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