Reinsurance News
Allstate’s July catastrophe results produce income on $450m PG&E recovery
20th August 2020
U.S. primary insurer, The Allstate Corporation, has revealed that catastrophe results for the month of July generated pre-tax income of $334 million ($264mn after-tax), as previously announced PG&E subrogation recoveries more than offset the impacts of catastrophe events in the period. After investigations in 2019 found that PG&E's equipment was responsible ... Read the full article
Swiss Re co-leads new funding round for Chinese InsurTech Waterdrop
20th August 2020
Reinsurance giant Swiss Re, alongside China-based internet firm Tencent Holdings, has led a new $230 million funding round for Chinese online InsurTech firm, Waterdrop Inc. According to reports, the funding signals Swiss Re's first investment into an InsurTech startup in China and is part of the reinsurer's long-term commitment to the ... Read the full article
Guy Carpenter names Willis Re’s Livingston as Global Head of Sales
20th August 2020
Guy Carpenter, the reinsurance arm of global brokerage Marsh, has named Jeffrey Livingston as Global Head of Sales, effective September 1st, 2020, reporting to Peter Hearn, President and Chief Executive Officer (CEO), Guy Carpenter. In this newly established position, Livingston takes responsibility for leading all of the reinsurance broker's sales activities, ... Read the full article
Tens of thousands of structures at risk as California wildfire season intensifies
20th August 2020
Wildfires continue to rage through Northern California, threatening thousands of properties and structures, prompting evacuations and a State of Emergency in California. In recent days, the California wildfire season has intensified, driven by severe thunderstorms and lightning, exacerbated by hot and dry weather. After the active and costly wildfire seasons in both ... Read the full article
Auto insurer profits driven by record drop in claims frequency: Fitch
20th August 2020
Financial services ratings agency, Fitch Ratings, believes that commercial re/insurers underwriting profits within the personal auto line have had a dramatic increase after a reduction in driving has led to lower claims frequency in the first half of 2020. According to Fitch, this has helped to offset higher incurred losses which ... Read the full article
R&Q agrees to acquire The World Marine & General Insurance Company
20th August 2020
Randall & Quilter II Holdings Limited, a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., has reached an agreement to acquire the entire issued share capital of The World Marine & General Insurance Company PLC (WMG) from BHP Group Limited. BHP acquired WMG, which was established in England & ... Read the full article
Integra creates remote inspection tech for specialty insurance claims
20th August 2020
Loss adjustment business, Integra Technical Services has developed a new technology to investigate and manage specialty lines claims. This technology was created to avoid the challenges imposed by the COVID-19 pandemic’s national and international lockdown restrictions. The technology can be used on a smart phone camera handled by an insured’s employee, Integra’s ... Read the full article
Non-life run off deals steady in Q2 despite COVID-19 challenges
20th August 2020
Executed deals have remained relatively steady in Q2 2020 despite the potential challenges presented by completing deals during the COVID-19 pandemic, with 12 deals publicly announced, according to PwC. With a number of smaller value deals, the overall total estimated liabilities transacting dropped from $2.1 billion in Q1 2020 to $1.3 ... Read the full article
Japanese non-life insurers to see claim costs rise as containment eased: Fitch
20th August 2020
A reduction in traffic amid the COVID-19 pandemic benefitted the performance of Japanese non-life insurers in Q1, but this trend isn't expected to last, according to analysis by Fitch Ratings. Fitch's outlook on the Japanese non-life insurance sector remains negative amid widespread uncertainty on the total COVID-19 claims count and the ... Read the full article
IRB Brasil Re raises $380m via share issuance
19th August 2020
Brazilian reinsurer IRB Brasil Re has successfully raised $380 million via an issuance of 300,083,857 common shares, in an effort to bolster liquidity margins and improve its cash position. After being installed in March 2020, IRB's new board had identified several indications that suggested that the fiscal year's opening balances in 2020 ... Read the full article
Prudential closes final pension de-risking transaction with Boise Cascade
19th August 2020
Prudential Retirement, a business unit of Prudential Financial, Inc., has completed the firm’s fourth and final pension de-risking transaction with Boise, Idaho-based wood products manufacturer and building materials distributor Boise Cascade Company. Prior to this final transaction, Boise Cascade had transferred US pension plan assets to Prudential in three phases of ... Read the full article
Arceo adds Thomas Gamble as EVP, Global Chief Distribution Officer
19th August 2020
Risk analytics provider for the cyber re/insurance market Arceo has appointed Thomas Gamble as Executive Vice President, Global Chief Distribution Officer. Gamble was previously a National Brokerage Leader for Arch Insurance Group, and previously built and led the carrier's D&O practice. He also served as President of the Global Mergers & Acquisitions ... Read the full article
QBE to grow reinsurance business selectively, says CEO
19th August 2020
Patrick Regan, Group CEO and Executive Director of Australian re/insurer QBE, has said that the company is increasingly seeing opportunities to “selectively” write more reinsurance business. Speaking shortly after the release of QBE’s results for the first half of 2020, Regan noted that the company has kept “a very tight watch” ... Read the full article
Nexus unites trade credit broking under Xenia brand
19th August 2020
Xenia Broking Group, the independent broking arm of the Nexus Group, has formally united under a single trading name and brand - Xenia. Nexus acquired Credit Risk Solutions (CRS) in October 2017 and Credit and Business Finance (CBF) in April 2019. Xenia is among the largest specialist trade credit and surety ... Read the full article
Carbon Underwriting announces new Claims Manager
19th August 2020
Independent managing general underwriter, Carbon Underwriting Limited (Carbon), has announced the appointment of Gary Bradshaw as Claims Manager. Bradshaw joins Carbon with more than 25 years of senior claims management experience in the London Market and brings with him a wealth of knowledge and understanding of high-quality specialty claims handling backed ... Read the full article
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