Reinsurance News
PartnerRe reports solid Q3 net income despite non-life underwriting loss
19th November 2020
Bermuda-based reinsurer PartnerRe has reported net income of $206 million for the third-quarter of 2020 on the back of net unrealised investment gains of $218 million, although its non-life segment fell to an underwriting loss of $20 million in the period. Net income of $206 million in Q3 2020 represents a ... Read the full article
AM Best assigns preliminary credit assessment to Conduit Re
19th November 2020
AM Best has assigned a Preliminary Credit Assessment (PCA) to Conduit Re with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca. The outlook assigned to these PCAs is stable. Conduit Re looks set to be the latest edition to the Class ... Read the full article
Lloyd’s expects industry-wide COVID losses to exceed $107bn estimate: reports
19th November 2020
The Chairman of Lloyd's of London, Bruce Carnegie-Brown, said at a recent Reuters event that the global insured loss from the ongoing COVID-19 pandemic will exceed the market's previous estimate of $107 billion. Back in May, the specialist insurance and reinsurance marketplace said that it expects to pay customers up to ... Read the full article
Vietnam’s general insurance growth down in 2020: GlobalData
19th November 2020
Data and analytics company GlobalData has written a report forecasting Vietnamese general insurance industry growth to have slowed to 3.4% in 2020, compared to 13.6% in 2019. Due to the slowdown in economic activities amid COVID-19, the country's general insurance business is expected to grow at a compound annual growth rate ... Read the full article
Trend in secondary perils has been evident for decades: Prospectus 2021
18th November 2020
The trend of so called secondary perils such as wildfires, severe convective storms (SCS) and floods, increasingly contributing to re/insurance industry losses has been evident for the past few decades, according to Andreas Weigel, Weather Perils Lead, Swiss Re. To end day four of Prospectus 2021, Weigel, alongside Kelly ... Read the full article
AbsoluteClimo upgrades global risk models
18th November 2020
AbsoluteClimo has announced an enhanced version of its global risk models GOTCHA and ClimoCats, both of which are linked to climate physics and machine learning predictions. The enhancements include upgraded machine learning and AI tools, wider tail risk probability forecasts, differential and departure forecasts, and a new global pandemic climate-epidemiology prediction ... Read the full article
COVID-19 leads PCS’ Johansmeyer’s ‘Four Horsemen of 2021’
18th November 2020
With one of the year's biggest and busiest holiday's approaching, and the likelihood of any possible COVID-19 vaccine easing the pressure in the near-future low, the next six-to-eight weeks are going to be vital in more accurately gauging what PCS' Tom Johansmeyer expects to be a tough year for reinsurers. Read the full article
Aon launches APAC Capital Advisory unit
18th November 2020
Global re/insurance broker Aon has launched an Asia Pacific Capital Advisory unit within its Reinsurance Solutions division, with an aim of delivering a more holistic capital optimisation approach for reinsurers. The launch follows Aon’s Capital Advisory units in the UK and US, where its aim has been to help re/insurer clients ... Read the full article
RLI Corp announces succession plan for CEO Jonathan Michael
18th November 2020
US property and casualty insurer RLI Corp. has announced its succession plan for current Chief Executive Officer Jonathan Michael. Michael announced that he will retire as CEO, effective December 31, 2021, a position he has held since 2001. He has served as Chairman of the Board since 2011 and will remain in that capacity ... Read the full article
Singaporean wealth fund GIC among latest Convex investors
18th November 2020
Singaporean sovereign wealth fund GIC has joined existing investor Onex Corporation in helping specialty re/insurer Convex Group raise an additional $1 billion in funding. Convex’s initial invested capital of $1.7 billion was raised from the Convex management team, Onex Partners V, PSP Investments and other co-investors. The latest funding drive ... Read the full article
Buckle acquires additional legacy assets from Atlas
18th November 2020
US-based commercial auto insurer Atlas Financial Holdings has announced the sale of further legacy assets to ride-sharing insurance provider Buckle. Buckle recently completed the purchase of Atlas' subsidiary Gateway Insurance Company, following Atlas' decision to move towards an MGA model. Scott D. Wollney, Atlas’ President & CEO said: “We recently announced the closing ... Read the full article
CoreLogic shareholders elect three Senator and Cannae nominees to board
18th November 2020
Property information and analytics provider, CoreLogic, has said that based on a preliminary vote count by its proxy solicitor, it believes that shareholders have voted not to replace nine of its 12 current directors, following pressures from Senator Investment Group LP and Cannae Holdings Inc. Back in July, the two ... Read the full article
Speciality insurer Inigo set to launch at Lloyd’s following StarStone acquisition
18th November 2020
Speciality insurer Inigo is set to launch at Lloyd's of London following the acquisition of Enstar and Stone Point Capital's managing agency StarStone Underwriting (SUL), along with the right to operate Syndicate 1301. Enstar, Stone Point and venture capital firm Dowling will receive $30 million from the sale of SUL in the form ... Read the full article
Artex hires Adrian Lynch as EVP, North America
18th November 2020
Artex Risk Solutions has announced that Adrian Lynch will be joining the company as Executive Vice President, North America, in March 2021. In this newly expanded role, he will be responsible for the oversight and growth of the company's captive management offices across the US, Bermuda and the Cayman Islands. Lynch is ... Read the full article
Insurtech Highwing secures $4mn in seed funding
18th November 2020
Denver-based insurtech company Highwing has secured $4million in a seed funding round co-led by BrokerTech Ventures, a specialist platform provider for the broking market. Highwing was founded to provide an open exchange ecosystem for the benefit of the insurance industry value-chain. The company intends to use the $4 million to expand its ... Read the full article
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