Reinsurance News
Marsh & McLennan Agency acquires Assurance Holdings
3rd April 2020
Marsh & McLennan Agency, the US middle market subsidiary of global insurance broker Marsh, has announced the acquisition of Illinois-based Assurance Holdings. Assurance was founded in 1961 and is a full-service brokerage providing business insurance, employee benefits, private client insurance and retirement services to companies and individuals across the country. The company ... Read the full article
Dale Underwriting adds Jim Ramage to board
3rd April 2020
Jim Ramage, previously of Guy Carpenter and JLT Re, has been appointed as an independent non-executive director to the Board of Dale Partners Limited, the holding company of Dale Underwriting. Ramage's appointment is effective April 1st, 2020 and he brings more than 50 years of London market experience to the role. During ... Read the full article
AM Best revises Aspen outlook to negative
2nd April 2020
AM Best has revised its outlook to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Aspen Insurance UK, Aspen Bermuda, Aspen American Insurance Company and Aspen Specialty Insurance Company. The ratings agency also revised its outlooks to negative ... Read the full article
Fitch puts Lloyd’s on Rating Watch Negative amid COVID-19 risks
2nd April 2020
Uncertainty and heightened risk to Lloyd's of London's earnings and underwriting performance as a result of COVID-19 claims, has pushed Fitch Ratings to place the marketplace and its operating entities on Rating Watch Negative (RWN). Fitch states that it has placed Lloyd's of London's, Lloyd's Insurance Company S.A. and Lloyd's Insurance ... Read the full article
Munich Re Specialty names Ironshore’s Hui Yun Boo as Head of Asia
2nd April 2020
Munich Re Specialty Group, a division of global reinsurer Munich Re, has announced the appointment of Hui Yun Boo as Head of Asia, effective April 3rd, 2020. In her new role, Hui Yun will be based in Singapore and will be responsible for leading the reinsurer's Syndicate offices throughout the Asia ... Read the full article
Post-coronavirus re/insurers may fail to earn cost-of-capital: Hyperion X
2nd April 2020
Once the current Covid-19 coronavirus pandemic crisis is largely behind us and economies begin to recover, Hyperion X, the data and analytics specialist unit of the Hyperion Insurance Group, sees a risk that most re/insurers may fail to earn their cost-of-capital over an extended period. Looking at the potential recovery ... Read the full article
COVID-19 BI legislation an “existential threat” to insurers, warns Stonybrook
2nd April 2020
Proposed business interruption legislation designed to force P&C insurers to retroactively cover unfunded claims driven by the COVID-19 pandemic, poses an existential threat to the insurance industry, warns re/insurance-focused merchant banking group, Stonybrook Capital. First introduced in New Jersey, bills aimed at forcing insurance companies of certain businesses to cover business ... Read the full article
L&G completes £261mn of pension risk transfer deals in March
2nd April 2020
UK insurer Legal & General Group plc (L&G) has revealed that its Pension Risk Transfer (PRT) division completed eight transactions over the past month, securing a combined £261 million of pensioners' benefits during uncertain times. The eight transactions cover UK and U.S. pension schemes and varied in size from as low ... Read the full article
CAC Specialty adds Edward Krayer as SVP in M&A solutions team
2nd April 2020
Specialty insurance broker and investment banking platform CAC Specialty has appointed Edward Krayer as senior vice president in its M&A Solutions team. Krayer joins with over 14 years’ experience in the industry and has served as vice president at Aon, senior vice president at JLT, and, most recently, director at Willis ... Read the full article
BMS inks Preferred Partner agreement with Portuguese broker Tagus
2nd April 2020
Independant specialist re/insurance broker BMS Group has concluded a Preferred Partner agreement with Tagus Specialty, a new wholesale and specialty broker. A plan has been developed that will see BMS teams in London and Madrid work closely with Tagus. Tagus will also receive support from BMS on the distribution of specialty reinsurance ... Read the full article
MarketScout adds Kelly Dinsley to Allied Healthcare Underwriting Facility
2nd April 2020
US electronic insurance exchange and specialty MGA MarketScout has announced the addition of Kelly Dinsley to its Allied Healthcare Underwriting Facility. MarketScout explained that the appointment of Dinsley would expand the underwriting and processing capabilities of the facility. Going forward, Dinsley will be based in MarketScout’s corporate office headquarters in Dallas, Texas. She ... Read the full article
Insurance M&A in Jan 2020 totalled $1.3bn: GlobalData
2nd April 2020
Total insurance industry mergers and acquisition deals in January 2020 hit $1.3 billion according to GlobalData, down 91.3% from the previous month. In terms of volumes, North America was the top region for insurance M&A deals globally, followed by Europe and then Asia-Pacific. The top country in terms of M&A deals activity ... Read the full article
Starr Insurance adds John Patin as senior investment officer
2nd April 2020
Starr Insurance Companies has announced the appointment of John Patin as senior investment officer. Patin takes responsibility for managing the diverse asset portfolio of Starr’s insurance operating companies. He has spent most of his 20 years’ experience managing investments for insurance enterprises, including most recently Allied World Assurance. He previously was a principal ... Read the full article
Swiss Re expects COVID-19 impacts to be “absolutely manageable”
2nd April 2020
Executives at global reinsurance giant Swiss Re have said that at this point, the impacts of the current crisis around the COVID-19 pandemic on the company is viewed as "being absolutely manageable." In a letter to shareholders, clients and partners, Walter B. Kielholz, Chairman of the Board of Directors and Christian ... Read the full article
Japan wind and flood rates up 30-50% at April renewals: Willis Re
2nd April 2020
Willis Re has reported that reinsurance rates were up by between 30% and 50% for Japanese wind and flood risk at the recent April 1 renewals. The broker said that these renewals saw higher rate increases than occurrence layers, with reinsurers applying significant pressure for restructuring. The renewals were also reported ... Read the full article
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