Reinsurance News
Apollo doubles stake in Athene amid alignment push
3rd March 2020
Private equity firm Apollo Global Management has completed its purchase of a 17% incremental stake in retirement services firm Athene, bringing its beneficial ownership in the company to 34%. First announced in October 2019, this purchase came as part of a wider alignment push between the two companies that also ... Read the full article
Growth momentum in U.S. E&S market to continue in 2020: Conning
3rd March 2020
A recent study by Conning's states that on the back of U.S. excess and surplus (E&S) market growth which commenced in 2018 and gained momentum in 2019, further expansion is expected in the year ahead. According to the new study, the surplus lines market in the U.S. is booming, with E&S ... Read the full article
Markel to combine US Specialty and Assurance divisions
3rd March 2020
Markel Corporation has announced that it plans to combine its existing US insurance divisions, Assurance and Specialty, into a single division called Markel Specialty. Effective April 1, 2020, the combined division will preserve the regional model used by Assurance, while adding two new overarching territories, East and West. "This evolutionary change will ... Read the full article
Typhoon losses push PartnerRe to $188mn Q4 underwriting loss
3rd March 2020
Bermuda-based reinsurance firm PartnerRe has posted a non-life underwriting loss of $188 million for the fourth quarter of 2019, driven by Japanese typhoon losses and attritional losses on agriculture business. The company incurred catastrophic losses of $133 million from Typhoon Hagibis and $39 million of adverse development on Typhoon Faxai, as ... Read the full article
H.W. Kaufman completes Barbican Protect acquisition
3rd March 2020
H.W. Kaufman Group, a global network of insurance companies, has completed its previously announced takeover of Barbican Protect Limited from Barbican Insurance Group, expanding its presence in the UK market. As announced in November of last year, Barbican Protect is to rebrand as Burns & Wilcox, a subsidiary of H.W. ... Read the full article
Insurtech Next Insurance grows premium base, enters NY market
3rd March 2020
Next Insurance, the digital insurtech firm backed by Munich Re, has reported that its annual gross written premiums grew by more than three times over in 2019, bringing the company’s annual premium run rate to over $100 million. The firm also announced that it has been granted approval by the State ... Read the full article
LIIBA forms new claims committee
3rd March 2020
The London and International Insurance Brokers’ Association (LIIBA) has formed a new committee to focus on operational claims issues and initiatives in the London market. The Claims Operations Liaison Group was launched last week and will be chaired initially by John Muir, Willis Towers Watson’s Managing Director of Technical and Operational ... Read the full article
Aspen enters into ADC reinsurance agreement with Enstar
3rd March 2020
Bermuda domiciled insurer and reinsurer, Aspen Insurance Holdings Limited, has entered into an adverse development cover (ADC) reinsurance arrangement with wholly owned subsidiaries of Enstar Group Limited. Under the terms of this ADC reinsurance agreement, Enstar's subsidiary will reinsure losses incurred on or prior to December 31st, 2019 on a diversified ... Read the full article
Sergio Ermotti to succeed Walter Kielholz as Swiss Re Chairman
3rd March 2020
Global reinsurance giant Swiss Re has revealed that its Board of Directors is to nominate Sergio P. Ermotti for election as a non-executive and independent member of the company's Board at the upcoming AGM on April 17th, 2020. The Swiss Re Board will nominate Ermotti to serve for a one-year term ... Read the full article
Coronavirus impact currently minimal for US P/C firms, says Fitch
2nd March 2020
Currently, the ongoing coronavirus outbreak is not expected to have a meaningful adverse impact on the financial results of U.S. property/casualty (P/C) companies, nor their ratings, according to Fitch. The financial services ratings agency has said that a combination of the nature of insured commercial exposures and restrictive language embedded in ... Read the full article
AXA XL appoints Global Head of Equine, Livestock & Aquaculture
2nd March 2020
AXA XL insurance, a division of AXA Group, has named Chris Williams as the company's Global Head of Equine, Livestock & Aquaculture, based in London and effective immediately. In his new role, he takes responsibility for the development of the firm's Equine, Livestock & Aquaculture portfolio, and will tasked with devising ... Read the full article
New Lloyd’s policy to cover cryptocurrency wallets
2nd March 2020
Insurance and reinsurance marketplace Lloyd’s of London has launched a new insurance policy designed to protect cryptocurrency held in online wallets against theft or other malicious hacks. The policy was created by Lloyd’s syndicate Atrium in conjunction with Coincover to protect against losses arising from the theft of cryptocurrency held in ... Read the full article
RAA commends risk transfer amendment to US budget doc
2nd March 2020
The Reinsurance Association of America (RAA) has commended an amendment to a fiscal year 2021 budget document that provides an outline of the House Financial Services Committee’s agenda. The amendment encourages Federal agencies and departments that hold credit, guarantee or insurance risk that exposes American taxpayers to potential losses, to explore ... Read the full article
Chaucer eyes more efficient underwriting service with Artificial Labs alliance
2nd March 2020
Specialist insurer and reinsurer Chaucer has partnered with London headquartered InsurTech firm, Artificial Labs, in an effort to provide a smarter and more efficient underwriting service to brokers and clients. Under the new partnership, Chaucer will deliver Artificial Labs' next generation underwriting platform for high-volume specialty solutions, enabling Chaucer to offer ... Read the full article
Weed killer & diesel fumes among top legacy concerns: Clyde & Co
2nd March 2020
Analysts at global law firm Clyde & Co believe that weed killer, diesel fumes and opioid addiction could be among key legacy concerns for UK re/insurers in 2020. The firm reported that claims relating to exposure to glyphosate and diesel fumes during the course of an individual’s employment could be set ... Read the full article
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