Reinsurance News
American Equity enters strategic partnership with Brookfield Asset Management
22nd October 2020
American Equity Investment Life Holding Company has announced that it has entered into a strategic partnership with Brookfield Asset Management. The partnership will include the reinsurance of $5 billion of existing liabilities and up to an incremental $5 billion of new sales of American Equity’s IncomeShield or similar fixed index annuity ... Read the full article
Biden election win holds short-term negatives, longer-term positives for re/insurers
22nd October 2020
Analysts at financial services company Jefferies have suggested that a victory by Joe Biden at the upcoming US election could entail some short-term negatives for the non-life insurance industry, but would ultimately be beneficial in the longer-term. Philip Kett, Vice President at Jefferies, noted that in the case of a Biden ... Read the full article
Rosh Capital Management to launch reinsurance provider
22nd October 2020
New York-based asset manager, Rosh Capital Management, has announced that it plans to launch a Bermuda-based reinsurer, to be called Rosh Re Ltd. The reinsurer will provide traditional reinsurance and bespoke rehabilitative solutions, although this is subject to requisite regulatory approvals. It will be funded by a $600 million USD lead investment ... Read the full article
PIC buys British Steel pension fund in £2bn deal
22nd October 2020
Pension Insurance Corporation, a specialist insurer of defined benefit pension funds, has signed a £2 billion pension insurance buyout with the trustee of the Old British Steel Pension Scheme. The deal secures future pension payments for all of the more than 30,000 members at, or above, PPF levels of compensation. The scheme ... Read the full article
RLI grows earnings in Q3 despite CR slide
22nd October 2020
US property and casualty insurer, RLI Corp., has improved its net earnings to $42.4 million in the third quarter of 2020, despite some deterioration in its combined ratio. Net earnings were up from $32.3 million for the same period last year, but operating income fell to $19.0 million from $25.9 million ... Read the full article
Lloyd’s approves new syndicate-in-a-box, Picnic 2460
22nd October 2020
Asta, a third-party managing agent at Lloyd’s, has received approval for the launch of Picnic Syndicate PIC 2460 (Picnic), a syndicate-in-a-box due to commence underwriting on January 1. Picnic will initially provide re/insurance to the mutuals that parent Picnic Labs forms and develops in Australia and New Zealand. Picnic will first focus ... Read the full article
Marsh JLT Specialty hires Rob Hale as London Market Leader
22nd October 2020
Insurance broker Marsh has announced the appointment of Rob Hale as London Market Leader, Power & Renewable Energy Practice for Marsh JLT Specialty. Hale is expected to join the business in the first quarter of 2021. He will be based in London and report to Andrew Herring, CEO, UK & Ireland, ... Read the full article
Generali enters partnership with Munich Re’s ALLFINANZ
22nd October 2020
Italian insurer Generali has announced a partnership with ALLFINANZ, Munich Re’s insurtech subsidiary. Adopting ALLFINANZ will help Generali to improve the accuracy of its life insurance underwriting decisions by enabling it to automatically manage life insurance applications globally. By harnessing ALLFINANZ, Generali will automate each phase of its life insurance application process, ... Read the full article
RSG appoints Miles Wuller EVP of Underwriting Managers division
22nd October 2020
Ryan Specialty Group has appointed Miles Wuller as executive vice president of RSG Underwriting Managers. The division provides centralised governance, shared services, executive leadership and oversight to its specialty underwriting businesses. Wuller joined RSG in 2010 as global treasurer and most recently served as senior vice president of RSG Underwriting Managers. “Miles’ promotion ... Read the full article
Argo warns of $54mn catastrophe hit ahead of Q3 results
22nd October 2020
Speciality re/insurer Argo Group has warned that its third quarter results will be impacted by approximately $54 million of catastrophe losses, in addition to $17 million of losses due to COVID-19. Catastrophe losses will be primarily related to Hurricanes Hanna, Laura and Sally, as well as the US wildfires and Midwest ... Read the full article
LSM promotes Ronald Bolaños to president of US, LatAm
22nd October 2020
Liberty Specialty Markets has announced the promotion of Ronald Bolaños to President, US & Latin America. The role encompasses specialty insurance and facultative reinsurance and will see Bolaños overseeing the growth of LSM’s footprint across the region. He has 20 years’ experience in the re/insurance industry, having joined Liberty in 2012. Previously, he ... Read the full article
COVID-19 to drive near term D&O losses: Fitch
22nd October 2020
Fitch Ratings analysts expect underwriting losses to continue over the near term for the US directors & officers (D&O) liability insurance segment. While claims related to the COVID-19 pandemic will take several years to fully pay out, Fitch says there is limited risk to ratings of individual insurers from the D&O ... Read the full article
Lloyd’s Market Association enhances Gemini claims platform
22nd October 2020
The Lloyd’s Market Association (LMA) has announced Phase II of London’s Expert Management & Settlement Platform, Gemini. Phase II will instigate the payment of fees to an expert using the automated settlement facility whilst capturing structured data and MI in relation to expert spend, performance, and claims leakage. Gemini, built and operated ... Read the full article
Pension Risk Transfer an area of growth for re/insurers: AM Best
22nd October 2020
Credit rating agency, AM Best has released a report explaining its views on how Pension Risk Transfer is an area in which reinsurers could grow. It explained that reinsurers have the knowledge and underwriting resources to assume mortality risk, therefore it would be only natural to apply this knowledge to underwrite ... Read the full article
Car insurance premiums dropped by 1%: Willis Tower Watson
22nd October 2020
Willis Tower Watson's Car Insurance Price index has shown that comprehensive car insurance premiums have fallen by 1% (£5) in Q3 2020, due to the COVID-19 Pandemic. The index which was released in partnership with confused.com shows that the average cost of car insurance has now fallen for three consecutive quarters ... Read the full article
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