Reinsurance News
Lloyd’s mandates electronic placement for 80% of risks bound
29th January 2020
The Lloyd's of London insurance and reinsurance marketplace has announced an update to the Electronic Placement Mandate, increasing the target on risks bound for each quarter of 2020 to 80%. The specialist Lloyd's re/insurance marketplace introduced a mandate for electronic placement for syndicates in 2018. Initially, and from Q2 2018, Read the full article
Watford strengthens loss reserves, warns of Q4 net loss
29th January 2020
Loss reserve strengthening in U.S. casualty reinsurance is to push Bermuda-based Watford Holdings Ltd. to a net loss in the fourth-quarter of 2019. The firm has announced a strengthening of net loss reserves of approximately $28 million across the current and prior accident years. Watford states that the reserve strengthening is in ... Read the full article
W.R. Berkley reports $114m Q4 underwriting profit, 9% rate rises
29th January 2020
Re/insurance holding company W.R. Berkley Corporation saw its fourth quarter underwriting income increase 71.1% against the prior year quarter to $114.7 million, while average rate increases excluding workers' compensation were approximately 9%. The company noted that, as rate increases remain robust, it expects continued opportunities to grow the top line. Gross and ... Read the full article
THG acquires Massachusetts-based Group Brokerage Insurance Agency
29th January 2020
Virginia headquartered middle market insurance agency, The Hilb Group, LLC (THG) has announced the acquisition of Group Brokerage Insurance Agency, LLC (GBIA), a firm located in Waltham, Massachusetts. The transaction became effective on January 1st, 2020 and sees THG acquire an employee benefits agency primarily providing group medical, dental, life, short ... Read the full article
Re/insurance industry deals total $14.31bn in December: GlobalData
29th January 2020
Global re/insurance industry deals during the month of December 2019 totalled $14.31 billion, according to data and analytics firm GlobalData. This marked an increase of 233.5% over the previous month and a rise of 224.4% when compared with the last 12-month average of $4.41 billion. In terms of number of deals, GlobalData ... Read the full article
Gallagher taps Capsicum Re for head of Property Casualty & Special Risks business
29th January 2020
Re/insurance broker Gallagher has added Malcolm Payton to its London-based Specialty division to lead its newly combined Property Casualty & Special Risks business. Since 2015, Payton has been a Managing Partner at Gallagher subsidiary Capsicum Re, where he has run the company’s facultative reinsurance division. He will take up his new role ... Read the full article
WTW bolsters cyber modelling suite with security ratings platform
29th January 2020
Re/insurance broker Willis Towers Watson has integrated SecurityScorecard security ratings into its cyber risk quantification modelling platform. SecurityScorecard reviews a company’s technical security and in order to forecast potential data breach frequencies and related impacts. Ratings are provided to companies which can be used to improve their cyber security as well as ... Read the full article
TransRe restructures underwriting management team
28th January 2020
TransRe, the wholly owned reinsurance subsidiary of Alleghany Corporation, has announced a series of promotions within its underwriting management team, as well as some structural changes. Firstly, Paul Bonny and Ken Brandt have been promoted to Co-Presidents of Global Underwriting Operations. Bonny previously served as President of the Europe and Asia Pacific ... Read the full article
The Co-operators in CA$660mn longevity insurance deal with CSS
28th January 2020
The third longevity insurance deal in Canada sees The Co-operators assume the longevity risk for CAD 660 million (approximately USD 500 million) of pension plan liabilities from the Co-operative Superannuation Society (CSS) Pension Plan. The longevity arrangement is designed to provide greater financial security to more than 6,300 members of the ... Read the full article
Swiss Re CorSo adds Bianca Willauer to lead EMEA property & specialty
28th January 2020
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re Group, has appointed Bianca Willauer as head of property and specialty lines in Europe Middle East and Africa. Effective February 1, Willauer will be responsible for the development and underwriting performance of property & specialty portfolios throughout EMEA. Based ... Read the full article
Aon’s Brad Lorimer appointed EVP & Health leader in Canada
28th January 2020
Brad Lorimer, previously National Director Financial Services Group at Aon in Canada, has been named as the new Executive Vice President (EVP) and Health leader in the insurance and reinsurance broker's Canada operation. Lorimer joined Aon 13 years ago, and brings significant industry knowledge to his new role, having spent years ... Read the full article
AJ Gallagher acquires North Carolina’s Hanover Excess & Surplus
28th January 2020
International insurance brokerage, risk management and consulting services firm, Arthur J. Gallagher & Co. (AJ Gallagher), has acquired Hanover Excess & Surplus, Inc. Based in Wilmington, North Carolina, Hanover Excess & Surplus was established in 1970 and operates as a regional managing general agency offering hard-to-place coastal commercial and personal P&C ... Read the full article
Bushfire losses will dent earnings, but insurers are well placed, says AM Best
28th January 2020
The current fire season in Australia is expected to hit the full-year earnings and loss ratios of the region's direct insurance companies, however, non-life insurers in the country are well placed to withstand the record level of losses from the ongoing series of devastating fires, according to A.M. Best. As of ... Read the full article
Swiss Re to exceed large loss budget, FY19E income revised down: JP Morgan
28th January 2020
A "noisy" period for catastrophe events is expected to see global reinsurance giant Swiss Re exceed its large losses budget in both Q4 and full-year 2019, which, combined with other factors has seen analysts at JP Morgan reduce their full-year 2019 net income for the reinsurer by 20%. The Switzerland-based reinsurer ... Read the full article
Reinsurance capacity down at political risk renewals: Willis Re
28th January 2020
A decline in reinsurance capacity has helped to trigger price hardening in some quarters of the political risk and trade credit market at the January renewals, according Willis Re. The broker noted that, while there remains an abundance of headline insurance capacity in the political risk space, actual capacity is down ... Read the full article
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