Reinsurance News
AM Best holds US life/annuity market outlook at stable
20th December 2019
AM Best has maintained its stable market outlook for the US life/annuity (L/A) industry in 2020, citing strong capitalisation and improved liquidity among carriers, along with a manageable regulatory environment. The rating agency also highlighted companies’ measured approach to increasing investment risk as a positive factor in its stable outlook. US L/A ... Read the full article
AJ Gallagher expands Atlantic Canada capabilities with acquisition
20th December 2019
Arthur J. Gallagher & Co. recently announced the acquisition of Sinclair Billard and Weld Limited, and CJM Solutions + Inc., dba SBW Employee Benefits. SBW Employee Benefits is a Halifax, Nova Scotia-based designer, administrator, marketer and manager of comprehensive group insurance programs, and defined contribution group retirement programs for businesses and ... Read the full article
BRP Group to acquire Chicago insurer Highland Risk
20th December 2019
BRP Group, Inc., an independent insurance distribution firm, has entered into an agreement to acquire Highland Risk Services LLC, a Chicago-based insurance company. The company will carry out the acquisition via its subsidiary, BRP Insurance Intermediary Holdings, LLC, with the transaction set to close on January 1, 2020. Highland Risk is focused ... Read the full article
Canopius recruits trade & political risk underwriter from Acappella
20th December 2019
Global specialty re/insurer Canopius has announced the appointment of Claire Kennett as Underwriter, Trade & Political risk. Kennett joins Canopius from Acappella Syndicate where she served most recently as Underwriter, Political Risk. Prior to this, she held roles at Aon Underwriting Managers and Liberty Specialty Markets. Taking up her new position on January ... Read the full article
AXA XL reveals changes to Reinsurance Leadership Team
20th December 2019
AXA XL, the property and casualty and specialty risk unit of AXA, has announced a series of changes within its Reinsurance Leadership Team as part of its previously announced simplified Reinsurance organisational structure. Announced in September, the new structure is aligned around the firm’s key markets and is intended to ... Read the full article
Aktia takes over life portfolio from Nordic insurer Alandia
20th December 2019
Aktia Life Insurance Ltd, a subsidiary of Finnish bank Aktia Bank plc, has agreed to acquire the life insurance portfolio of Nordic insurer Försäkringsaktiebolaget Liv-Alandia. Försäkringsaktiebolaget Liv-Alandia, a subsidiary of Alandia Försäkring Abp, has a portfolio of approximately 11,000 life insurance policies, which have largely been handled by Aktia for 56 ... Read the full article
Munich Re in $500mn risk sharing deal with Dutch development bank
19th December 2019
Munich Re has entered into a $500 million risk sharing framework agreement with FMO, the Dutch entrepreneurial development bank, to help promote private sector insurance growth in developing countries. The deal, which enables Munich Re to participate in FMO transactions over the next three years, will help maximise funds towards developing ... Read the full article
Allstate’s catastrophe losses fall to $33mn in November
19th December 2019
The Allstate Corporation has announced that its estimated catastrophe losses for the month of November 2019 were $33 million, pre-tax ($26 million, after-tax). The US primary insurer reported that its catastrophe losses in November comprised just four events. Together, these events are estimated to have cost Allstate $19 million ($15 million, after-tax). The ... Read the full article
BMS adds senior trio to US reinsurance analytics team
19th December 2019
BMS Group, the independent specialist re/insurance broker, has announced the addition of three senior hires to its US reinsurance analytics team in Philadelphia. Firstly, Nick Dranchak has joined as Executive Vice President, Capital Management of BMS Re US. Reporting to Chief Analytics Officer Kirk Conrad, Dranchak will lead the team’s rating agency ... Read the full article
New York Life to purchase Cigna’s group life & disability insurance business
19th December 2019
U.S. domiciled mutual life insurer, New York Life, has entered into a definitive agreement to acquire Cigna's group life and disability insurance business for USD 6.3 billion. The transaction is expected to close in the third-quarter of next year and remains subject to regulatory approvals and other customary closing conditions. Once completed, ... Read the full article
Peak Re receives ratings affirmation from AM Best
19th December 2019
AM Best has affirmed its financial strength and credit ratings for Hong Kong-based reinsurer Peak Reinsurance Company Limited (Peak Re), citing robust capitalisation, improved investment risk, and strong liquidity. The rating agency upheld its financial strength rating of A- (Excellent) and its long-term issuer credit rating of ‘a-‘ for both Peak ... Read the full article
Canada Life Reinsurance in €12bn longevity deal with Aegon
19th December 2019
Canada Life Reinsurance has entered into a long-term longevity reinsurance agreement with financial services firm Aegon, covering €12 billion of in-force liabilities in the Netherlands. Close to 200,000 of in-payment and deferred pensioners will be reinsured by Canada Life Re under this agreement, representing about one quarter of Aegon’s longevity exposure ... Read the full article
Ascot hires Crystal Greene as Head of US Management Liability
19th December 2019
Bermuda domiciled specialty insurer and reinsurer, Ascot Group, has expanded its US Management Liability and Financial Institutions group with the of Crystal Greene as Senior Vice President, Head of Management Liability. Greene will lead Ascot’s commercial D&O and related product business in the US from Atlanta. She joins Ascot with 25 years ... Read the full article
Global insured cat losses well below average at $56bn: Swiss Re
19th December 2019
Preliminary estimates from Swiss Re Institute suggest that total economic losses from natural and man-made disasters were around $140 billion in 2019, of which $56 billion were covered by insurance and reinsurance. Notably, insured losses are down significantly from the $93 billion recorded last year, and are well below the annual ... Read the full article
The Hartford expands cyber services via new partnerships
19th December 2019
Property and casualty insurer The Hartford has expanded its range of cyber services with two new partnerships that will help detect digital risk exposure on the dark web and safeguard business infrastructure. Firstly, Terbium Labs will provide The Hartford’s customers with a preview of exposure across the dark web, allowing them ... Read the full article
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