Reinsurance News
Arig to cease writing reinsurance business
17th August 2020
Arab Insurance Group (Arig), a Bahrain-domiciled treaty and facultative reinsurance provider, is to cease writing reinsurance business and could look for a buyer to take over the firm while it's in run-off. After two downgrades from ratings agencies over a nine month period, the Central Bank of Bahrain uncovered “glaring ... Read the full article
L&G completes ninth buy-in transaction with ICI Pension Fund
17th August 2020
Legal & General Assurance Society Limited has announced that it has completed a £70 million buy-in with the ICI Pension Fund (ICI). ICI will be taking advantage of favourable market conditions to secure the benefits of new retirees since its previous transaction with L&G in 2019. This will be ICI’s ninth transaction ... Read the full article
Hurricane Isaias insured losses seen at up to $5bn by RMS
17th August 2020
Catastrophe risk modeller RMS has estimated that total insured losses from the impacts of Hurricane Isaias will be between $3 billion and $5 billion, which includes National Flood Insurance Program (NFIP) losses of between $400 million and $700 million. The large majority of the insured loss, between $3 billion and $4.5 ... Read the full article
BGC President Lynn to transition to Vice Chairman role
17th August 2020
Global brokerage and financial technology firm, BGC Partners, Inc., has revealed that Shaun Lynn is set to transition from his role as President to become Vice Chairman of the company, effective October 1st, 2020. In his new role, Lynn will continue to work for the firm on matters including both strategy ... Read the full article
Powerful derecho amplifies impact of US storms: Aon
14th August 2020
An active week of US storms was compounded by catastrophic damage resulting from a dangerous derecho event that Aon says severely impacted Iowa and Illinois on August 10, producing peak wind gusts topping 100mph. Aon's weekly natural catastrophe report describes a derecho as a fast-moving cluster of thunderstorms that travels hundreds of ... Read the full article
Palomar faces firmest reinsurance market since inception: CEO Armstrong
14th August 2020
The June 1 placement marks the firmest reinsurance market Palomar has faced since its inception, according to Chief Executive Officer (CEO) and Director Mac Armstrong. Speaking alongside the release of Palomar’s Q2 results, Armstrong said the rising cost of reinsurance in the property market should create “several opportunities” within the company’s ... Read the full article
PERILS raises Australian East Coast Low loss to AU $954mn
14th August 2020
Catastrophe insurance data provider PERILS has raised its industry loss estimate for the East Coast Low that hit Australia in February 2020 to AU $954 million (US $683 million). This updated estimate, which comes six months on from the event, is significantly higher than PERILS’ initial loss estimate of $794 million. The ... Read the full article
For SiriusPoint, underwriting is paramount: Sankaran & Malloy
14th August 2020
SiriusPoint, the new insurer and reinsurer incepted via the combination of Third Point Re and Sirius Group, is determined to focus on the bottom line to ensure underwriting excellence. This is according to incoming Chief Executive Officer (CEO) of SiriusPoint, Sid Sankaran and Dan Malloy, current Third Point Re CEO who ... Read the full article
UK insurers pay £90mn to help families with COVID-19 deaths: ABI
14th August 2020
UK insurers received almost 7,000 life insurance claims, and paid £90 million – the equivalent of £980,000 every day - to support the families of people who died due to COVID-19 at the peak of the crisis, according to data issued by the ABI. The figures collected by the ABI show ... Read the full article
DARAG wraps up Hallmark Financial deal, announces acquisition of Bermudian reinsurer
14th August 2020
Legacy acquirer DARAG, has announced that its North American division has closed a loss portfolio transfer transaction with Hallmark Financial Services within its newly established cornerstone North American insurer, DARAG Bermuda. DARAG Bermuda Ltd. and DARAG Insurance (Guernsey) Limited recently entered into the deal with American Hallmark Insurance Company of Texas, ... Read the full article
Enstar, Stone Point reveal exchange transaction involving Atrium & StarStone US
14th August 2020
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced an exchange agreement with Trident V, L.P. and its affiliated funds managed by Stone Point Capital. The transaction, if approved by regulators, will result in Enstar owning a greater share in StarStone US and the Trident V Funds owning a greater ... Read the full article
IGI improves underwriting result in 2020, combined ratio strengthens
14th August 2020
International General Insurance Holdings Ltd. (IGI) has reported an increase in gross written premiums (GWP), an improved underwriting result and stronger combined ratios for both the second-quarter and first half of 2020, when compared with the prior year periods. Despite the challenging impacts of the ongoing COVID-19 pandemic, IGI has reported ... Read the full article
COVID-19’s impact on Europe’s top reinsurers considerable, varied: Fitch
14th August 2020
Despite the H120 results from the four major European reinsurers - Munich Re, Swiss Re, Hannover Re and SCOR - revealing considerable pandemic-related claims, the impact of the pandemic on the four reinsurers varied significantly. This is in part due to differences in exposure to lines of business affected by the ... Read the full article
BRP Group’s revenue jumps 55% in Q2
14th August 2020
Independent insurance distribution firm, BRP Group, Inc., has reported a net loss of $3.6 million for the second-quarter of 2020, while revenue jumped 55% year-on-year to $51.3 million. The company's Q2 2020 performance also includes 19% of organic revenue growth, while "MGA of the Future" revenue increased 39% from Q2 2019 ... Read the full article
New Dawn Risk adds Charlie Mills as Senior Broker
14th August 2020
Specialist insurance intermediary New Dawn Risk Group has announced the appointment of Charlie Mills as Senior Broker in its Management Liability and Financial Institutions team. Mills joins from The Hartford where he was a Financial Institutions Underwriter. Before that he served in roles at Tokio Marine HCC and Sompo Japan Nipponkoa. “At this ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
