Reinsurance News
W. R. Berkley names Levesque as President of Preferred Employers Insurance
7th January 2020
W. R. Berkley Corporation has announced the appointment of Dennis J. Levesque as President of Preferred Employers Insurance, effective immediately. He succeeds Steven A. Gallacher, who has been appointed Chairman of Preferred Employers Insurance. Levesque has over 30 years of experience in the property casualty insurance business, including in leadership positions for ... Read the full article
US commercial rates up 5% in Q4, personal lines 4.5%: MarketScout
7th January 2020
Rates for commercial insurance and personal lines placements across the United States increased by 5% and 4.5%, respectively, during the fourth quarter of 2019, according to analysts at MarketScout. The steady trend of upward rate movement for US commercial insurance is thought to reflect insurers’ plans to continue increasing prices across ... Read the full article
Auto start-up Clearcover raises further $50mn in funding
7th January 2020
Auto insurance start-up Clearcover has raised $50 million in a Series C round of funding, led by OMERS Ventures. This brings Clearcover’s total funding to more than $104 million since its 2016 founding, following a Series B round in January 2019 that raised $43 million. As part of the funding arrangement, Michael ... Read the full article
Martin Kelsh joins HWI as board director
7th January 2020
Independent global insurance brokerage HW International has announced the appointment of Martin Kelsh as board director and head of the international non-marine team of the firm's London operation, H.W. Wood Limited. Kelsh will also lead HWI’s expansion and hiring in the insurance market and brings over 37 years of industry experience ... Read the full article
Peak Re renews, expands Lion Rock Re sidecar for 2020
7th January 2020
Hong Kong-based global reinsurer Peak Re has renewed and upsized Lion Rock Re, the first Asian sidecar. At $77 million, Lion Rock Re II saw investors exceed the $75 million raised by the sidecar’s first iteration in 2018. To effect the arrangement, Lion Rock Re II entered into an exclusive quota ... Read the full article
Insured losses from Australian bushfires rise again to USD 485 million
7th January 2020
The insurance industry losses from the ongoing bushfires ravaging parts of Australia continue to rise, with the Insurance Council of Australia (ICA) now putting the total at USD 485 million (AUD 700 million). The latest figure, which is up by more than 60% on the USD 300 million (AUD 431 million) ... Read the full article
Kuvare finalises takeover over Lincoln Benefit Life Company
7th January 2020
Kuvare US Holdings, the life insurance and annuity company, has completed its acquisition of Lincoln Benefit Life Company and its affiliates (LBL). First announced in July 2019, the acquisition brings Kuvare’s pro forma consolidated assets to over $22 billion. Formerly owned by RL LP, LBL is the third operating US life ... Read the full article
Nexus Specialty to offer admitted trade credit products in US
7th January 2020
Nexus Specialty, a part of MGA Nexus Group formerly known as Equinox Global has agreed to a new program agreement which enables it to underwrite their trade credit products on a fully admitted basis in the US. Equinox’s adoption of the Nexus Specialty brand was announced after it was decided ... Read the full article
Tokio Marine to expand into Brazilian mortgage & homeowners insurance market
7th January 2020
Tokio Marine Holdings, Inc. has announced the execution of a definitive agreement between its subsidiary, Tokio Marine Seguradora S.A., and Caixa Seguridade Participações S.A, an insurance holding unit of Caixa Econômica Federal, to establish a joint venture insurer to underwrite mortgage and homeowners insurance. Caixa Econômica Federal is a Brazilian state-owned ... Read the full article
Reinsurer appetite remained, ILS role limited in Europe at Jan 1st: Willis Re
7th January 2020
Reinsurer appetite remained strong in certain European markets at the January 1st, 2020 renewals season, while the participation of insurance-linked securities (ILS) funds was limited, according to Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW). Willis Re's commentary on the Jan 1st 2020 European reinsurance renewals highlights some ... Read the full article
Additional reserve charges in 2020 for US life insurers: Fitch
7th January 2020
Fitch Ratings analysts are expecting US life insurers to report additional reserve charges in 2020 amid industry exposure to the long-term care (LTC) insurance business, which is expected to put downside pressure on issuer ratings. Noting ongoing concern over the exposure, Fitch analysis indicates that LTC reserves continue to be based ... Read the full article
Mike Karmilowicz named President of Everest Insurance North America P&C
7th January 2020
The specialty insurance division of Bermudian reinsurer Everest Re Group, Ltd., Everest Insurance, has announced the appointment of Mike Karmilowicz as Executive Vice President (EVP) of Everest Insurance and President of Everest Insurance North America P&C. In his new role, Karmilowicz will take responsibility for all of the insurer's P&C underwriting ... Read the full article
Neon goes into run-off as AFG pulls out of Lloyd’s
6th January 2020
American Financial Group, Inc. has announced that it is pulling out of underwriting in the Lloyd's marketplace, with its Neon business there set to go into run-off. American Financial Group (AFG) said that it plans to exit the Lloyd’s of London insurance market in 2020. To achieve this, the company said that ... Read the full article
Athene closes $6 billion in total pension risk transfer deals in 2019
6th January 2020
Athene Holding Ltd. has announced that it successfully closed approximately $6 billion in total pension risk transfer transactions for 2019, which includes the firm's inaugural transaction in the UK market. Approximately $800 million, or more than 13% of the total volume of pension risk transfer deals completed by Athene in 2019 ... Read the full article
Pool Re targets SMEs with cover changes
6th January 2020
UK government-backed terrorism reinsurer Pool Re is introducing a series of changes aimed at improving the accessibility of terrorism insurance for businesses in the UK. The reinsurer has expanded its definition of an SME to include firms with assets of up to £5 million, more than double the previous figure of ... Read the full article
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