Reinsurance News
L&G expects pension risk transfer activity to continue apace
10th August 2020
Legal & General Retirement Institutional has announced that despite COVID-19, 2020 is expected to be the second largest year on record for the pension risk transfer (PRT) market. UK PRT is expected to transact £20bn to £25bn, which demonstrates the resilience of this marketplace. Since L&G’s market entry in 2015, their US ... Read the full article
Chubb hires new Deputy General Counsel for Global Corporate Affairs
10th August 2020
Chubb has announced that Gina Rebollar has been appointed as Deputy General Counsel, Global Corporate Affairs, effective immediately. In her new role, Rebollar will lead the company's global corporate affairs team with responsibility for legal matters related to global corporate, corporate finance, mergers and acquisitions, asset management and intellectual property. She will ... Read the full article
R&Q to merge Sandell Re with MGA Tradesman Program Managers
10th August 2020
Randall & Quilter Investment Holdings plans to merge its wholly owned subsidiary, Sandell Re, with Tradesman Program Managers in return for a 35% interest in the combined entity. The initial book value of R&Q’s interest in the combined business will be $43.4 million, which is equal to the estimated book value ... Read the full article
Favourable market conditions to sustain well into 2021: Benchimol, AXIS
10th August 2020
Albert Benchimol, CEO of AXIS Capital Holdings Limited, believes that favourable market conditions will continue with the benefits of further rate hardening. The Bermuda-based insurer and reinsurer recently revealed its financial results for the second quarter of 2020, which saw the current market being favourable, despite the drop in its ... Read the full article
Brian Griffith named President of Berkley Aspire
10th August 2020
W. R. Berkley Corporation has announced the appointment of Brian R. Griffith as President of its subsidiary, Berkley Aspire. Effective immediately, Griffith will succeed Miklos F. Kallo, who will continue to support Berkley Aspire throughout the transition and take on certain responsibilities at the corporate level. Griffith joins the company with nearly ... Read the full article
DARAG acquires auto & travel insurer Arisa
10th August 2020
Legacy acquirer, DARAG Group Limited has announced the acquisition of Arisa Assurances SA. Arisa is an automobile and travel insurance company based in Luxembourg and is a subsidiary of ADAC Versicherung AG. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and remains subject to regulatory ... Read the full article
Nat cats & investment volatility weigh on Sompo International profits
10th August 2020
Sompo International has posted a net loss of $146 million for the first quarter of the financial year, mainly due to large natural catastrophe losses, lower investment income, and yen appreciation. The company’s adjusted profit slumped to $49 million in Q1, compared with $82 million over the same period last year. However, ... Read the full article
Berkshire Hathaway P&C reinsurance loss driven by Covid-19 & prior year liabilities
9th August 2020
Berkshire Hathaway reported a significant level of losses within its property and casualty reinsurance business for the second-quarter of 2020, as the impacts of the Covid-19 pandemic and negative prior year reserve development on longer-tailed liabilities drove the division to a loss for the period. Overall, Warren Buffett's Berkshire Hathaway reported ... Read the full article
Aston Lark announces acquisition of Lloyd’s broker Incepta
7th August 2020
Aston Lark, the Chartered insurance broker backed by Goldman Sachs, has announced the acquisition of Incepta Risk Management. Incepta is an established Lloyd’s broker offering solutions to clients and customers, direct and wholesale, with an appetite for UK commercial business developed through successful underwriting binders as well as effective open market ... Read the full article
Marsh adds Cheung as UK Placement Leader, Marsh JLT Specialty
7th August 2020
Insurance broker Marsh has appointed Winsee Cheung as UK Placement Leader, Marsh JLT Specialty. Effective in the fourth quarter, Cheung will report to Paul Moody, UK CEO, Marsh JLT Specialty and be based in London. As UK Placement Leader, she will oversee Marsh JLT Specialty’s placement strategy, facility management, and the development ... Read the full article
Morgan Stanley partners with HUB, Marsh, and WTW on HNW P&C cover
7th August 2020
American investment bank, Morgan Stanley has announced that it will now be offering Property and Casualty (P&C) insurance to its high net-worth (HNW) clients and their families. Morgan Stanley has teamed up with re/insurance brokers HUB International, Marsh Private Client Services, and Willis Towers Watson (WTW) in order to offer this ... Read the full article
RAA applauds new FEMA disaster mitigation program
7th August 2020
The Reinsurance Association of America (RAA) has expressed its support for the Federal Emergency Management Agency’s (FEMA) new grant program. The program aims to provide funding to states, local communities, tribes and territories for affordable, risk-reducing disaster mitigation activities to strengthen the USA’s resilience with the purpose to reduce future disaster ... Read the full article
White Mountains reports rise in net income for Q2
7th August 2020
White Mountains Insurance Group, Ltd. has announced an increase in net income to $115.4 million for the second-quarter of 2020 but a loss of $13.4 million for the first six months of the year. Comprehensive income also spiked for the quarter to $115.7 million against $17.6 million a year earlier, although ... Read the full article
Sirius posts Q2 net loss but underwriting profitability returns
7th August 2020
Sirius International Insurance Group, Ltd. has fallen to a net loss of $14 million for the second-quarter of 2020, while underwriting profitability returned as the firm recorded a combined ratio of 96% for the period. The firm's Q2 2020 net loss compares to net income of $102 million in the same ... Read the full article
Investment recovery boosts Third Point Re’s income
7th August 2020
Hedge fund-backed reinsurer Third Point Re improved its net income to $124 million during the second quarter of 2020, helped by a recovery in the investment markets following pandemic-induced volatility in Q1. The Q2 figure compares with a net income of $53.1 million for the same period last year, although the ... Read the full article
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