Reinsurance News
Agritask appoints Daniel Stander of RMS as senior advisor
5th August 2020
Holistic ag-operations platform, Agritask, has announced the appointment of Daniel Stander as senior advisor to its leadership team. Stander, a global pioneer in decision science and resilience finance, began advising Agritask earlier this year. He was hired in the effort to drive the innovation required to address the productivity challenges facing ... Read the full article
Aon & WTW disclose more on combination to fend off legal challenges
4th August 2020
In an effort to ward off legal challenges delaying Aon's combination with Willis Towers Watson (WTW), the global re/insurance broker has disclosed some additional details associated with the deal. After weeks of speculation, Aon confirmed in March of this year that it will combine with rival broker WTW through a ... Read the full article
Beazley targets CyEx unit growth with addition of four new underwriters
4th August 2020
Specialty insurer Beazley has announced the addition of four new underwriters within its cyber & executive risk (CyEx) unit as it looks to grow the Chicago-based operation. Beazley's CyEx division was formed 18 months ago via the combination of the company's cyber & tech team and executive risk team, including D&O, ... Read the full article
HCI Group eyes rate increases to counter rising reinsurance costs
4th August 2020
The insurance subsidiaries of HCI Group plan rate increases to offset, in part, increased reinsurance costs. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., has asked state insurance regulators and received approval for a 6.9% rate increase for its homeowners’ and condominium insurance products. The rate increase will take ... Read the full article
COVID-19 related market dislocation could benefit US captives: AM Best
4th August 2020
A new AM Best report suggests that firming commercial insurance prices and impacts from the COVID-19 pandemic could present opportunities for the US captive insurance segment to increase its footprint in several lines of business. US captive insurers are meant to have continued their run of strong financial results in 2019, with ... Read the full article
Munich Re’s ERGO gets green light for Taishan investment
4th August 2020
The European Commission has approved a strategic investment by ERGO, the primary insurance arm of reinsurer Munich Re, in Shandong-based nationwide property and casualty (P&C) insurer, Taishan Property & Casualty Insurance Co., Ltd. As we wrote in early June, ERGO announced plans to bolster its P&C services in the Chinese ... Read the full article
Argo posts improved Q2 performance as underwriting loss narrows
4th August 2020
Specialty re/insurer Argo has registered a $6.4 million net loss in the second quarter, down from the $28.8 million profit in the prior year quarter. Meanwhile, the company's combined ratio hit 100.3%, compared to 103.4% in Q2 2019. Argo's $1.2 million underwriting loss for the quarter represents an improvement from the $14.5 ... Read the full article
Kemper posts slight rise in Q2 net income
4th August 2020
Kemper Corporation has reported a net income of $126.1 million for the second quarter of 2020, a slight increase from $122.1 million in the prior year quarter. Total revenues for the second quarter decreased $44.5 million to $1,230.9 million, driven by $7 million of lower Specialty P&C earned premiums and a ... Read the full article
Ed Broking adds Assad Ulhaq as senior broker, producer
4th August 2020
Global reinsurance, wholesale and specialty broker Ed has announceed the appointment of Assad Ulhaq as senior broker and producer with immediate effect. In this role Assad will focus on international property facultative reinsurance, primarily in Europe, the Middle East and Africa. Assad joins Ed with 10 years of industry experience, having most ... Read the full article
Aston Lark acquires specialist intermediary PHM
4th August 2020
Chartered insurance broker, Aston Lark, has announced the acquisition of Private Healthcare Managers (PHM) Limited. The company says this new move will boost the broker's employer benefits offering. PHM looks after SME and corporate clients with around £4 million in gross written premium (GWP) per annum across its portfolio. The service is ... Read the full article
ABI hires Clark as Director of Regulation to succeed Savill
4th August 2020
The Association of British Insurers (ABI) has announced Charlotte Clark CBE as Director of Regulation, succeeding Hugh Savill who is retiring at the end of the year. Clark, who is currently the Director of Capability and Learning at the Department for Work and Pensions, was previously Director of Private Pensions at ... Read the full article
COVID-19 pandemic to accelerate increasingly interconnected geopolitical risks: Aon
4th August 2020
Aon’s new 2020 Risk Maps report suggests that three in five developed economies face the potential of strikes, riots and civil unrest in 2020. The COVID-19 pandemic has deepened concerns of the potential for elevated costs and insured losses through civil unrest in countries that rely heavily on tourism and retail. It’s ... Read the full article
AIG’s GI unit reports Q2 underwriting loss as cats hit $674mn
4th August 2020
American International Group, Inc. (AIG) has reported that its General Insurance (GI) segment fell to an underwriting loss of $343 million in the second-quarter of 2020, which includes €674 million of catastrophe losses, net of reinsurance. The elevated level of overall cat losses in Q2 compares with €174 million of cats, ... Read the full article
Acrisure acquires artificial intelligence insurance business from Tulco
4th August 2020
Acrisure has announced that it has acquired artificial intelligence leader, Tulco LLC’s insurance practice to bring in data science, AI and machine learning capabilities to the insurance brokerage industry. Acrisure said that the acquisition will be “a transformational move” for the company as it will enable a true deployment of insurtech ... Read the full article
Covéa to invest €1.5bn with EXOR & PartnerRe managed reinsurance vehicles
4th August 2020
French insurer Covéa has entered into a €750 million investment cooperation with EXOR and, at the same time, has signed a €750 million reinsurance cooperation agreement with Bermuda-based reinsurer, PartnerRe. Covéa group is set to allocate €750 million over 2021 - 2023 for investment opportunities alongside the EXOR group, one of ... Read the full article
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