Reinsurance News
Florida House votes to limit rising attorney fees
6th March 2020
The Florida House of Representatives has passed legislation aimed at limiting exorbitant attorney fees on property insurance lawsuits. It’s hoped this will stop the rising trend of contractors soliciting the transfer of rights from insureds and subsequently inflated repair costs, all while using the legal system to their advantage. For several years ... Read the full article
North America & UK deal activity down in Q4: GlobalData
6th March 2020
Re/insurance industry deal activity was down by 8.7% and 6.5% in North America and the UK, respectively, during the fourth quarter of 2019, according to data and analytics firm GlobalData. A total of 157 deals worth $13.13bn were announced for North America Q4 2019, the firm found, versus a four-quarter average ... Read the full article
Aon expecting sizeable industry losses from deadly US tornadoes
6th March 2020
A spate of powerful tornadoes in Tennessee, as well as further instances of hail and non-tornadic wind damage across several other US states, is expected by Aon to inflict economic damage well into the hundreds of millions of dollars, with most of that insured. Powerful and deadly tornadoes tracked across central ... Read the full article
APRA spotlights reinsurance adequacy after $5bn disaster season
6th March 2020
The Australian Prudential Regulation Authority (APRA) has been focused on the adequacy of insurers’ reinsurance arrangements following a summer of extreme weather events that are projected to cause industry losses of around AU $5 billion (US $3.35 billion). Addressing the Senate Economics Legislation Committee today, APRA Chairman Wayne Byres explained that ... Read the full article
HCI Group posts $6.4mn Q4 net income
6th March 2020
Florida-based insurtech HCI Group has posted a $6.4 million net income for the fourth quarter, up from an $8.5 million net loss in the prior year quarter. Net income for the full year totaled $26.6 million, compared with $17.7 million in 2018. HCI says this increase for the full year was primarily ... Read the full article
Iprism adds Paul Constable as commercial underwriter
6th March 2020
Specialist commercial, property and high net worth MGA iprism has appointed Paul Constable as commercial underwriter. Constable joins from Victor UK having served as a development underwriter for the commercial sector. “Paul’s appointment is part of our 2020 growth strategy in certain core sectors, Commercial being one of those key targets,” said ... Read the full article
Risk Strategies adds captive manager following Atlas Group purchase
6th March 2020
US insurance broker and risk management firm Risk Strategies has acquired captive specialist Atlas Insurance Management. The acquisition is a result of Risk Strategies’ purchase of Atlas Group and its affiliated entities. In addition to managing captive insurance entities, Atlas Insurance Management forms and operates a number of its own insurers. In particular, ... Read the full article
Typhoons & riots push Sirius to heavy Q4 loss
6th March 2020
Sirius International Insurance Group has reported a net loss of $150.3 million for the fourth quarter of 2019 and a net loss of $45.6 million for the full year, caused by Typhoon Hagibis and the Chilean riots in Q4, as well as Typhoon Faxai and Hurricane Dorian earlier in the ... Read the full article
AmTrust agrees transfer of Republic personal lines renewal rights to Safeco
6th March 2020
AmTrust Financial Services, Inc. and Safeco Insurance, a Liberty Mutual Insurance company, have entered into an agreement around the transfer of the renewal rights for AmTrust's Republic Personal Lines business in six states. AmTrust has announced that, pending regulatory approval, it has decided to exit personal lines products written through its ... Read the full article
Larger firms more exposed to machine identity related cyber losses: Report
6th March 2020
As much as 25% of cyber losses for the largest companies are machine identity related and, in the U.S., as much as 13% of total economic losses due to cyber events are related to unprotected machine identities, according to a new report by AIR Worldwide, sponsored by Venafi. The new report ... Read the full article
Kovrr adds Cohen & Company’s John Butler to advisory board
6th March 2020
Israel-headquartered cyber risk modeller Kovrr has announced the addition of John Butler, Head of the US Insurance Management Platform and the Global ILS Program at Cohen & Company, to its advisory board. Prior to joining Cohen & Company, Butler served as Managing Partner at re/insurance linked investment manager, Twelve Capital. Currently, ... Read the full article
Fednat’s reinsurance spend up $8mn per quarter, says CEO
6th March 2020
Florida based primary insurer FedNat is currently working through an $8 million per quarter increase in its reinsurance spend, according to CEO Mike Braun. Speaking in an earnings call alongside the release of the company’s 2019 results, Braun said that FedNat had seen substantial rate increases in the reinsurance market in ... Read the full article
Rating agencies view Covéa takeover as beneficial for PartnerRe
5th March 2020
Rating agencies Fitch and Moody’s have said that they view the recently confirmed acquisition of PartnerRe by Covéa as potentially beneficial for the Bermudian reinsurer. Fitch has placed PartnerRe’s ratings on Rating Watch Positive after the news emerged yesterday, while Moody’s affirmed its ratings and noted that PartnerRe would likely ... Read the full article
Sirius International’s ratings downgraded, placed under review by A.M. Best
5th March 2020
International financial services ratings agency A.M. Best has downgraded the credit ratings of Sirius International Insurance Group, Ltd. and its main rated subsidiaries, and, at the same time, has placed these ratings under review with negative implications. Specifically, A.M. Best has downgraded the Financial Strength Ratings (FSR) to A- (Excellent) from ... Read the full article
Alliant announces Pend Oreille acquisition
5th March 2020
US specialty insurance broker Alliant Insurance Services has announced the acquisition of Pend Oreille Insurance. Based in Idaho, Pend Oreille is one of the area’s largest independent insurance agencies and is led by co-owners Stefanie Nostdahl and Jodie Corless. The company provides an array of regionally focused insurance solutions to its list ... Read the full article
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