Reinsurance News
Xceedance unveils life re/insurance practice, new Liechtenstein office
4th March 2020
Re/insurance service provider Xceedance has announced the launch of its life insurance and reinsurance practice, headquartered in its newly established office in Liechtenstein. Xceedance's new Liechtenstein office has been established to serve life insurance and reinsurance markets and will be jointly led by Markus Brugger and Mark Lucas. The new practice will ... Read the full article
Hallmark Financial exits Binding Primary Auto business
4th March 2020
Specialty property and casualty insurance company Hallmark Financial Services, Inc. has announced its exit from Binding Primary Auto business due to mounting claims severity from prior accident years. Despite several years of implementing proactive rate actions and policy changes, the company has decided to place its in-force policies into run-off. Additionally, Hallmark ... Read the full article
Tornadoes cause major damage in Nashville & central TN
3rd March 2020
Two tornadoes have caused widespread damage across central Tennessee, including in the state capital of Nashville, destroying at least 40 buildings and leaving 19 people dead. Parts of Nashville were left in darkness as the tornadoes arrived overnight on March 2-3, leaving about 44,000 people without power. Strong winds also blew down ... Read the full article
MMC appoints FEMA’s Dr. Kaniewski as MD, Public Sector
3rd March 2020
The former Deputy Administrator for Resilience at the Federal Emergency Management Agency (FEMA), Daniel Kaniewski, has joined Marsh & McLennan Advantage as Managing Director, Public Sector. The Marsh & McLennan Advantage group combines the expertise from across the global re/insurance broker's four businesses in order to deliver innovative solutions to clients. In ... Read the full article
Universal reports Q4 operating loss, combined ratio weakens
3rd March 2020
Floridian P&C insurer Universal Insurance Holdings saw its combined ratio weaken to 142.9% and 103.9% for the fourth-quarter and full year 2019, respectively, driven by reserve strengthening, adverse weather events, subrogation recoveries, and reduced benefits from claim settlement fees. When compared with the fourth-quarter and full year 2018, Universal's combined ratio ... Read the full article
Third Point Re expects underwriting profitability in Q1 and beyond
3rd March 2020
Hedge fund-backed reinsurer Third Point Re is confident of recording an underwriting gain in the first-quarter of the year and, over time, expects this side of its balance sheet to become a meaningful contributor to overall returns. Third Point Re announced towards the end of 2018 that although investments would remain ... Read the full article
IGI posts solid 2019 results ahead of go-public Tiberius deal
3rd March 2020
International General Insurance Holdings Limited (IGI) has reported after-tax profit of $23.6 million for the full year 2019, as higher investment income partially offset a slight dip in the company's net underwriting result for the year. IGI's full year profit fell by around $2 million when compared with the prior year, ... Read the full article
PCS rolls outs industry loss and index services in LatAm
3rd March 2020
Property Claim Services (PCS), a Verisk Analytics business, has expanded its industry loss index coverage to the Latin America region four months ahead of schedule. The firm explained that the 2019 riots in Chile led to significant insurance and reinsurance activity in the LatAm region, leading to a boost in demand ... Read the full article
Chris Downey to take over as Everest Re’s Bermuda CEO
3rd March 2020
Everest Re Group, Ltd. has announced that Chris Downey has been appointed to take over as Managing Director and Chief Executive Officer (CEO) of Everest Reinsurance (Bermuda), Ltd. He succeeds Sanjoy Mukherjee, who will transition from the Bermuda role on April 1 and return to his full time duties as General ... Read the full article
Munich Re-backed parametric quake product launched in Mexico by Super
3rd March 2020
Super Seguros Inc., acting through their local subsidiary (which was established as Mexico's first approved insurance MGA), has announced the launch of a new parametric insurance solution to protect against earthquakes for the retail consumer market in Mexico City, backed by reinsurer Munich Re. The new solution, Super Temblor, is a ... Read the full article
Lloyd’s promotes Sabrina Miesowitz to US General Counsel
3rd March 2020
The Lloyd's of London insurance and reinsurance marketplace has revealed the promotion of Sabrina Miesowitz to US General Counsel as Joe Gunset retires from the position after nearly two decades with the market. Miesowitz previously served as Deputy US General Counsel and will take over from Gunset when he retires at ... Read the full article
Apollo doubles stake in Athene amid alignment push
3rd March 2020
Private equity firm Apollo Global Management has completed its purchase of a 17% incremental stake in retirement services firm Athene, bringing its beneficial ownership in the company to 34%. First announced in October 2019, this purchase came as part of a wider alignment push between the two companies that also ... Read the full article
Growth momentum in U.S. E&S market to continue in 2020: Conning
3rd March 2020
A recent study by Conning's states that on the back of U.S. excess and surplus (E&S) market growth which commenced in 2018 and gained momentum in 2019, further expansion is expected in the year ahead. According to the new study, the surplus lines market in the U.S. is booming, with E&S ... Read the full article
Markel to combine US Specialty and Assurance divisions
3rd March 2020
Markel Corporation has announced that it plans to combine its existing US insurance divisions, Assurance and Specialty, into a single division called Markel Specialty. Effective April 1, 2020, the combined division will preserve the regional model used by Assurance, while adding two new overarching territories, East and West. "This evolutionary change will ... Read the full article
Typhoon losses push PartnerRe to $188mn Q4 underwriting loss
3rd March 2020
Bermuda-based reinsurance firm PartnerRe has posted a non-life underwriting loss of $188 million for the fourth quarter of 2019, driven by Japanese typhoon losses and attritional losses on agriculture business. The company incurred catastrophic losses of $133 million from Typhoon Hagibis and $39 million of adverse development on Typhoon Faxai, as ... Read the full article
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