Reinsurance News
COVID-19 to compound Florida property insurers’ woes: AM Best
7th July 2020
The numerous headwinds in Florida's property insurance market have become more complex amid the COVID-19 pandemic, according to a new report by AM Best. Challenges such as higher reinsurance pricing and social inflation continue to challenge the financial strength of Florida's personal property writers and impact coverage availability and affordability in the ... Read the full article
Former T-Mobile CFO Braxton Carter joins Assurant’s Board of Directors
7th July 2020
J. Braxton Carter, former Executive Vice President (EVP) and Chief Financial Officer (CFO) for T-Mobile US, Inc., has joined Assurant, Inc.'s Board of Directors, serving on the Board's Audit Committee. While at T-Mobile, Carter led the financial organisation for almost a decade, until his retirement from the firm on July 1st, ... Read the full article
CoreLogic rejects takeover offer from Senator & Cannae
7th July 2020
Property information and analytics provider CoreLogic has turned down an unsolicited acquisition offer from Senator Investment Group LP and Cannae Holdings Inc. Following consultation with independent financial and legal advisors, CoreLogic’s Board unanimously rejected the offer to acquire all of its outstanding common shares for $65.00 per share in cash. The Board ... Read the full article
RGA agrees to sell its Dutch life insurer to De Goudse
7th July 2020
Life reinsurer, Reinsurance Group of America, Incorporated (RGA) has reached an agreement to sell its Dutch life insurance firm, Leidsche Verzekering Maatschappij N.V. (Leidsche), to De Goudse N.V., an all-round insurer. Terms of the transaction have not been disclosed and the deal remains subject to approval of the Competition Authority, De ... Read the full article
AXA XL Reinsurance closes alternative capital deal with Bluefire
7th July 2020
AXA XL Reinsurance in Bermuda has completed an alternative capital reinsurance transaction with Bluefire Insurance, a Texas based managing general agency (MGA). Under the terms of the agreement, Bluefire will assume risk from its personal auto portfolio through a collateralized reinsurance agreement with AXA XL. The transaction represents Bluefire's first risk taking ... Read the full article
Flood Re calls for improved resilience after record loss year
7th July 2020
Flood Re, the UK’s government-backed reinsurance scheme, has urged the country to “build back better” following record flood losses in 2019/20. Flood Re incurred claims at a gross cost of £160 million last year, which was ten times higher than the previous year. After three relatively dry years, 2019/20 saw the first ... Read the full article
Beazley sets up booking system for online broker meetings
7th July 2020
Specialist insurer Beazley has launched an online booking system to help brokers arrange virtual appointments and share documentation with underwriters. Built in collaboration with Microsoft and IT consultancy Redspire, Beazley Booking uses Microsoft’s Power Platform to create a web application that brokers can access securely. The booking system will enable brokers to ... Read the full article
Safety National Re’s Ray Harkins to Retire as EVP, CUO of reinsurance
7th July 2020
Safety National Re has announced the retirement of Ray Harkins as Executive Vice President and Chief Underwriting Officer, Reinsurance. Bob King has been appointed to succeed him as Senior Vice President and Chief Underwriting Officer Reinsurance. Harkins retires following a 44-year career in reinsurance and insurance. At Safety National, he provided leadership ... Read the full article
Juan England joins TigerRisk as Partner from Willis Re
7th July 2020
Insurance and reinsurance brokerage TigerRisk Partners has named Juan England, formerly of Willis Re, as Partner with a mandate to help develop large, multi-regional clients in Europe and beyond. England brings extensive experience in analytics and modeling non-US catastrophe exposures to the firm, most recently serving as Managing Director, Willis Re ... Read the full article
Kingstone reports improved net income; higher reinsurance costs in 2020
7th July 2020
Property and casualty (P&C) insurer Kingstone Companies, Inc. has reported net income of $0.6 million for the first six months of the year, while the firm purchased a lower level of catastrophe reinsurance at a higher cost than the previous year as rate rises continued for reinsurers. At $0.6 million, the ... Read the full article
Usage-based insurance gains funding amid pandemic: GlobalData
7th July 2020
Usage-based insurance (UBI) continues to attract funding despite the fall in insurtech investment due to COVID-19, according to data and analytics company GlobalData. A recent survey by GlobalData found that 9.7% of drivers in the UK currently have a UBI policy, but analysts expect this figure to increase as a result ... Read the full article
UPC Insurance names CFO Martz as President; Dittman as CRO
7th July 2020
United Insurance Holdings Corp. (UPC Insurance), a property and casualty insurance holding company, has revealed that its Board of Directors has appointed the firm's Chief Financial Officer (CFO), B. Bradford Martz, to also serve as its President. In this expanded role, Martz will continue to report to UPC Insurance's Chief Executive ... Read the full article
Chubb reports Q2 cat losses of $1.8bn; COVID-19 hit of $1.37bn
7th July 2020
Global insurer and reinsurer Chubb has announced that the impacts of the COVID-19 pandemic, combined with severe weather-related events and civil unrest in the U.S., has resulted in global net catastrophe losses of $1.807 billion (pre-tax) for the second-quarter of 2020. Chubb reveals that its Q2 catastrophe loss estimates include COVID-19 ... Read the full article
JC Partners could challenge Korean Re with KDB Life takeover: reports
7th July 2020
Following reports that JC Partners has been selected as the preferred bidder for a takeover of KDB Life in Korea, there has been speculation that the private equity firm could challenge Korean Re’s dominant market share. According to the The Korea Times, its possible that JC Partners could seek to change ... Read the full article
COVID-19 a threat to insurers positive momentum: OECD
6th July 2020
Analysis by the Organisation for Economic Co-operation and Development (OECD) warns that positive premium and investment income growth in 2019 for the majority of insurers might not be maintained in 2020 as a result of the ongoing COVID-19 pandemic. For the majority of countries, gross written premiums increased in 2019, most ... Read the full article
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