Reinsurance News
OMERS takes 40% stake in Fairfax’s RiverStone UK
20th December 2019
OMERS, one of the largest Canadian defined benefit pension plans, has entered into an agreement with Fairfax Financial Holdings Limited to acquire a 40% interest in RiverStone UK, Fairfax's UK run-off group. Following the transaction, RiverStone UK will benefit from the joint operational expertise of Fairfax and OMERS, providing it with ... Read the full article
Rate increases at 1/1 renewals to vary by loss experience: KBW
20th December 2019
Analysts at Keefe, Bruyette & Woods (KBW) are expecting rate changes at the 2020 property catastrophe reinsurance renewals to vary significantly, based on the loss experience of individual lines. At January 1, KBW is anticipating the largest increases on retrocessional cover, owing to recent large losses and the significant amount of ... Read the full article
Bermuda’s Fleming Re acquires AggCap II
20th December 2019
Fleming Re Holdings LLC has announced the acquisition of AggCap Insurance Ltd, - AggCap II, a group captive that is in run-off providing workers compensation coverage for a large membership of California-based agribusinesses. AggCap Insurance Ltd is a Bermuda-based segregated accounts company that has provided workers comp insurance, loss control services, ... Read the full article
AXIS Capital’s Drew Walter joins Ascot to lead Cyber & Commercial E&O
20th December 2019
Ascot has named AXIS Capital’s Drew Walter as Executive Vice President and Head of Cyber & Commercial E&O, based in New York. In his new role, Walter will be tasked with building a business writing cyber as well as technology, media and miscellaneous E&O classes of business. He joins the firm from ... Read the full article
ABI endorses new Bank of England governor Bailey
20th December 2019
Huw Evans, Director General of the Association of British Insurers (ABI), has released a statement endorsing the recent appointment of Andrew Bailey as the new governor of the Bank of England. Bailey, who currently serves as Chief Executive of the UK’s Financial Conduct Authority, will bring a “deep understanding” of regulatory ... Read the full article
PERILS raises final Sydney hail property loss estimate to AU $798mn
20th December 2019
Catastrophe loss data aggregator PERILS has released its fourth and final property loss estimate for the hailstorms that affected the greater Sydney region in December 2018, raising the figure to AU $798 million (US $550 million). The estimate, which comes a full year after the original event, also includes the property ... Read the full article
DARAG completes legacy portfolio transfer with SOVAG
20th December 2019
Legacy acquirer DARAG Group Limited has announced the completion of its portfolio transfer deal with German insurer and reinsurer, SOVAG. The deal, which was first announced in August 2019, sees the portfolio transferred to DARAG’s German subsidiary, DARAG Versicherungs- und Ruckversicherungs-AG. The legacy book consisted of both direct insurance and inwards ... Read the full article
AM Best holds US life/annuity market outlook at stable
20th December 2019
AM Best has maintained its stable market outlook for the US life/annuity (L/A) industry in 2020, citing strong capitalisation and improved liquidity among carriers, along with a manageable regulatory environment. The rating agency also highlighted companies’ measured approach to increasing investment risk as a positive factor in its stable outlook. US L/A ... Read the full article
AJ Gallagher expands Atlantic Canada capabilities with acquisition
20th December 2019
Arthur J. Gallagher & Co. recently announced the acquisition of Sinclair Billard and Weld Limited, and CJM Solutions + Inc., dba SBW Employee Benefits. SBW Employee Benefits is a Halifax, Nova Scotia-based designer, administrator, marketer and manager of comprehensive group insurance programs, and defined contribution group retirement programs for businesses and ... Read the full article
BRP Group to acquire Chicago insurer Highland Risk
20th December 2019
BRP Group, Inc., an independent insurance distribution firm, has entered into an agreement to acquire Highland Risk Services LLC, a Chicago-based insurance company. The company will carry out the acquisition via its subsidiary, BRP Insurance Intermediary Holdings, LLC, with the transaction set to close on January 1, 2020. Highland Risk is focused ... Read the full article
Canopius recruits trade & political risk underwriter from Acappella
20th December 2019
Global specialty re/insurer Canopius has announced the appointment of Claire Kennett as Underwriter, Trade & Political risk. Kennett joins Canopius from Acappella Syndicate where she served most recently as Underwriter, Political Risk. Prior to this, she held roles at Aon Underwriting Managers and Liberty Specialty Markets. Taking up her new position on January ... Read the full article
AXA XL reveals changes to Reinsurance Leadership Team
20th December 2019
AXA XL, the property and casualty and specialty risk unit of AXA, has announced a series of changes within its Reinsurance Leadership Team as part of its previously announced simplified Reinsurance organisational structure. Announced in September, the new structure is aligned around the firm’s key markets and is intended to ... Read the full article
Aktia takes over life portfolio from Nordic insurer Alandia
20th December 2019
Aktia Life Insurance Ltd, a subsidiary of Finnish bank Aktia Bank plc, has agreed to acquire the life insurance portfolio of Nordic insurer Försäkringsaktiebolaget Liv-Alandia. Försäkringsaktiebolaget Liv-Alandia, a subsidiary of Alandia Försäkring Abp, has a portfolio of approximately 11,000 life insurance policies, which have largely been handled by Aktia for 56 ... Read the full article
Munich Re in $500mn risk sharing deal with Dutch development bank
19th December 2019
Munich Re has entered into a $500 million risk sharing framework agreement with FMO, the Dutch entrepreneurial development bank, to help promote private sector insurance growth in developing countries. The deal, which enables Munich Re to participate in FMO transactions over the next three years, will help maximise funds towards developing ... Read the full article
Allstate’s catastrophe losses fall to $33mn in November
19th December 2019
The Allstate Corporation has announced that its estimated catastrophe losses for the month of November 2019 were $33 million, pre-tax ($26 million, after-tax). The US primary insurer reported that its catastrophe losses in November comprised just four events. Together, these events are estimated to have cost Allstate $19 million ($15 million, after-tax). The ... Read the full article
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