Reinsurance News
Arch Re to acquire Aspen Re’s global credit & surety renewal rights
21st November 2019
The reinsurance arm of Arch Capital Group, Arch Reinsurance (Arch Re), has entered into a renewal rights agreement with Aspen Reinsurance (Aspen Re) on its global credit and surety reinsurance business. The agreement follows Aspen Re's decision to exit the line of business, and, as well as the renewal rights of ... Read the full article
California issues emergency notice to expedite wildfire claims
21st November 2019
California has issued an emergency notice to all property and casualty (P&C) insurers doing business in the state, requesting they expedite claims handling to help wildfire survivors rebuild more quickly. Insurance Commissioner Ricardo Lara has asked insurers to provide greater flexibility concerning deadlines and documentation for those affected by the fires. Proposals ... Read the full article
Risk Strategies acquires Missouri brokerage Thomas McGee Group
21st November 2019
Risk Strategies, a privately held US insurance broker and risk management firm, has acquired Thomas McGee Group, a US full-service insurance brokerage headquartered in Missouri. TMG, with specialty capabilities for large accounts, group and single parent captives, and focused risk management services, also enjoys a national reputation in the surety business, ... Read the full article
Allstate estimates $237mn of catastrophe losses for October
21st November 2019
The Allstate Corporation has announced pre-tax catastrophe losses of $237 million ($187 million after-tax) for the month of October. The U.S. primary insurer states that catastrophe losses in the month of October comprised of 12 individual events. 60%, or $142.2 million of the pre-tax ($112.2 million after-tax) loss total for the month ... Read the full article
Arthur J. Gallagher’s Artex to acquire EWI Re
21st November 2019
Artex Risk Solutions, the Arthur J. Gallagher & Co-owned provider of re/insurance and alternative risk management solutions, has acquired Dallas-based EWI Re for an undisclosed fee. EWI was founded in 1959 and offers reinsurance program design and placement services for captives and mutual insurance companies. Its specialty risk management practice is built ... Read the full article
Industry survey reveals expectation of heightened reinsurance use
21st November 2019
The large majority of respondents to our second annual reinsurance market survey, in collaboration with sister-site Artemis, expect to purchase roughly the same or a little more reinsurance protection at the upcoming renewals. The 2019 edition of the global reinsurance market survey features responses from hundreds of ... Read the full article
Insurtech Gateway secures £2.5mn in funding, led by Moxley Holdings
21st November 2019
Insurtech Gateway, an independent insurtech incubator authorised by the FCA, has secured £2.5 million in a funding round led by data-driven investor Moxley Holdings. The funding will allow the Gateway incubator to continue supporting early-stage insurtech founders, and help to grow its portfolio from 10 to 30 companies over the next ... Read the full article
CAC Specialty partners with Fortress Investment Group
21st November 2019
CAC Specialty, the specialty insurance brokerage and investment banking platform recently established by Cobbs Allen, has announced the formation of a strategic relationship with funds managed by affiliates of Fortress Investment Group LLC. The partnership with Fortress, which previously provided financing for the formation of CAC Specialty, will support the capital ... Read the full article
North P&I Club set for 7.5% general increase
21st November 2019
North P&I Club, the UK-based marine mutual liability re/insurer, has decided to set a general increase of 7.5% on P&I and FD&D premiums for the 2020/2021 policy year in an effort to offset the suppression of rates and premium income. The increase is considered necessary to maintain the club’s financial strength ... Read the full article
Munich Re-backed Vouch Insurance raises $45mn in funding
21st November 2019
Vouch Insurance, a platform backed by Munich Re that offers business insurance for start-ups, has secured $45 million of funding in a Series B investment round, led by Y Combinator Continuity. At the same time, Vouch has announced its launch in California, following its initial authorisation in Utah and Illinois ... Read the full article
Liberty Mutual adds Libman to sharing economy, new mobility practice
21st November 2019
US primary insurer Liberty Mutual has appointed Max Libman as lead underwriting consultant within its sharing economy & new mobility practice. The practice combines Liberty's commercial and personal lines expertise to provide arange of solutions that help ride-hailing, vehicle-sharing, car subscription and autonomous vehicle companies better manage the unique risks they ... Read the full article
Markel Chairman Alan Kirshner steps down, Steve Markel to succeed
21st November 2019
Markel Corporation has announced that Alan Kirshner will not stand for re-election as Executive Chairman and Chairman of the Board at the company’s 2020 Annual Meeting of Shareholders in May. Kirshner will retire as a director and officer of the company at the end of the meeting, with current Board Member ... Read the full article
Aspen Re to close offices in Miami, Dubai and Lloyd’s China
21st November 2019
Aspen Re, the reinsurance arm of Bermudian insurer and reinsurer Aspen Insurance Holdings Limited, is to close its offices in Miami, Dubai and Lloyd's China. The Bermudian re/insurer has confirmed a restructure of some of its operations, resulting in the closure of its Dubai and Lloyd's China reinsurance offices, as well ... Read the full article
Swiss Re CorSo launches globally standardised property policy
21st November 2019
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurer Swiss Re, has announced the launch of ONE Form, a tool designed to increase efficiency and quality in international programme delivery. The ONE Form tool serves to improve the customer experience for International Programme and Property clients and ... Read the full article
The industry is starting to understand an infant cyber market: Guenther, Hacker
21st November 2019
Still in its infancy, the global cyber risk market continues to grapple with data and modelling challenges, but increasingly, re/insurers are becoming aware of a need for new and innovative approaches. This is according to the owner and founder of PeriStrat GmbH, Hans-Joachim Guenther and Peter Hacker, a globally recognized cyber ... Read the full article
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