Reinsurance News
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
AFL adds Sarah Stephen as head of binding authorities
5th March 2020
Independent Lloyd’s broker AFL Insurance Brokers has announced the appointment of Sarah Stephen as head of binding authorities. She brings over 25 years’ experience to the role and most recently served as senior client manager for Munich Re’s Hartford Steam Boiler. Before that, Stephen spent 10 years as underwriting manager for two ... Read the full article
Maureen Hackett named President of Berkley Luxury Group
5th March 2020
W. R. Berkley Corporation has announced the appointment of Maureen Hackett as President of Berkley Luxury Group, its division focused on upscale residential condo, co-op and rental properties and fine dining restaurants. She takes over the role from William Johnston, who has been appointed as Chairman of Berkley Luxury Group. Hackett most ... Read the full article
Retailer insured losses from Chile riots could hit $1bn, says PCS
5th March 2020
Property Claim Services (PCS), a Verisk Analytics business, estimates that around 33% of the insured losses from the 2019 Chilean riots will come from retailers, and could reach as high as USD 1 billion. Earlier this week, PCS announced the expansion of its industry loss index coverage to the Latin ... Read the full article
Tim Nagle joins Miller from rival broker Integro
5th March 2020
Specialist re/insurance broker Miller has added motorsport insurance specialist, Tim Nagle to its team in order to support growth in all areas of sport and entertainment. In his new role, Nagle will focus primarily on individual athletes and drivers, companies and associations with event liabilities and governmental organisations involved in sport. Over ... Read the full article
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