Reinsurance News
Munich Re partner looking to drop stake in Indian health venture, report sources
13th February 2019
The founders of India’s Apollo Hospitals Enterprise are reportedly planning to sell their stake in a joint health insurance venture with Munich Re, according to sources at Bloomberg. People with knowledge of the matter told the publication that Prathap C. Reddy and his family were looking to sell their entire holding ... Read the full article
Ironshore Environmental offers storage tank policy through online portal
13th February 2019
Ironshore Environmental, the environmental re/insurance unit of Bermuda-domiciled holding company Ironshore Inc., has announced that it has made its stand-alone storage tank policy accessible to brokers through an online Quote & Bind Portal. The policy addresses first and third-party liability in response to releases from an array of underground and aboveground ... Read the full article
Nassau Re implements new investment strategies, creates Private Credit unit
13th February 2019
Private equity-backed reinsurer Nassau Re has created a new investment unit, called Nassau Private Credit (NPC), as part of the implementation of new investment strategies in its asset management segment. NPC will enable Nassau Re to invest directly in collateralised loan obligation (CLO) equity and related investments for third-party institutional investors. The ... Read the full article
M&A surge to diminish amid mounting political uncertainty: Clyde & Co
13th February 2019
The global insurance industry saw Mergers and Acquisitions (M&A) surge 9% in 2018 to 382 deals, marking three consecutive six-month periods of growth for the first time since 2009, according to a report from law firm Clyde & Co. The Americas remained the most active region for M&A with 189 deals ... Read the full article
Holborn adds Gen Re’s Berto Sciolla as Chief Production Officer
13th February 2019
U.S. domiciled independent reinsurance brokerage Holborn Corporation has announced the appointment of Berto Sciolla as Executive Vice President (EVP) and Chief Production Officer, effective immediately. Sciolla has more than 30 years’ experience in the reinsurance industry and joins Holborn from General Reinsurance Corporation (Gen Re), where he has held a variety ... Read the full article
Ryan Specialty Group to acquire International Specialty Insurance Services
13th February 2019
Ryan Specialty Group has announced that it plans to acquire the assets and operations of International Specialty Insurance Services Inc. (ISI), an independently owned managing general underwriter. Based in Winston-Salem, North Carolina, ISI offers high-value disability and related insurance products to athletes, entertainers, physicians, and other high-earning professionals. Following the acquisition, ISI’s ... Read the full article
Commercial auto insurtech INSHUR gets $7m Series A led by Munich Re
13th February 2019
INSHUR, a 100% digital provider of commercial auto insurance, has raised a $7 million Series A funding round which was led by Munich Re Ventures, the insurtech investments arm of the reinsurer. INSHUR secured $7 million of equity funding from the Series A round, as well as a further $2 million ... Read the full article
Pioneer hires Corton from Pembroke as cargo underwriter
13th February 2019
Pioneer Underwriters (Pioneer), part of Minova Insurance Holdings Ltd., has announced the hiring of Andrew Corton as a project cargo underwriter. Corton joins Pioneer as of March 1st from his most recent role with Pembroke Managing Agency where he held the role of divisional director for cargo underwriting business. At Pioneer, Corton ... Read the full article
Catastrophe losses & tax cuts impact Assurant’s Q4 results
13th February 2019
U.S. specialty insurance group Assurant has posted its results for the fourth quarter of 2018, which include a reduction in net income from $312.9 million in Q4 2017 to $20.3 million in Q4 2018. This decease was primarily driven by $95.5 million of catastrophe losses in Q4 2018 and the absence ... Read the full article
MS Amlin launches all risks policy for the tech sector
13th February 2019
MS Amlin, the insurance and reinsurance group owned by top-10 firm MS&AD, has launched an all risks insurance policy specially designed for the technology sector. Recognising the need for coverage that fits the operations of the tech sector, MS Amlin has responded with a product that encompasses a broad range of ... Read the full article
Arch’s Q4 income drops by $80mn due to cat losses
13th February 2019
Bermudian re/insurer Arch Capital Group saw its fourth quarter net income fall by 38% year-on-year from $203.5 million in 2017 to $126.1 million in 2018, primarily due to the impact of natural catastrophes on its results. Arch’s Q4 catastrophe losses totalled $118.2 million, net of reinsurance and reinstatement premiums, with losses ... Read the full article
USI Insurance Services acquiring broker U.S. Risk
13th February 2019
USI Insurance Services (USI) is set to acquire property and casualty program and specialty brokerage firm U.S. Risk Insurance Group (U.S. Risk) for an undisclosed sum. U.S. Risk said that it has entered into an agreement to be acquired by broker and consultancy USI, resulting in a transaction that is expected ... Read the full article
European re/insurers prepared for economic uncertainty, reports S&P
13th February 2019
The biggest risk to European re/insurers’ balance sheets in 2019 is the potential for economic disruption, although most companies are well-positioned and prepared to withstand volatility, according to analysts at S&P Global Ratings. A report by the rating agency highlighted the changing nature of the risk landscape ten years after the ... Read the full article
Lodestar Marine enters P&I insurance cover agreement with Aspen Insurance
13th February 2019
Lodestar Marine has entered into a new agreement with Aspen Insurance, the insurance arm of Aspen Insurance Holdings Limited, that sees Lodestar provide Protection and Indemnity (P&I) insurance to the owners and managers of small and specialised ships with Aspen. Under the agreement, Lodestar will now provide protection up to $50 ... Read the full article
SSL Endeavour names David Lawrence as CEO, reorganises management
13th February 2019
SSL Endeavour, the specialist independent Lloyd’s broker and delegated authority expert, has announced a number of changes to its management team, including the appointment of David Lawrence as Group Chief Executive Officer (CEO). As part of the reorganisation, Marine Director and Head of Broking Gillian Martin has been promoted to Managing ... Read the full article
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