Reinsurance News
Acrisure offers $300m senior debt to fund acquisitions, growth
17th July 2019
US insurance brokerage Acrisure has announced plans to offer approximately $300 million in senior debt. The company intends to use the net proceeds from the offering to fund acquisitions and to pay related fees and expenses. The $300 million aggregate principal amount of senior notes is due 2026. Over the past two years, ... Read the full article
Singapore is “fast maturing as a viable ILS domicile,” says Monetary Authority exec
17th July 2019
With a first set of deals now under its belt, Singapore is “fast maturing” as a viable domicile for insurance-linked securities (ILS) transactions, according to Gillian Tan, Executive Director at the Monetary Authority of Singapore (MAS). Speaking at the ILS Asia 2019 conference in Singapore last week, which was hosted by ... Read the full article
Climate change among most urgent threats for reinsurers: CSFI & PwC report
16th July 2019
Climate change is ranked as the second most urgent threat to business by reinsurers, and as the third most urgent by property and casualty (P&C) insurers, according to a new report from the Centre for the Study of Financial Innovation (CSFI) and PwC. The Insurance Banana Skins 2019 report surveyed re/insurers ... Read the full article
Brown & Brown acquires Innovative Risk and LSI Lender
16th July 2019
Brown & Brown, Inc. subsidiaries, Brown & Brown Metro, LLC and Brown & Brown of Kentucky, Inc., have acquired substantially all of the assets of Innovative Risk Solutions, Inc. (Innovative) and LSI Lender Services, LLC (LSI), respectively. The acquisition of Innovative was announced by Brown & Brown, Inc.'s Chief Acquisitions Officer, ... Read the full article
Risk Strategies acquires trucking and transportation specialist, Winter Group
16th July 2019
U.S. domiciled broker and risk management company, Risk Strategies, has acquired trucking industry-focused specialty insurance program manager, Winter Group, Inc. The takeover adds transportation industry expertise to Risk Strategies' wholesale operations. Winter Group, a transportation wholesaler that provides national insurance solutions for "virtually all facets" of both the trucking and transportation sector, ... Read the full article
Insurers ceded 5% of global premiums to reinsurers in 2018: Swiss Re
16th July 2019
Swiss Re Institute has estimated that primary insurers ceded about $260 billion, or 5%, of direct premiums written to the global reinsurance markets in 2018. More than three quarters of this total ($200 billion) were non-life premiums, which had a higher cession rate of around 8.4%. In contrast, only around 2% of ... Read the full article
HSCM Bermuda leads latest funding round for RiskGenius insurtech
16th July 2019
RiskGenius, an insurtech firm that applies machine learning software to insurance policies, has announced the completion of a Series B financing round, which was led by Hudson Structured Capital Management Ltd. (HSCM Bermuda). The insurtech also expanded its partnerships with Everest Insurance, FM Global and Liberty Mutual, and appointed Sean Mollet ... Read the full article
Apollo Syndicate Management hires Nick Burkinshaw as CUO
16th July 2019
Apollo Syndicate Management, the independent specialist insurer and reinsurer at Lloyd’s, has announced the appointment of Nick Burkinshaw to the newly created position of Chief Underwriting Officer (CUO). Burkinshaw will be tasked with overseeing the development of Apollo’s underwriting strategy, reporting to Chief Executive Officer (CEO) David Ibeson. He will be supported ... Read the full article
Hurricane Barry private market loss at almost $300mn: KCC
16th July 2019
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that Hurricane Barry will drive an insurance industry loss of close to $300 million, excluding National Flood Insurance Program (NFIP) losses. Barry made landfall 160 miles west of New Orleans on Sunday as a Category 1 hurricane, reaching maximum sustained winds ... Read the full article
International Re to offer first re/insurance solution for mid-sized captives
16th July 2019
International Re (I–RE), the specialist captive insurance and reinsurance MGA, has launched a re/insurance solution for mid-sized captives with the establishment of I–RE SA. Traditionally, highly-rated re/insurance capacity has only been available to large captives, but I–RE aims to open up market access for high performing mid-sized businesses. I–RE’s captive solution, which ... Read the full article
Dunlap appointed Head of Construction Broking in NA, Willis Towers Watson
16th July 2019
Insurance and reinsurance broker Willis Towers Watson (WTW) has named Jim Dunlap as its new Head of Construction Broking in North America (NA), based in Chicago. In his new role, Dunlap will report to Joseph Peiser, Head of Broking North America. WTW states that Dunlap will be tasked with overseeing the ... Read the full article
Zurich disappointed with new Ogden discount rate
16th July 2019
Zurich’s Chief Claims Officer, David Nichols, has expressed “great disappointment” following the Ministry of Justice’s lower-than-anticipated -0.25% Ogden rate change. The rate is used to determine how much money insurers should pay as compensation to people who have suffered life-changing injuries. The lower the rate, the larger the sum insurers ... Read the full article
DARAG announces retro quota share reinsurance deal with Protector
16th July 2019
Legacy acquirer DARAG Group Limited has entered into a retrospective quota share reinsurance agreement with Scandinavian insurer Protector Forsikring. As per the deal, DARAG will provide Protector with reinsurance on liabilities arising from the Change of Ownership business underwritten between 1 June 2004 and 31 March 2019. DARAG will also provide cover ... Read the full article
Global reinsurance demand flat to slightly down: Aon
16th July 2019
Total demand for renewals at June / July were flat to down slightly in private market reinsurance demand, according to global re/insurance brokerage Aon. Meanwhile, dynamics of peak Florida reinsurance placements shifted following two years of loss activity and in some cases increased loss development for Hurricane Irma. Aon says this resulted ... Read the full article
Arthur J. Gallagher appoints CEO of Employee Benefits Consulting Division in UK
16th July 2019
Global insurance brokerage Arthur J. Gallagher & Co. has announced the appointment of Nick Burns as Chief Executive Officer (CEO) of its Employee Benefits Consulting Division in the UK. Prior to joining Gallagher, Burns was the CEO of PIFC Group, Bluefin Corporate Consulting and Capita Employee Solutions. More recently he has operated ... Read the full article
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