29th July 2021
ReThought Insurance has completed a $15.5 million Series A investment round to help fund its growth within the flood insurance market. The insurer writes flood coverage for complex mid-tier commercial risks and high net worth properties, but is also developing offerings for other perils. The funding will go towards providing funding for ... Read the full article
29th July 2021
LifeSecure Insurance Company has announced it has entered into a strategic partnership with Swiss Re’s iptiQ. The partnership’s aim is to simplify the life insurance buying experience by launching simplified issue final expense and term life insurance products, which will mark LifeSecure's first expansion into the life market. Patrick Prichard, LifeSecure president ... Read the full article
28th July 2021
Catastrophe risk modeling firm AIR Worldwide has stated that insured losses in Germany from July’s flooding could approach €5 billion. For five days a low pressure system known as “Bernd” sat over central Europe and brought about significant flooding. Germany’s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy and, in ... Read the full article
28th July 2021
Mondale Smith, President and COO at EMC Re, has stressed that reinsurers must pay close attention to how weather trends have altered in recent years, and has warned that “tackling 2021 exposures with a 2011 mindset is a recipe for disaster.” Speaking in an interview with Reinsurance News, Smith discussed how ... Read the full article
28th July 2021
Thomas Miller Specialty has established its construction business, Thomas Miller Specialty Construction (TMSC), which will utilise and build on its experience with latent defect insurance. TMSC will operate on a broker distribution model only, strengthening existing links and establishing new relationships within the broker market. Technical services to support underwriters with risk management ... Read the full article
28th July 2021
Ryan Specialty Group Holdings has announced that underwriters have purchased an additional 8,537,742 shares of its Class A common stock at the initial public offering (IPO) price of $23.50 per share. The group previously announced an IPO of 56,918,278 shares of its Class A common stock. Ryan Specialty has issued a ... Read the full article
28th July 2021
Stonybrook Capital & Risk Management has appointed William Generous as Senior Vice President of Stonybrook Capital. Generous will assist the team in expanding its capacities in capital raising and advisory in the general insurance and InsurTech space. He has joined Stonybrook from EJF, a hedge fund with $12 billion of assets under ... Read the full article
28th July 2021
Global re/insurance broker Aon has established a new executive committee intended to help facilitate it in accomplishing the objectives laid out across its four-pronged United blueprint. The motivations driving Aon's United Blueprint include creating new sources of value for clients, delivering more effective client service, driving innovation at scale and ensuring ... Read the full article
28th July 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has announced a rise in net income for the second-quarter and first-half of 2021, to $228 million and $344 million, respectively. Supporting this growth in net income, the carrier has reported an improved underwriting performance across both its insurance and reinsurance operations for ... Read the full article
28th July 2021
Re/insurance broker Arthur J Gallagher could still seek an acquisition of all or parts of rival Willis Towers Watson after its deal with Aon fell through this week, according to Bloomberg Intelligence (BI). Gallagher had a $3.6 billion pact to buy several Willis businesses which was dependant on the Aon ... Read the full article
28th July 2021
Lancashire Holdings Limited has reported its Gross written premiums (GWP) increased by 40.7% year on year to $697.2 million for the first half of 2021. The increased GWP was driven by new business and rate increases within the property catastrophe and property retrocession classes of business. The insurer also reported a profitable ... Read the full article
28th July 2021
Reinsurance and investment management firm FG Financial Group has announced the completion of FG New America Acquisition (FGNA) Corp's previously announced business combination with OppFi. The combination was approved by FGNA’s stockholders and sees the company now operating as OppFi, Inc. OppFi’s Class A common stock and warrants began trading on the ... Read the full article
28th July 2021
Independent specialist re/insurance broker BMS has added Nick Hocking and Tony Cuthbertson as directors of its marine division, effective immediately. They report to John Hoare, managing director of BMS marine, and will be based in London. Hocking re-joins BMS after more than a decade at Price Forbes & Partners, having most recently ... Read the full article
28th July 2021
The Hanover Insurance Group has reported a net income of $128.5 million for Q2 2021, compared to $115.2 million for the prior year period. Its operating income came in at $104 million, compared to $62.7 million last year. The insurer claims that the difference between its net and operating income was primarily ... Read the full article
28th July 2021
Rating agency AM Best has kept agricultural insurer, Zhongyuan Agricultural Insurance’s (ZYIC) Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+”, following the heavy rains that have flooded the province of Henan, China since July 19th. This extreme weather disaster, which has affected the central and ... Read the full article
