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Reinsurance News

Skuld achieves 5.5% growth in 2021 P&I renewals

24th February 2021

Marine insurer Skuld has announced that its mutual P&I gross tonnage (G) increased by 5.5% to 101 million following its renewals for the 2021 period. The company also increased its market share across all other lines of business, including hull and energy and all aspects of its commercial P&I operations. "We are ... Read the full article

Growth of digital healthcare creating unforeseen risks: WTW

24th February 2021

Global re/insurance broker Willis Towers Watson has released a report which explores how COVID-19 and the trend towards the digitisation of medicine is resulting in a rapid technological change. In the report, the broker also noted that digitisation is creating emerging risk issues and may result in healthcare risk managers reassessing ... Read the full article

Marsh partners with Unqork on placement, policy management platform

24th February 2021

Re/insurance broker Marsh has partnered with software firm Unqork on a new digital platform designed to streamline insurance placement and policy management services in the US. The platform will aim to create a digital workspace where Marsh's brokers and the insurers they work with can quickly perform key placement and policy ... Read the full article

Liberty Mutual posts Q4 net income of $162mn

24th February 2021

US primary insurer Liberty Mutual has reported a fourth quarter net income of $162 million, up from the $301 million loss posted in the prior year period. Net written premiums during Q4 topped $10.095 billion, an increase of $344 million over the same period in 2019. The consolidated combined ratio before catastrophes ... Read the full article

TransRe fails to shake underwriting loss in Q4

24th February 2021

Alleghany Corporation has posted underwriting profit of $16.5 million in the fourth quarter of 2020, despite another period of losses for its reinsurance arm, TransRe. TransRe reported an underwriting loss of $34.6 million in Q4, which was an improvement on the $162.8 million loss it posted for the same period in ... Read the full article

Third Point Re dissatisfied with 2020 underwriting result

24th February 2021

Third Point Re has announced net income of $134.4 million for the fourth-quarter of 2020 and $143.5 million for the full-year 2020, as claims related to catastrophes and the COVID-19 pandemic saw the firm report an underwriting loss for both periods. For the quarter, net income actually improved from the $29.7 ... Read the full article

Andy Neve takes senior energy role at Ed

24th February 2021

Global reinsurance, wholesale and specialty broker Ed has appointed Andy Neve as a Senior Technical Account Manager within its energy team. Neve joins Ed from Lockton, where he held a Vice President role that involved handling and placing onshore/offshore operational programmes and drilling/service contractor programmes. He specialises in insurance for E&P companies, ... Read the full article

SCOR ‘absorbs’ COVID-19 shock but full-year net income falls to €234mn

24th February 2021

Global insurer and reinsurer SCOR has reported net income of €234 million for 2020, representing a decline of more than 44% from the previous year, as claims related to the ongoing COVID-19 pandemic reached €640 million. As income for the year declined, SCOR actually recorded a 371% increase in net income ... Read the full article

Kavan Tucker joins AXIS Re as Senior Underwriter, Mortgage

24th February 2021

AXIS Re, the reinsurance business segment of AXIS Capital Holdings Limited, has announced the appointment of Kavan Tucker to the AXIS Re Global Markets team as a Senior Mortgage Underwriter, effective March 1, 2021. In this role, Tucker will be responsible for developing the Mortgage book of business at AXIS Re. In ... Read the full article

Volante Global launches cyber ransomware solution

24th February 2021

International managing general agent platform Volante Global has announced the launch of a new cyber ransomware solution designed to combine ransomware cover with the latest in cyber security technology. At the core of Cyber Lockout is a multi-layered cyber security solution called Trident Lockdown, provided by GBMS Tech, which is built ... Read the full article

Hiscox appoints Emily Taylor as Line Underwriter

24th February 2021

Global insurer Hiscox has appointed Emily Taylor as Line Underwriter, Marine and Energy Liability. Taylor joined Hiscox last year as an underwriter for marine and energy liability, having previously spent four years as Class Underwriter Energy Liability at AXA XL. She will report to Mike Southgate, Divisional Director for Marine, Energy and ... Read the full article

2020 losses overshadow reinsurance pricing gains: Moody’s

23rd February 2021

Reinsurers have reported “lackluster” results for 2020, according to analysts at Moody’s, who argue that the catastrophe and COVID-19 losses incurred last year overshadowed pricing gains. For the full year, Moody’s noted that reinsurers’ combined ratios were generally in the 102% to 110% range, even as investment gains helped to lift ... Read the full article

Topsail Re, UFG enter into program management agreement

23rd February 2021

Topsail Re has entered into a program management agreement with UFG Insurance that will see the two firms risk share on certain lines of business. UFG recently announced plans to expand its assumed reinsurance business and Topsail desires to provide additional capacity to its cedants, where appropriate. Effective February 15, Topsail will ... Read the full article

Applied Underwriters’ Centauri Insurance acquires Gulfstream renewals

23rd February 2021

Centauri Insurance, a subsidiary of risk services firm Applied Underwriters, has acquired the renewal rights to 16,700 policies from Gulfstream Property and Casualty Insurance Company and Gulfstream Select Insurance Company. Gulfstream is a Florida-based insurance company that provides homeowners' insurance. The polices acquired by Centauri relate to business in Alabama, Read the full article

THB to retain brand name amid LatAm expansion

23rd February 2021

Specialist re/insurance broker THB has announced that it will retain its brand name in Latin American (LatAm) regions following the renaming of its UK expansion operation to Amwins Global Risks. As part of its expansion, THB LatAm is planning to grow on a regional basis and to facilitate this approach the ... Read the full article

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