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Reinsurance News

Lancashire pleased with resilient reinsurance programme

14th February 2019

High levels of catastrophe losses hit Lancashire's operating performance in the fourth-quarter of 2018, but despite this, the firm's resilient portfolio and reinsurance programme contributed to a positive performance for the full-year. Lancashire has reported a net operating loss of $13.9 million for the fourth-quarter of 2018, compared with a loss ... Read the full article

Volatile market, nat cats see AIG report $559m Q4 loss

14th February 2019

Catastrophe losses and poor investment returns in a volatile market have seen American International Group (AIG) report an adjusted after-tax loss of $559 million. In addition, the company added $365 million to its reserves in the quarter to cover policies issued in 2016 and earlier. For the full year, this figure totalled ... Read the full article

Suncorp to increase reinsurance spend by $200mn after cat losses dent results

14th February 2019

Suncorp Group, the Australian primary insurer, has announced that it plans to purchase an additional AUD $200 million (US $142 million) of natural perils reinsurance cover in FY 2020 after catastrophe losses of $580 million dented the Group’s profits in 1H 2019. The insurer reported net profit after tax of $250 ... Read the full article

Ryan Specialty Group to acquire wholesale broker Westphalen

14th February 2019

Ryan Specialty Group has agreed to acquire the assets and operations of Westphalen Insurance Services Inc., an independently owned wholesale insurance brokerage located in Edmond, Oklahoma. The Westphalen team will become part of R-T Specialty, the wholesale brokerage unit of Ryan Specialty Group, and will establish the company’s presence in Oklahoma. Founded ... Read the full article

AmTrust Title Insurance promotes Felice Shapiro to General Counsel role

14th February 2019

AmTrust Title Insurance Company, the title insurance subsidiary of P&C re/insurer AmTrust Financial Services, has announced the promotion of Felice K. Shapiro to the role of General Counsel for AmTrust Title and First Nationwide Title. In her new role, Shapiro will be responsible for all underwriting decisions for both AmTrust Title ... Read the full article

Sompo International’s Italian agriculture unit transitions to insurance agency

14th February 2019

Sompo International Holdings, the Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced that its wholly owned subsidiary, A&A S.r.l, is now able to operate as a multi-mandate insurance agency. A&A, which was acquired by Sompo in March 2018, has operated as a broker in the Italian agriculture ... Read the full article

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

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