Reinsurance News
EvolutionIQ raises $21m in Series A funding
14th April 2022
Claims guidance platform EvolutionIQ has raised $21m in Series A funding. According to the firm, the round was led by Brewer Lane Ventures, with participation from FirstRound Capital, FirstMark Capital, Foundation Capital, Altai Ventures, and Asymmetric Ventures. Other investors included Reliance Standard Life, New York Life Ventures, Guardian Life, and Sedgwick. Tomas ... Read the full article
Swiss Re secures $1.15bn hybrid bank financing / ILS deal for group-wide losses
14th April 2022
Reinsurance giant Swiss Re has partnered with J.P. Morgan and institutional investors to complete an innovative, first of its kind hybrid transaction which combines bank financing and insurance-linked securities (ILS), securing $1.15 billion in protection for severe underwriting-related losses. For this innovative multi-year stop-loss transaction, J.P. Morgan provides $1 billion in ... Read the full article
Core Specialty names President of newly formed Equine Division
14th April 2022
Core Specialty Insurance Holdings has announced the appointment of Kevin Eagen who joins the company as President of its newly formed Equine Division. Equine Division represents Core Specialty's 11th Specialty Business Unit. In a press release, it states that Equine Division offers a variety of products, including equine mortality, loss of use, ... Read the full article
Oil & gas price surge heightens risk of underinsurance: Lockton
14th April 2022
Peter Hall, Head of Marine Cargo & Logistics at Lockton, has warned that the surge in oil and gas prices as a result of international sanctions on Russia could heighten the risk of underinsurance. Commenting on the conflict and its implications for the global re/insurance industry, Hall noted that failure to ... Read the full article
Fosun’s AmeriTrust to be acquired by AF Group
14th April 2022
Global specialty re/insurer AF Group has entered into a definitive agreement through its subsidiary, Accident Fund Insurance Company of America, to purchase AmeriTrust Group from Fosun. Investment banking and reinsurance brokerage, Stonybrook Capital acted as advisors for AF Group during the acquisition, whilst Deutsche Bank were advisors for Fosun. In a press ... Read the full article
Argo’s AM Best BCAR score lowered on reserve development
13th April 2022
Ratings agency AM Best has revised down its assessment of Argo Group's balance sheet strength from the strongest level to very strong, which reflects a lower Best Capital Adequacy Ratio (BCAR) score on the back of adverse reserve development. On February 9th, 2022, Argo pre-announced that up to $140 million ... Read the full article
One80 acquires Seacoast Speciality Administrators
13th April 2022
Specialty insurance broker, One80 Intermediaries has announced that it has acquired Seacoast Specialty Administrators – a New York based wholesale broker and program manager that specialises in the commercial marine industry. Seacoast was established in 1997 and is a family owned and operated business that specialises in commercial marine risks such ... Read the full article
Tokio Marine Kiln launches new IP product for SMEs
13th April 2022
Tokio Marine Kiln has released its new Intellectual Property Abatement Insurance for US-based SMEs, where the product will be available as an add-on to TMK’s Intellectual Property (IP) Infringement Defence Policy and features limits of up to $3 million. The product will be available for Micro-Enterprise and Small to Medium size ... Read the full article
Fitch predicts P&C profit improvement on pricing, auto results
13th April 2022
Continued favourable commercial lines pricing and stabilization in personal auto results are expected to lead to 2022 underwriting and profit improvement for US property casualty (P&C) insurers, according to analysts at Fitch Ratings. In contrast the rating agency believes that surplus growth is likely to diminish significantly relative to the past ... Read the full article
Allianz shows resilience in extraordinary circumstances: Jefferies
13th April 2022
Ahead of Allianz’s 1Q22 results, analysts at Jefferies have weighed up the possible impacts from natural catastrophes, financial market volatility and the ongoing Russia – Ukraine crisis. Analysts stated that non-life exposure to natural catastrophes remains manageable. In 1Q22, the largest insured natural catastrophe events worldwide included European storms ($3bn-$6bn,), Australian floods ... Read the full article
Duck Creek names Jess Keeney as Chief Product Officer
13th April 2022
P&C insurance software provider, Duck Creek Technologies has announced that Jess Keeney has been appointed to its leadership team as Chief Product Officer. Within her role, Keeney will lead Duck Creek’s product vision to drive value for customers, partners and system integrators. Keeney joins Duck Creek with 15 years of experience delivering ... Read the full article
Ermotti re-elected as Chairman as Swiss Re shareholders approve all AGM proposals
13th April 2022
At Swiss Re's 2022 Annual General Meeting (AGM), held this morning, the reinsurer's shareholders approved all proposals put forward by the Board of Directors, including the re-election of Sergio Ermotti as Chairman of the Board. Alongside the re-election of Ermotti, Swiss Re shareholders approved the re-election of all other proposed members ... Read the full article
Allstate promotes Terrance Williams to President as Civgin retires
13th April 2022
US primary insurer Allstate has announced that Terrance Williams will be promoted to President, Protection Products and Services, effective May 1. Williams’ promotion comes after Vice Chair and CEO, Protection Products and Services, Don Civgin, has announced his decision to retire after a distinguished 13-year career at Allstate. Civgin joined Allstate as ... Read the full article
Howden to acquire SPF as it continues its investment within the UK
13th April 2022
International insurance broker, Howden is to acquire UK financial services firm - SPF Private Clients (SPF). Subject to regulatory approval, the signing will extend Howden’s offering to the mortgage broking market while enhancing its existing general insurance and wealth management offering, including its high net worth and private client focused businesses. This ... Read the full article
Xenia Broking takes majority stake in Hong Kong-based Capstone
13th April 2022
Xenia Broking Group Limited, the credit insurance and surety specialist, has acquired a majority stake in Hong Kong-based insurance broker, Capstone Insurance Brokers Limited - its ninth acquisition in three years. The takeover of Capstone Insurance Brokers marks the beginning of Xenia's international expansion and broadens the group's product offering into ... Read the full article