Reinsurance News
Tanzania welcomes second local reinsurer
14th February 2022
According to The Citizen, Tanzania has been granted a newly registered reinsurance firm, Grand Re, allowing local insurance companies to share risk by purchasing insurance policies from other insurers. Grand Re has subsequently become Tanzania’s second local reinsurance company, joining Tanzania Reinsurance Company (TanRe) whose 45% of its shareholding is owned ... Read the full article
Brit adds senior hires to Sussex Capital
14th February 2022
Specialty insurer Brit has announced two new senior appointments to its insurance-linked investment management platform, Sussex Capital. Cornell Fox will join Sussex Capital as Head of Investor Relations and Business Development, while Masa Kitade has been appointed as Head of Business Development for Asia. Fox will focus on leading fundraising and investor ... Read the full article
HSBC completes AXA Singapore purchase
14th February 2022
AXA has completed the sale of AXA Singapore to HSBC for a reported $529m. The amount being paid is less than was reported here in August, when Reinsurance News wrote that the sale was slated to be for $575m. That followed reports in January that HSBC Holdings was among the ... Read the full article
Property cat pricing hasn’t improved enough to justify the exposure: Everest Re CEO Andrade
11th February 2022
Property catastrophe reinsurance pricing has been on the rise for some time now, but when you consider the impacts of consecutive above-average years of natural disaster events and losses, exacerbated by climate change, it simply hasn't moved enough, according to Juan Andrade, President and Chief Executive Officer (CEO) of Everest ... Read the full article
Marco completes RITC transaction with Verto
11th February 2022
Marco Capital Holdings, a European P&C insurance run-off group, has completed a Reinsurance to Close (RITC) transaction with Verto Syndicate. The transaction became effective at the beginning of this year, and was underwritten by Marco’s recently established Syndicate 1254, and managed by Capita Managing Agency, which Marco has agreed to acquire. The ... Read the full article
Fairfax sees record 2021 earnings
11th February 2022
Fairfax Financial Holdings has reported fiscal year 2021 net earnings of $3,401.1m, compared to 2020’s $218.4m. The Canada-based firm (all amounts in this story are in USD) said that last year was the best it had ever had, with record net earnings of $3.4bn and growth in book value per share ... Read the full article
Athene saw net income more than double in 2021
11th February 2022
Apollo subsidiary Athene has just released its Q4 and FY results for 2021, revealing that the company’s net income between 2020 and 2021 more than doubled. According to the firm’s latest results, its net income in 2020 was $1,446m. This increased over 2021 to $3,718m. However, net income recorded for Q4 ... Read the full article
AXA XL appoints new head of claims for Canada
11th February 2022
AXA XL has appointed Sandra Lee to be its new head of claims for Canada. Lee, who is being promoted into the role after being the leader for the local Casualty Claims team, will have oversight for all claims activity across property & casualty, specialty and professional lines in the country. Lee ... Read the full article
Universal shores up reserves, warns of $80m Q4 impact
11th February 2022
Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has said that it is expecting to incur $80.1 million of costs in the fourth quarter of 2021 due to reserve strengthening measures and adverse development. As a result of taking a more conservative inflationary stance, the company estimates 2021 accident ... Read the full article
Brookfield Reinsurance saw net income fall
11th February 2022
Brookfield Reinsurance has reported that its net income fell by $43m in the three months ending 2021, a $45m swing from the same period the year before. Announced in its latest results, the firm said that it had a loss in its net income of $44m over the year, a $46m ... Read the full article
AmTrust forms new leadership team for E&S division
11th February 2022
AmTrust Financial Services, a global specialty property and casualty insurer, has formed a new leadership team for its Excess and Surplus (E&S) division through promotions and expanding the roles of five executives. The division will be led by Senior Vice President Erich Bublitz, who will report to Dan Hickey, President of ... Read the full article
Fairfax appoints new president
11th February 2022
Fairfax Financial Holdings has appointed Peter Clarke to be its new president. Clarke, the company’s Chief Operating Officer (COO), has also served as the company’s Vice President, Chief Risk Officer, and Chief Actuary. Alongside his new role as President, he will continue in his current role as COO. Prem Watsa, Chairman and Chief ... Read the full article
Trisura reports FY premium growth of 68.7%
11th February 2022
Trisura is reporting premium growth of 54.3% between Q4 2020 and Q4 2021, alongside a full-year result of 68.7%. The firm said this growth was driven by an expansion of its market share, the maturation of its platform, and the advent of new products. It said that in Canada, focused underwriting ... Read the full article
United (UPC) suspends new homeowners business in Florida
11th February 2022
United Insurance Holdings Corp. (UPC Insurance), the Florida-headquartered property and casualty (P&C) insurer, has officially ceased writing new homeowners business in the state, as of January 1st, 2022. In a memo sent to agents, seen by Reinsurance News, the company cited high catastrophe losses from the 2020 storm season, rising reinsurance ... Read the full article
NN Re picks RMS for risk analysis on Orange Capital Re bond
11th February 2022
Risk modelling and solutions company RMS has been choosen by NN Re to conduct the risk analysis for its new catastrophe bond, issued through Orange Capital Re DAC. NN Re, which is the reinsurance and hedging company of NN Group, an international financial services company, issued Orange Capital Re DAC ... Read the full article