Reinsurance News
RLI falls to property underwriting loss following Q3 catastrophes
21st October 2021
US property and casualty insurance company RLI Corp. has posted a property underwriting loss of $16.5 million during the third quarter of 2021, after incurring $28.9 million of catastrophe losses for the period. Overall net earnings for the quarter were $29.4 million, down from $42.4 million for the same period last ... Read the full article
Allstate reports Q3 cat losses of $1.3bn
21st October 2021
US primary insurer Allstate has recorded total catastrophe losses of $1.3 billion for the third quarter of 2021, pre-tax, after taking $165 million in the month of September. Catastrophe losses in September were estimated at $103 million, plus reinsurance reinstatement premium and modest unfavorable reserve re-estimates. Two large wind/hail events, primarily impacting ... Read the full article
BF&M names Abigail Clifford as President and Group CEO
21st October 2021
BF&M Limited, the Bermuda-based re/insurance holding company, has appointed Abigail Clifford as President and Group Chief Operating Officer, and CEO Designate of the BF&M group of companies. A date for the transition has not been set and John Wight remains Group Chairman and CEO. The selection of Abigail Clifford as President & ... Read the full article
Guy Carpenter’s underlying revenue up 15% as Marsh hails outstanding quarter
21st October 2021
Reinsurance broker Guy Carpenter has reported a 15% rise in underlying revenue to $314 million for the third quarter of 2021, as its parent Marsh McLennan delivered impressive year-on-year growth. Buoyed by revenue growth across the business, global insurance and reinsurance brokerage Marsh McLennan has reported an increase in underlying revenue ... Read the full article
AXA XL appoints Danielle Roth to lead North American cyber claims
21st October 2021
AXA XL has announced the appointment of Danielle Roth as Practice Leader and Head of Cyber Claims, North America. Roth will be responsible for developing and implementing the segments’ claims strategy and best practices, as well as coverages analysis, claims investigations, reserving and resolution of claims. She has 10 years of Cyber ... Read the full article
Brunel Professions names new Divisional Director of London Markets
21st October 2021
Brunel Professions has appointed Wesley Richards as Divisional Director of London Markets. In this role, Richards will be responsible for the London market broking strategy as well as insurer relationships. He brings over 25 years of London market experience and an established reputation as a leading broker in the professional indemnity sector. With ... Read the full article
BMS acquires Value-add Insurance Broker
21st October 2021
Independent reinsurance broker BMS, has acquired Seoul-based insurance broker, Value-add Insurance Broker (VIB). As part of the acquisition, VIB will become a newly-licensed entity called BMS Korea, operating under the wider BMS Asia team, and will provide specialist M&A insurance solutions to the Korean market. The move is part of BMS’ strategy ... Read the full article
Berkshire Hathaway adds two to Board of Directors
21st October 2021
Warren Buffett’s insurance and reinsurance entity, Berkshire Hathaway Inc., has announced the additions of both Susan A. Buffett and Christopher C. Davis to its Board of Directors. Susan Buffett currently serves as the Chairperson of the Susan Thompson Buffett Foundation and also the Chair of the Sherwood Foundation, both of which ... Read the full article
IQUW in proposed acquisition of Agora Holdings
21st October 2021
Property, commercial and speciality insurer and reinsurer, IQUW, has revealed plans to acquire Agora Holdings and combine its business with IQUW's existing Property portfolios. IQUW intends to acquire Agora and its subsidiaries, the Group responsible for providing underwriting services to Agora, Lloyd's Syndicate 3268. The company reports that discussions to close the ... Read the full article
CFC secures significant investment from European PE firms EQT & Vitruvian
21st October 2021
CFC, the emerging risks focused and specialist cyber insurer, has secured a major investment joint-led by two of Europe's leading private equity firms, EQT and Vitruvian, which will see CFC's employee shareholders almost double. Founded more than 20 years ago, CFC has established itself as a global leader in cyber and ... Read the full article
Citadel Risk announces capital injections and stop loss arrangement
21st October 2021
Citadel Risk has announced major capital changes to the balance sheets of its Citadel Reinsurance Company Limited Bermuda (Citadel) and American Millennium Insurance Company (AMIC) subsidiaries. These include a $25 million capital injection into Citadel’s balance sheet, which stands at $47.1 million as of September 30th. Similarly, Citadel Risk announced a $10 ... Read the full article
US fronting firm Concert secures $100m capital raise, “A-” AM Best rating
21st October 2021
Newly-formed insurance fronting company Concert has secured $100 million in growth capital and a rating of “A-” (Excellent) from A.M. Best. Founded by a group of experienced insurance industry executives, Concert will provide fronting products and services, as well as options for alternative risk transfer structures. AM Best's rating takes into account ... Read the full article
Lancashire sees nat cat losses of up to $185m, political violence losses of $40m
21st October 2021
Lancashire Holdings Limited has announced estimated net losses from natural catastrophe events of between $165 million and $185 million for the third quarter of 2021, as well as losses of $40 million from its exposure to large loss events in its political violence portfolio related to the unrest in South ... Read the full article
Opportunity for re/insurance industry to ‘act as a force for social good’ in climate fight: Howden
21st October 2021
As the link between the changing climate, more extreme weather events and higher insured and reinsured catastrophe losses strengthens, there's an opportunity for the risk transfer industry to act as a force for social good, according to international insurance broker Howden. Data and analysis in a new report by Howden, titled ... Read the full article
Qatar General Insurance & Reinsurance announces board resignation
21st October 2021
Qatar General Insurance and Reinsurance Company has disclosed the resignation of Faleh Mohammed H A Al-Nasr from the membership of its Board of Directors. The company assured that the resignation was due to personal reasons. The Board of Directors and the Executive Management expressed their gratitude and appreciation to Faleh Mohammed H ... Read the full article