Reinsurance News
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
There’s opportunity to grow in a promising Asian market: Peak Re CEO Hahn
20th October 2021
Despite the impacts of the COVID-19 pandemic, the Asian reinsurance market continues to evolve and the fundamentals are promising and present an opportunity for growth, according to Franz Josef Hahn, Chief Executive Officer (CEO) of Hong Kong domiciled reinsurer, Peak Re. “From an insurance and reinsurance perspective, Asia has been less ... Read the full article
Hamilton opts to cease writing property treaty reinsurance in London
20th October 2021
Bermuda-based insurer and reinsurer, Hamilton Insurance Group, Ltd., has decided to stop writing property treaty reinsurance through Syndicate 4000 in London. The re/insurer says that it will continue to write this line of business out of Bermuda, consolidating its peak peril catastrophe reinsurance underwriting into a single hub. Additionally, the company will ... Read the full article
Castel launches North American Professional Liability underwriting cell
20th October 2021
Castel Underwriting Agencies has launched a new underwriting cell, North American Professional Liability (NAPL) to focus on the professional service business in the US. The cell is writing both primary and excess layer coverage for larger risk managed clients including law firms, accountants, architects and engineers and construction risks. NAPL has ... Read the full article
Lockton launches Crisis Management division
20th October 2021
Insurance broker Lockton has launched its specialist Crisis Management division, working closely with clients globally to understand and manage their exposures. Matt Humphries will be leading the dedicated Crisis Management unit within Lockton’s Wholesale Property & Casualty (P&C) division to initially encompass Product Recall, Terrorism/Political Violence and Special Contingency (K&R) product ... Read the full article
AXIS updates fossil fuel underwriting & investment policy
20th October 2021
AXIS Capital Holdings Limited, the Bermuda headquartered global specialty insurance and treaty reinsurance writer, has announced several new updates to its fossil fuel underwriting and investment policy. In particular, the company has bolstered its existing policy by committing to phasing out thermal coal business from its insurance, facultative reinsurance, and investment ... Read the full article
Mosaic offers up to $600m in war & terrorism, political violence capacity
20th October 2021
Specialty insurer Mosaic Insurance has extended its war, terrorism and political violence coverage to offer up to $600 million per risk. The increased capacity will enable the company to serve clients via domestic US or Bermuda markets through underwriting teams in both locations. Currently, Mosaic is the only carrier to write political ... Read the full article