Reinsurance News
Gallagher Re launches next-gen reinsurance analytics platform GAIA
14th September 2021
Global reinsurance broker Gallagher Re has announced the launch of its holistic, next-generation reinsurance analytics platform called Gallagher Automated Insurance Analytics (GAIA), designed to deliver deeper and faster client insights. According to Gallagher Re, GAIA provides clients with a single, scalable analytics ecosystem which incorporates structured data, automated workflows, and on-the-fly ... Read the full article
PIC grows H1 profit amid “very busy” pension risk transfer market
14th September 2021
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has reported improved profitability over the first six months of 2021, amid what CEO Tracy Blackwell describes as a “very busy” pension risk transfer market. The company posted adjusted operating profit of £221 million in H1, compared with £187 ... Read the full article
LMA adds six new board members
14th September 2021
The Lloyd’s Market Association (LMA) has appointed six new board members, adding expertise in areas such as digital trading, underwriting leadership, strategy, corporate development, data analysis and syndicate management. The new board members include Hugh Brennan, CEO of RenaissanceRe Syndicate Management; Dominick Hoare, Group CUO of Munich Re Syndicate; and Kate ... Read the full article
Tysers set for Middle East expansion with Dubai hires
14th September 2021
Lloyd’s broker Tysers is expanding its presence in Dubai to meet the Middle East's growing demand for insurance expertise. The expansion forms part of Tysers’ wider strategy to drive growth opportunities in international markets, bringing local expertise and the support of an established global broker to what it considers an underserved ... Read the full article
Increase in capital enables Fidelis to continue to innovate: Dan Burrows
13th September 2021
After raising a significant amount of capital in 2020, a trend which has continued this year, specialty insurer and reinsurer, Fidelis Insurance Holdings Limited, continues to innovate and sees opportunities across most lines of business, according to Dan Burrows, Executive Chairman of Fidelis Bermuda and Group Managing Director. In 2020, equity ... Read the full article
The Hartford’s $200mn Ida bill to fall outside reinsurance cover: KBW
13th September 2021
KBW analysts, while attending a competitor conference featuring executives from The Hartford, have highlighted an initial loss figure from hurricane Ida of $200mn, an estimate which encompasses all of the insurer's losses related to the storm. Furthermore, KBW has relayed that The Hartford doesn't anticipate reaching its minimum reinsurance layers, which ... Read the full article
Coface appoints Marcele Lemos to lead LatAm region
13th September 2021
Credit insurer Coface has announced the appointment of Marcele Lemos as the new Chief Executive Officer (CEO) of its Latin America Region. She joins the Executive committee and will report to Xavier Durand, Group CEO. Lemos originally joined the Coface team in 1999 as a Risk Underwriter and was appointed Country Manager ... Read the full article
Porch bolsters insurtech, home warranty presence with new acquisitions
13th September 2021
Software company Porch Group has announced the acquisitions of CSE Insurance and American Home Protect (AHP), as it looks to accelerate its insurtech ambitions and enter the home warranty market. CSE is a California-based personal lines insurer focused on property and auto that Porch has agreed to acquire from its current ... Read the full article
Activist investor urges board to explore full sale of Argo Group
13th September 2021
One of Argo Group International Holdings, Ltd.'s largest shareholders, Capital Returns Management, LLC, has called on the re/insurer's Board of Directors to conduct a strategic alternatives review and consider a full sale of the company. The activist investor believes that Argo's assets and market position support a sale price of at ... Read the full article
Bermuda re/insurers paid $35bn to UK policyholders from 2016-2020: BMA
13th September 2021
The Bermuda Monetary Authority (BMA) has completed its United Kingdom (UK) Data Claim Survey for this year, showing that from 2016 to 2020, Bermuda re/insurers paid out US$35.2 billion to UK policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims. Compared to last year’s survey, the ... Read the full article
Cowbell Cyber appoints Chris Reese as head of insurance
13th September 2021
AI-powered cyber insurer Cowbell has appointed Chris Reese as the company's new head of insurance, a role that will see her support business strategy, operations and growth. Reporting to Trent Cooksley, COO, Reese joins from Lockton Companies having served as senior vice president and cyber & technology insurance practice lead. At Lockton, ... Read the full article
AIR raises Ida industry loss range to $30bn
13th September 2021
Verisk’s AIR Worldwide has raised its estimated insured loss range for Hurricane Ida to $20 billion to $30 billion, after adding the impacts of inland flooding to its initial assessment. The catastrophe modeller has maintained its earlier estimate of $17 billion to $25 billion for insured wind and storm surge ... Read the full article
First half a good starting point, but recent cat activity to pressure CRs: Moody’s
13th September 2021
Aided by reduced impacts from the COVID-19 pandemic on the property and casualty (P&C) side of the business, reinsurers' normalised and reported combined ratios (CR) trended down in the first half of the year, but additional pressure is expected amid an active catastrophe experience so far in H2, according to ... Read the full article
AV8 Ventures launches second fund backed by Allianz SE
13th September 2021
AV8 Ventures has launched with a $180 million second fund to help drive emerging technologies in AI-driven health, mobility and enterprise. AV8 Ventures has invested in 20 companies with a focus on the US since its launch in 2018. “We are humbled by the continued support from Allianz and our founders who ... Read the full article
Aon backs hurricane Ida as one of US mainland’s costliest yet
13th September 2021
With economic losses anticipated to reach well into the tens of billions of dollars, Aon expects Hurricane Ida to become one of the costliest US mainland hurricanes yet, both on a nominal and inflation-adjusted basis. Commenting during its monthly catastrophe report, the broker explained how despite a sizeable insured portion of ... Read the full article