Reinsurance News
FedNat falls to $50mn net loss in Q2
10th August 2021
Florida based primary insurer FedNat has posted a net loss of $50.4 million for the second quarter of 2021, as its performance was impacted by catastrophe losses such as Winter Storm Uri as well as higher reinsurance costs. The net loss was driven by approximately $34.2 million of current quarter net ... Read the full article
Sompo Intl adjusted profit reaches $128mn in Q1 FY21
10th August 2021
Sompo International has reported an adjusted profit of $128 million in the first quarter of 2021’s financial year, up from the $49 million hit in the prior year period. Meanwhile, gross premium written increased to $2.7 billion from $2.5 billion in the prior year period. This increase was primarily due to rate ... Read the full article
Swiss Re CorSo adds AIG’s Blattner-Hoyle to Global Credit & Surety unit
10th August 2021
Swiss Re Corporate Solutions has appointed Marilyn Blattner-Hoyle to its global credit & surety unit as Global Head of Trade Finance. Effective 18 August, Blattner-Hoyle will oversee origination and underwriting activities across the company’s trade finance portfolio. She will focus on the development of growth opportunities, implementation of our business strategy and ... Read the full article
Tokio Marine’s FY21 Q1 international profits jump $358mn
10th August 2021
Overall profits from the international operations of re/insurance holding company Tokio Marine rose by $358 million to $526 million in the first quarter of 2021's financial year. Year on year, profits rose primarily due to a reversal from COVID-19's effects but was impacted by $133 million in natural catastrophe costs. The firm expects to ... Read the full article
Pension risk transfer markets stabilise after pandemic pullback: L&G
10th August 2021
A new report from Legal & General shows a robust deal pipeline for the second half of the year for both the US and UK pension risk transfer (PRT) markets, following a pandemic-induced slowdown in 2020. The Legal & General Group’s global pension risk transfer businesses, Legal & General Retirement Institutional ... Read the full article
Structured Alpha investigation could hurt Allianz’s future results, warns Moody’s
10th August 2021
According to Moody's, the US Department of Justice (DOJ) investigation of the Structured Alpha Funds managed by Allianz Global Investors US, Allianz’s asset management subsidiary, has raised a risk which could potentially affect the future financial results of the carrier. The US Securities and Exchange Commission (SEC) launched an investigation ... Read the full article
Munich Re’s profit rises to €1.1bn despite higher than expected COVID impact
10th August 2021
Global reinsurer Munich Re has announced profit of €1.1 billion for the second quarter of 2021, as profits improved in both its property and casualty (P&C) and life and health (L&H) reinsurance segments despite ongoing losses related to the COVID-19 pandemic. The company's reinsurance operation contributed €951 million to the consolidated ... Read the full article
“The relationship aspect of our business is timeless”: AM RE’s Dijak
9th August 2021
Dan Dijak, Head of Underwriting at AM RE Syndicate says that, amid challenging market conditions, the key to the company’s success is nurturing long-term, predictable relationships with clients. “We believe that the relationship aspect of our business is timeless,” Dijak told Reinsurance News during a recent interview that focused on finding ... Read the full article
Rokstone appoints Ian Green to head Power Generation division
9th August 2021
Rokstone, the international speciality re/insurance MGA, part of Aventum Group, has announced the appointment of Ian Green to run a Global Operational Power Generation facility. Green will join Rokstone on October 1st to head up the newly formed Power Generation division. Formerly Director of Energy and Natural Resources for Occam Underwriting, he ... Read the full article
Marsh appoints WTW pair to newly-created leadership role
9th August 2021
Insurance broker Marsh has announced the appointments of John Atkinson and Michael Pokora to co-lead a new Senior Housing and Long-Term Care Practice for the US and Canada. Based in Chicago, they will report to Jeffrey Alpaugh, Marsh’s US and Canada Growth and Industry Leader. This is a newly-created dual leadership role ... Read the full article
Acrisure Re appoints Craig Darling to lead new unit in Florida
9th August 2021
Acrisure Re, the reinsurance division of Acrisure, has appointed Craig Darling to lead a newly launched business in Florida as EVP and Office Head. Darling is based in Melbourne, Florida and will report to Acrisure Re CEO, Simon Hedley. He will manage both property and casualty lines of business in Florida as ... Read the full article
Vesttoo raises $6mn in Hanaco-led Series A funding round
9th August 2021
Hanaco Ventures has partnered with Vesttoo via an equity investment of $6 Million, leading Vesttoo’s Series A round aimed at further promoting the company’s multi-billion security-based investment portfolio. Vesttoo is a leading global alternative reinsurance and investment platform offering a security-based investment portfolio based on non-catastrophe insurance risks. The funding round is ... Read the full article
Wildfire no longer a secondary peril after 30% rise, says Chaucer
9th August 2021
Analysts at Chaucer have argued that US wildfire should no longer be treated by re/insurers as a secondary peril, following a 30% rise in the number of major wildfires over the last 15 years. The average number of US wildfires that have burned over 40,000 acres has risen from an average ... Read the full article
Brookfield Reinsurance to acquire American National for $5.1bn
9th August 2021
Brookfield Asset Management Reinsurance Partners, which was launched by the alternative asset manager in late 2020, has entered into a definitive agreement to acquire American National Group, Inc. in an all-cash transaction valued at $5.1 billion. Brookfield's recently launched reinsurance business operates as a paired entity to Brookfield, providing shareholders ... Read the full article
Lockton Re hires Guy Carpenter’s Rob McNamara to lead NA Fac
9th August 2021
Lockton Re, the reinsurance arm of the global brokerage, has announced the appointment of Rob McNamara, previously of Guy Carpenter, as its new North American Facultative Leader. Most recently, McNamara served as a Managing Director at the reinsurance arm of Marsh McLennan, Guy Carpenter, within its Facultative practice, leading Chicago, Hartford, ... Read the full article