Reinsurance News
Greenlight Re expands Board with three new additions
4th August 2021
Hedge fund-backed reinsurer Greenlight Capital Re has expanded its board of directors to nine members with the addition of Johnny Ferrari, Ursuline Foley and Victoria Guest. Ferrari is currently a consultant to companies in the financial services industry, having retired from KPMG International in June 2021. Prior to his retirement, Ferrari specialized ... Read the full article
Universal CEO says insurer is hyper-focused on driving more primary rate
4th August 2021
Florida headquartered insurer Universal is said to be hyper-focused on driving more primary rate into its portfolio, according to Chief Executive Officer Steve Donaghy. Speaking at a recent earnings call, Donaghy described how the two pillars of price and exposure discipline, along with recent property insurance legislation in Florida and a ... Read the full article
LSM names Denise Delaney as Head of Responsible Business
4th August 2021
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Denise Delaney as Head of Responsible Business. Delaney is based in London reporting to LSM’s Group General Counsel, Nigel Davenport and the global LSM Executive. In her new role, she will develop LSM’s responsible business strategy and deliver its business ... Read the full article
Hamilton implements Phinsys software across Lloyd’s, EEA businesses
4th August 2021
Finance automation software provider Phinsys has announced the implementation of its technology by Hamilton Insurance Group. The Bermudian re/insurer opted for Phinsys’ software in an effort to enhance the financial accounting and reporting of its Lloyd’s syndicates and EEA business. Hamilton is now benefiting from the use of Tandem, a source-agnostic finance ... Read the full article
BRP Group completes acquisitions of Founder Shield & Capital Group
4th August 2021
Independent insurance distribution firm BRP Group has announced that its subsidiary, Millennial Specialty Insurance (MSI), has completed its previously announced acquisitions of Founder Shield and The Capital Group. Founder Shield collectively refers to FounderShield LLC, AlphaRoot LLC, ReShield LLC and Scale Underwriting Services LLC, while The Capital Group refers to TCG ... Read the full article
Ed announces full Ki integration into etrading platform
4th August 2021
Reinsurance, wholesale and specialty broker Ed has fully integrated Ki’s algorithmic underwriting with its etrading platform TradEd. It’s hoped the integration of Ed and Ki’s platforms will introduce seamless access to Ki’s follow-only capacity, enabling brokers to quote and bind risks without leaving Ed’s system. “This is an exciting development, in line ... Read the full article
Occam adds Oliver Litterick to lead low carbon energy unit
4th August 2021
Specialist lines-focused Managing General Agent Occam Underwriting has hired Oliver Litterick as Director and Head of Low Carbon Energy. He will lead and build a new low carbon energy re/insurance business that will seize upon opportunities arising from the continuing development of energy through renewable sources. Litterick has close to 15 years’ ... Read the full article
Athene secures $4.9bn pension risk transfer with Lockheed Martin
4th August 2021
Financial services company Athene has closed a significant pension risk transfer (PRT) transaction with Lockheed Martin involving the transfer of $4.9 billion in pension obligations. Athene's wholly-owned subsidiaries, Athene Annuity and Life Company and Athene Annuity & Life Assurance Company of New York, have agreed to provide annuity benefits for approximately ... Read the full article
Greenlight Re returns to underwriting profitability
4th August 2021
Greenlight Capital Re has reported its Q2 2021 financial results, showing an underwriting income of $4.562 million compared to a loss of $1.306 million for the prior year period. Its combined ratio came in at 96.5%, an improvement from 101.2% last year. The higher underwriting income was due primarily to the ... Read the full article
Markel’s H1 income rises to $1.2bn as CR strengthens to 90%
4th August 2021
Markel Corporation has reported comprehensive income of approximately $849.7 million for the second quarter of 2021 and a lower combined ratio of 87%, which reflects a lower current accident year loss ratio. Year-on-year, Markel's Q2 2021 income did fall from the $1.1 billion announced in Q2 2020. Although, net income for ... Read the full article
RGA announces higher income in 2021 as COVID-19 claims subside
4th August 2021
Global life reinsurance carrier, Reinsurance Group of America, Incorporated (RGA), has reported a higher net income, year-on-year, for both the second quarter and first half of the year, while premiums increased by 11% to $3.1 billion. Overall, RGA has announced net income of $344 million for Q2 2021, compared with $158 ... Read the full article
COVID infections re-emerge as marine sector threat: PCS
4th August 2021
High rates of infection from the Delta variant and low levels of vaccination in key countries could result in worldwide crew shortages, fatigued and stranded crewmembers, and increased risk of loss for marine re/insurers, according to analysts at PCS. The firm says that marine re/insurers in particular need to stay vigilant ... Read the full article
Ensurance adds casualty underwriter Martino D’Aliesio
4th August 2021
Specialty lines MGA Ensurance has announced the appointment of casualty underwriter Martino D’Aliesio, expanding the firms presence in casualty underwriting while building on its core lines in Construction, Engineering & Terrorism. Following the hire, Ensurance has launched 3 new underwriting lines, including SME Casualty, Mid-Market Casualty and Risk Managed Casualty. All 3 ... Read the full article
FM Global announces key leadership changes
4th August 2021
Commercial property insurer FM Global has made key changes to its executive management team. Bret Ahnell, executive vice president and a 34-year veteran of the company, has been named chief operating officer and will run insurance operations globally. Ahnell joined ... Read the full article
Coface Singapore joins LiquidX 360 platform
4th August 2021
LiquidX has announced that the Coface Singapore Branch has joined its LiquidX 360 digital platform. The platform offers enhanced operational efficiency and transparency for participants in the trade credit insurance market, this includes carriers, brokers, and policyholders. Coface Singapore is the first carrier in the region to join the platform since LiquidX ... Read the full article