Reinsurance News
Aston Lark adds Bethan Jones to newly-created Integration Director role
17th May 2021
Chartered insurance broker Aston Lark has promoted Bethan Jones to the newly created role of Integration Director, with responsibility for ensuring the successful integration of all acquired companies. Jones joined Aston Lark in 2017 before being appointed to its board in 2019. She provides leadership across the firm’s Project Office and Applications ... Read the full article
ArgoGlobal partners with green finance MGA Tierra Underwriting
17th May 2021
Lloyd's of London insurer and Argo Group subsidiary ArgoGlobal has partnered with Tierra Underwriting Limited (Tierra) to provide insurance in support of green project finance transactions. ArgoGlobal will provide $25 million in underwriting capacity to support the MGA, which Tierra will use to support transactions that have carbon abatement at their ... Read the full article
Ethos raises $200mn in Series D funding
17th May 2021
Insurtech company Ethos has raised $200 million in a Series D investment round, boosting its valuation to $2 billion. Since its initial launch, revenue and users have each grown by more than 500% year-over-year, and the company expects to issue $20 billion of life insurance coverage in 2021. The latest funding round ... Read the full article
UK rules out any kind of event cancellation scheme before June 21
14th May 2021
UK culture secretary Oliver Dowden has ruled out the possibility of a government-backed event cancellation insurance scheme before June 21, at which point lockdown restrictions are expected to lift entirely. According to reports from The Independent, Dowden was speaking at a DCMSC committee meeting when Conservative MP Heather Wheeler asked for ... Read the full article
Spinnaker hires Torben Ostergaard as CEO
14th May 2021
Spinnaker Insurance Company, a fronting carrier wholly owned by insurtech group Hippo Enterprises, has appointed Torben Ostergaard as its new president and chief executive officer. Ostergaard joins Spinnaker after more than a decade in c-suite roles at insurance and financial services firm USAA. He succeeds Dave Ingrey, who will transition to chief ... Read the full article
Resolution Life sees commitments hit $5bn following latest capital raise
14th May 2021
Resolution Life has raised an additional $1.6 billion of capital which will be used to support its growth strategy via the acquisition and reinsurance of life insurance portfolios. This latest capital raise means that since its launch in September of 2018, Resolution Life has now secured commitments of roughly $5 billion. Investors ... Read the full article
AM RE’s Ernie Zayicek sees opportunities in post-covid US program market
14th May 2021
With a crop of strong Managing General Agents having weathered a program market further dislocated by COVID-19, AM RE Syndicate’s Ernie Zayicek sees an opportunity to help both high performing MGAs and reinsurance partners in facilitating their ambitions for growth in the US. Zayicek, who serves as Chief Operating Officer and ... Read the full article
Premium renewal rates up across almost all major lines: IVANS
14th May 2021
Looking at premium renewal rates over the month of April, the latest data from the IVANS Index shows that nearly all lines of business experienced an increase in pricing. This was with the exception of Workers’ Compensation lines, which continued to see negative premium renewal rates last month. IVANS, a division of ... Read the full article
SRG acquires Blackrock Insurance Solutions
14th May 2021
Specialist Risk Group (SRG) has acquired specialist Irish Liability and Property MGA, Blackrock Insurance Solutions. The acquisition highlights SRG's commitment to the Irish broker market, as it invests in specialist underwriting capability and technical expertise, to support existing wholesale broker TUE and motor specialist MGA, LIME. SRG has been building its MGA ... Read the full article
ISC partners with Markel on gig economy general liability policy
14th May 2021
Multi-line program administrator Integrated Specialty Coverages has launched a new General Liability policy program geared towards gig economy contractors. The program has been designed to provide contractors “by the job” flexibility, offering a number of customisable options. Made available via ISC’s AI-enabled platform and underwritten by Markel Specialty, the program will be ... Read the full article
Pouch closes seed funding round from ILS Capital
14th May 2021
Commercial auto insurer Pouch has closed a round of seed funding from ILS Capital, giving it access to a portfolio company ecosystem and expertise that has accelerated its launch. ILS Capital’s funding has given a new line of business to its portfolio while ILS provides resources that allow Pouch to focus ... Read the full article
Cytora adds ex-Aspen UK CEO Karen Green to board
14th May 2021
UK insurtech Cytora has announced the appointment of Karen Green to its advisory board, where she’ll help drive growth across the company. Green was previously Chief Executive Officer of Aspen UK and served on the Aspen Group Executive Committee for 12 years. She is currently a Non-Executive Director at Phoenix Group Holdings, Admiral Insurance ... Read the full article
AM Best gives ‘A’ rating to Leadenhall backed Nectaris Re
14th May 2021
Ratings agency A.M. Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to Nectaris Re Ltd, which is backed by London-based specialist ILS and reinsurance related investments manager, Leadenhall Capital Partners LLP. Domiciled in Bermuda, Nectaris Re is the main operating ... Read the full article
Fitch forecasts further margin improvement for European reinsurers
14th May 2021
Analysts at Fitch Ratings are forecast further improvements in underlying technical margins and pricing in non-life reinsurance for the largest European companies, following favourable trends in Q1. All four major European reinsurers reported improved margins in non-life during Q1, Fitch notes, as they increased prices and negotiated better terms and conditions. Reported ... Read the full article
UPC to curb new business, reduce reinsurance coverage
14th May 2021
Dan Peed, Chairman and Chief Executive Officer (CEO) of property and casualty holding company UPC Insurance has explained that the company has “curbed new business dramatically” as part of its exposure management plan, and is planning to reduce its reinsurance program. Last week, UPC reported a first quarter pre-tax loss ... Read the full article