Reinsurance News
Reinsurance News
Reinsurance industry news, analysis, insight and interviews.
Reinsurance market news coverage provided everyday, on the top reinsurers and insurers, covering news topics of relevance to the reinsurance sector, as well as commercial and specialty insurance.
Fairfax to offload 10% of Odyssey Group in $900mn-rated deal
17th November 2021
Property and Casualty re/insurance holding company Fairfax Financial has entered into a $900 million agreement to offload a 9.99% interest in Odyssey Group, its US re/insurance subsidiary. The transaction will be achieved via a sale of securities to affiliate CPPIB Credit Investments and OMERS, a defined benefit pension plan for Ontario’s municipal sector employees. ... Read the full article
Fitch highlights strong 9M earnings from Europe’s top 4 reinsurers
15th November 2021
Europe’s four biggest reinsurers are said to have demonstrated strong earnings improvements over the course of 2021’s first nine months, despite what was a period of heavy catastrophe losses for the sector. Fitch Ratings' analysts explained how Munich Re, Swiss Re, Hannover Re and SCOR all posted ... Read the full article
Hannover Re sheds stake in HDI as firm underlines ‘pure reinsurer’ focus
11th November 2021
Global reinsurer Hannover Re has announced the sale of its 49.8% stake in joint venture HDI Global Specialty SE to majority shareholder HDI Global SE. The deal underscores Hannover Re’s overarching ambition of repositioning itself as a pure reinsurer. Concurrently, the sale is seen as a way to free up capital for ... Read the full article
Berkshire Hathaway announces $1.5bn Q3 reinsurance cat hit
8th November 2021
The reinsurance business of Warren Buffet-owned holding company Berkshire Hathaway has announced $1.5 billion in catastrophe-driven losses and loss provisions for 2021's third quarter, a figure that rises the firm’s overall losses and loss adjustment expenses by $442 million against the prior year quarter. Overall 9M cat losses of $1.9 billion ... Read the full article
Watford Re relaunched as Somers Re, Liz Cunningham to lead as CEO
4th November 2021
Watford Holdings and Watford Re have been renamed Somers Group and Somers Re, respectively, according to a statement from Arch Capital Group and its two investment partners Warburg Pincus and Kelso. Headquartered in Bermuda, the name is a nod to the island’s founder Sir George Somers and part of a wider ... Read the full article
Brookfield adds Michael McRaith to Insurance Solutions unit as Vice Chair
4th November 2021
Reinsurer Brookfield has announced the appointment of Michael McRaith as Vice Chair of its Insurance Solutions business; a newly created role that involves participation in all aspects of Brookfield’s global insurance operations. McRaith served for nearly six years as the first Director of the Federal Insurance Office in the US Department ... Read the full article
Palomar revises Q3 cat loss estimate to $17.5mn
3rd November 2021
Specialty property insurer Palomar Holdings has revised its Q3 pre-tax catastrophe loss estimate, net of reinsurance and prior period development, to $17.5 million. The firm had previously stated an expected loss estimate of between $14.5 million and $15.5 million. It was estimated that 70-75% of its gross losses from these two ... Read the full article
Applied Underwriters set to launch aerospace program
2nd November 2021
Risk services firm Applied Underwriters has collaborated with PartnerRe on the establishment of an aerospace program, to be handled by the latter’s former Direct and Facultative Space Team. Led by industry veteran Jon Lewis as Senior Vice President, the new operation will be based in Washington, DC. Philippe Meyenhofer, CEO Specialty Lines ... Read the full article
S&P highlights increasing reinsurer reliance on ILS
28th October 2021
A new report from S&P has highlighted reinsurers' increasing reliance on third-party capital to support their retrocession needs. In 2021, reinsurers are reported to have ceded roughly 50% of their exposures at a 1-in-250 return period through collateralised instruments, such as insurance-linked securities (ILS). S&P notes that around 15% of total reinsurance ... Read the full article
EXOR & Covéa reported in talks over PartnerRe sale again
24th October 2021
According to reports, EXOR, the Agnelli family owned investment and holding company, is back at the negotiating table with French insurance group Covéa over the possible sale of reinsurance firm PartnerRe. Discussions between EXOR and Covéa are reported to have resumed in recent weeks, with Italian business newspaper Il Sole 24 ... Read the full article
Marco completes acquisition of Guernsey’s Humboldt Re
20th October 2021
European P&C insurance run-off group Marco Capital Holdings has purchased Humboldt Re Limited, a Guernsey based reinsurance company. Humboldt is one of Credit Suisse's reinsurers, set up to underwrite for its ILS funds and other investors The deal is reported to have already received regulatory approval from the Guernsey Financial Services Commission ... Read the full article
Reinsurance: The data driven future – Register for this live webcast
18th October 2021
We're holding another live webcast on November 4th and this time the discussion will be focused on the use of technology within the reinsurance sector and the importance of data as a driver of future innovation. The webcast is being held in association with our ... Read the full article
Aspen CFO Chidwick to depart, Coleman succeeds
15th October 2021
Aspen Insurance’s Kevin Chidwick is set to depart from his role as Chief Financial Officer at the end of this year and will be succeeded by Chris Coleman. Based in Bermuda, Coleman will also be joining Aspen’s Executive Committee. He was most recently CFO of Third Point Re and brings strong transactional ... Read the full article
AXIS Capital estimates Q3 catastrophe losses of $250m
15th October 2021
AXIS Capital Holdings Limited, the Bermuda headquartered global specialty insurance and treaty reinsurance writer, has estimated that catastrophe losses from the third-quarter of 2021 will cost the company around $250 million, before tax ($219 million, after-tax). The main contributor to AXIS Capital's Q3 2021 catastrophe loss burden is, of course, hurricane ... Read the full article
Nexus completes £70mn refinancing deal
13th October 2021
Independent specialty intermediary Nexus Group has successfully completed its £70 million refinancing effort via a loan facility with Barings. This previously-announced facility will be utilised in two ways, with £50 million being used to refinance existing debt and meet upcoming deferred consideration payments, with the balance available for new acquisitions. Furthermore, ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
