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.
AM Best stable on global reinsurance despite ongoing uncertainties
31st August 2021
Despite improved pricing trends across most business lines, AM Best says uncertainty and abundant capital has resulted in the issuance of stable outlook for the global reinsurance segment. Further compounding this were the unprecedented events of 2020, dominated by the COVID-19 pandemic and higher frequency of medium-sized catastrophe losses. AM Best believes ... Read the full article
Hurricane Ida slams Louisiana as Cat 4 storm with 150mph winds
30th August 2021
Hurricane Ida roared ashore in Louisiana yesterday, with sustained winds of 150 mph and higher gusts after the hurricane rapidly intensified on approach to land. Ida remains a hurricane at this time and is now soaking the state, while still causing damage. Hurricane Ida's winds gained 65 mph in strength in ... Read the full article
RenRe partners with First Street Foundation to tackle flood risk
16th August 2021
Global reinsurer RenaissanceRe (RenRe) has entered into a partnership with First Street Foundation to enhance data and modelling capabilities on the critical issue of flood risk. RenRe will license the First Street Foundation’s flood maps and leverage its trusted, peer-reviewed property-level flood risk data to evaluate how a changing climate could ... Read the full article
Brookfield Reinsurance secures Q2 net income of $2mn
16th August 2021
Brookfield Reinsurance has announced a second quarter net income of $2 million, up from the $1 million loss reported for the prior year quarter. The increase in net income is attributed to additional assets under management and stronger investment returns. At quarter end, The group held $1.1 billion in excess capital, which ... Read the full article
Concord names Lewis-Gruss VP, Underwriting Counsel & Litigation
13th August 2021
Concord Specialty Risk has announced the appointment of Ayanna Lewis-Gruss, Esq. as Vice President & Underwriting Counsel, Litigation Insurance. She’s set to lead Concord’s Litigation Insurance practice and will be based in New York, NY. Lewis-Gruss has over eighteen-years’ experience in all aspects of litigation and arbitration, including managing and mentoring other ... Read the full article
Zurich profit rises 60% to $2.7bn, says European floods to dent full-year
12th August 2021
Global insurance and reinsurance group Zurich has reported a 60% increase in its first-half operating profit, which came out at $2.7 billion for H1 2021. This was supported by strong performance in Zurich's property and casualty division, which reported a 93.9% combined ratio, a level that the company said it has ... 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
Enstar subsidiary inks reinsurance contract with ProSight Global
4th August 2021
A subsidiary of legacy specialist Enstar Group has secured a deal with ProSight Global to provide reinsurance relating to 2019 and prior year business. In signing the deal, ProSight will receive a ground up loss portfolio transfer of discontinued workers’ compensation and excess workers’ compensation lines, as well as adverse development ... Read the full article
Tackling 2021 exposures with a 2011 mindset is a recipe for disaster: EMC Re President
28th July 2021
Mondale Smith, President and COO at EMC Re, has stressed that reinsurers must pay close attention to how weather trends have altered in recent years, and has warned that “tackling 2021 exposures with a 2011 mindset is a recipe for disaster.” Speaking in an interview with Reinsurance News, Smith discussed how ... Read the full article
Aon – Willis and US DoJ may be able to settle early on three counts
21st July 2021
According to court documents, it appears that Aon, its acquisition target Willis Towers Watson (WTW) and the US Department of Justice (US DoJ) are hoping to reach a settlement quickly on counts related to three of the market segments where the mega-merger was deemed potentially anti-competitive. It's news that could signal ... Read the full article
MCI receives in-principle approval to establish Syndicate 1902
21st July 2021
Specialist managing general agency Medical & Commercial International (MCI) has received ‘in-principle’ approval from Lloyd’s for Syndicate 1902 to underwrite business incepting on or after 1 January 2022. The syndicate will write gross written premium (GWP) of £45 million in year one. It will be established under ... Read the full article
Peter Mills’ Pyrrhic Re to close after failing to raise required funds
20th July 2021
Pyrrhic Re has withdrawn plans to launch a specialist reinsurance-only business and ceased its capital raising activities after 'failing to align the total capital required," according to founder Peter Mills. Pyrrhic Re was envisioned as a reinsurer of treaty and facultative business for selected clients, products and geographies. The planned global portfolio comprised ... Read the full article
Judge accuses US DoJ of wasting time in Aon – Willis trial
16th July 2021
In a hearing yesterday, the US Department of Justice agreed to adjust its timeline to deliver important information related to its earlier investigation of the antitrust case to the courts much faster than previously anticipated. These materials, part of the US Department of Justice's research before the court case even began, ... Read the full article
Aon / Willis Towers Watson still debating dates, key pre-trial points with US DoJ
14th July 2021
The debate over the scheduling of key dates in the legal process continues in the build up to Aon and Willis Towers Watson's (WTW) antitrust trial with the US Department of Justice (DoJ). Late in June, after what we assume was a protracted period of negotiation, the US department of Justice ... Read the full article
Kingstone inks new reinsurance program
14th July 2021
Northeast regional property and casualty insurance holding company Kingstone has announced the finalisation of its reinsurance program for the period between July 1, 2021 through June 30, 2022. "I am delighted to let you know that Kingstone has finalized its 2021- 2022 catastrophe reinsurance placement,” said Barry Goldstein, Kingstone Chief Executive ... Read the full article
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