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.
Aon / WTW: Sources expect Willis Re sale & divestment to near $1.8bn cap
9th March 2021
Aon's pending acquisition of rival Willis Towers Watson (WTW) continues to generate significant chatter in investor and analyst circles, with sources increasingly confident a sale of reinsurance broker Willis Re will be the likely outcome, if remedies are needed to get the merger through. But divestitures are not seen as stopping ... Read the full article
Berkshire Hathaway’s reinsurance underwriting loss widens on COVID & catastrophes
27th February 2021
Berkshire Hathaway’s insurance and reinsurance business suffered the effects of the global pandemic and severe catastrophe events in 2020, driving the reinsurance underwriting loss higher to -$2.7bn for the year. A year ago, the reinsurance business of the Warren Buffett owned conglomerate, Berkshire Hathaway Reinsurance Group, fell to an underwriting loss ... Read the full article
Aon / WTW deal circled by merger arb & event driven hedge funds
26th February 2021
The Aon and Willis Towers Watson (WTW) deal, which will be the largest insurance and reinsurance broker merger or acquisition in history, is now attracting significant attention from investors in the merger arbitrage and event driven hedge fund space. Just in the last two weeks, we've heard from numerous global investment ... Read the full article
Rate increases expected to be more pronounced at April, mid-year renewals
1st February 2021
55% of the industry participants we approached feel rate improvements will be more pronounced at the April and mid-year renewals than they proved to be at 1/1. While reinsurance rates showed marked improvement in January, the margin of those improvements fell below the expectations of an industry weighed down by COVID-19 losses. It’s worth ... Read the full article
Biden administration considered more positive for the re/insurance industry
25th January 2021
Of the industry contacts we approached, the largest proportion believe the Biden administration will be a catalyst for positive change within the insurance and reinsurance industry. At 37%, respondents who see this new administration as more positive than the one assembled under Trump narrowly edged out the 31% who expect the ... Read the full article
Louisiana Citizens sees continued drop in policies, strong financial position
18th January 2021
Louisiana Citizens Property Insurance, the state-sponsored insurer of last resort, has reported itself to be in a strong financial position after enacting a proactive reinsurance strategy and leveraging models to select polices for depopulation. Insurance Commissioner Jim Donelon noted how Citizens, which covers properties that the private insurance industry won’t, is now ... Read the full article
Capital supply sufficient to meet foreseeable reinsurance demand: Aon
14th January 2021
Aon analysts have described the capital-raising activity following the start of 2020 as having left the global supply of reinsurance capacity broadly unchanged. Overall, supply is considered sufficient to meet foreseeable reinsurance demand, but is likely to be deployed at better terms than have prevailed previously. Aon considers poor reinsurer earnings since ... Read the full article
Canopius Re secures class 4 reinsurer licence from BMA
13th January 2021
Canopius' Bermuda-based reinsurance company Canopius Re has secured a Class 4 Reinsurer licence from the Bermuda Monetary Authority. This reclassification makes it possible to significantly extend Canopius Re’s scope, enabling it to increase gross written premiums and write more third-party risks. Canopius Re is set to undergo a reorientation towards an initial ... Read the full article
Applied Underwriters expands FL unit
7th January 2021
Applied Underwriters has formed a US based division of its Applied Financial Lines business unit. The division will provide a variety of Directors & Officers coverages in the US under the direction of newly named division President, Stephen McGill. Applied Financial Lines' US operation will be headquartered in New York City. This news ... Read the full article
The US Capitol riots and the re/insurance industry: Tom Johansmeyer, PCS
7th January 2021
We interviewed Tom Johansmeyer, Head of PCS, today, to gain some background colour and a view on the rioting and civil disturbance seen at the US Capitol buildings on January 6th 2021. While the rioting and disturbances seen at the US Capitol yesterday aren't expected to have any significant financial implications ... Read the full article
DARAG announces reinsurance agreement with US retailer
6th January 2021
Legacy acquirer DARAG has completed a transaction with a major US retailer to provide finality to its legacy workers compensation liabilities. The transaction was conducted through one of DARAG North America’s insurance entities. Tom Booth, Chief Executive Officer of DARAG, said the transaction demonstrates DARAG’s ambitions in the US market and how ... Read the full article
January reinsurance renewals adequate. Capital blamed as momentum stalls
4th January 2021
The January 2021 reinsurance renewal season is largely concluded and while the overall perception from the market appears to be that pricing was adequate, it's clear that momentum stalled as the year drew to a close. We say largely concluded as there are some programs that remain unfilled, particularly in the ... Read the full article
Premia announces formation of sidecar Elevation Re
31st December 2020
Re/insurer Premia Holdings has announced the formation of Elevation Re, a sidecar vehicle intended to provide collateralised reinsurance support for its activities in the global P&C run-off market. This move will allow Premia to support run-off reinsurance opportunities with additional capacity and allows investors in Elevation Re to also participate. Elevation Re ... Read the full article
Enstar, CNA agree $690mn workers’ comp reinsurance transaction
31st December 2020
Legacy acquirer Enstar has signed an agreement with Continental Casualty Company, via one of its subsidiaries, to reinsure a legacy portfolio of excess workers’ compensation business. The transaction will see Enstar’s Cavello Bay Reinsurance assume net insurance reserves of approximately $690 million, relating to 2007 and prior year business. The closing of ... Read the full article
Kuvare subsidary inks $1.5bn reinsurance deal
17th December 2020
Lincoln Benefit Life (LBL), a subsidiary of life insurance and annuity firm Kuvare, has signed a deal that will see it assume roughly $1.5 billion of fixed annuity reserves. This is the first such reinsurance transaction for LBL since it was acquired by Kuvare last year. The reinsurance deal is in partnership ... Read the full article
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