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.
Global reinsurance capital up 7% to $658bn in 2020: Willis Re
12th April 2021
Strong investment market appreciation helped global reinsurance industry capital grow 7% to $658 billion at year-end 2020, according a new report from Willis Re. While new capital raised by both incumbents and new entrants added to the final total, Willis Re says capital returns to shareholders exceeded those new investments. Willis Re's ... Read the full article
QBE expands US FINPRO, adds Swiss Re’s Salvatore Samà to lead
9th April 2021
QBE Re, the reinsurance arm of Australian insurer QBE, has expanded its US Casualty treaty hub and appointed Salvatore Samà as Senior Vice President, Treaty Underwriting - FINPRO. Based in New York, Samà will take charge of driving the development and advancement of QBE Re’s US Financial and Professional Lines treaty ... Read the full article
Bermudian reinsurer Varney Re launches with COO Tod Austin at helm
1st April 2021
Varney Insurance Agency has announced the formation of Varney Re, a new Bermudia-based reinsurer led by Tod Austin as Chief Operating Officer. Austin was formerly president for the Atlantic Region at MEMIC Group and will now lead a specialist alternative risk transfer reinsurer as it looks to drive enhanced value for its North ... Read the full article
The Ever Given freed, all valid claims to be considered
30th March 2021
Stranded container ship the Ever Given has been freed from the Suez Canal after five days spent blocking traffic along the vitally important trade route. Egyptian officials expect the backlog of ships to be cleared in around three days, while experts say the knock-on effect on global shipping could take months ... Read the full article
US P&C reinsurer’s net premium hit $65bn in 2020: RAA
29th March 2021
Data from the Reinsurance Association of America (RAA) shows that a group of 17 U.S. property and casualty (P&C) reinsurers wrote $65 billion of net premiums during 2020, an increase from the $57.7 billion recorded in 2019. However, despite writing more premiums the combined ratio of the collective did rise from ... Read the full article
Australia’s flood loss hits $438m, IAG & SUN likely to exceed cat budget
29th March 2021
A new report from Morgan Stanley states that Australian insurers IAG and Suncorp are now likely to exceed their catastrophe budgets for 2021 by a modest amount, after it was announced that the country has so far been inflicted with flood losses of $438 million. As of this morning, 29,213 insurance ... Read the full article
Aon / WTW: Reports say EC remedy package in development, progressing
29th March 2021
Aon and Willis Towers Watson (WTW) are making progress in developing a remedy proposal for European Commission regulators, as the pair look to be proactive in making concessions to get the merger completed, according to reports. As we've previously written, competition related concerns are said to be rising, with the ... Read the full article
2021 Monte Carlo Rendez-Vous cancelled
19th March 2021
The annual Rendez-Vous de Septembre (RVS) in Monte Carlo has been called off for the second year in a row, due to the ongoing COVID-19 pandemic. According to an official statement from the historic conference’s organisers, the next RVS is planned to take place in 2022. However, it’s worth noting that on ... Read the full article
Swiss Re & Hannover Re warn of COVID-19’s claim tail & litigation risk
17th March 2021
Two of the world's largest reinsurance firms are warning that while the immediate losses caused by the global COVID-19 coronavirus pandemic may be largely reserved for, both expect a longer-tail of exposure to develop over time. There is great uncertainty over the potential for the COVID-19 pandemic to drive losses to ... Read the full article
Aon / WTW: Reports suggest US DOJ may have reinsurance concerns
17th March 2021
The pending acquisition of rival Willis Towers Watson (WTW) by its larger rival Aon continues to generate headlines, with recent reports in specialist antitrust publications suggesting concerns from the US government may have a reinsurance focus, as well as in other areas like benefits and large corporate clients. While concerns raised ... Read the full article
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
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.
