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.
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
Wave of new capital both defensive & offensive: Prospectus 2021
16th December 2020
A flurry of additional capital has entered the reinsurance market in recent months and while it remains to be seen what influence it has at January 1st, it's likely a mixture of defensive and offensive plays, according to Greg Hagood, Co-Founder of Nephila Capital. For both existing and new companies, ... Read the full article
777 Re completes two new reinsurance transactions
11th December 2020
Bermuda-based reinsurer 777 Re has announced the completion of two reinsurance transactions with US based insurance companies. Under the agreements, the direct writers will continue to service and administer the policies. The transactions will cover a quota share of newly written fixed index annuity (FIA) policies. 777 Re says principal protection and growth ... Read the full article
We need to refuel fiscal & monetary tanks, then upgrade the engine: Swiss Re’s Haegeli
13th November 2020
The impact of the ongoing COVID-19 pandemic has emptied global monetary and fiscal tanks and once refuelled, it would be wise to upgrade the engine, according to Swiss Re’s Chief Economist, Jérôme Jean Haegeli. Speaking with Reinsurance News around the launch of Swiss Re’s latest sigma publication, Haegeli stressed that it’s important to ... Read the full article
Rosh Capital Management to launch reinsurance provider
22nd October 2020
New York-based asset manager, Rosh Capital Management, has announced that it plans to launch a Bermuda-based reinsurer, to be called Rosh Re Ltd. The reinsurer will provide traditional reinsurance and bespoke rehabilitative solutions, although this is subject to requisite regulatory approvals. It will be funded by a $600 million USD lead investment ... Read the full article
Hurricane Sally to trigger FedNat’s reinsurance cover
23rd September 2020
Florida based primary insurer FedNat expects its payouts for hurricane Sally to exceed its single-event aggregate reinsurance retention of $25 million. Sally made landfall near Gulf Shores, Alabama, on September 16 as a Category 2 hurricane impacting both Alabama and the Florida Panhandle. The storm quickly diminished after landfall as it crept northeast ... Read the full article
Progressive recovers $80mn from reinsurance in August
18th September 2020
Property and auto-focused insurance group Progressive recovered a total of $80 million from its reinsurance during August. $70 million was recovered after its 2020 cat losses and associated allocated loss adjustment expenses (ALAE) in its property business exceeded the $375 million annual retention threshold. An additional $10 million was recovered because the Property ... Read the full article
AIG’s Zaffino eyeing more strategic purchasing within reinsurance
16th September 2020
AIG's reliance on reinsurance will continue to be strategic but, since the company has repositioned its portfolio, it should be able to do more things with reinsurance without taking more risk, according to President and Chief Operating Officer Peter Zaffino. This could give AIG opportunities for less spend, but more strategic ... Read the full article
Helios announces launch of African market-focused reinsurer ASR
16th September 2020
Helios Investment Partners has announced the launch of a reinsurance business formed in partnership with Mikir Shah, former CEO of AXA Africa Specialty Risks, and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations. Africa Specialty Risk Group will create tailored solutions for local and global customers, using Africa-specific pricing ... Read the full article
More rate needed for industry to be sustainable: Swiss Re CEO Mumenthaler
14th September 2020
The reinsurance industry needs to secure more in the way of rate increases for it to be sustainable, according to Swiss Re's Group Chief Executive Officer (CEO) Christian Mumenthaler. Speaking in a video interview for the Artemis Live series from our sister website, ... Read the full article
Fitch stays negative on global reinsurance for 2021 amid COVID-19 impacts
10th September 2020
Fitch has said that the outlook for the global reinsurance sector for 2021 remains negative, amid growing COVID-19 losses, the global economic contraction, and the lower for longer interest rate environment. The ratings agency's outlook for the global reinsurance industry turned negative back in March, and while reinsurance companies are ... Read the full article
Prospectus 2021 – a new conference for the traditional & alternative markets
2nd September 2020
We're excited to announce the launch of our first conference brought to you by both Artemis and Reinsurance News, Prospectus 2021 - a new annual reinsurance and insurance-linked securities (ILS) event held from November 12th to the 18th 2020. By bringing together both of our titles, Prospectus 2021 ... Read the full article
Hurricane Laura onshore insured property loss close to $9bn: KCC
31st August 2020
Onshore property insurance market losses in the United States and Caribbean will be close to $9 billion, according to an estimate from Karen Clark & Company (KCC). Karen Clark & Company's industry loss estimate includes $8.7 billion of insured losses in the U.S., driven by hurricane Laura's wind and storm surge ... Read the full article
Hurricane Laura onshore insured losses estimated up to $8bn by AIR
31st August 2020
Catastrophe risk modelling specialist AIR Worldwide has estimated that onshore insured property losses from recent hurricane Laura will fall between $4 billion and $8 billion. The estimate, which is the first of the official post-landfall figures from a catastrophe risk modeller, is based only on industry insured losses to onshore property ... Read the full article
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