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.
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
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
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