Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Suez Blockage Claims Expected to Hike Marine Reinsurance Rates, Says Willis Re
Apr 1 2021 // The blockage of the Suez Canal is likely to lead to large reinsurance claims, adding to upward pressure on marine reinsurance rates, James Vickers, chair of reinsurance broker Willis Re International, told Reuters. Formal...
Australia’s Floods to Hit Insurers’ Earnings, Put Upward Pressure on Reinsurance Rates
Mar 31 2021 // Insured losses from Australia’s March floods are expected to hit general (or property/casualty) insurers’ underwriting margins and earnings in 2021, while putting more upward pressure on reinsurance rates,...
Suez Canal Blockage Likely to Bring Large Losses for Global Reinsurers: Fitch
Mar 29 2021 // The blocking of the Suez Canal and resulting disruption to global shipping is likely to cause a large loss event for the reinsurance industry, according to Fitch Ratings. This event will reduce global reinsurers’...
UFG Insurance to Diversify Risk Profile by Expanding into Reinsurance Across U.S.
Mar 23 2021 // UFG Insurance is looking to diversify across the U.S. by expanding into assumed reinsurance business – partly via quota share arrangements, such as the recently announced deal with Topsail Re, a Cayman Islands-based...
Reinsurance Rendez-Vous de Septembre Canceled Again – on Pandemic Concerns
Mar 19 2021 // The organizers of the reinsurance Rendez-Vous de Septembre (RVS) have decided to cancel this year’s conference as a result of the ongoing public health crisis caused by the pandemic. “The pandemic is ongoing,...
Insurers Face Disputes with Their Reinsurers over UK COVID-19 Business Income Claims
Mar 11 2021 // Top insurance companies, ordered by Britain’s highest court to pay thousands of small businesses millions of pounds in claims for COVID-19 disruption, are facing a battle with reinsurers over who should foot the...
DARAG to Provide Retrospective Quota Share Reinsurance for Protector Forsikring
Mar 10 2021 // DARAG Group Ltd., the Malta-based legacy acquirer, announced it has signed a retrospective quota share reinsurance agreement with Protector Forsikring ASA, a multinational general insurance company listed on the Oslo Stock...
FEMA Buys More Flood Reinsurance; Decision Near on Insurance Rate Change Plan
Mar 5 2021 // The federal government has bought additional reinsurance to cover losses of the National Flood Insurance Program. On Feb. 23, the Federal Emergency Management Agency (FEMA), which administers the flood insurance program,...
Reinsurers Saw ‘Good’ Rate Hikes in January Renewals, but Will Be Asking for More: S&P
Mar 2 2021 // Global property and casualty reinsurers saw “good” rate increases during the January 2021 renewals but they came up short of a hard market, dashing reinsurers’ hope of a strong start for 2021, according...
Specialty Re/insurer SiriusPoint Launches with More Than $3 Billion in Capital
Feb 26 2021 // SiriusPoint Ltd., the Bermuda-based international specialty insurance and reinsurance company, has launched today with more than $3 billion in initial capital. The company was created from the merger of specialty reinsurer...
Munich Re’s 2020 Profit Drops 55% on COVID-19-Related Reinsurance Claims of $4.1B
Feb 25 2021 // Munich Re reported a profit of €1.21 billion (US1.47 billion) for 2020, a 55% decline from the €2.71 billion (US$3.29 billion) reported for the previous year. The reinsurer’s Q4 2020 profit dropped to €212...
AI Startup that Uses AI and Partners with Re/insurers, Now Is Seeking Canadian IPO
Feb 10 2021 // Farmers Edge Inc., a firm that uses artificial intelligence to help growers boost crop yields, is seeking to raise about C$100 million ($79 million) in an initial public offering to strengthen its finances and repay...
Fischer Appointed President of Core Specialty’s Ag Reinsurance Division
Feb 9 2021 // Cincinnati, Ohio-based Core Specialty Insurance Holdings Inc. and its subsidiaries (Core Specialty) hired William (Bill) R. Fischer to lead its newly formed Agriculture Reinsurance Division. Fischer is a 25-year veteran of...
Brazil Reinsurer IRB Rises 18% as Some Retail Investors Mimick GameStop
Jan 29 2021 // SAO PAULO – Brazilian reinsurer IRB Brasil Resseguros rose 18% on Thursday, closing at 7.67 reais, as some Brazilian retail investors mimicked their U.S. counterparts in trying to squeeze short sellers. Rio de...
Howden Group Invests $84M to Support Its Treaty Reinsurance MGA, Tamesis DUAL
Jan 13 2021 // Howden Group Holdings announced an investment of $84 million in support of Tamesis DUAL Ltd., the reinsurance division of DUAL Group, the world’s largest international MGA. This additional capacity has been in place...
Canopius Re Receives License in Bermuda to Operate as Class 4 Reinsurer
Jan 13 2021 // Canopius announces its Bermuda-based reinsurance company Canopius Reinsurance Ltd. has been granted a Class 4 reinsurer license by the Bermuda Monetary Authority. The reclassification will significantly extend Canopius...
Assoc. of Bermuda Insurers and Reinsurers Elects Arch Capital’s Grandisson as Chair
Jan 7 2021 // The Association of Bermuda Insurers and Reinsurers (ABIR) announced its biennial election of officers for 2021-2022. New ABIR officers elected to Bermuda’s leading international insurers and reinsurers industry...
FEMA Buys $1.153 Billion of Reinsurance for Flood Insurance Program for 2021
Jan 6 2021 // The Federal Emergency Management Agency (FEMA) has once again procured private sector reinsurance from more than 30 carriers for the National Flood Insurance Program (NFIP) to protect the government program from large...
Aviation Reinsurance Rates Rise by as Much as 250% in January Renewals: Willis Re
Jan 4 2021 // Aviation reinsurance rates rose by up to 250% at the key Jan. 1 renewal date, broker Willis Re said in a report on Monday, with the market still reeling from the impact of Boeing 737 MAX crashes two years ago. The 737 MAX...
Premia Holdings Expands Reinsurance Capacity with Formation of Elevation Re
Jan 4 2021 // Premia Holdings Ltd. announced the formation of Elevation Re (SPC) Ltd., a sidecar vehicle which will provide collateralized reinsurance support for Premia’s activities in the global P/C run-off market. This...
