Bermuda-based Ironshore International announced the acquisition of the reinsurance renewal rights to Novae Group’s global agriculture reinsurance portfolio. The transfer is conditional on Lloyd’s approval and is expected to be completed in November 2015. Novae’s team of five agriculture reinsurance …
Bermuda-based Aspen Insurance Holdings Limited estimates its Aspen Re subsidiary lost approximately $50 million from the August 12 explosion in the Port of Tianjin, China, and from natural catastrophes during the third quarter of 2015. Approximately $30 million of these …
W. R. Berkley Corp. announced it has launched a business unit dedicated to writing South African business. The new unit, which will report to Berkley Re UK, will provide treaty service to both insurers and brokers in the region. Sean …
PartnerRe Ltd. estimates that losses from the August explosion in China’s Port of Tianjin will be between $50 million and $70 million pre-tax and net of retrocession and reinstatement premiums. These losses will be recorded in the company’s third quarter …
China Reinsurance (Group) Corp., the nation’s biggest reinsurer, will sell about half of its as much as $2 billion Hong Kong initial public offering to cornerstone investors. U.S.-based Prudential Financial Inc., China Life Insurance Co. and Macau casino executive Pansy …
Catalina Holdings (Bermuda) Ltd. announced its wholly owned Swiss subsidiary, Glacier Reinsurance AG, has signed a definitive agreement to acquire Allianz Suisse Ruckversicherungs-Gesellschaft AG from Allianz SE. Allianz Suisse Re is a Swiss regulated reinsurer incorporated in 2007 with the …
The waiting list for an insurer to get a spot on the underwriting floor of Lloyd’s of London is the longest in its 327-year history, indicating record demand for access to the market. Lloyd’s has requests for about 160 so-called …
Validus Holdings Ltd. estimates it lost just under $64 million from the Port of Tianjin explosion and recent earthquake in Chile, a number that matches its Q2 net income. Breaking down this figure, the Bermuda-based insurance and reinsurance holding company …
IRB Brasil RE, the country’s biggest reinsurer, postponed its initial public offering amid market turmoil, Reuters reported, citing unidentified people with knowledge of the matter. Investment banks managing the sale found it unfeasible to proceed, Reuters said. The government expected …
It’s a tough time for reinsurers — “pricing is soft, regulators continue to raise the bar, capital is at record highs, competition is increasing, and reinsurers are constantly looking for ways to remain relevant to cedants’ changing demands for protection,” …
