Reinsurance

Conduit proceeds with $1.1bn IPO

Conduit, the Class 4 Bermuda reinsurance start-up launched by industry entrepreneur Neil Eckert and underwriter Trevor Carvey, has confirmed it is proceeding with its planned $1.1bn London Stock Exchange IPO.

New Paradigm launches parametric (re)insurance virtual conference this week

Specialist MGA New Paradigm is debuting its annual Global Parametric Insurance & Reinsurance Virtual Conference tomorrow and Thursday (11-12 November), with The Insurer signed up as official media partner for the event.

Louisiana Citizens reinsurers facing $90mn+ loss from 2020 storms

Louisiana Citizens Property Insurance Corp’s reinsurers are facing more than $90mn of losses that have arisen from the 2020 US hurricane season, the state’s insurance commissioner has confirmed.

Validus Re elevates Roberts to head of marine and energy and hires Axis duo

AIG-owned Validus Re has moved to bolster its senior executive ranks following recent departures with the hires of Lucy Thomas from Axis Re and Peter Griffin from Axis Specialty Insurance, while also elevating Paul Roberts to head up marine and energy, The Insurer can reveal.

UPC nearing completion of additional quota share cover

United Insurance Holdings (UPC) is close to securing additional quota share protection to improve its risk-based capital (RBC) for the rest of the year, while the Florida carrier is expecting to reduce the per-occurrence and aggregate retention levels on its core cat programme next year.

Swiss Re looks to replicate Intuit tie-up to distribute new products

Swiss Re’s strategic partnerships unit and its primary arm Corporate Solutions (CorSo) are collaborating to find new distribution channels for innovative products as they look to replicate the partnership with Intuit to offer parametric quake covers to customers of the tech firm’s QuickBooks software.

Eckert to IPO $1.1bn Bermuda start-up Conduit

Conduit Holdings Ltd – a Class 4 Bermuda reinsurance start-up launched by industry entrepreneur Neil Eckert and underwriter Trevor Carvey – will list on the London Stock Exchange in an accelerated IPO with a target of $1.1bn.

Caribbean reinsurance-buying habits evolve in light of losses: Swiss Re’s Müller

The reinsurance-purchasing habits of some Caribbean insurers have evolved since the region was impacted by the devastating windstorms of 2017 and 2019, although disparities remain between those companies that were hit and those that were not, according to Swiss Re’s Kaspar Müller.

Munich Re P&C reinsurance reports Q3 loss of €23mn driven by €700mn Covid-19 hit

Munich Re’s P&C reinsurance business reported a loss of €23mn ($27mn) in the third quarter of 2020, with its combined ratio deteriorating to 112.2 percent.

Latest Bellemeade issue illustrates returning confidence in mortgage risk: Arch

Investors are growing increasingly confident in the post-Covid-19 mortgage insurance market, with Arch Mortgage Insurance’s Jim Bennison pointing to the lower attachment points on its series of Bellemeade Re issuances as evidence for the shift.

Hannover Re cautious on 2021 top-line growth

The positive impact of a hardening reinsurance market will not necessarily translate to higher premium growth or produce a direct benefit to the combined ratio for Hannover Re’s P&C segment in 2021.

IRB Brasil Re sinks to R$229.8mn loss in Q3

Brazilian reinsurer IRB Brasil Re recorded a net loss of R$229.8mn ($39.92) in the third quarter, compared with a net loss of R$19.7mn in the prior-year period.

Topsail Re adds Ascot’s Green as general counsel and head of claims

Topsail Re has made another hire to its growing team with the arrival of Brian Green as general counsel and head of claims, The Insurer has learned.

European P&C stocks join market rally ahead of US election

European (re)insurance stocks climbed steadily after markets opened this morning, joining a global equity rally on the day of the US presidential election, as polling favoured Democratic candidate Joe Biden to defeat Republican incumbent Donald Trump.

CCR Re grows Asia and Africa underwriting team with Hivert hire

CCR Re, the open market reinsurance arm of French state-backed CCR, has added Laurent Hivert as an underwriter to boost the carrier’s IART Asia and Africa underwriting team.

Kuhn joins Vantage as global insurance CEO

Former Endurance executive Jack Kuhn has joined Dinos Iordanou and Greg Hendrick start-up Vantage Risk as CEO of global insurance, The Insurer can reveal.

Argo to sell Ariel Re to Stanard’s Pelican and JC Flowers

Jim Stanard and Rod Fox’s investment firm Pelican Ventures has teamed up with private equity giant JC Flowers to agree a deal to buy reinsurer Ariel Re from Argo, with Ryan Mather returning to lead the Bermudian.

Property retro market most dislocated “in 15, 20 years”: Everest’s Doucette

Everest Re is bullish about its reinsurance opportunities heading into 1 January, with reinsurance CEO John Doucette noting the property retro market is the most dislocated it has been in at least 15 years.

Aon 13% organic reinsurance growth outpaces rivals in Q3

Aon’s strong reinsurance performance in Q3 means the broking giant has now delivered reinsurance organic growth of 9 percent or higher in seven of the last eight quarters.

Aon organic revenue flat as reinsurance surges 13%

Aon has reported Q3 revenue of $2.39bn that is flat on an organic basis, with its Reinsurance Solutions business proving to be the standout performer as organic revenue grew 13 percent.

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