Insurance

United States life, retirement and annuities insurance and reinsurance company Global Atlantic continues to deploy capital from its co-investment vehicle named Ivy, which operates like a sidecar structure, with the structure participating in an $8.5 billion reinsurance transaction with Unum Group. The reinsurance transaction featured a closed block of seasoned individual disability income business backed…

According to the General Insurance Association of Japan (GIAJ) insurance market losses from the July 2020 heavy rainfall event that caused widespread impacts and flooding in Kyushu and typhoon Haishen in September add up to around US $1.7 billion. The heavy rainfall event caused widespread impacts from flooding after record-breaking rainfall struck the prefectures of…

A survey of institutional investors by Eaton Partners found that the majority are looking to increase their allocations to private capital market type asset classes in 2021, citing “pent-up demand” among investors but also a desire to seek out asset managers with strong track-records. Institutional investors are going to be looking to take advantage of…

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has made a key hire in Daniel Vetter who will lead the firms expansion in North America. Descartes announced an $18.5 million Series A funding round from leading global venture capital firms Serena, Cathay Innovation…

After meeting virtually with Bermuda-based reinsurance companies and brokers, analysts at KBW said that they expect the renewal outcome to be generally positive, with satisfactory rate increases expected, but nothing spectacular. The analysts provided some insights into where Bermuda based reinsurance carriers and their brokers expect to see property catastrophe rates rise and by how…

QBE, the Australian headquartered global insurance and reinsurance group, said it expects to fall to a roughly $780m after tax loss for the fiscal-year 2020 and that its catastrophe costs have eaten “well into” its aggregate reinsurance program. QBE said that it expects its full-year results to be hit by around $470m of COVID-19 costs,…

MS Amlin AG, an international reinsurance arm of MS Amlin and part of the Japanese MS&AD group, has announced the appointment of a new Chief Underwriting Officer, hiring Charles Goldie who was previously at PartnerRe. Goldie is expected to join MS Amlin in the first-quarter of 2021 and subject to regulatory approval he will take…

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance), has sold its personal lines business from the four Northeast states of Connecticut, New Jersey, Massachusetts, and Rhode Island to HCI Group. It’s not a complete exit from the Northeast for United (UPC), as the firms United Property & Casualty Insurance Company…