Reinsurance News

In response to the reports that insurance group Covéa wants to acquire AXA’s non-life reinsurance operations, the Bermuda headquartered AXA XL Re division, analysts at Keefe, Bruyette & Woods have mused that the lower cost-of-capital of a mutual insurer’s strategy may be better able to withstand competition from the ILS market.

Peak Reinsurance Company Limited (Peak Re), the Hong Kong headquartered, Fosun backed global reinsurer, is targeting further expansion of its business within European markets and has announced the hiring of former Swiss Re employee Karlheinz Render as Senior Vice President, Europe.

The Competition and Consumer Commission of Singapore has said this morning that it intends to deepen its review of the merger of insurance and reinsurance broking and consultancy giants Aon and Willis Towers Watson (WTW).

Aspen Re, the global reinsurance unit of Bermuda headquartered Aspen Insurance Holdings Limited, has announced a number of changes to its global reinsurance leadership, as it seeks to strengthen its team and provide flexibility to employees.

U.S. primary insurance carrier group FedNat Holding Company has expanded its reinsurance tower at its renewal this year, lifting its aggregate protection to $2.25 billion and its single event cover to $1.41 billion.

According to reports in the French media, insurance group Covéa is targeting an acquisition of AXA’s non-life reinsurance operations, which would be the Bermuda headquartered AXA XL Re division.

Tornadoes, severe thunderstorms and related convective weather plus flooding are set to drive hundreds of millions in losses across the United States and Europe this week, according to Aon unit Impact Forecasting.

A new report shows that weather related disasters were the primary driver of displaced people in 2020, with almost three-quarters of people internally displaced affected by weather, with storms and flooding the primary peril drivers of this.

While capital has become more abundant, fungible and cheaper as a result over the last decade, it remains important as the “entry ticket” to the world of insurance and reinsurance, but it is no longer the main value proposition, Swiss Re CEO Christian Mumenthaler said today.

Essent Guaranty has now secured almost $558 million of capital markets backed mortgage reinsurance protection with its latest and sixth mortgage insurance-linked securities (ILS) transaction, after the Radnor Re 2021-1 Ltd. issuance closed at keen pricing for the company.