Reinsurance News

Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expansive U.S. property casualty insurer, has pre-announced an expectation that it will report $41.5 million of catastrophe and severe weather losses for the fourth-quarter of 2020.

Global insurance and reinsurance group Everest Re has pre-announced a range of charges being applied to its fourth-quarter and 2020 results, due to catastrophe losses, continued impacts from the COVID-19 pandemic and a $400 million reserve charge driven by social inflation trends in casualty lines.

Universal Insurance Holdings, the Florida headquartered, nationally expansive primary insurance carrier, has announced the hiring of Jason Burns as the new President of its reinsurance intermediary Blue Atlantic.

Oneglobal Broking, the commercial insurance and reinsurance brokerage owned by investor JC Flowers, has opened its first Bermuda broking office and announced two key hires.

A European Commission study looking at the insurability of nuclear third-party liability risks (NTPL) and availability of capacity to support them, found that insurance-linked securities (ILS) market capital would be available, under the right structures and terms.

Flood risk insurtech company FloodFlash, which offers an innovative sensor-based approach to support parametric flood insurance triggers, has beaten its own record on rapid claims payment, paying out to one policyholder within ten hours for the impacts of flooding during UK storm Christoph.

The industry sees a high chance that in order for Aon’s acquisition of rival Willis Towers Watson to go ahead, divestment will be required and a sale of reinsurance broking unit Willis Re is seen as a likely outcome.

The global catastrophe protection gap reached 64% in 2020 as roughly $171 billion of natural catastrophe and severe weather losses were not covered by insurance and reinsurance, one of the largest brokers Aon has said.

The World Bank has approved $500 million of funding for Indonesia to help the country enhance its financial response to natural disasters, climate risks, and health-related shocks, with the use of risk pooling, and insurance or reinsurance instruments at the heart of the plan.

SiriusPoint, the new international insurance and reinsurance firm that will be launched out of the coming together of Third Point Re and Sirius Group, is planning for its retrocession program to be “sidecar-like”, the company said.