Category: News

April 9, 2021

European re/insurers have made “significant progress” in China following regulations to open up the Chinese market in 2019, according to analysts at RBC Capital Markets. Although this progress has largely been overlooked due to the pandemic, RBC notes that several […]

April 7, 2021

Losses and IBNR reserves related to the COVID-19 coronavirus pandemic reported by major insurance and reinsurance companies have risen significantly during the first-quarter of 2021, with the total pandemic loss reported now nearing $38 billion, having risen by 21% during […]

April 5, 2021

First-quarter mergers and acquisitions involving U.S. and Bermuda-based insurance industry companies produced an aggregate deal value of $21.16 billion, according to a report Monday from S&P Global Market Intelligence. This year’s first-quarter tally tops full-year deal totals for 2019 and […]

April 5, 2021

Varney Insurance Agency has announced the formation of Varney Re, a Bermuda-based reinsurance company. Varney Re is a specialist alternative risk transfer reinsurance company that will serve a North American client base. Tod Austin (pictured above) has been appointed chief […]

April 2, 2021

Marsh & McLennan Agency LLC, the middle-market business of Marsh LLC, said Friday it has bought PayneWest Insurance Inc., an independent agency with about $135 million in annual brokerage revenue. Terms of the deal were not disclosed. Missoula, Montana-based PayneWest […]

April 2, 2021

There’s working in your pajamas. Trouser-less Zoom sessions. The absence of road rage. And now this: The German Insurance Association says they are noticing significantly fewer home burglaries with more people working from home in the COVID-19 pandemic. Break-ins fell […]

March 30, 2021

Fitch Ratings has warned the reinsurance industry faces a “large loss event” from the blockage in the Suez Canal after the colossal Ever Given container ship ran aground about a week ago, closing access to one of the world’s most […]

March 23, 2021

The COVID-19 pandemic has so far not had any notable impact on the workers compensation residual market, according to research released Monday by the National Council on Compensation Insurance. Boca Raton, Florida-based NCCI compared the current residual market with 2019, […]

March 22, 2021

USAA has announced that due to increased customer interest in telematics and behavior-based insurance, it will launch its SafePilot program in the majority of states throughout 2021. USAA launched the program in South Dakota last week. The SafePilot program rewards […]

March 19, 2021

Florida’s insurer of last resort, Citizens Property Insurance Corp., has become the insurer of first resort as thousands of new policies flood into it each week and the private homeowners insurance market continues its downward spiral. “The reality is the […]