reinsurer News

Update: James River Files Suit Against Fleming for Failing to Close Purchase of JRG Re

James River Group Holdings Ltd. announced it has filed a lawsuit against Fleming Intermediate Holdings for its failure to complete the $277 million acquisition of its casualty reinsurance subsidiary, JRG Reinsurance Co. – a deal that was first announced on …

AM Best Downgrades Ratings of JRG Re; James River Group Gets Negative Outlook

AM Best has downgraded the financial strength rating of JRG Reinsurance (JRG Re) to B++ (Good) from A- (Excellent) and the long-term issuer credit rating to “bbb+” (Good) from “a-” (Excellent), while placing JRG Re’s credit ratings under review with …

Update: James River to Exit Reinsurance, Agreeing to Sell JRG Re to Fleming for $277M

James River Group Holdings Ltd. announced it has entered into a definitive agreement to sell JRG Reinsurance Co. Ltd., its casualty reinsurance business, to Fleming Intermediate Holdings. The total estimated transaction value is $277 million, inclusive of a $139 million …

AXIS and Stone Point Credit Launch Monarch Point Re, Raising Over $400M of Capital

AXIS Capital Holdings Ltd., together with its direct and indirect subsidiaries and branches, announced that it has partnered with Stone Point Credit Adviser LLC to launch Monarch Point Re, a newly created collateralized reinsurer. The launch was accompanied by a …

Tech Update: Conduit Re Uses hyperexponential’s Pricing Decision Intelligence Platform

Conduit Re, the Bermuda-based global reinsurer, is achieving end-to-end underwriting with pricing decision intelligence (PDI) company hyperexponential. Using the PDI platform, hx Renew, Conduit Re is now able to rapidly develop and iterate its pricing models and rating landscape. Conduit …

Prudential, Warburg Pincus Team Up to Back New Reinsurer

Prudential Financial Inc. and Warburg Pincus are among investors that contributed a combined $1 billion of equity to create a Bermuda-based reinsurer, Prismic Life Reinsurance Ltd. In its first deal, Prismic is taking on $10 billion of structured settlement annuity …

Swiss Re Ordered to Pay Former Underwriter $1.6M for Sexism, Unfair Dismissal

A former Swiss Re underwriter has been awarded nearly 1.3 million pounds ($1.6 million) by a London employment tribunal for sexual discrimination and unfair dismissal. Julia Sommer joined Zurich-based Swiss Re in 2017 as a political risk underwriter in London …

Hedge Fund Manager Loeb Agrees to Hold Off Attempts to Take SiriusPoint Private

Hedge Fund Manager Daniel S. Loeb has agreed he will not make further attempts to take SiriusPoint private for two more years. SiriusPoint and Loeb, who has about a 9.5% shareholding in the Bermuda-based specialty insurer and reinsurer, have entered …

Global Natural Disasters Cost Insurers $43B in H1, Surpassing 10-Yr Average: Munich Re

Natural disasters during the first half of 2023 cost insurers an estimated US$43 billion with an overall economic price tag of $110 billion, according to Munich Re. These insured losses were slightly lower than the US$47 billion reported for the …

Brégier Appointed Chairman of Board at French Reinsurer SCOR

SCOR’s Board of Directors, which met on June 25, 2023, has unanimously decided to appoint Fabrice Brégier as non-executive chairman, with immediate effect. This decision was made on the unanimous recommendation of the Nomination Committee, at the conclusion of a …