PartnerRe
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Richard Chu joins from PartnerRe, where he was head of financial risks for Asia Pacific.
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The reinsurer experienced a “notable decrease” of catastrophe losses last year.
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The company has improved performance and brought in new top management – but its direction under Covéa remains to be seen.
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Jon Colello will become president in the management shake-up.
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Benjamin Weber is set to retire in early 2024 after 25 years at the carrier.
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The company said the NEP expansion reflected 6% growth in P&C, 7% in specialty lines and 21% in L&H.
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Jarrier has been with the carrier for over two decades, most recently as head of worldwide pricing and analytics.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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The ratings agency said PartnerRe would act as a ‘natural diversifier’ to Covéa’s operations.
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The appointments to the board begin with immediate effect.
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Overall, the carrier posted $408mn of cat and man-made losses in Q3, up from $333mn a year earlier, of which $297mn related to Hurricane Ida and the European floods.
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She will succeed CFO and EVP Nick Burnet, who will be leaving the company to pursue other opportunities.
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The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.
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The transaction between the two parties closed last week following a lengthy saga.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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The French mutual’s CEO Thierry Derez and chief of staff Sylvestre Frezal said the deal is a strategic move to adapt to new forms of risk.
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The legacy acquirer also struck a quota share deal for UK builders warranty insurance in 2021.
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Ruparelia, a former AIG executive, will be based in London and will join PartnerRe’s executive leadership team.
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The firm posted a combined ratio of 81.3% for its P&C segment and 91.7% for its specialty unit, improving from 97.7% and 94.8% in Q1 2021, respectively.
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The payment comes on top of an original consideration of $9bn.
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The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.
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Ratings were reaffirmed for the Bermuda-based target company PartnerRe.
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The reincarnated $9bn deal is moving a step closer to completion.
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The executive was speaking at an investor day following the deal to sell PartnerRe to Covea.
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Based in Zurich, Jörg Bruniecki will take up his new role in 2022, reporting to MS Amlin AG CUO Charles Goldie.
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The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.
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The surprise union could ramp up PartnerRe’s growth, but signals the winding down of this phase of reinsurance M&A.
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The ratings agency said that the deal would increase diversification but heighten catastrophe exposure.
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Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
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However, the deal is low-to-mid ranking in terms of book multiple.
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If the deal does complete this time, the partnership will face a range of pitfalls and challenges.
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The deal appears to be a carbon copy of the original March 2020 agreement, which collapsed after Covea attempted to renegotiate at the height of the pandemic.
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Engaging with the French mutual as an M&A counterparty represents a high-risk strategy for Exor.
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The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
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Sowa spent 17 years with Aspen, including a stretch running Aspen Re North America.
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The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.
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