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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The executive recently stepped down from Lloyds after steering the bank through the aftermath of the financial crisis.
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The carrier recorded average rate rises of 9% for P&C accounts renewing at 1 April.
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His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.
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The new board member has worked for the Agnelli family for over 20 years.
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The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
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The Bermuda reinsurer's net income per share fell 5% to $206mn during the period.
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The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.
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While brokers surveyed estimated rate rises of 5% to 10% over the last 12 months, underwriters’ estimates ranged from flat to up 30%.
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Nicholas Hughes will become retro head, while Guy Hengesbaugh and Aaron Coates join as underwriters.
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The reinsurer will still write treaty engineering, where it is still a key player for the market.
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The ratings agency says it is concerned about the impact of Covid-19 on the insurer and its future operating performance.
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The tie-up is part of a EUR1.5bn investment deal between the French mutual and Exor
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The incoming CEO plans growth in retro, cat and property per risk as pricing improves.
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Hannover Re’s Henchoz elected vice-chair of the 12-company-strong forum.
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The executive reports to P&C Americas CEO Jon Colello.
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The action follows similar moves by AM Best and Fitch after a proposed $9bn sale was dropped.
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Covid-19 industry losses, Insider US highlights, Charman on the record and the lowdown on Brit’s new syndicate.
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Fitch had earlier trimmed its outlook to negative after the carrier’s takeover by Covea collapsed.
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An earlier positive outlook had reflected an anticipated benefit from ownership by a larger P&C, health and life insurance organisation.
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The Exor chief reaffirms his long-term commitment to the reinsurer in an internal memo.
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The mutual’s retreat reduces the prospect of a sale of its Scor stake.
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Exor rejects Covea’s attempts to renegotiate terms in light of the Covid-19 crisis.
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The Bermuda carrier’s non-life P&C combined ratio worsened by 6.1 points to 103.8, as Covid-19 losses impacted the carrier.
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Jeffrey Ryan joins effective immediately, and will report to specialty CEO Greg Haft.
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John Elkann said his family had overcome “wars, revolutions, crises and pandemics”.
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An Exor source said the transaction “makes even more sense now”.
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A lot of water has flowed under the bridge since Covea struck a deal with Exor to buy PartnerRe in early March.
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The executive talks over the landscape for the reinsurer as work to close the $9bn disposal by Exor continues.
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S&P had earlier declared the mutual could comfortably digest even a sizeable acquisition.
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The reinsurer must decide whether the uncompromising approach of 2019/20 will continue under Covea ownership.
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Fitch today placed PartnerRe’s A+ strong financial strength rating on “rating watch positive”.
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There are no other obvious cash bidders out there for reinsurance-only franchises.
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Scor shares slip on its largest shareholder's takeover agreement.
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The Bermuda-based carrier’s non-life underwriting loss in Q4 widened 181 percent compared with the previous year.
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PartnerRe sale talks, Fidelis capital raising and AIG results.
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As owner Exor and would-be buyer Covea conduct exclusive talks, this publication takes the measure of the Bermuda reinsurer.
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Just under a quarter of Covea’s portfolio would be dedicated to reinsurance should its bid for PartnerRe be successful.
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Covea now looks favourite to seal a deal to acquire PartnerRe for more than $9bn, after the giant French mutual insurer was foiled in its attempts to acquire Scor in 2018/19.
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Sources told this publication that the outlines of a deal are already in place.
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Any deal would likely see a valuation of more than $8bn placed on PartnerRe.
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A London banking source tipped Covea as a suitor for the Bermudian reinsurer.
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The reinsurance chief also says he’s preparing clients for significant rate rises as the carrier’s underwriting “walks the talk”.
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The syndicates defy a trade capital retrenchment by carriers including PartnerRe and Aioi Nissay Dowa.
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Non-life net written premium at the Bermuda carrier surged by 17 percent.
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Zurich Insurance’s Nicolas Burnet will replace the CFO, who is to pursue an Exor-backed “entrepreneurial venture”.
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The move comes after the reinsurer placed its corporate member business under review.
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Other providers of Lloyd's reinsurance capital are also expected to shrink their books for 2020.
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The ratings agency says the Emmanuel Clarke-led reinsurer’s balance sheet strength is “at the strongest level”.
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The reinsurer’s non-life combined ratio deteriorated by 1.9 points to 92.8 percent.
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PartnerRe reported a net profit of $497mn for the first quarter of 2019 after generating a net investment return of $600mn during the period.
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The Bermuda-based reinsurer confirmed the creation of the P&C Americas unit earlier this month as part of a P&C restructure.
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After Hurricane Katrina, a slew of big composite insurers including Axa and Chubb spun off their reinsurance arms, citing their excessive volatility.
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The CEO rules out a primary insurance foray and says the revamp make the carrier more agile.
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The company has been subjected to a series of overhauls since being taken over by Exor in 2015.
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The carrier reported $282mn of catastrophe losses in Q4, net of reinsurance and reinstatement premiums.
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Bonneau was formerly CUO of Chubb and CEO of Chubb Tempest Re.
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The Scor chief also tells Les Echos that the Credit Suisse CEO personally intervened to abandon the bank’s advisory mandate for Covea.
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