RenaissanceRe

Boost adds over $130mm of new reinsurance capacity to accelerate its MGA platform growth

Retrieved on: 
Thursday, February 8, 2024

Boost Insurance , the leading insurance infrastructure platform, today announced that it had secured over $130 million in new reinsurance capacity to sit behind its MGA, insurtech, and embedded insurance programs.

Key Points: 
  • Boost Insurance , the leading insurance infrastructure platform, today announced that it had secured over $130 million in new reinsurance capacity to sit behind its MGA, insurtech, and embedded insurance programs.
  • Boost also specializes in building specialty products, along with the risk capital to back them, to address emerging risks and markets.
  • Through its subsidiary Boost Re, the company can also provide efficient, reliable risk transfer vehicles that allow fast capacity deployment for both the risk capital partners Boost works with and the MGA and insurtech programs it supports.
  • Additionally, Boost recently released Portfolio Insights, the industry’s first real-time data reporting tool for reinsurers.

AM Best Affirms Credit Ratings of Fontana Reinsurance Ltd. and Fontana Reinsurance U.S. Ltd.

Retrieved on: 
Friday, December 15, 2023

At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Fontana Reinsurance U.S. Ltd. (Fontana Re US).

Key Points: 
  • At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Fontana Reinsurance U.S. Ltd. (Fontana Re US).
  • Fontana Re and Fontana Re US are owned by Fontana Holdings L.P. (Fontana).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

Fred R. Donner Elected to Crawford & Company® Board of Directors

Retrieved on: 
Monday, November 6, 2023

Crawford & Company® (NYSE: CRD-A and CRD-B) is pleased to announce the election of Fred R. Donner as an independent director, effective November 3, 2023.

Key Points: 
  • Crawford & Company® (NYSE: CRD-A and CRD-B) is pleased to announce the election of Fred R. Donner as an independent director, effective November 3, 2023.
  • This strategic addition to the board further strengthens the company’s commitment to leveraging deep and eminent expertise.
  • With nearly 40 years of experience in the insurance industry, Mr. Donner is well-versed in leading and advising corporations through restructurings, international expansion, risk management and capital market transactions.
  • “We are thrilled to welcome Fred to our Board of Directors.

AIG Completes Sale of Validus Re to RenaissanceRe

Retrieved on: 
Wednesday, November 1, 2023

American International Group, Inc. (NYSE: AIG) today announced that is has successfully completed the previously announced sale of Validus Re to RenaissanceRe.

Key Points: 
  • American International Group, Inc. (NYSE: AIG) today announced that is has successfully completed the previously announced sale of Validus Re to RenaissanceRe.
  • AIG received total consideration of $3.3 billion in cash, including a pre-closing dividend, and approximately $275 million in RenaissanceRe common shares.
  • As disclosed in May 2023, AIG will retain Talbot Underwriting and Western World, which the company purchased as part of its acquisition of Validus Holdings, Ltd. in 2018.
  • and J.P. Morgan Securities LLC acted as financial advisors, and Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP acted as legal counsel for AIG.

RenaissanceRe Completes Acquisition of Validus Re

Retrieved on: 
Wednesday, November 1, 2023

RenaissanceRe Holdings Ltd. (NYSE: RNR) today announced that it has concluded its acquisition of Validus Re, the treaty reinsurance business of American International Group, Inc. (“AIG”), which includes Validus Reinsurance Ltd. and its consolidated subsidiaries, AlphaCat Managers Ltd., and all renewal rights to the Assumed Reinsurance Treaty Unit of Talbot (together, “Validus Re”).

Key Points: 
  • RenaissanceRe Holdings Ltd. (NYSE: RNR) today announced that it has concluded its acquisition of Validus Re, the treaty reinsurance business of American International Group, Inc. (“AIG”), which includes Validus Reinsurance Ltd. and its consolidated subsidiaries, AlphaCat Managers Ltd., and all renewal rights to the Assumed Reinsurance Treaty Unit of Talbot (together, “Validus Re”).
  • RenaissanceRe announced on May 22, 2023, that it had entered into a definitive agreement with AIG to acquire Validus Re.
  • Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, said: “We are delighted to complete the Validus Re acquisition today.
  • We are bringing together two of the best reinsurance underwriters and look forward to the risk expertise and scale that our combined company will bring to our customers.

Dremio Unveils Next-Generation Reflections: A Leap Forward in Accelerating SQL Query Performance on the Data Lakehouse

Retrieved on: 
Wednesday, September 13, 2023

Dremio , the easy and open data lakehouse, today announced the launch of its next-generation Reflections technology, revolutionizing the landscape of SQL query acceleration.

Key Points: 
  • Dremio , the easy and open data lakehouse, today announced the launch of its next-generation Reflections technology, revolutionizing the landscape of SQL query acceleration.
  • Dremio Reflections pave the way for sub-second analytics performance across an organization's entire data ecosystem, regardless of where the data resides.
  • Dremio has also optimized how Reflections are refreshed to further enhance query performance and drive cost efficiencies.
  • Dremio Reflections eliminate performance challenges for BI dashboards and reports, and eliminate the need for data teams to export data from the lakehouse into BI extracts or imports for analytics.

AM Best Affirms Credit Ratings of RenaissanceRe Holdings Ltd. and Its Main Subsidiaries

Retrieved on: 
Friday, September 8, 2023

Additionally, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of RenaissanceRe Holdings Ltd. (RNR) [NYSE: RNR].

Key Points: 
  • Additionally, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of RenaissanceRe Holdings Ltd. (RNR) [NYSE: RNR].
  • The outlook of these Credit Ratings (ratings) is stable.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

AM Best Affirms Credit Ratings of Top Layer Reinsurance Ltd.

Retrieved on: 
Friday, September 8, 2023

The ratings also reflect the significant parental support from State Farm, which provides Top Layer with explicit support as required by contract.

Key Points: 
  • The ratings also reflect the significant parental support from State Farm, which provides Top Layer with explicit support as required by contract.
  • In turn, Top Layer provides State Farm with exposure to non-U.S. high layer reinsurance risk, which is un-correlated to its own core business.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

IFRC Launches Groundbreaking Financial Mechanism to Transform Disaster Response

Retrieved on: 
Wednesday, September 6, 2023

The International Federation of Red Cross and Red Crescent Societies ( IFRC ), in collaboration with global professional services firm Aon, Lloyd’s Disaster Risk Facility and the Centre for Disaster Protection, has announced a pioneering approach to disaster response.

Key Points: 
  • The International Federation of Red Cross and Red Crescent Societies ( IFRC ), in collaboration with global professional services firm Aon, Lloyd’s Disaster Risk Facility and the Centre for Disaster Protection, has announced a pioneering approach to disaster response.
  • The groundbreaking risk transfer mechanism will ensure swift and agile support is available when a disaster occurs.
  • This tool provides a backstop for the IFRC's Disaster Response Emergency Fund ( DREF ).
  • View the full release here: https://www.businesswire.com/news/home/20230906947243/en/
    The International Federation of Red Cross and Red Crescent Societies (IFRC) launches a groundbreaking financial mechanism to transform disaster response.

Enstar Announces Adverse Development Cover Agreement with AIG

Retrieved on: 
Tuesday, September 5, 2023

HAMILTON, Bermuda, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly-owned subsidiaries has signed an agreement with American International Group, Inc. (“AIG”) to provide AIG with protection against adverse development on the portion of Validus Re’s loss reserves that AIG retains exposure to following the closing of AIG’s sale of Validus Re to RenaissanceRe.

Key Points: 
  • HAMILTON, Bermuda, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly-owned subsidiaries has signed an agreement with American International Group, Inc. (“AIG”) to provide AIG with protection against adverse development on the portion of Validus Re’s loss reserves that AIG retains exposure to following the closing of AIG’s sale of Validus Re to RenaissanceRe.
  • Per the agreement, Enstar will provide $400 million of adverse development cover in excess of carried loss reserves on assumed reinsurance contracts underwritten by Validus Re.
  • The adverse development cover is expected to become effective at the time of closing of AIG’s sale of Validus Re to RenaissanceRe.
  • Dominic Silvester, Enstar’s Chief Executive Officer, said: “Our agreement today with AIG is a further testament to our expertise in executing bespoke solutions that help deliver our partner’s strategic objectives.