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QBE hires Fiona Larnach as Group Chief Risk Officer
15th December 2020
Australian re/insurer QBE has appointed Fiona Larnach to the role of Group Chief Risk Officer. Larnach has nearly 30 years of experience working across risk management, finance and treasury. She has held a number of senior executive roles at numerous Australian and UK financial service companies, and was most recently the Chief ... Read the full article
Aviva names Chief Brand & Corporate Affairs Officer
9th December 2020
Aviva has announced the appointment of Stephen Doherty as Chief Brand and Corporate Affairs Officer. This new role at Aviva will see Doherty join the Group Executive Committee, reporting to Aviva Chief Executive Officer, Amanda Blanc. He will commence his role at Aviva in March 2021, and will lead on brand, public ... Read the full article
Broad optimism over second wave losses, reinsurers could take bigger hit
25th November 2020
Barclays analysts expect this second wave of COVID-19 to incur less cost for European insurers than what was initially seen during the first half of 2020. Analysts note how positive vaccine news, further political clarity in the US, stabilised yields and the latest COVID loss estimates create a positive backdrop for ... Read the full article
Re/insurer investment market trends accelerated by COVID, say experts
16th November 2020
As insurers and reinsurers continue to adapt to the lower-for-longer interest rate environment, the arrival of the global COVID-19 pandemic has served to accelerate certain trends in the marketplace, according to industry experts. On the second day of Prospectus 2021 - the new annual re/insurance and insurance-linked securities (ILS) ... Read the full article
Intact raises funds for proposed RSA takeover
13th November 2020
Intact Financial Corporation has announced that it has entered into an agreement with a group of underwriters, led by CIBC Capital Markets and Barclays Capital Canada, Inc., designed to finance a slice of its proposed acquisition of UK insurer RSA. Under this arrangement, the underwriters have agreed to purchase, on a ... Read the full article
Court orders Derez and Covéa to pay €19.6mn in compensation to SCOR
11th November 2020
Global re/insurer SCOR has announced that the Paris Commercial Court has ruled against Thierry Derez and Covéa for misconduct during the preparation and execution of Covéa's unsolicited takeover bid for the French re/insurer. The judgement rendered on November 10th, 2020, finds that Derez, the CEO of SCOR's largest shareholder, Covéa, committed ... Read the full article
Re/insurance broker Miller to be acquired by Cinven and GIC
9th November 2020
Specialist insurance and reinsurance broker, Miller, is set to be acquired from its partners and corporate member, Willis Towers Watson (WTW), by global private equity firm, Cinven and GIC, Singapore's sovereign wealth fund. Miller, which employs over 640 people through its offices across the world's major insurance hubs, is a specialist ... Read the full article
Venerable reaches $12bn annuity reinsurance agreement with Equitable
28th October 2020
Venerable Holdings has agreed to reinsure $12 billion of legacy variable annuity business from Equitable Financial Life Insurance Company. As part of the transaction, Venerable will also acquire Corporate Solutions Life Reinsurance Company, a Delaware domiciled variable annuity reinsurance company that has been in run-off since 2002. Overall, the deal will more ... Read the full article
Aon adds Sue Lee to capital advisory team as director in corporate finance
8th October 2020
Re/insurance broker Aon has added Sue Lee to its reinsurance solutions capital advisory team as a director in corporate finance. Lee joins Aon from Athene Holding, where she served as investor relations director. Her previous roles included equity research vice president at Barclays, and investment banking associate at BMO Capital Markets. Lee now ... Read the full article
Auto insurtech Root registers for IPO
7th October 2020
Auto insurtech Root Insurance Company has filed a registration statement with the US Securities and Exchange Commission for an initial public offering (IPO) of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined, although the IPO documents ... Read the full article
AIG’s Zaffino eyeing more strategic purchasing within reinsurance
16th September 2020
AIG's reliance on reinsurance will continue to be strategic but, since the company has repositioned its portfolio, it should be able to do more things with reinsurance without taking more risk, according to President and Chief Operating Officer Peter Zaffino. This could give AIG opportunities for less spend, but more strategic ... Read the full article
Pradip Ghosh named president of Lockton Capital Markets
2nd September 2020
Re/insurance broker Lockton has appointed Pradip Ghosh president of its Lockton Capital Markets unit. Ghosh will work closely with Chief Executive Officer Ken Pierce on direction and oversight as LCM looks to build out its platform. He brings over 20 years' experience in the insurance, financial services, and asset management industries and most recently ... Read the full article
Hastings Group agrees to cash acquisition offer
5th August 2020
UK-based property and casualty (P&C) insurer, Hastings Group Holdings plc, has received a recommended cash offer from Sampo Oyj and Rand Merchant Investment Holdings Limited (RMI) to acquire all of its issued and to be issued shares not currently owned or controlled by the pair. Towards the end of July, Hastings ... Read the full article
Lemonade secures $319m in IPO off $29 a share
2nd July 2020
Insurtech start-up Lemonade has raised $319 million at its Initial Public Offering (IPO) after high-demand saw its price increase to $29 a share. Lemonade commenced its IPO last week with an expectation that it would offer 11 million shares of its common stock at a price of between $23 and $26 per ... Read the full article
Lemonade looks to raise up to $286 million in IPO
25th June 2020
InsurTech start-up Lemonade has commenced the previously announced initial public offering (IPO) of its common stock, which could raise up to $286 million. The company, which is backed by Japanese conglomerate SoftBank, announced in early June that it had filed a registration statement with the US Securities and Exchange Commission ... Read the full article
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