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Munich Re adds €1.1bn of COVID-19 losses; 2020 total hits €3.4bn

1st December 2020

Global reinsurance giant Munich Re has reported that its reinsurance operation is set to book COVID-19 related losses of €3.4 billion in 2020, while additional burdens of roughly €500 million are anticipated to come from the pandemic in 2021. For Q3 2020, the reinsurer announced a further €800 million of ... Read the full article

Rebranded Core Specialty completes StarStone U.S. recapitalization

1st December 2020

Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of the sale and recapitalization of StarStone U.S. Holdings, Inc., via the sale of StarStone U.S. to Core Specialty Insurance Holdings, Inc. The recapitalization was led by SkyKnight Capital, L.P., Dragoneer Investment Group, and Aquiline Capital Partners ... Read the full article

Refined AXA XL working to seize this ‘magical moment’: AXA CEO Buberl

1st December 2020

The team at AXA XL, led by Chief Executive Officer (CEO) Scott Gunter, is looking to capitalise on rising prices in the current hardening market environment, in an effort to both enhance and increase the underwriting performance of the business, according to Thomas Buberl, CEO of AXA. Today, French insurance and ... Read the full article

China, US and India have highest insurance potential: MAPFRE

1st December 2020

According to the latest Global Insurance Potential index by MAPFRE Economics, China, the US and India currently rank top of the table of countries, both in terms of life and non-life lines. MAPFRE’s index looks at 96 insurance markets around the world to measure the insurance protection gap and create a ... Read the full article

Tom Macfarlane to lead Berkshire’s (BHSI) Europe expansion

1st December 2020

Warren Buffett’s Berkshire Hathaway Specialty Insurance has named Tom Macfarlane to lead the expansion of its capabilities in Europe, by underwriting Downstream Energy Property Insurance. Macfarlane comes to Berkshire Hathaway with over 40 years of insurance experience spanning both the underwriting and broking sides of the business. He has held various leadership ... Read the full article

Monument Re closes portfolio acquisition from Zurich Life

1st December 2020

Life reinsurance and insurance holding company, Monument Re, has completed its acquisition of a portfolio from Zurich Life Assurance plc. Monument Life Insurance d.a.c, an Ireland-based life insurance subsidiary of Monument Re, completed the acquisition on November 30, 2020. The portfolio in question consisted of unit-linked International Portfolio Bond policies from Zurich ... Read the full article

Re/insurers misjudged pandemic response: Swiss Re’s Mumenthaler

1st December 2020

According to Swiss Re CEO Christian Mumenthaler, the re/insurance industry vastly underestimated the cost of a global pandemic due to its failure to account for the extent of government lockdown measures. Speaking in an interview with the Financial Times, Mumenthaler acknowledged that re/insurer models had misjudged just how far governments around ... Read the full article

Trisura hires new Chief Underwriting Officer, US Surety

1st December 2020

Trisura Group has appointed George R. James as Chief Underwriting Officer (CUO), Surety, for the organisation’s new US surety platform. This appointment will take place from January 4th, 2021 as he leads Trisura’s entry into the U.S. surety market and heads its US surety operations. James is a seasoned surety leader with ... Read the full article

AmWINS to acquire Bermuda broker ISBL

1st December 2020

AmWINS Group has announced plans to acquire International Specialty Brokers Limited (ISBL), a Bermuda-based P&C wholesale insurance and reinsurance broker. Following the takeover, ISBL will join AmWINS Brokerage and become AmWINS Bermuda from January 1, 2021. AmWINS believes the acquisition will enhance its access to the international market, while complementing the existing ... Read the full article

Singlife led consortium completes acquisition of Aviva’s Singapore business

1st December 2020

A consortium led by Singapore Life Pte. Ltd. (Singlife) has completed its previously announced transaction to combine Singlife with UK insurer Aviva's Singapore operations. With the deal now complete, a new company called Aviva Singlife Holdings Pte. Ltd. will now hold the Singlife and Aviva Singapore legal entities, which will continue ... Read the full article

AXIS Re hires David Bangs as Head of Japan

1st December 2020

AXIS Re, the reinsurance business segment of AXIS Capital Holdings Limited, has announced the appointment of David Bangs as AXIS Re Head of Japan. Bangs joins AXIS Re from Willis Re Singapore where he previously served as Executive Director. Prior to this, he held the role of Japan Representative at Willis Re ... Read the full article

Toa Re America recruits new CEO from StarStone

1st December 2020

Japanese reinsurer Toa Re has announced that Richard N. Sanford has been appointed Chief Executive Officer of its US business, Toa Re America. Effective January 1, 2021, Sanford will take over from Edward J. Stanco, who has served as CEO of Toa Re America since January 2009. Sanford has 36 years’ industry ... Read the full article

AXA targets stronger underwriting performance, accelerated efficiency

1st December 2020

Global insurer AXA is targeting a stronger underwriting performance, notably at AXA XL, over the next few years as part of its strategic plan "Driving Progress 2023". Outlined this morning at the insurer's virtual Investor Day, AXA's new strategic plan and key financial targets for 2021-2023 have a focus on improved ... Read the full article

U.S. P/C industry’s underwriting income falls by 86% in 9M 2020: AM Best

1st December 2020

Analysis by ratings agency A.M Best finds that in the first nine months of 2020, the U.S. property / casualty insurance industry saw its underwriting income fall to $600 million, compared with income of $4.5 billion for the same period in 2019. Before the arrival of a global pandemic, 2020 was ... Read the full article

Howden Iberia hires MD for Employee Health and Benefits

1st December 2020

Insurance broker Howden has hired Ana Matarranz as Managing Director of the Employee Health and Benefits practice for Howden Iberia. The appointment comes after Howden's acquisition of Compensa, a flexible compensation and Human Resources consulting firm, where Matarranz will be added to its Board of Directors. She has over 20 years of ... Read the full article

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