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Munich Re forecasts major losses from winter storms, but also a profitable Q1

20th April 2021

Global reinsurer Munich Re has pre-warned that losses in its property / casualty reinsurance segment from major events came in above-average for the first-quarter of 2021, primarily as a result of the severe winter weather in the U.S. in February. The German reinsurer is the latest to comment on the significant ... Read the full article

Aon / WTW: Reports suggest expansion of divestment to the US needed

20th April 2021

As the saga surrounding the proposed combination of brokers Aon and Willis Towers Watson (WTW) continues, sources suggest that an expansion of the deals divestment package needs to include the U.S. to appease the Department of Justice (DoJ). The mega-merger of rival insurance and reinsurance brokers Aon and WTW has, unsurprisingly, ... Read the full article

Howden hires Felix Jenny to lead Swiss operation

20th April 2021

Insurance broker Howden has appointed Felix Jenny to lead its new retail operation in Switzerland, following last years acquisition of IRIA, the Geneva-headquartered specialist political risk and credit insurance broker. Howden Switzerland will form an important part of Howden’s European business, delivering local market expertise to the Group’s multinational client base ... Read the full article

Swiss Re joins auto tech firm Veoneer to further road safety solutions

20th April 2021

Global reinsurer Swiss Re is partnering with automotive technology specialist Veoneer on road safety solutions designed to help further the development of advanced driver assistance systems (ADAS) and related services. The partnership will see Veoneer enhance its ADAS tech using the insights and empirical knowledge Swiss Re has accumulated over years ... Read the full article

BHSI hires Brian Robb as SVP, Head of Cyber

20th April 2021

Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett's global insurance and reinsurance company, has appointed Brian Robb as Senior Vice President, Head of Cyber/MPL/Tech. Robb comes to BHSI after just under 11 years at CNA Insurance, where his experience spanned both the underwriting and claims sides of the business. He was ... Read the full article

Aegon CTO Mark Bloom to step down in June

20th April 2021

Life Insurer and asset manager Aegon has announced that its Global Chief Technology Officer Mark Bloom is to depart the company on June 1 in pursuit of other opportunities. Bloom will have served in the role for over five years, leading Aegon's technology and innovation activities. He arrived at Aegon in 2016 as ... Read the full article

Korean Re partners with healthcare insurtech Leapstack

20th April 2021

Seoul-based reinsurer Korean Re has partnered with Leapstack, an AI-powered insurtech that specialises in healthcare, to support Leapstack’s expansion into the Korean insurance market. Leapstack, which has already partnered with several of Korea’s largest insurers, aims to provide big data AI solutions for commercial insurance companies and social security management agencies. In ... Read the full article

Instability forecast for motor & home pricing until 2023: Pearson Ham

20th April 2021

Impending action by the FCA on pricing practices, combined with the post lockdown impact on claims, will herald a period of price fluctuation for motor and home lines as insurers adapt their business models to address issues such as ‘price walking’, according to analysts at Pearson Ham. Data from the firm’s ... Read the full article

Kin Insurance surpasses $100m in annual recurring premium

20th April 2021

Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has surpassed $100 million in annual recurring premium. The milestone comes after only 21 months as a carrier, and with $52 million in equity funding. Notably, Kin’s growth has been achieved through a direct-to-consumer business model. This ... Read the full article

Everest Re announces $260m of Q1 2021 catastrophe losses

20th April 2021

Bermuda-based reinsurer, Everest Re Group, Ltd., has announced estimated pre-tax catastrophe losses, net of reinsurance and reinstatement premiums, of $260 million for the first-quarter of 2021. The firm’s Q1 cat loss bill primarily relates to the impacts of the Texas winter storms, alongside a minimal amount from the flooding in New ... Read the full article

ARA total capital up 6% to $270bn in 2020, despite COVID-19 headwinds

20th April 2021

Despite being hit with roughly $25 billion in pandemic and natural catastrophe-related losses, Aon’s Reinsurance Aggregate (ARA) of reinsurers reported positive earnings for 2020 and an increased capital base, aided by demonstrated access to new funding. ARA tracks the financial results of 23 of the world’s leading reinsurance firms annually. For 2020, ... Read the full article

Morgan Stanley expects “sustained” reinsurance pricing ahead of renewals

19th April 2021

Analysts at Morgan Stanley are expecting reinsurance rate increases to prove more sustainable as they examine pricing trends ahead of the mid-year renewals. Though discussions of pricing at Jan 1 and Apr 1 renewals have been characterized as slightly disappointing, Morgan Stanley noted that pricing was generally up across the board ... Read the full article

Price Forbes bolsters LatAm presence with Gabriel Anguiano hire

19th April 2021

Independent insurance broker Price Forbes has announced the appointment of Gabriel Anguiano, as the company looks to bolster its presence in the Latin America market. Anguiano joins from Lloyd’s syndicate Probitas 1492, where he was Head of Strategy and Business Development for Latin America. During his time at Probitas he opened the ... Read the full article

RAA endorses end to NFIP subsidies for new builds in flood risk areas

19th April 2021

The Reinsurance Association of America (RAA) has endorsed new legislation to end National Flood Insurance Program (NFIP) subsidies for newly-constructed properties in areas vulnerable to flooding. The Build for Future Disasters Act of 2021, reintroduced by Representatives Andy Barr and Scott Peters, would mean NFIP rates reflect up-to-date flood information for ... Read the full article

AJ Gallagher takes 30% stake in MENA insurance broker ACE

19th April 2021

Re/insurance broker Arthur J. Gallagher & Co. has announced its investment in specialist insurance broker ACE, via a strategic partnership with MIG Holding Ltd. The partnership will see AJ Gallagher take a minority interest in Middle East & North Africa (MENA) specialist insurance broker ACE. Under the terms of the arrangement, AJ ... Read the full article

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