Reinsurance News
Marsh promotes Desmond to lead UK & Ireland Construction Industry
1st June 2021
Insurance broker Marsh has appointed Andy Desmond as UK & Ireland Construction Industry Leader. In this role, Desmond will support Marsh's construction clients by bringing together the construction sector, technical, placement and risk management specialists from across Marsh UK’s national and London-based specialty businesses. Throughout his 25-year career, he has practiced as ... Read the full article
Swiss regulator asks re/insurers to disclose climate risks
1st June 2021
Swiss financial regulator FINMA has said that, going forward, re/insurance companies and banks will be required to publicly provide “qualitative and quantitative information” on the risks they face due to climate change. FINMA said the move will support the sustainable development of the Swiss financial centre, while preventing the public from ... Read the full article
Austral Re acquires Markel Brazil businesses
1st June 2021
Brazilian reinsurance company Austral Re has acquired the run-off reinsurance operations of Markel Resseguradora do Brasil, and its parent company Markel Participações (Markel Brasil), with the value of the deal not currently being disclosed. This marks Austral’s second acquisition within the last two years, as the reinsurer expands through the South ... Read the full article
wefox targets US and Asia expansion after raising $650m
1st June 2021
Berlin-based insurtech firm wefox Group has raised US $650 million in a Series C round of funding, the proceeds of which will be used to help the firm expand into the US and Asia within the next two years. The funding, which brings wefox’s post-money valuation to $3 billion, will also ... Read the full article
Marsh McLennan appoints Studer as President & CEO of Oliver Wyman
1st June 2021
Marsh McLennan has named Nick Studer as the new President and Chief Executive Officer (CEO) of international management consulting firm, Oliver Wyman Group, effective July 1st, 2021. Studer, who takes over from Scott McDonald, will also become a Vice Chair of Marsh McLennan and join the firm's Executive Committee. In his new ... Read the full article
American Financial closes $3.5bn anuity business sale to MassMutual
1st June 2021
American Financial Group has wrapped up the sale of its annuity businesses to MassMutual, including Great American Life Insurance Company and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company. The company has also offloaded broker-dealer affiliate, Great American Advisors, Inc., and insurance distributor, AAG ... Read the full article
Universal secures highest level of open market cat capacity at reinsurance renewal
1st June 2021
Universal Insurance Holdings, Inc.'s wholly-owned insurance company subsidiaries have completed their 2021-2022 reinsurance programs, which includes the purchase of more open market catastrophe capacity than ever before. Effective June 1st, 2021, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their reinsurance ... Read the full article
FCA measures to combat loyalty penalties in home, motor markets
1st June 2021
The FCA has implemented a package designed to improve competition and protect home and motor insurance customers from loyalty penalties. The package will ensure renewal quotes for home and motor insurance consumers are not more expensive than they would be for new customers. This move follows an FCA market study in September ... Read the full article
Tencent backed FuSure gets reinsurance license in Hong Kong
1st June 2021
FuSure Reinsurance Company Limited, a joint venture controlled by Chinese multinational technology conglomerate holding company, Tencent Holdings Ltd., has obtained a license to provide reinsurance services in Hong Kong. Established on May 25th, 2020 with HK 1 billion (approx. USD 129mn) of capital, FuSure Reinsurance is now able to underwrite general ... Read the full article
Apollo’s ibott division partners with Israeli insurtech CI
1st June 2021
Apollo's sharing economy initiative ibott (Insuring Businesses of Tomorrow, Today) is partnering with Israeli insurtech CI in an effort to reduce fleet and rider insurance costs and turn insurance into a revenue source by offering on-demand cover. CI is an Israeli insurtech founded in 2019 that specializes in connected insurance solutions ... Read the full article
Verisk & APCIA weigh P&C insurance impact after “turbulent year”
28th May 2021
A new report by data analytics provider Verisk and the American Property Casualty Insurance Association (APCIA) has looked at the overall impact to property and casualty (P&C) insurer following a year marked by a global pandemic and unprecedented catastrophic events. The “turbulent year” saw private US P&C insurers’ net income after ... Read the full article
Swiss Re hires Hermant from AIG for iptiQ APAC role
28th May 2021
Global reinsurer Swiss Re has appointed Simon Hermant to a Vice President role at iptiQ, its digital life and health insurance platform and B2B2C provider of bespoke insurance solutions. Hermant joins from AIG, where he most recently served as Head of Portfolio Management for Accident & Health, Travel and Warranty in ... Read the full article
Howden Specialty names Hegelbach as Divisional Director
28th May 2021
Howden Specialty has appointed Severin Hegelbach to the newly created role of Divisional Director. He will lead a renewable energy advisory service, focused on providing in-depth risk advice for clients, sponsors, lenders, investors, retail and other partners. Hegelbach joins from Willis Tower Watson (WTW), where he was Divisional Director in the Financial ... Read the full article
Fitch Ratings turns positive on AXA off improving XL performance
28th May 2021
Fitch Ratings has revised its outlook on AXA and its core insurance subsidiaries' Insurer Financial Strength (IFS) Ratings, changing AXA's Long-Term Issuer Default Rating (IDR) to Positive from Stable. Fitch’s revision is driven primarily by an expectation for the AXA group to secure a property and casualty combined ratio sustainably below ... Read the full article
Swiss Re sells remaining stake in New China Life: reports
28th May 2021
Reports today from media company Caixin suggest that Swiss Re may have sold its remaining stake in Beijing-based life insurer New China Life Insurance Co. Swiss Re bought 152.9 million shares in New China Life in 2013, but then sold almost half of these a few years ago in a deal ... Read the full article