Reinsurance News
Insurer M&A activity to ‘at least double’ in 2021, says S&P
7th April 2021
Analysis by S&P claims that for 2021, insurance carrier merger and acquisition (M&A) activity is poised for a breakout year, with deal value potentially reaching as high as $71.65 billion in the aggregate. Deal value of this magnitude would represent an increase of 269.5% from the levels seen in 2020, and ... Read the full article
Acrisure hires Matthew Marolda as CIO
7th April 2021
Global insurance broker and fintech financial services provider Acrisure has appointed Matthew Marolda as its first Chief Innovation Officer. He will be focusing on business and growth opportunities aligned with Acrisure’s artificial intelligence (AI), data and technology platform. Marolda has spent his career using data and analytics to drive strategic, marketing and ... Read the full article
Aegon business sale blocked in Hungary
7th April 2021
Hungarian regulators have refused to give approval to the previously announced sale of Aegon’s Central and Eastern European operations to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). Under the €830 million deal, VIG had agreed to acquire Aegon’s insurance, pension, and asset management business in Hungary, Poland, Romania, and ... Read the full article
MS Amlin acquires ITMO to spearhead U.S. MGA platform
7th April 2021
Lloyd's re/insurer MS Amlin is set to acquire U.S. Managing General Agency (MGA), International Transportation and Marine Office, LLC (ITMO) and its associated subsidiaries, subject to customary closing conditions. The acquisition is part of the firm's new strategy to provide access to high quality specialty MGAs in the U.S., which is ... Read the full article
Everest Insurance promotes Cipolla to lead E&S Primary Casualty
7th April 2021
Everest Insurance, a division of Bermuda-based re/insurer Everest Re Group, has appointed Michael Cipolla as Head of the Excess & Surplus (E&S) Primary Casualty unit. Cipolla will be responsible for developing the product portfolio and leading the continued growth of primary casualty business in the wholesale space. He will continue to be ... Read the full article
Arch hires Jim Villa as SVP in A&H unit
7th April 2021
Arch Insurance, part of Arch Capital Group, has appointed Jim Villa as Senior Vice President, Strategy and Distribution for the Accident and Health (A&H) business unit. He brings over 25 years of experience establishing and leading A&H businesses and will report to Linda Fallon, Executive Vice President, Travel, Accident & Health. Prior ... Read the full article
Genworth terminates merger agreement with Oceanwide
7th April 2021
Mortgage insurer Genworth Financial has terminated its merger agreement with China Oceanwide Holdings Group, allowing it to pursue its revised strategic plan without restrictions and without uncertainty regarding its ultimate ownership. The proposed acquisition had initially been set for June 30th, 2019, however this date was pushed back by five months ... Read the full article
AM Best stays negative on UK non-life
7th April 2021
AM Best has opted to maintain its negative outlook on the UK non-life re/insurance segment, citing economic uncertainty as a key headwind. Further considerations included COVID-19 lockdown measures that coincided with the country’s preparation to leave the European single market. Together, these factors have created the biggest economic contraction on record and ... Read the full article
Regulatory divergence could weaken UK’s case for Solvency II equivalence: Sidley
7th April 2021
Post-Brexit, it's vital for the UK to obtain reinsurance equivalence under the Solvency II regime to avoid losing significant business in the European Union (EU), reports law firm Sidley Austin LLP. Essentially, reinsurance equivalence establishes a level playing field for carriers; ensuring that the EU is unable to impose further requirements ... Read the full article
Lloyd’s highlights accelerating casualty market trends in 2020 review
7th April 2021
According to the Lloyd's yearly market report, the 2020 casualty treaty market saw a number of pre-existing trends accelerate as the market faced issues such as diminishing capacity, tightening policy coverage and significant price strengthening in distressed and high exposure accounts across most lines of business. US Workers’ Compensation remained competitive, yet ... Read the full article
AXA XL names Khera as Head of Marine, UK & Lloyd’s and Global Head of Hull
7th April 2021
AXA XL, the property & casualty and specialty risk division of AXA, has named Sundeep Khera as Head of Marine, UK & Lloyd’s market, and Global Head of Hull. Khera, who currently serves as Head of Marine, Asia-Pacific at AXA XL based in Singapore, takes on the UK & Lloyd's market ... Read the full article
MS&AD targets US with $4.5bn war chest: reports
7th April 2021
Mitsui Sumitomo Insurance, part of MS&AD Insurance Group Holdings, intends to spend as much as USD 4.5 billion (500bn yen) on mergers and acquisitions (M&A) through 2023, with a focus on the North American market, reports Nikkei. It's understood by Nikkei that the Japanese insurer is eager to diversify its portfolio ... Read the full article
Mosaic recruits William Monat to lead transactional liability
7th April 2021
Mosaic, the global specialty insurance company recently launched by Ironshore executive Mitch Blaser, has announced the appointment of William Monat as Executive Vice President, Global Head of Mergers & Acquisitions (M&A). Based in Chicago, Monat will spearhead the specialty company’s transactional liability business and oversee underwriting operations in North America, the ... Read the full article
AXA issues €1bn of green bonds
7th April 2021
Global insurer AXA has successfully placed €1 billion of subordinated green bonds, which will be issued under AXA Group’s newly established Sustainability Bond Framework. This first green subordinated bond issuance to institutional investors is due 2041 and the initial fixed coupon has been set at 1.375% per annum. AXA reported that investor ... Read the full article
How catastrophe events can affect elections: Q&A with PCS’s Johansmeyer
6th April 2021
So far, there hasn't been a catastrophe that has directly affected a U.S. presidential election, but as highlighted by Hurricane Zeta in October of last year, there's clearly potential for major events to impact society more broadly. In reality, not that many states in the U.S. are prone to large catastrophes ... Read the full article