Reinsurance News
Amwins Specialty expands into Canadian market
24th March 2021
Specialty Managing General Agency, Amwins Specialty Logistics Underwriters (ASLU), has expanded into the Canadian market to serve Canada's growing logistics industry. Launched in the United States in 2018, ASLU delivers coverage solutions for freight forwarders and third-party logistics operators. As a Lloyd's coverholder, ASLU's expansion into Canada can offer retailers instant coverage ... Read the full article
Suez Canal blockage could drive $40bn in trade disruption: analysts
24th March 2021
The Evergreen container ship currently blocking the Suez Canal after plunging one of the world’s busiest trade routes into chaos could be carrying goods worth $89 million and threatens to create more than $40 billion dollars of trade disruption, according to analysis from Russell. Reports on the still-unfolding event say rescue ... Read the full article
Acrisure closes $3.4bn capital raise
24th March 2021
Global re/insurance brokerage Acrisure has announced the successful closing of two transactions representing a significant $3.4 billion capital raise, led by merchant bank BDT Capital Partners. BDT led a $3 billion investment, via its affiliated investment funds, into the broker's Senior Preferred Stock. Additionally, a consortium of investors, which the broker says ... Read the full article
Australia flood claims estimated at $254m as crisis extends to Queensland
24th March 2021
In its latest update, the Insurance Council of Australia (ICA) says it has recorded more than 17,000 claims from the severe flooding that began in New South Wales (NSW) earlier this week, with losses currently estimated at AU $254.2 million (US $193.49 million). Notably, 15% of claims are now coming out ... Read the full article
Tokio Marine names Tom Weist as CFO
24th March 2021
Property & Casualty insurer Tokio Marine HCC has appointed Tom Weist as Chief Financial Officer following the retirement of current CFO, Sharon Brock. Brock is expected to remain with the company in an advisory capacity until next month, during which time she will be supporting the transition. Weist joined Tokio Marine HCC ... Read the full article
GRS hires Antoine Green as VP of Sales
24th March 2021
International loss adjuster Global Risk Solutions has appointed Antoine Green as Vice President of Sales as part of its expansion of its Property & Casualty Solutions team. Green has over 20 years of experience in the industry. Before joining GRS, he was National Account Executive and Assistant Vice President with a ... Read the full article
TWIA eyes total aggregate reinsurance of up to $5bn for 2021 season
24th March 2021
The Texas Windstorm Insurance Association (TWIA) is looking to secure up to $5 billion of reinsurance protection ahead of the 2021 Atlantic hurricane season, through a combination of traditional reinsurance, catastrophe bonds, and statutory funding. TWIA's Board received a presentation from staff and reinsurance broker Guy Carpenter, and subsequently voted to ... Read the full article
WTW launches cyber solution for Power & Utilities industry
24th March 2021
Global re/insurance broker Willis Towers Watson has launched a new type of cyber insurance cover designed specifically for Power & Utilities companies. WTW says CyNat has been developed to specifically cover the key industry exposures rather than trying to modify pre-existing generic cyber products. The solution includes crisis management costs, business interruption ... Read the full article
Transatlantic Holdings’ CEO departure unlikely to impact ratings: S&P
24th March 2021
S&P Global Ratings has announced that Transatlantic Holdings' Chief Executive Officer Mike Sapnar's departure is unlikely to have any impact on its stable ratings. Ken Brandt, currently TransRe's co-President of global underwriting, will succeed Sapnar as President and CEO. Brandt has been a member of TransRe's senior leadership team since 2006. In ... Read the full article
Constellation to acquire Ohio National in $1bn transaction
23rd March 2021
US insurance holding company Constellation has entered into an agreement to acquire Ohio National Mutual Holdings and its subsidiary Ohio National Financial Services for a total consideration of $1 billion. The transaction sees Constellation fund cash payments or policy benefits, in the aggregate amount of $500 million, to be paid or ... Read the full article
QOMPLX acquires cybersecurity firm Hyperion Gray
23rd March 2021
Risk analytics provider QOMPLX has closed an acquisition of cybersecurity intelligence firm Hyperion Gray. Hyperion Gray’s team of software engineers, data scientists, and offensive security experts have now joined the QOMPLX team as members of its cybersecurity and analytics teams. “Hyperion Gray’s unique approach to cybersecurity and intelligence furthers QOMPLX’s work for ... Read the full article
Corant appoints RFIB’s Kevin Stratton to lead new Bermuda operation
23rd March 2021
Global brokerage and financial technology firm Corant Global has added Kevin Stratton to lead the group’s new reinsurance operation in Bermuda. Stratton has more than 30 years of speciality expertise and joins from RFIB, where he served as managing director and led all specialty non-marine classes. Previously he served as Chief Executive ... Read the full article
Major re/insurance players commit $2mn to Oasis Loss Modelling Framework
23rd March 2021
A number of the world’s biggest players in re/insurance have committed additional funds to support the development of open source catastrophe modelling platform Oasis. Companies include Aon, Allianz, AXA, Chubb, Guy Carpenter, Hannover Re, Lloyd’s, RenaissanceRe, Swiss Re, SCOR, Willis Re and the Insurance Development Forum. The supporting international re/insurers and brokers ... Read the full article
Shelby Weldon joins BILTIR as Exec Director
23rd March 2021
Bermuda International Long Term Insurers and Reinsurers (BILTIR) has announced the appointment of veteran financial services professional Shelby Weldon as Executive Director. Weldon previously spent 15 years at the Bermuda Monetary Authority (BMA), where he served as Director of Compliance and Director of Licensing and Authorisations. He has also worked as Inspector ... Read the full article
ICA registers 11,700 claims from NSW floods
23rd March 2021
Data from the Insurance Council of Australia (ICA) shows that, so far, policyholders have lodged 11,700 insurance claims associated with the devastating storms and flooding in New South Wales (NSW). The ICA noted that further claims have been lodged since those numbers were collected this morning and more are expected in ... Read the full article