Reinsurance News
Aon predicts record year for UK risk settlement
4th March 2021
Re/insurance broker Aon believes that 2021 could potentially be another record year for the UK risk settlement industry. According to Aon’s data, the UK pension scheme risk settlement market exceeded £54 billion last year, breaking all previous records. But analysts see no sign of momentum slowing, meaning 2021 could reach eclipse even ... Read the full article
Generation Underwriting inks capacity deal with BRIT, AXIS
4th March 2021
Managing General Agent Generation Underwriting has signed a new capacity deal for its core property and casualty lines. The deal will see AXIS come on board alongside existing partner BRIT with additional capacity provided by Lloyds. The new syndicated facility has been established to double Generation Underwriting’s property capacity across its Commercial ... Read the full article
Chubb appoints Richard Shanks as Claims Director for UK&I
4th March 2021
Global re/insurer Chubb has announced the appointment of Richard Shanks as Claims Director for the UK and Ireland (UK&I). In his new role, Shanks will be responsible for the delivery of Chubb's claims service across the UK&I. He succeeds John Latter who was recently promoted to Senior Vice President, Claims Director for ... Read the full article
APRA to enforce prudential standards for Australian bushfires
4th March 2021
The Australian Prudential Regulation Authority’s (APRA) has announced it will be establishing and enforcing prudential standards and practices in regards to the Australian bushfire season 2019-20. APRA Executive Director, Sean Carmody has said that the standards have been designed to ensure that financial promises made by institutions it supervises are met ... Read the full article
Aon / WTW combination subject to EU antitrust warning, says Reuters
3rd March 2021
Insurance and reinsurance broker Aon's proposed $30 billion merger with Willis Towers Watson (WTW) is to be subject to an EU antitrust warning unless the company offers concessions, according to Reuters. After confirming in December 2020 that it would conduct an in-depth investigation of the transaction, noting concerns it could ... Read the full article
Uri losses to sustain reinsurance rates through mid-year: KBW
3rd March 2021
Analysts at KBW have reported that the industry expects losses from Winter Storm Uri to sustain property catastrophe reinsurance rate increases through the mid-year renewals period. According to KBW, most re/insurance executives view a $10 billion to $20 billion loss range as reasonable for Uri, which has brought damaging ice damaging ... Read the full article
AIR makes CEDE database publicly available
3rd March 2021
Catastrophe modelling firm AIR Worldwide has made its Catastrophe Exposure Data Exchange (CEDE) database model available to insurers. CEDE is the open database standard developed by AIR to facilitate data exchange and to encourage model development. AIR has been a part of open standards for a long time and in 1993 developed ... Read the full article
AXIS Capital adds two to board of directors
3rd March 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings has appointed Michael Millegan and Axel Theis its Board of Directors as part of a multi-year succession planning strategy. Millegan has been appointed to the Board’s Audit and Compensation Committees with Theis serving on its Audit and Risk Committees. Henry Smith, Chairman of AXIS Capital ... Read the full article
Arbol adds Hong Guo as EVP, Chief Insurance Officer
3rd March 2021
Parametric insurtech platform Arbol has added Hong Guo as executive vice president and Chief Insurance Officer. He is set to lead all insurance related strategy and operations for the company and brings nearly three decades of global re/insurance experience to the company. Guo most recently served as a managing director at the ... Read the full article
Monument Re acquires variable annuity portfolio from Athora Ireland
3rd March 2021
Life re/insurance holding company Monument Re has agreed to acquire the closed-block portfolio of variable annuities from Athora Ireland. Athora is a wholly-owned subsidiary of Athora Holding Ltd and financial terms of the transaction were not disclosed. “We are pleased to have reached agreement with Athora to acquire this block of business ... Read the full article
Genworth names Haendiges as CEO of US life business
3rd March 2021
Mortgage insurer Genworth Financial has appointed Brian Haendiges as President and CEO of its U.S. Life Insurance Companies, succeeding David O’Leary, who is retiring. Haendiges joined Genworth in September 2020 as Executive Vice President and Chief Risk Officer and will retain that role. Prior to joining Genworth, Haendiges served as Senior Vice President ... Read the full article
Reinsurers disappointed with January renewals: S&P
3rd March 2021
Analysts at rating agency S&P global ratings have noted that reinsurers feel they haven't fully benefitted from their results, despite the global reinsurance pricing gains from the January renewals. Although this year's renewal season started with high hopes, with many reinsurers having freshly raised capital, the price increases were below expectations, ... Read the full article
Generali makes senior investment appointments
3rd March 2021
Italian insurer Generali has announced the appointments of Francesco Martorana as Group Chief Investment Officer, Bruno Servant as CEO of Generali Insurance Asset Management (GIAM), and Tim Rainsford as CEO of Generali Investments Partners. In his new position, Martorana will to Sandro Panizza, Group Chief Insurance & Investment Officer, and take ... Read the full article
Continental Re hires new Group Managing Director
3rd March 2021
Pan-African reinsurer Continental Reinsurance has appointed Lawrence Mutsunge Nazare as the Group Managing Director. Nzare will be succeeding Dr Femi Oyetunji, who is set to retire at the end of this month. He will support the transition process during this period. He has over 30 years’ experience in the insurance industry, starting ... Read the full article
AXIS hires new Senior Underwriter for International A&H
3rd March 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited has appointed Paul Fillbrook as Senior Underwriter, International Accident & Health (A&H). Fillbrook's role will begin effective immediately, and he will be responsible for Accident and Health underwriting in the Personal Accident, Illness and Travel markets, with a specific ... Read the full article