Reinsurance News
Cyberscout acquired by identity security specialist Sontiq
3rd February 2021
CyberScout, a provider of identity theft resolution, data defense and employee benefits services for the re/insurance industry, is set to be acquired by Sontiq, a portfolio company of The Wicks Group of Companies that specialises in identity security. By acquiring Cyberscout, Sontiq hopes to further expand into the insurance industry with ... Read the full article
Hiscox adds Aimee Nolan to lead London Market cargo underwriting
3rd February 2021
Specialist insurer Hiscox has appointed Aimee Nolan to lead its London Market cargo team as Cargo Line Underwriter. Nolan will be based in London and reports to Mike Southgate, Divisional Director for Marine, Energy and Specialty. She will manage a cargo team of four underwriters with additional support in pricing and exposure ... Read the full article
Gallagher hires Matthew Haine as managing partner
3rd February 2021
Re/insurance broker Gallagher has appointed Matthew Haine as managing partner of its property practice. Haine has over 35 years of experience in broking and joins from Guy Carpenter, where his previous position was senior vice president in its FAC division. Prior to Guy Carpenter, he held senior roles at Benfield and Aon. In ... Read the full article
Zurich North America launches new risk service
3rd February 2021
Zurich North America, a division of Zurich Insurance Group, has launched a new risk services unit in the US intended to provide businesses with advisory services, solutions and tools. In the US it will include the risk engineering team and make services available to both current Zurich customers, as well as ... Read the full article
2020 US M&A activity up 4.32% over previous year
3rd February 2021
There were 676 mergers and acquisition transactions announced in the US throughout 2020, a 4.32% increase over 2019, according to strategic consulting and advisory firm MarshBerry. MarshBerry itself finished the year having participated in 105 M&A deals, a record year for the firm. It's worth noting that the announced 676 transactions essentially ... Read the full article
Antares places Lloyd’s China operation into run-off
3rd February 2021
Antares, the Lloyd’s specialist re/insurance subsidiary of QIC Global, has placed Syndicate 1274’s Lloyd’s China operation into run-off. Antares will cease accepting new/renewal business through the Lloyd’s China platform from March 1. Moving forward, Chinese business will be written out of Antares Singapore. Existing policies will continue to provide cover on existing terms ... Read the full article
Great American’s Mark Lonneman to retire
3rd February 2021
Great American Insurance Group has announced the retirement of Mark Lonneman, divisional president of its Property & Casualty group’s risk solutions division. Lonneman's departure is effective in April and will see him part ways with a company he joined 41 years ago as a casualty underwriter in the agriculture excess and ... Read the full article
ERS launches ILS offering, expands senior team
3rd February 2021
Specialist motor insurer ERS has announced the launch of an integrated insurance-linked securities (ILS) offering, while also continuing the build out of its commercial insurance and reinsurance team with a series of senior hires. The firm’s ILS approach will include an open-ended mandate with a remit to invest across both public, ... Read the full article
Convex partners with Praedicat on emerging liability risks
3rd February 2021
International specialty re/insurer Convex Group Limited has partnered with Praedicat, a risk analytics company specialising in emerging liability risks, to help identify, underwriting and manage complex casualty risks. Praedicat’s AI technology mines global peer-reviewed scientific literature to identify hazards with the potential to develop into drivers of mass tort litigation before ... Read the full article
Markel income drops by $1bn on investment hit
3rd February 2021
Financial holding company Markel Corporation has reported a $1 billion drop in its net income for 2020, which stood at $797.6 million at the end of the year, versus $1.790 billion in 2019. The difference is almost entirely attributable to a corresponding $1 billion drop in net investment gains, which totaled ... Read the full article
Apollo hires Hayley Spink as COO
3rd February 2021
Specialist re/insurer and Lloyd's syndicate Apollo Syndicate Management has appointed Hayley Spink as group chief operating officer (COO). Spink has more than 20 years of management experience in the insurance and financial industry. Prior to joining Apollo, she was most recently interim head of operations at Lloyd’s, leading its business services ... Read the full article
Chubb’s Q4 net income rises to $2.42bn
3rd February 2021
Global re/insurer Chubb has reported a 2020 fourth quarter net income of $2.42 billion, up from $1.17 billion in the prior year quarter. Meanwhile, core operating income was $1.44 billion versus $1.04 billion prior year. Q4 pre-tax catastrophe losses were $314 million compared with $430 million in the prior year period. P&C underwriting ... Read the full article
Pen Underwriting launches terrorism cover for UK businesses
3rd February 2021
Pen Underwriting has launched a new standalone terrorism coverage for UK businesses and property owners. The terrorism product has been designed to be e-traded via Acturis or the Pen Portal with minimum referral triggers, although it can also be underwritten in a conventional manner. Extensions such as emergency accommodation costs and brand ... Read the full article
Argo reports Q4 catastrophe and COVID-19 losses of $51mn
3rd February 2021
Argo Group International Holdings, Ltd. has announced that its fourth-quarter 2020 results will be adversely affected by estimated losses of $51 million related to various natural catastrophe events and the COVID-19 pandemic. The re/insurer expects natural catastrophe losses to amount to approximately $38 million in Q4, primarily driven by Hurricanes Delta ... Read the full article
Markerstudy Group receives £200mn Pollen Street investment
3rd February 2021
Motor insurer Markerstudy Group has entered into an agreement for a £200 million investment led by Pollen Street Capital. The transaction will see Pollen Street partner with and make a substantial investment alongside the existing founder team, along with QIC who will also participate in the transaction as a strategic partner ... Read the full article