Reinsurance News
L&G secures £544mn bulk annuity transaction with Evonik
19th January 2021
Legal & General has agreed a £544 million full buy-in of four pension schemes sponsored by Evonik UK Holdings. The deal secures the benefits of over 3,600 UK defined benefit pension scheme members and facilitates the merger of the four schemes as part of the de-risking process. L&G has an existing relationship ... Read the full article
Hamilton appoints Clay Rhoades to lead MGA efforts in US
19th January 2021
Bermuda-based re/insurer Hamilton has today announced the appointment of Clay Rhoades as President, Hamilton Managing General Agency Americas. Rhoades will report to Hamilton Chief Executive Officer Pina Albo and joins her group executive team. He arrives from Kinsale Insurance where he served as SVP of Commercial Property/Inland Marine. Before that he spent time as ... Read the full article
Stable launches collateralised insurer in Bermuda
19th January 2021
Commodity risk insurtech Stable has launched a collateralised insurer to help protect global food and farming businesses from volatile commodity prices. Stable leverages its proprietary data science platform to address the $5 trillion of untraded or illiquid agricultural commodities that cannot be hedged. Stable’s index-based solution has over 3,000 commodities in over ... Read the full article
AXIS announces Q4 losses of up to $205mn from COVID-19 and cats
19th January 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has announced a preliminary Q4 2020 net claims estimate of between $195 million to $205 million, pre-tax, for catastrophes and weather-related events. Of this range, AXIS states that a significant $125 million, pre-tax, relates to the COVID-19 pandemic, while an additional $70 million ... Read the full article
Marsh & McLennan pledges carbon neutrality in 2021
19th January 2021
Global insurance and reinsurance broker Marsh & McLennan has announced two new commitments in its effort to combat climate change. The company has made a pledge to be carbon neutral in 2021 through the reduction of greenhouse gas emissions in its own operations and the purchase of verifiable offsets, whilst also ... Read the full article
Dominic Peters hired as underwriter for Syndicate 1729
19th January 2021
Dale Underwriting Partners has appointed Dominic Peters as an active underwriter for Syndicate 1729. He will join on 18 January as his role is subject to regulatory approval. Duncan Dale, who has served as active underwriter since 2014 and remains chief executive said: “Dom is a great addition to our talented team. ... Read the full article
AXA XL’s Elaine Scully named Hamilton Re SVP, head of casualty
19th January 2021
Bermuda-based re/insurer Hamilton has announced the appointment of Elaine Scully as Senior Vice President, Head of Casualty Insurance within Hamilton Re. Scully reports to Tim Duffin, Hamilton Re Chief Underwriting Officer and will be based in Bermuda. She is due to join in mid-February. “We're committed to the excess casualty insurance space in ... Read the full article
Industry split over Supreme Court BI ruling
19th January 2021
With the re/insurance industry still coming to terms with the UK Supreme Court's recent business interruption ruling, we polled our industry contacts and had 270 responses on whether or not they agreed with the outcome. Despite a slim majority siding with the decision to uphold the original High Court ruling, responses ... Read the full article
Marsh UK appoints Tom Colraine as Chairman
19th January 2021
Marsh UK, a division of global insurance brokerage Marsh, has appointed Tom Colraine, who has been a non-executive director of the business since 2018, as Chairman, succeeding Jane Barker. Colraine has experience as a non-executive director, including as Chair of Hastings Group Holdings and the Compre Group, as well as chairing ... Read the full article
National Western Life enters into annuity reinsurance transaction with Prosperity
19th January 2021
National Western Life Insurance Company (NWLIC), part of National Western Life Group, Inc., has completed an annuity reinsurance transaction with Bermuda domiciled reinsurer, Prosperity Life Assurance Limited, effective December 31st, 2020. Prosperity, which is rated A- (Excellent) by A.M. Best, is an emerging provider of bespoke and innovative reinsurance solutions to ... Read the full article
Corant Global launches as holding company for BGC’s insurance interests
19th January 2021
Corant Global Limited, the new name for BGC Insurance (BGCI), has launched today and will become the holding company for all the insurance interests of global brokerage and financial technology firm, BGC Partners, Inc. Corant will comprise of insurance and reinsurance broking operations Ed, Besso, Piiq Risk Partners and Junge, alongside ... Read the full article
Environmental threats still dominate long-term risk landscape: WEF
19th January 2021
According to the World Economic Forum (WEF), environmental risks are again forecast to dominate the risk landscape over the next 10 years, both in terms of impact and likelihood. The WEF’s 2021 Global Risks Report also warned that societal fractures, uncertainty and anxiety will make it increasingly difficult to achieve the ... Read the full article
Re/insurer Canopius exploring IPO at valuation of more than £2bn: reports
19th January 2021
Global specialty insurer and reinsurer, Canopius Group, is reportedly in discussions about a potential public offering that could value the Lloyd's of London player at over £2 billion (USD 2.7bn), according to Sky News. Previously known as Sompo Canopius AG, the specialist re/insurer was acquired in 2017 by a consortium ... Read the full article
Robus Guernsey hires Justin Upson as Director
19th January 2021
Insurance management, fiduciary and financial advisory group Robus has appointed Justin Upson as Director of the Guernsey office. Upson will lead Robus’ Protected Cell Company (PCC) providing innovative solutions to Robus clients, as well as being the client lead for Robus’ PCC. He will also have operational responsibilities for a number of ... Read the full article
SCOR to provide AI-powered life insurance products with Bayer, One Drop
19th January 2021
SCOR is partnering with life science company Bayer and One Drop, a provider of digital solutions for people living with diabetes and other chronic conditions, to create an AI-powered digital health platform to life insurance carriers and policyholders across the US This joint effort between SCOR, Bayer and One Drop aims ... Read the full article