Reinsurance News
Markel adds MS Amlin’s Sam Pik Ying as a specialist marine underwriter
2nd December 2020
Markel International, a specialist insurer and reinsurer, has announced the addition of Sam Pik Ying as a specialist marine underwriter, based in the firm's Singapore office. In her new role, Ying will underwrite general marine and marine liabilities, including ship-owners P&I, charterers, ship repairs and marina operations, alongside energy liability business. She ... Read the full article
Conduit Re completes IPO; sees continued improvements in reinsurance
2nd December 2020
Conduit Holdings Limited, a new property and casualty (P&C) and specialty reinsurance underwriting business, led by founders Neil Eckert and Trevor Carvey, has completed its initial public offering (IPO) of 164,129,996 shares on the London Stock Exchange (LSE). Based on the offer price of 500 pence per share, the market capitalisation ... Read the full article
Lockton Re adds Senior Broker to Marine & Energy Division
2nd December 2020
Global reinsurance broker Lockton Re has announced that Steve Tritton is set to join the firm in 2021 as a Senior Broker, based in the London office, as part of its Marine & Energy division. Tritton joins Lockton Re from rival reinsurance brokerage, Guy Carpenter, where he most recently served as ... Read the full article
Reserving trends show COVID loss peak has passed: David Flandro
2nd December 2020
According to David Flandro, Managing Director at HX Analytics, current reserving trends in the re/insurance sector suggest that the industry has likely moved past the peak of losses from the COVID-19 pandemic. In a presentation given alongside the company’s third quarter earnings update, Flandro noted that the impact of the second ... Read the full article
Genworth & Oceanwide gain further approvals for merger
2nd December 2020
Mortgage insurer Genworth Financial and China Oceanwide Holdings Group have made further progress towards their long-delayed merger agreement after receiving confirmation of the acceptance of filing from the National Development and Reform Commission (NDRC) in China. With NDRC's re-approval, Oceanwide will now move forward with the few remaining regulatory steps required ... Read the full article
Refined AXA XL working to seize this ‘magical moment’: AXA CEO Buberl
1st December 2020
The team at AXA XL, led by Chief Executive Officer (CEO) Scott Gunter, is looking to capitalise on rising prices in the current hardening market environment, in an effort to both enhance and increase the underwriting performance of the business, according to Thomas Buberl, CEO of AXA. Today, French insurance and ... Read the full article
China, US and India have highest insurance potential: MAPFRE
1st December 2020
According to the latest Global Insurance Potential index by MAPFRE Economics, China, the US and India currently rank top of the table of countries, both in terms of life and non-life lines. MAPFRE’s index looks at 96 insurance markets around the world to measure the insurance protection gap and create a ... Read the full article
Tom Macfarlane to lead Berkshire’s (BHSI) Europe expansion
1st December 2020
Warren Buffett’s Berkshire Hathaway Specialty Insurance has named Tom Macfarlane to lead the expansion of its capabilities in Europe, by underwriting Downstream Energy Property Insurance. Macfarlane comes to Berkshire Hathaway with over 40 years of insurance experience spanning both the underwriting and broking sides of the business. He has held various leadership ... Read the full article
Monument Re closes portfolio acquisition from Zurich Life
1st December 2020
Life reinsurance and insurance holding company, Monument Re, has completed its acquisition of a portfolio from Zurich Life Assurance plc. Monument Life Insurance d.a.c, an Ireland-based life insurance subsidiary of Monument Re, completed the acquisition on November 30, 2020. The portfolio in question consisted of unit-linked International Portfolio Bond policies from Zurich ... Read the full article
Re/insurers misjudged pandemic response: Swiss Re’s Mumenthaler
1st December 2020
According to Swiss Re CEO Christian Mumenthaler, the re/insurance industry vastly underestimated the cost of a global pandemic due to its failure to account for the extent of government lockdown measures. Speaking in an interview with the Financial Times, Mumenthaler acknowledged that re/insurer models had misjudged just how far governments around ... Read the full article
Trisura hires new Chief Underwriting Officer, US Surety
1st December 2020
Trisura Group has appointed George R. James as Chief Underwriting Officer (CUO), Surety, for the organisation’s new US surety platform. This appointment will take place from January 4th, 2021 as he leads Trisura’s entry into the U.S. surety market and heads its US surety operations. James is a seasoned surety leader with ... Read the full article
AmWINS to acquire Bermuda broker ISBL
1st December 2020
AmWINS Group has announced plans to acquire International Specialty Brokers Limited (ISBL), a Bermuda-based P&C wholesale insurance and reinsurance broker. Following the takeover, ISBL will join AmWINS Brokerage and become AmWINS Bermuda from January 1, 2021. AmWINS believes the acquisition will enhance its access to the international market, while complementing the existing ... Read the full article
Singlife led consortium completes acquisition of Aviva’s Singapore business
1st December 2020
A consortium led by Singapore Life Pte. Ltd. (Singlife) has completed its previously announced transaction to combine Singlife with UK insurer Aviva's Singapore operations. With the deal now complete, a new company called Aviva Singlife Holdings Pte. Ltd. will now hold the Singlife and Aviva Singapore legal entities, which will continue ... Read the full article
AXIS Re hires David Bangs as Head of Japan
1st December 2020
AXIS Re, the reinsurance business segment of AXIS Capital Holdings Limited, has announced the appointment of David Bangs as AXIS Re Head of Japan. Bangs joins AXIS Re from Willis Re Singapore where he previously served as Executive Director. Prior to this, he held the role of Japan Representative at Willis Re ... Read the full article
Munich Re adds €1.1bn of COVID-19 losses; 2020 total hits €3.4bn
1st December 2020
Global reinsurance giant Munich Re has reported that its reinsurance operation is set to book COVID-19 related losses of €3.4 billion in 2020, while additional burdens of roughly €500 million are anticipated to come from the pandemic in 2021. For Q3 2020, the reinsurer announced a further €800 million of ... Read the full article