Reinsurance News
Lloyd’s launches parametric policy for business interruption
30th September 2020
Insurance and reinsurance marketplace Lloyd’s of London has launched a new business interruption policy for small and medium sized enterprises (SMEs) that uses a parametric trigger to protect against IT disruption or downtime. The new product, called Parametrix Insurance, is led Tokio Marine Kiln (TMK) and supported by other members of ... Read the full article
Ed adds Aon’s Robert Sharp as head of casualty treaty
30th September 2020
Reinsurance, wholesale and specialty broker Ed has announced the appointment of Robert Sharp as head of casualty treaty, divisional director. Sharp will be based in London and assumes the role with immediate effect. He reports to Heather Clarkson, divisional Chief Executive Officer, specialty. Sharp brings 13 years of experience as a reinsurance broker, ... Read the full article
K2 International expands into Europe with new Brussels office
30th September 2020
K2 International (K2), the specialty insurance and reinsurance underwriting platform, has expanded into the European market with the establishment of a new office in Brussels. The office will be led by Michael Butcher, Head Underwriter for K2 International Europe S.A., who reports to Richard Coello, Managing Director, K2 International. K2’s new Brussels ... Read the full article
AIG’s David Junius appointed COO of Third Point Re
30th September 2020
Bermudian reinsurer Third Point Re has announced the appointment of David Junius as Chief Operating Officer. Junius will transition to Chief Financial Officer once Third Point Re completes its merger with international multi-line re/insurer Sirius Group, becoming SiriusPoint. He brings over 23 years of experience, having most recently served as CFO for ... Read the full article
Sub-Saharan reinsurance market challenged by tough operating conditions: AM Best
30th September 2020
Competition and rising acquisition costs within the reinsurance markets of sub-Saharan Africa has led to a gradual deterioration in the performance of market participants, according to an AM Best report. AM Best notes that the operating environments across sub-Saharan Africa remain difficult for domestic and international companies. Many of the region’s markets face double-digit ... Read the full article
NewRe prepared to take advantage of changing market: CUO Dirk Herrenpoth
30th September 2020
NewRe’s Chief Underwriting Officer (CUO) Dirk Herrenpoth says the company is operating “in a position of strength” and is well-prepared to take advantaging of changing market conditions. Speaking in an interview with Reinsurance News, Herrenpoth noted that NewRe has had minimal exposure to pandemic losses and is now looking to capitalise ... Read the full article
Hyperion secures up to $1.5bn for growth via Hg investment
30th September 2020
Hg, a leading European investor in software and tech-enabled services businesses, is set to make a significant long-term equity investment in insurance intermediary Hyperion Insurance Group Limited, a transaction which values the business at an enterprise value of approximately $5 billion. Together with an additional debt raise and existing resources, the ... Read the full article
Munich Re partners with property tech firm Spruce on US title insurance
30th September 2020
Munich Re has partnered with property technology firm Spruce to help bring cost-effective title insurance fueled by automation to the U.S. market. The partnership will see Munich Re leverage Spruce's proprietary API-driven technology. In addition, US homeowners, investors, and lenders will continue to have access to Spruce's digital real estate transaction process. Spruce ... Read the full article
Lockton Pacific hires risk management consultant
30th September 2020
Lockton Pacific has announced recently appointed Jason Del Grande as the new risk management and employee benefits consultant. He has joined the company in a bid to grow and accelerate its benefits and commercial insurance presence in the San Francisco Bay Area. His position took place on 18th September. Del Grande will ... Read the full article
Positive rate momentum evident across all core lines: Hamilton CEO Albo
29th September 2020
Bermuda-based insurer and reinsurer, Hamilton Insurance Group, is witnessing rate increases across all of its core lines of business and expects this more favourable trend to persist into 2021, according to the company's Chief Executive Officer (CEO), Pina Albo. Read the full article
Allianz to acquire five East African P&C insurers in $100mn deal
29th September 2020
Global insurer Allianz has announced a partnership that will see it acquire controlling stakes in five East African general insurance companies, all of which belong to Jubilee Holdings Limited, the region's largest insurance group. The partnership, which has been finalised but still requires regulatory approval, covers the property & casualty segment in Kenya, ... Read the full article
AXA XL reveals carbon management strategy
29th September 2020
AXA XL, the property & casualty and specialty risk division of AXA, has released details of its carbon management strategy, designed to accelerate the company's contribution to the transition towards a less carbon-intensive economy by 2050. After monitoring its consumption over the past several years and using 2019 as a baseline, ... Read the full article
Starr Insurance hires new head of global aviation
29th September 2020
Starr Insurance Companies has announced the appointment of Andy Trundle as head of global aviation. Trundle will be responsible for supporting the division's growth across all aspects of Starr’s aviation portfolio, including airlines, general aviation, light aviation and aerospace. Trundle has worked for Starr for over three years, having previously served as ... Read the full article
Munich Re’s ERGO in multi-year capacity deal with CLS Risk Solutions
29th September 2020
Munich Re subsidiary ERGO UK has signed a multi-year capacity agreement with property development, investment and transaction Managing General Agent CLS Risk Solutions. ERGO UK has been CLS RS’ primary capacity partner for the last ten years. CLS RS considers the deal a vote in confidence and says it will allow the ... Read the full article
Chubb promotes Jeffrey Updyke to VP role
29th September 2020
Global re/insurer Chubb has named Jeffrey Updyke Vice President, Chubb Group and Division President, Chubb Small Business. Updyke will have executive operating responsibility for Chubb's retail insurance business that serves small commercial clients in the US and Canada. He will oversee all facets of the business including strategy, product and business development, ... Read the full article