Reinsurance News
Arthur J. Gallagher targeted in ransomware attack
29th September 2020
International insurance brokerage firm Arthur J. Gallagher & Co has confirmed that it was the target of a ransomware attack on September 26th. The firm said the incident impacted a “limited portion” of its internal systems, and does not expect it to have a material impact on its operations or financial ... Read the full article
Pen Underwriting announces key leadership changes
29th September 2020
Multi-territory managing general agent Pen Underwriting has announced a series of newly created roles and leadership appointments. Stewart Gardiner, previously underwriting director of Pen’s Risk Managed Commercial business, has been appointed Technical Underwriting Director. Reporting to Chief Underwriting Officer Jennifer Martin, his role will span all lines of business and all divisions. In ... Read the full article
Chubb appoints Robert Poliseno to COO role
29th September 2020
Global re/insurer Chubb has announced the appointment of Robert Poliseno as Chief Operating Officer, North America Field Operations. Poliseno succeeds Jeffrey Updyke, who has been named head of Chubb's North America Small Business segment. He will oversee delivery of Chubb's full portfolio of personal and commercial insurance products and services to agent ... Read the full article
American Equity, Värde & Agam partnership to launch new Bermuda reinsurer
29th September 2020
A strategic partnership between American Equity Investment Life Holding Company, Värde Partners, and Agam Capital Management, LLC has been announced, which, will see the establishment of a new Bermuda-based reinsurance company. The partnership between American Equity, an issuer of fixed index annuities, Värde, a global alternative investment firm, and Agam, a ... Read the full article
Howden acquires professional indemnity broker St Giles
29th September 2020
Howden Broking Group, an independent insurance and reinsurance broker, has reached an agreement to acquire St Giles Legal & Professional Risks. St Giles is a professional indemnity insurance broker specialising in the UK solicitor space, a market in which Howden is currently a leading provider. The acquisition of St Giles further cements ... Read the full article
UK insurance industry proves its resilience throughout COVID-19: Lloyds Bank
29th September 2020
The UK insurance industry has proved its resilience throughout the COVID-19 pandemic as well as the uncertainty of Brexit, Lloyds Bank has said. The fifth annual Financial Institutions Sentiment Survey released by Lloyds Bank gathers views from major banks, asset and wealth management firms, insurers and intermediaries. As COVID-19 is expected to ... Read the full article
Ascot strengthens North American operations with two senior hires
29th September 2020
Bermuda domiciled specialty insurer and reinsurer, Ascot Group, has announced two senior hires within in its North American operation, including the addition of Elizabeth Johnson as North America Chief Underwriting Officer (CUO). In her new role, Johnson will work with the firm's North America executive leadership team to develop and execute ... Read the full article
We need to start voicing a picture of a carbon-neutral future: Zurich
29th September 2020
Swiss re/insurer, Zurich Insurance Group has spoken out about climate change and the re/insurance industry's role in creating awareness. Scientists have been warning mankind for decades that humans are causing severe and potentially irreversible changes to the climate, essentially heating the earth ourselves with carbon dioxide and methane. Climate change-induced events that ... Read the full article
IRDAI identifies 3 new Domestic Systemically Important Insurers for 2021
29th September 2020
The Insurance Regulatory and Development Authority of India (IRDAI) has developed a methodology for the identification and supervision of Domestic Systemically Important Insurers (D-SIIs). This has been done through measuring the size of operations in terms of total revenue, including premium underwriting and the value of assets under management. D-SIIs refer to ... Read the full article
ARC partners with insurtech Pula on agric index insurance products
29th September 2020
The African Risk Capacity Limited (ARC Ltd), a commercial subsidiary of African Risk Capacity Group (ARC Group), has signed a partnership agreement with Pula to help provide agriculture index insurance products to the continents' farmers. African farmers are exposed to a range of climate risks including drought, excessive rainfall, pests and ... Read the full article
Long-tail business faces exposure to indirect COVID losses: Hamilton Re’s Brown
28th September 2020
David Brown, Chairman and interim CEO of Bermuda-based reinsurer Hamilton Re, has warned that longer-tailed casualty lines could face exposure to indirect losses arising out of the COVID-19 pandemic. Speaking in an interview with Reinsurance News, Brown noted that there are exposures to claims-made policies in long-tail lines that may only ... Read the full article
Munich Re’s HSB expands small business cyber cover
28th September 2020
Munich Re subsidiary HSB has announced an expansion of its cyber insurance and loss prevention services for small and mid-size businesses. HSB Total Cyber now includes new coverages for computer attacks, data system upgrades, and system failures from unintentional computer outages. HSB Total Cyber is available to US-based SMBs through independent insurance agents ... Read the full article
Protective to acquire F&I insurer Revolos
28th September 2020
Protective Life Corporation (Protective), a wholly owned US subsidiary of Dai-ichi Life Holdings, Inc., has entered into an agreement to acquire the Revolos family of companies. Headquartered in Atlanta, Georgia, Revolos is a Finance & Insurance (F&I) solutions provider. Protective Asset Protection has been providing F&I solutions to the automotive industry for ... Read the full article
Arcadian targeting up to $125m of premium for 2021, says Third Point Re
28th September 2020
Bermudian reinsurer Third Point Re, who recently announced an investment and partnership with new MGA Arcadian Risk Capital, has said Arcadian will be targeting up to $125 million of premium for 2021. Third Point Re has made a significant capital contribution to Arcadian and will own a minority stake in ... Read the full article
UK Treasury commends ABI commitment to omit grants from BI payments
28th September 2020
The Economic Secretary to the Treasury has written to the Director General of the Association of British Insurers (ABI), Huw Evans, after ABI members confirmed they will not make deductions from business interruption insurance claims payments to account for government grant funds. John Glen welcomed the commitment to omit the Coronavirus ... Read the full article