Reinsurance News
Liberty Mutual appoints two new GRS underwriting leaders
5th August 2022
Liberty Mutual Insurance has announced the appointments of two new underwriting leaders within Global Risk Solutions (GRS) Underwriting. Brandon Fick will join the company as North America Chief Underwriting Officer and Nate Zangerle is named Chief Underwriting Officer for Global Surety. Fick is said to bring strategic leadership and underwriting experience as ... Read the full article
CSU, NOAA lower 2022 Atlantic hurricane forecasts
5th August 2022
The expectation is that the 2022 Atlantic Hurricane season will still experience an above-average level of activity, despite both Colorado State University (CSU) and the National Oceanic and Atmospheric Administration (NOAA) lowering their forecasts in recent days. In its August update, CSU now anticipates 18 named storms, eight hurricanes, and four ... Read the full article
Distinguished Programs appoints two Regional VPs of Sales
5th August 2022
National insurance program manager, Distinguished Programs has promoted Donna Percival and Erick Schmitt to the newly created position of Regional VPs of Sales. Percival will oversee sales initiatives in the West & Midwest U.S., while Schmitt will manage the Central and Eastern territories. Percival joined Distinguished as a Regional Sales Executive in 2020. Prior to ... Read the full article
Jensten Group acquires MGA, Origin UW Limited
5th August 2022
The Jensten Group, one of the UK's leading insurance distribution businesses, has completed a deal to acquire managing general agent (MGA), Origin UW Limited, following regulatory approval. Origin UW is a ‘boutique’ MGA that provides commercial insurance for SME businesses and professionals. Origin also specialises in writing business for clients with a ... Read the full article
Tokio Marine Highland makes three appointments within Specialty Property
5th August 2022
Property and casualty insurance underwriting agency, Tokio Marine Highland has announced three appointments within its Specialty Property Division. Linda Long has been named Chief Administrative Officer, in her new role she will be responsible for administering the financial, legal, compliance and human resource activities of Tokio Marine Highland. Long joined Tokio Marine ... Read the full article
Spring Insure introduces cyber coverage for SMEs
5th August 2022
Spring Insure, the specialist MGA, has announced the launch of its commercial cyber offering, tailored for SMEs. The company says cyber cover is an addition to the existing product suite of financial institutions and Directors & Officers cover it offers in partnership with Beazley. This cyber product offers protection ... Read the full article
Fidelis underwriting separation untested with execution risk potential: Moody’s
5th August 2022
Moody’s has assigned a Baa2 Long-Term Issuer rating to Fidelis Insurance Holdings Limited (FIHL) and A3 Insurance Financial Strength (IFS) ratings to its key (re)insurance operating subsidiaries, with a stable outlook for the group. Even though these ratings reflect Fidelis’ strength and quality, Moody’s stated that the separation of Fidelis’ underwriting ... Read the full article
P/C insurers in emerging markets at risk as economic recovery slows – S&P
4th August 2022
S&P Global Ratings report that persistent pressures from inflation, tightening financial conditions and slower economic growth in China and other markets are likely to cause constraints on operating conditions for property/casualty (P/C) insurers in emerging markets. Overall, ratings are stable, but some markets are seeing weakening trends. The P/C sectors in ... Read the full article
Fusion Specialty appoints Richard Liu for US partner role
4th August 2022
Global M&A insurance specialist, Fusion Specialty, has appointed Richard Liu as partner in its new US operation, Fusion Americas. According to the firm, Liu will play an integral role in cementing the MGA’s global capability and presence in North America. He is to assume his new position with immediate effect and will ... Read the full article
Run-off sector deals continue to rise, says PWC
4th August 2022
Non-life insurance run-off deals continue to increase, with the announcement of 18 deals and an estimated $5.4bn disclosed gross liabilities transacted through the first half of 2022. The sector has continued to see a variety of deal sizes with deals ranging in the first half of the year from $10m to ... Read the full article
Selective reports “higher than expected” cat losses as Q2 net income falls
4th August 2022
Selective Insurance has reported a second quarter net income of $37.2 million, a significant fall compared to the $119.6 million reported in the same period last year. Despite this, net premiums written (NPW) increased 12%, to $930.7 million compared to $833.2 million in the second quarter of 2021, mainly led by ... Read the full article
JC Flowers completes fifth private equity fund with more than £1.1bn in commitments
4th August 2022
JC Flowers & Co. LLC, a leading private investment firm dedicated to investing globally in the financial services industry, has completed fundraising for its fifth private equity fund - JC Flowers V LP with more than $1.1 billion in commitments. Simpson Thacher & Bartlett LLP served as legal adviser for the fund. Limited partners in JCF V represent ... Read the full article
Liberty Mutual cites investment market volatility & loss cost inflation amid Q2 loss
4th August 2022
Re/insurer Liberty Mutual Holding Company has fallen to a net loss of $343 million for the second-quarter of 2022 on the back of investment market volatility and elevated catastrophe losses. The Q2 2022 net loss compares with income of $769 million a year earlier, although the company's H1 2022 result was ... Read the full article
Convex makes “strategic investment” in insurtech Quotech
4th August 2022
Specialty insurance and reinsurance company, Convex Group Limited, has made a “strategic investment” and acquired a 7.7% share in Quotech, an underwriter-led insurtech. Quotech has raised one million pounds from a number of angel investors and Convex, who has become the lead investor. Proceeds from the funding round will be used to ... Read the full article
Allstate reports $1bn net loss in Q2 results
4th August 2022
Allstate has announced a second quarter net loss applicable to common shareholders of $1.04 billion, compared to an income of $1.60 billion in the prior year quarter. The company noted that the loss was primarily due to lower underlying underwriting income, higher catastrophe losses, equity valuation declines and losses on fixed ... Read the full article
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