Reinsurance News
Arthur J. Gallagher acquires Evergreen Insurance Managers
10th August 2022
Arthur J. Gallagher & Co. has acquired Evergreen Insurance Managers for an undisclosed amount. A statement from the firm said it had purchased the wholesale insurance broker and commercial insurance MGA through its Risk Placement Services (RPS) division. J. Patrick Gallagher, Jr., chairman, president, and CEO of Gallagher, said: "The Evergreen team ... Read the full article
Aon appoints Sucheng Chang to top job in Hong Kong
10th August 2022
Aon has appointed Sucheng Chang to be the new head of its Hong Kong office. The firm made the announcement through a post on LinkedIn. It is understood that Chang will be moving to his new role after thirteen years with Liberty Mutual Insurance, based in Singapore, where he held a number ... Read the full article
Mitsui Sumitomo confirms Transverse acquisition
10th August 2022
Japanese insurance group Mitsui Sumitomo Insurance (MSI) has confirmed that it plans to acquire hybrid P&C program and fronting carrier specialist Transverse Insurance Group, after rumours of a potential deal surfaced last week. MSI has not yet disclosed a price for purchasing Transverse from its current owners, Virgo Investment Group, ... Read the full article
Lloyd’s approves product recall insurer BluNiche as coverholder in Europe
10th August 2022
MGA accelerator DA Strategy has announced that their client BluNiche, a specialist product recall coverholder for the automotive and food industries, has been approved by Lloyd’s as a coverholder. According to the announcement, DA Strategy will be providing licensing, launch advice and European approval to allow BluNiche to become an Authorised ... Read the full article
Fidelis underwriting separation will limit its competitive position in the market: S&P
10th August 2022
Following the announcement that Bermuda-based re/insurer Fidelis will delegate its underwriting authority to newly created Fidelis Managing General Underwriter (Fidelis MGU), S&P Global Ratings has revised the re/insurer outlook to stable from positive. As Fidelis is delegating all its underwriting to Fidelis MGU and that Fidelis Balance Sheet Companies will exclusively ... Read the full article
Arduous operating environment for Lebanese reinsurers remains after Beirut explosion: AM Best
10th August 2022
A recent AM Best report has affirmed that two years after the Beirut explosion, operational risk has risen to an extremely high level, and the ease of doing business has declined materially amid several crises faced in the last three years, with Lebanese re/insurers having to contend with hyperinflation and ... Read the full article
Berkshire Hathaway extends partnership with Zesty.ai
10th August 2022
Berkshire Hathaway Homestate Companies has announced that it has expanded its partnership with Zesty.ai to leverage its AI-powered wildfire risk model, Z-FIRE across 12 states. Z-FIRE is designed to enhance insurers’ risk selection and rate setting while helping them to understand the impact of climate change on wildfires and in turn ... Read the full article
ARC addresses role of insurance on climate change impacts in Africa
10th August 2022
The African Risk Capacity Insurance Company (ARC) has hosted a regional meeting to address the role of insurance in fighting climate change impacts on the African continent. Representatives from ARC member states and funding donor partners met in Malawi to discuss how parametric insurance has the potential to transform how the ... Read the full article
Munich Re expects increased inflation pressure to be manageable, says CEO
9th August 2022
Joachim Wenning, Chief Executive Officer (CEO) and Chair of the Board of large European reinsurer Munich Re, has said that while inflationary pressures are on the rise, the firm expects this to be a manageable risk. Speaking this afternoon to investors and analysts following the release of its Q2 and ... Read the full article
Hudson Insurance appoints Cyber Practice Leader
9th August 2022
Market-leading specialty insurer Hudson Insurance Group has appointed Emily Lowe as Senior Vice President and Cyber Practice Leader for HudsonPro. Within this newly created role, Lowe will be spearheading the development of an Excess Cyber facility for large accounts, while also overseeing Hudson’s overall cyber portfolio. All in all, Lowe brings 15 ... Read the full article
Covenant Underwriters utilises RMS analytics
9th August 2022
The e-commerce insurance program administrator, Covenant Underwriters, is utilising Location Intelligence API from RMS to provide premium indications to its clients during the quotation process. RMS Location Intelligence API offers location-level hazard, risk and loss metrics delivered directly into underwriting workflows. Daniel Murray, Chief Underwriter at Covenant Underwriters, said, “Covenant has developed ... Read the full article
Argo Group appoints J. Daniel Plants to Board of Directors
9th August 2022
Argo Group Holdings has announced the appointment of J. Daniel Plants as an independent member of the company's Board of Directors. Plants is a seasoned investor, financial executive, and senior advisor with three decades of experience helping companies successfully navigate change and unlock shareholder value. He currently serves as Chief Investment Officer ... Read the full article
Axonic recruits Michael Gordon as Head of Insurance Solutions
9th August 2022
Axonic Capital, New York-based structured credit, commercial real estate, and systematic fixed income specialist, has announced the addition of Michael Gordon to build out its Insurance Solutions business. Gordon will be responsible for leading Axonic’s insurance investments, strategic partnerships, and other transactions with insurance companies. He has over two decades of experience ... Read the full article
L&G sees improved operating profit in H1 2022
9th August 2022
Life insurer Legal & General Group (L&G) has reported an operating profit of £1.16 billion for H1 2022, an 8% increase from £1.07 billion from the same period last year. L&G’s UK PRT business, delivered operating profit growth of 7% to £560 million in H122, compared to £525 million from H121. At ... Read the full article
Aon names James Platt Chief Digital Officer and Mindy Simon joins as COO
9th August 2022
Insurance and reinsurance broker Aon has named James Platt as Chief Digital Officer, Mindy Simon is joining the company as Chief Operating Officer (COO), taking over from Platt. Based in London, Platt will be overseeing Digital Client Solutions and will be reporting to Aon President Eric Andersen. In his new role he ... Read the full article
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