Reinsurance News
Kovrr recruits Marco Lo Giudice from Tokio Millenium Re
11th December 2019
Israel-headquartered cyber risk modeller Kovrr has expanded its team with the addition of Marco Lo Giudice, who arrives from Tokio Millenium Re. He will be responsible for spearheading Kovrr’s efforts as it further grows its modelling and portfolio accumulation management capabilities. Lo Giudice has worked in the catastrophe modelling and exposure management ... Read the full article
Stable Japan life outlook underpinned by strong underwriting: Moody’s
11th December 2019
Moody’s has assigned a stable outlook for Japan’s life insurers in 2020, as core profits and capital stay strong despite low interest rates. Analysts explained that the life sector is supported by strong and stable underwriting margins that will continue over the next 12-18 months. Capital is also expected to be supported ... Read the full article
Brown & Brown eyes Canadian broker market with Special Risk acquisition
11th December 2019
Insurance brokerage firm Brown & Brown, Inc. has announced an agreement to acquire the assets of Canada domiciled MGA, Special Risk. Brown & Brown says that the acquisition of Special Risk is an important step towards its establishment of a presence in the Canadian insurance brokerage sector. Following the completion of the ... Read the full article
TWIA projects higher reinsurance costs for 2020 renewal
11th December 2019
The Texas Windstorm Insurance Association (TWIA) has said that it expects its reinsurance costs to amount to $93.1 million in 2020, while the aggregate amount of cover purchased is expected to decline by more than 10%. Reinsurance costs of $93.1 million in 2020 for TWIA's catastrophe reinsurance programme is based on ... Read the full article
PIB acquires CMR Insurance Services, Sue Smith Ltd
11th December 2019
PIB Group, an acquisition vehicle backed by US private equity firm Carlyle, has purchased CMR Insurance Services and Sue Smith Ltd. CMR provides clients with insurance protection against bad debts for UK and export sales through managed credit insurance policies, as well as claims and debt collection services. The team of twelve ... Read the full article
QOMPLX, Chaucer launch multi-peril parametric product for SMEs
11th December 2019
Analytics and insurance software provider QOMPLX has partnered with international specialty re/insurance group Chaucer on a multi-peril parametric insurance product aimed at small to medium-sized enterprises. WonderCover will first be made available in the UK and offer protection triggered by specific instances of cyber, IT interruption, and terrorism. This parametric product allows ... Read the full article
Monument Re buys Irish life insurer from Cattolica Assicurazioni
11th December 2019
Bermudian reinsurer Monument Re has announced the acquisition of Cattolica Life DAC from Cattolica Assicurazioni. Cattolica Life is a life insurer domiciled in Ireland which ceased new activity since 2017. Monument Re noted that the transaction will have no impact on clients and policyholders. The company further stipulated that change of control of ... Read the full article
Global insurance industry M&A activity up in Q3: GlobalData
11th December 2019
In the third-quarter of 2019, total insurance industry merger and acquisition (M&A) deals worth $15.17 billion were announced around the world, which is up 51% on the previous quarter, according to GlobalData. The firm's deals database reveals that although the value of insurance industry deals in Q3 2019 increased on the ... Read the full article
Offshore wind renewable energy specialist Green joins Miller
11th December 2019
Specialist insurance and reinsurance broker, Miller Insurance Services LLP, has announced that facultative reinsurance broker and producer, Andrew Green has re-joined the firm. An offshore wind renewable energy specialist, Green will produce and place facultative reinsurance for the construction and operation of offshore wind farms, with an initial focus on Europe, ... Read the full article
French lottery operator FDJ secures counterparty risk insurance
11th December 2019
La Française des Jeux (FDJ), France's historical lottery and main sports betting operator, has taken out a new comprehensive insurance policy with numerous top-tier French and international insurers and reinsurers to provide protection against its counterparty risk. The new insurance policy is effective from January 1st, 2020 and provides a guarantee ... Read the full article
Swiss Re’s Tongue joins Canopius as trade & political risk underwriter
10th December 2019
Global specialty re/insurer Canopius has has appointed Andrew Tongue as a trade & political risk underwriter. Effective in March, Tongue will also act as deputy to Crispin Hodges, head of trade & political risk. He joins Canopius’ newly created Trade Political Risk unit with close to a decade of experience, having ... Read the full article
AXA XL bolsters environmental insurance team in New York
10th December 2019
AXA XL has bolstered its Environmental insurance team in New York with the appointments of Odette Novoa and Erica Delaney as Senior Underwriters. Novoa joined AXA XL from Aspen as an underwriter of environmental and casualty lines in both domestic and international markets. She began her insurance career with AON as ... Read the full article
Chubb makes $10mn equity investment in Africa’s ATI
10th December 2019
Insurer and reinsurer Chubb has made a $10 million equity investment in the African Trade Insurance Agency (ATI), making it the first global property and casualty (P&C) insurer to become a shareholder in the company. ATI is a multilateral political risk and credit insurer headquartered in Nairobi, Kenya. Established in 2001, ... Read the full article
Argo sets record date of January 8th for shareholder vote eligibility
10th December 2019
Argo Group International Holdings, Ltd. has set a record date of January 8th, 2020 for the determination of company shareholders who are entitled to execute, withhold or revoke consents in connection with the Voce Consent Solicitation. The Board of Directors of Argo has responded to Voce's letter requesting that the re/insurer ... Read the full article
AXIS Capital adds Anne Melissa Dowling to Board of Directors
10th December 2019
Bermudian insurer and reinsurer, AXIS Capital Holdings Limited, has announced that Anne Melissa Dowling has been appointed to its Board of Directors, effective January 1st, 2020. The re/insurer explains that Dowling will serve as a member of the Company's Audit, Corporate Governance and Nominating, and Finance Committees. She most recently served as ... Read the full article