Reinsurance News
Theresa Froehlich named Chair of Aspen Insurance UK
26th November 2019
Theresa Froehlich has been appointed Chair of Aspen Insurance UK Ltd. (AIUK) and as a non-executive director of AIUK and Aspen Managing Agency Ltd. (AMAL), subject to regulatory approval. At the same time, Aspen Insurance Holdings Ltd. has announced the appointment of Natalie Waller as a non-executive director of AIUK and ... Read the full article
LiquidX welcomes Great American Insurance to electronic platform
26th November 2019
LiquidX, the international network for illiquid assets, has announced the addition of Great American Insurance Group and subsidiary FCIA Management to its trade credit insurance marketplace. The recently-launched platform enables insureds to electronically and directly access the trade credit underwriting market for their insurance requirements, and is open to any interested ... Read the full article
Markel’s Mia Finsness named MD, Global Casualty Underwriting & Claims
26th November 2019
Markel Corporation's Mia Finsness, who currently leads Casualty Claims at Markel for North America and the Dublin and London Assurance divisions, has seen her role expand to Managing Director, Global Casualty Underwriting and Claims. In her new role, she will continue to manage the Markel North America and the Dublin and ... Read the full article
CAC Specialty expands Transactional Liability Practice
26th November 2019
CAC Specialty has added Jordan Tamchin, Esq. as Senior Vice President (SVP) and lead of its Tax Insurance Practice. Most recently, Tamchin served as Vice President (VP), Tax Insurance Counsel for Concord Specialty Risk, which is part of Ryan Specialty Group's RSG Underwriting Managers, where he underwrote a broad range of ... Read the full article
Carlyle Group and T&D acquire AIG’s stake in Fortitude Re for $1.8bn
26th November 2019
The Carlyle Group and T&D Holdings have partnered to acquire a 76.6% ownership interest in Fortitude Re, the run-off reinsurer launched by AIG and Carlyle in November 2018. Valued at $1.8 billion, the deal will leave Carlyle with a 71.5% stake in Fortitude Re (including the 19.9% stake it took ... Read the full article
M&A insurance use up in 2019, market value at $2.3bn: Aon
26th November 2019
Around 3,200 deals were transacted globally in 2018 using warranty and indemnity (W&I) insurance, with market value reaching $2.3 billion, according to a new report from re/insurance broker Aon. The report found that market value was up 35% from 2014, with demand for merger and acquisitions (M&A) insurance products driven by ... Read the full article
HCI’s TypTap Insurance sees premiums exceed $50 million
26th November 2019
Premiums in force at technology-driven insurer TypTap Insurance Company, which is a subsidiary of HCI Group, Inc., have now exceeded the $50 million mark. According to an announcement, TypTap Insurance Company's operations are made possible by insurance-related information technology that is developed by HCI's software subsidiary, Exzeo USA, Inc. Speaking during ... Read the full article
Lack of awareness around the European protection gap: NewRe execs
25th November 2019
Senior executives at Swiss reinsurer NewRe say the company continues to see untapped opportunities in the developed European market, partly due to a lack of awareness about the significant protection gap in many areas. Reinsurance News recently spoke to CEO Renate Strasser and Artur Klinger, the company’s Chief Underwriting Officer (CUO) ... Read the full article
Willis Towers Watson partners with Airport Operators Association
25th November 2019
Re/insurance broker Willis Towers Watson has entered into a corporate partnership with the Airport Operators Association (AOA), a trade body representing UK airports. Under the arrangement, the AOA will extend Willis Towers Watson’s aviation solutions and advisory expertise to its membership. The Association believes the partnership will enable it to enhance risk ... Read the full article
Fidelis recruits Kayley Stewart as Terror and Political Violence underwriter
25th November 2019
Fidelis Insurance, the privately owned Bermuda-based holding company, has added Kayley Stewart to its Fidelis Underwriting Limited (FUL) London underwriting team as part of a push to build out its Terrorism and Political Violence account. Stewart arrives at Fidelis from Liberty, where she most recently served as a senior underwriter. She has ... Read the full article
Moody’s maintains stable outlook for US life sector in 2020
25th November 2019
Moody's has maintained its stable outlook for the U.S. life insurance sector in 2020 amid strong capital, and despite the significant challenges of the ongoing low interest rate environment. The U.S. life insurance sector's strong capital position, as well as its focus on adapting products to the low interest environment and ... Read the full article
Uber licence loss to impact insurtech sector: GlobalData
25th November 2019
The loss of Uber’s licence to operate in London could have a damaging impact on insurtech firms that have developed products for the ride sharing market, according to data and analytics firm GlobalData. Transport for London (TFL) announced today that Uber’s will not be granted a new licence to operate in ... Read the full article
My Chi To named as head of New York State Insurance Division
25th November 2019
New York State financial regulator, the Department of Financial Services (DFS), has announced the appointment of My Chi To as Executive Deputy Superintendent of the Insurance Division. To is a partner in Debevoise & Plimpton’s restructuring group and global insurance practice. In this capacity, she represents clients across the insurance industry, including ... Read the full article
Chubb increases stake in Huatai Insurance Group to 46.2%
25th November 2019
Global insurer and reinsurer Chubb has reached an agreement to purchase an additional 15.3% stake in Huatai Insurance Group Company Limited, taking the firm's holding in the company to 46.2%. In March 2019, Chubb announced that it had increased its ownership in Huatai Insurance Group Company from 20% to 26.2%. Then, ... Read the full article
World Bank cat bonds to protect Philippines against quake & cyclones
25th November 2019
The World Bank has issued two tranches of catastrophe-linked bonds (cat bonds) to provide the Republic of the Philippines with financial protection against earthquakes and cyclones. The bonds, which were issued under a International Bank for Reconstruction and Development (IBRD) program, provide $225 million of total coverage for three years. This figure ... Read the full article