Reinsurance News
PIC enters £380m buy-in deal with AIR Canada
22nd March 2022
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has signed a buy-in with the Trustee of the Air Canada (UK) Pension Trust Fund, covering £380 million of liabilities. The deal covers liabilities for about 1,400 members, 40% of which are deferred members who are yet to ... Read the full article
US life and annuity markets grew 9% between 2020 and 2021: AM Best
22nd March 2022
The US life and annuity market saw its total income rise 9% in 2021, according to new note from AM Best. More tellingly, Coppola notes that the net income for US life and annuity between 2020 and 2021 rose more than 60%, from $22.5bn to $36.2bn. Written by Matthew Coppola, director, the ... Read the full article
McGill and Partners names Aon’s Mignon as CFO
22nd March 2022
Boutique specialist re/insurance broker McGill and Partners has appointed Dominic Mignon as Deputy CFO at McGill and Partners, and CFO of McGill and Partners Ltd, after spending the past 23 years at Aon. Mignon holds just under 25 years’ experience in the industry, having started his career at Benfield delivering impact ... Read the full article
Re/insurers to appeal Australia’s pandemic test case verdict
22nd March 2022
A number of major insurers and reinsurers, including Swiss Re, IAG and Chubb, are seeking to contest the verdict of Australia’s pandemic test case in the country’s High Court. These insurers and others filed documents for an appeal on Monday, according to reports from The Australian, as did two insured businesses ... Read the full article
Blink Parametric partners with MNK Re
22nd March 2022
Blink Parametric, a CPP Group Insurtech has partnered with MNK Re, a specialist Lloyd's of London insurance and reinsurance broker, which will see the early rollout of Blink’s flagship parametric flight disruption solution. The solution will provide further pipeline parametric insurance opportunities for its diverse weather, climate, energy and bancassurance offerings ... Read the full article
Lemonade to use blockchain to deliver “affordable and instantaneous” climate insurance
22nd March 2022
Insurtech firm Lemonade has announced the launch of the Lemonade Crypto Climate Coalition, which will offer climate insurance to the world’s most vulnerable farmers. The climate insurance will be architected as a stable coin-denominated, decentralised application (dApp) on Avalanche – an eco-friendly proof-of-stake blockchain. This will allow farmers to make and ... Read the full article
Acrisure to acquire Volante Global; expects premiums to increase substantially
22nd March 2022
Insurance and reinsurance broker Acrisure is set to acquire managing general agent (MGA) Volante Global, a provider of niche, specialist re/insurance solutions with 2021 premiums of roughly $350 million. Under the arrangement, Acrisure will take control of all of Volante's brands, including Aesir Space, Horizon Europe AG, and all territory-based MGAs ... Read the full article
Re/insurers could face $10bn in claims from stranded planes: Fitch
22nd March 2022
Analysts at Fitch Ratings have warned that insurers could face claims as high as $10 billion in a worst-case scenario due to the grounding of planes in Russia, with 30-40% likely to be passed on to reinsurers. More than 500 planes that are financed or owned by non-Russian lessors are stranded ... Read the full article
Marsh launches ESG risk assessment tool
22nd March 2022
Insurance and reinsurance broker Marsh has launched its Environmental, Social, and Governance (ESG) Risk Rating, an assessment tool that can measure an organisation’s ESG performance, enabling them to improve their ESG risks, and gain access to additional insurance market capacity. The rating tool can assess against more than 10 internationally recognised ... Read the full article
Alleghany could benefit over time from Berkshire Hathaway acquisition: AM Best
22nd March 2022
The merger between Alleghany and Berkshire Hathaway could see the former benefitting from the latter’s financial resources and flexibility, says AM Best. The ratings agency has released a new note saying that while the merger may not result in any immediate changes to Alleghany’s credit ratings, it and its affiliates could ... Read the full article
Hard market conditions diminishing but still sufficient: Fitch
22nd March 2022
Looking at the earnings of the major European reinsurers, analysts at Fitch Ratings have said that the hardening market conditions are diminishing but still remain strong enough to counterbalance rising risks from economic inflation and financial market volatility. Hannover Re, Munich Re, SCOR and Swiss Re all ... Read the full article
Summit Specialty closes $7.5m note with Federated Life Insurance Company
22nd March 2022
Summit Specialty has closed on a $7.5m surplus note with Federated Life Insurance Company. The former is a wholly owned subsidiary of ReAlign Insurance Holdings, LLC. The group is rated "A" (size category VIII) by A.M. Best and is a vertically aligned, specialty program platform in the commercial and personal insurance ... Read the full article
Berne Union launches Climate Working Group
22nd March 2022
The International Union of Credit and Investment Insurers, Berne Union, has launched a new Climate Working Group with the objective to accelerate climate action in the export credit, trade finance and political risk insurance industries by fostering innovation and promoting alignment around low-carbon transition. The group leverages the Berne Union network ... Read the full article
Alesco DA makes two key hires
22nd March 2022
Binding authority broker Alesco DA has hired Paul Compton to be its new operations director, effective from 4 April. Compton will report to Donald Alcorn, managing director of Alesco DA, joining Simon Stovell who has joined the company as executive director for Americas. Alcorn, himself, was only appointed in his ... Read the full article
HDI Global Specialty appoints new manager of France branch
22nd March 2022
Industrial lines insurer HDI Global Specialty has announced that from April 1 and subject to the approval of the responsible regulatory authorities, Etienne de Varax will be taking over temporary management of their France branch. This comes after the company announced that Managing Director Florence Louppe has left the insurer to ... Read the full article
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