Reinsurance News
Stefano Sola to lead Vesttoo’s capital markets team
22nd June 2022
Risk transfer and investment platform Vesttoo has announced the appointment of ILS industry veteran and investment executive Stefano Sola as its Global Head of Capital Markets. In this role, he will lead a global team dedicated to capital raising and business development, while also working to partner with financial institutions, banks, ... Read the full article
Acrisure picks up brokerage Russell Scanlan
22nd June 2022
Acrisure has bought broker and risk management firm Russell Scanlan. The deal, which is pending approval by the UK’s Financial Conduct Authority (FCA), is expected by the firm to be completed in ‘the near term’. To date in 2022, Acrisure has completed or has under letter of intent 100 acquisitions. Established in ... Read the full article
Tiptree confirms closing of $200m Fortegra investment
22nd June 2022
Holding company Tiptree has confirmed the closing of a previously announced $200 million strategic investment in its insurance subsidiary, The Fortegra Group, Inc., from Warburg Pincus, a global growth investor. First announced in October last year, the investment gives Warburg Pincus an approximately 24% ownership in Fortegra on an as-converted ... Read the full article
Arch Insurance Intl. appoints David Longley to be head of PI
22nd June 2022
Arch Insurance International has appointed David Longley to be its new head of professional indemnity. Most recently, Longley was deputy UK PI manager at AXA XL. He has also held roles at ACE Group and Liberty Mutual. In his new role, he will manage Arch’s London Market SME and Large Account PI ... Read the full article
Previsico & Zurich to boost flood resilience across UK public sector
22nd June 2022
Live flood warning insurtech firm Previsico and Zurich Municipal have announced a new partnership to boost flood risk resilience across the public sector. The partnership will provide Zurich Municipal’s customers with a surface water flood warning system for the first time and free of charge. At the same time, this solution will ... Read the full article
Resolution Re enters reinsurance agreement with Dai-Ichi Life
22nd June 2022
Resolution Re, part of global life insurance group Resolution Life, has entered into a reinsurance agreement with Dai-Ichi Life, a large life insurer in Japan. The agreement includes the transfer of a closed book of whole of life policies totalling around $1.5bn. Dai-Ichi Life will continue to service the reinsured business, ... Read the full article
PERILS launches exposure and event loss data service in Japan
22nd June 2022
Catastrophe loss aggregator PERILS has announced that it has extended its market coverage to include exposure and event loss data for the perils of wind and flood in Japan. The new service covers the Japanese non-life market and is supported by the majority of the insurance companies operating in the sector. The ... Read the full article
Claims and inflation trends could threaten London market: AM Best
22nd June 2022
Analysts at AM Best have warned of the financial impact of social inflation on London market re/insurers as the rising cost of claims becomes increasingly severe. The rating agency notes that the impact on the London Market is most clearly evidenced by the strengthening of US casualty technical provisions. In 2020, court ... Read the full article
JBA & Chedid Re announce five-year partnership
22nd June 2022
Flood risk modeller, JBA Risk Management (JBA) has signed a five-year partnership with reinsurance broker, Chedid Re. The partnership will allow the broker to use JBA’s global flood model, which will enable Chedid Re to provide flood risk analytics and catastrophe modelling services to its clients across the Middle East, Africa, ... Read the full article
Spain’s Mutua Madrileña opts for pricing solution from Akur8
22nd June 2022
Mutua Madrileña, one of Spain’s largest insurers, has chosen Akur8 as its new pricing solution for non-life insurance lines in the country, including motor, home and multi-risk business. Akur8, an AI-driven pricing insurance company, says the partnership will also allow it to strengthen its presence in Spain. The firm’s pricing automates rate ... Read the full article
Arch fronts Samuel Hale’s captive for $50m worker’s comp risk
22nd June 2022
Arch Insurance will front a captive insurance program for Samuel Hale, the California-based employer carve-out organisation (ECO), announced this month. With this, Samuel Hale plans to insure its $50m worker’s compensation risk, effective July 1st. After six years of work, this arrangement will enable the organisation to maximise the advantages of the ... Read the full article
COVID claims spike in Taiwan could create capital event for non-life insurers: AM Best
22nd June 2022
According to a new AM Best report, a spike in claims due to a COVID-19 resurgence could lead to a capital event for some of Taiwan’s non-life insurers, with in-force pandemic-related insurance products. In the rating agency’s new commentary - Spike in Pandemic-Related Claims for Taiwan’s Non-Life Segment, they highlight that ... Read the full article
Blair Nicholls named as CEO of Clover Insurance Australia
22nd June 2022
Blair Nicholls has been appointed as the new CEO of Clover Insurance Australia. Nicholls is moving to the role from his current position of CEO at Red Tiger Australia. His previous roles include stints as CEO of Blue Zebra insurance and CEO for Australia and New Zealand at Berkshire Hathaway Insurance. He said ... Read the full article
Relation Insurance Services acquires G2 assets
22nd June 2022
Relation Insurance Services (Relation), a privately held corporation backed by Aquiline Capital Partners, has acquired the assets of California-based G2 Insurance Services, an insurance brokerage firm. The transaction brings an established, high-growth insurance brokerage firm to Relation and expands the firm’s growing national footprint and areas of expertise. The entire G2 team ... Read the full article
Property reinsurers should focus on profits not premiums: analysts
21st June 2022
Analysts at RBC Capital Markets have contended that property reinsurers should be focusing on writing less business to maximise profits, despite the attractive rates currently offered by the hard pricing environment. In a new report, RBC explores why so many reinsurance companies are opting to reduce their exposure to volatile catastrophe ... Read the full article
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