Reinsurance News
Swiss Re-backed Waterdrop sees net operating revenue rise 7.4%
15th June 2022
Swiss Re-backed technology platform Waterdrop has reported that its net operating revenue in Q1 2022 rose 7.4%, compared to Q4 2021. The firm said in a press statement that it had resumed positive growth after its business strategy was switched from pursuing fast growth to enhancing quality development and profitability. It ... Read the full article
UPC Insurance to sell NFIP flood book of business to Wright Flood
15th June 2022
United Property & Casualty Insurance Company (UPC Insurance) has agreed to sell to its flood insurance policy book to Wright National Flood Insurance Company – a leading provider of federal flood insurance. Under the agreement, Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program (NFIP) ... Read the full article
Positive outlook for M&A activity, say Aon and Mergermarket
15th June 2022
The recently released M&A Risk in Review report by Aon and Mergermarket, has found optimism in the market as it suggests that last year's resurgence of M&A activity can be somewhat sustained, yet headwinds persist in the wake of the Covid-19 pandemic. Even though record levels will ... Read the full article
Businesses should prepare for rise in civil unrest incidents: Allianz
15th June 2022
Allianz Global Corporate & Specialty (AGCS) has advised businesses to review their insurance policies and contingency plans as a rise in social unrest incidents could heighten their risk exposure, resulting in costly damages. Strikes, riots and violent protest movements pose risks to companies because in addition ... Read the full article
Miller adds ILS specialist John Duda to its growing Bermuda team
15th June 2022
Specialist re/insurance broker, Miller has announced the appointment of John Duda as Head of ILS Development & Capital Management Products, as the firm continues to build out its capabilities in Bermuda and the ILS market. Duda’s appointment follows the recent launch of Miller’s Bermuda platform in ... Read the full article
Fidelis’ Pine Walk launches new political risk and non-payment MGA
15th June 2022
Pine Walk Capital Limited, a Fidelis Group and specialist MGA platform, has launched its seventh MGA – Pernix Specialty Limited, which specialises in political risk and non-payment risks. Pernix will be led by CEO Kade Spears and CUO Caroline Coulson. The new MGA will be dedicated to enabling and supporting responsible and ... Read the full article
The Hanover elects Francisco A. Aristeguieta to board
15th June 2022
The Hanover Insurance Group has elected Francisco A. Aristeguieta to its board of directors. Aristeguieta currently serves as a special adviser for State Street Corporation, having stepped down recently as executive vice president. Aristeguieta served in various executive positions since joining State Street in 2019, including chief executive officer of State ... Read the full article
IQUW launches new crisis management insurance class
15th June 2022
IQUW, the property, commercial and specialty re/insurer has launched a new crisis management insurance class to help businesses anticipate, prevent, respond to, and recover from a variety of risks. The re/insurer has also confirmed that the new global crisis management portfolio will be led by Jon Atkinson, an experienced senior specialty ... Read the full article
Supply chain disruptions “could cost Europe almost €1 trillion in lost GDP”
15th June 2022
Supply chain challenges could result in the Eurozone’s GDP losing up to €920 billion (or 7.7%) by 2023, according to a report by Accenture. The potential loss is due to the COVID-19 pandemic and Russia’s invasion of Ukraine. The report, “From Disruption to Reinvention – The future of supply chains in Europe” ... Read the full article
Liberty Mutual Insurance names Hart EVP, Chief Legal Officer & Secretary
15th June 2022
Liberty Mutual Insurance Chairman and Chief Executive Officer (CEO), David Long has announced that effective as of January 2023, Damon Hart has been named Secretary, in addition to his current role as Executive Vice President and Chief Legal Officer. As Secretary, Hart will be overseeing governance for the company's Board of ... Read the full article
Randall & Quilter predicts placing and subscriptions will raise $125m
15th June 2022
R&Q has said its non-pre-emptive placing, direct subscription, and management subscription will raise gross proceeds of $125m. Still subject to shareholder approval next month, an aggregate of 97,828,596 Placing Shares and Direct Subscription Shares have been placed with institutional investors at a price of 105 pence per Placing Share. This represents ... Read the full article
Inflation and geopolitical risks increasing concern for business owners, says Beazley
15th June 2022
A new report from Beazley outlines how business leaders are fearing the consequences of war and inflation. The report, Spotlight on Geopolitical Risks, shows that US and UK business leaders feel able to manage current geopolitical risks, even as concerns over war have risen in the last year. It also found ... Read the full article
Africa Disaster Risk Financing Programme extended to Malawi following $9.25m grants
15th June 2022
The African Development Bank’s board of directors have approved grants worth $9.25 million to implement the Africa Disaster Risk Financing Programme in Malawi. The first grant, of $4.9 million, will come from the African Development Fund. The second, valued at $4.35 million, will be provided by the ADRiFi Multi-Donor Trust Fund. These ... Read the full article
Allianz and Voya sign agreement to integrate assets and teams
15th June 2022
Voya has entered in a definitive agreement with Allianz Global Investors (AGI) whereby Voya will integrate certain assets and teams of the Allianz company with Voya Investment Management, the asset management business of Voya Financial. Through the transaction, Voya IM will integrate AGI income and growth, fundamental equity, and private placement ... Read the full article
Howden names Head of Employee Benefits & Wellbeing in Italy
15th June 2022
International insurance broker, Howden has appointed Cesare Lai as Head of Employee Benefits and Wellbeing for Howden in Italy. Within his new role, Lai brings a wealth of experience, having worked for over 20 years within the industry. Most recently, he served as Chief Executive Officer at Generali Welion. Prior to that ... Read the full article
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