Reinsurance News
Allianz and Swiss Re to lead flood risk transfer project in Ghana
14th June 2022
Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana. The IDF, alongside the Ghana Ministry of Finance, the United Nations Development Programme (UNDP) and the German Government, announced its launching during the IDF ... Read the full article
PIC signs c.£600mn buyout of House of Fraser pension
14th June 2022
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has completed a pension insurance buyout with the Trustee of the House of Fraser Beatties & Jenners Pension Scheme, insuring c.£600 million of liabilities. The transaction covers 3,850 deferred members, as well as 5,050 pensioners. The Scheme’s principal employer, House ... Read the full article
HDI Global announces management board changes
14th June 2022
Industrial insurer HDI Global SE has announced several management changes. David Hullin will take over entire international business from Jens Wohlthat on the Management Board, who retires at the end of September 2022. When he takes on this new role, Hullin will be responsible for the entire business of the Industrial Lines ... Read the full article
Howden Insurance Brokers appoints Kenneth Durbin to new role
14th June 2022
Howden Insurance Brokers has appointed Kenneth Durbin to be its new managing director and head of strategy for global programs. Durbin comes to the company from a senior vice president role at Guy Carpenter, which he joined in 2017. Prior to Guy Carpenter, Durbin was assistant vice president at Willis Re. The ... Read the full article
DUAL Europe hires Floris Wijchman as Commercial Director
14th June 2022
Howden Group’s underwriting arm DUAL has appointed Floris Wijchman as Commercial Director, DUAL Europe, where he will report to newly appointed Chief Executive Officer, DUAL Europe, Olaf Jonda. With over 25 years of industry experience, Wijchman will bring a lot of expertise within his new role at DUAL Europe. He started ... Read the full article
UK pub group brings £1bn covid case against insurers
14th June 2022
UK pub group Stonegate is suing insurers MS Amlin, Zurich Insurance and Liberty Mutual for £1 billion in a new major COVID business interruption (BI) case. Reuters, which first covered the story, speculates that the Stonegate case, if successful, could provide momentum for a second wave of pandemic claims against insurers. The ... Read the full article
R&Q settles with Brickell while increasing fundraise to $125m
14th June 2022
R&Q has decided to upsize its Fundraise, increasing the gross proceeds of the Placing to approximately $125m. In a statement, the Board said it intended to use the additional net proceeds from the Fundraise to further de-lever the business. R&Q also said that it has decided to extend the period of the ... Read the full article
Favorable Hedge fund returns drive book value increases for insurers: AM Best
14th June 2022
According to a new AM Best report, despite significant challenges in the hedge fund industry in 2021, such as the GameStop short squeeze, insurance companies still managed to allocate nearly $1 billion to new hedge fund investments in 2021. In the rating agency’s Best’s Special Report, titled, “Favorable Hedge Fund ... Read the full article
COVID-19 pandemic leads to greater focus on health & financial security: Swiss Re
14th June 2022
A recent survey from Swiss Re Institute, two years into the COVID-19 pandemic has shown that the pandemic has led to a greater focus on health and financial security, resulting in more online insurance purchases and a greater willingness to share personal health data, especially among the younger generation. It was ... Read the full article
Aon agrees to sell eDiscovery practice to TCDI
14th June 2022
Broker Aon, has agreed to sell its eDiscovery practice to TCDI – a leading provider of legal services, software and cybersecurity. The acquisition will strengthen and expand TCDI’s eDiscovery capabilities and geographic reach into the UK. It will also add expansive advisory services such as information and governance to the company’s comprehensive ... Read the full article
SCOR promotes McMurdo to Reinsurance CEO as Blanc announces retirement
14th June 2022
Stuart McMurdo is set to replace Michel Blanc as Chief Executive Officer (CEO) of Reinsurance at SCOR, with the latter set to retire in January 2023 after 31 years of service. The French reinsurer notes that, effective immediately, McMurdo and Blanc will work very closely together to ensure a smooth transition ... Read the full article
WTW appoints Simon Lusher to lead food and drink specialism
14th June 2022
Leading global advisory, broking and solutions company, WTW, has appointed Simon Lusher as Client Relationship Director for Large and Complex Risks. Based in London, Lusher joins WTW from JLT Specialty (now Marsh); he will be reporting into Garret Gaughan, Head of Direct & Facultative. He will be responsible for risk solution development ... Read the full article
Ramon International appoints Harry Cook as Senior Account Executive
14th June 2022
Harry Cook is to become a new Senior Account Executive at Ramon International Insurance Brokers Limited. Lee Ellis – Head of International, Ramon International, made the announcement on LinkedIn, and said he was delighted to be welcoming Harry to the team. Harry joins Ramon International from Howden Reinsurance Brokers, where he served ... Read the full article
Lloyd’s upswing set to continue strongly: Helios
14th June 2022
Helios Underwriting has reported global insurance rate increases of over 50% since 2017 and a more than 30% increase in Lloyd’s of London (Lloyd’s) premiums, which it says have set the stage for a sustained improvement in underwriting results. A FY21 results update by the Lloyd’s of London investment and underwriting ... Read the full article
African Development Bank invests $10m in CICA-Re
14th June 2022
The African Development Bank has signed an agreement to invest in the Joint Reinsurance Company of Member States of Conférence Interafricaine des Marchés d'Assurances (CICA-Re). Under the agreement, the African Development Bank will take a $10m stake in CICA-Re and join its board of directors. Stefan Nalletamby, the African Development Bank Group's ... Read the full article
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