Reinsurance News
Australian flood costs reach $1.45bn
8th March 2022
The current cost for the floods in South-East Queensland and New South Wales has reached $1.45bn, according to the Insurance Council of Australia (ICA). This latest release from the ICA means that the cost of the floods has risen from an initial estimate of $900m, to $1.3bn, to this ... Read the full article
McGriff appoints new senior vice president and marketing account executive
8th March 2022
Broker firm McGriff has hired Donna Matthews to be a senior vice president and marketing account executive in its real estate and hospitality practice. According to the firm, the new role will see Matthews continue to be based in Denver. Paul Cicerchia, real estate and hospitality practice leader at McGriff, said: “We ... Read the full article
Brown & Brown to acquire Global Risk Partners
8th March 2022
Brown & Brown has agreed to buy the insurance operations of Global Risk Partners (GRP) for an undisclosed amount in a deal expected to close in Q3. GRP will operate within the Brown & Brown Retail segment and will continue to be led by Mike Bruce, global chief executive officer of ... Read the full article
Growth ambitions “buoyant” in London Market: Howden
8th March 2022
A new survey by international insurance broker Howden has concluded that growth ambitions remain “buoyant” in the London Market, with carriers citing a strategy to temper catastrophe exposure, and a desire to embrace sustainable energy. Howden’s London Market Appetite Survey asked C-Suite representatives from 38 insurers to indicate the degree to ... Read the full article
Sompo Intl. reorganises insurance business for future growth
8th March 2022
Property and Casualty (P&C) re/insurer, Sompo International Holdings Ltd., has revealed some changes to its insurance operation "to best prepare the business for expansion and sustainable growth." The strategic reorganisation is designed to ensure a consistent market approach and improve the ease of doing business globally with Sompo. Effective April 4th, 2022, ... Read the full article
Club Vita and Longitude Exchange set to collaborate
8th March 2022
Club Vita and Longitude Exchange are to collaborate on improving the efficiency and transparency of the longevity risk transfer market. According to a statement, the two companies are collaborating to integrate Club Vita’s longevity risk classification services into Longitude Exchange’s digital platform. Douglas Anderson, founder and chief visionary officer of Club Vita, ... Read the full article
IQUW appoints new active underwriter
8th March 2022
IQUW has appointed Steven Tebbutt as active underwriter for syndicate 1856. Tebbutt’s appointment will see a move for David Message who has been IQUW’s interim Active Underwriter since the acquisition of Arcus 1856 in 2020. Message will become IQUW’s Energy Lead Underwriter with immediate effect. David Morris, group CUO of IQUW, said: ... Read the full article
Core Specialty hires Ambac’s Scott Snyder to lead new Fronting Division
7th March 2022
Core Specialty Insurance Holdings, Inc. has hired Scott Snyder as President of Fronted Programs, as the carrier launches its Fronting Division in "recognition of the magnitude and relevance of this line of business" to the company. In 2021, Core Specialty notes that this business line generated $441 million of gross written ... Read the full article
Argo Chairman Bradley assumes CEO duties as Rehnberg takes medical leave of absence
7th March 2022
Thomas Bradley, the Chairman of specialty insurer and reinsurer Argo Group International Holdings, Ltd., has taken over as Chief Executive Officer (CEO) from Kevin Rehnberg, who is "temporarily unable to perform his duties for health reasons." A filing with the U.S. Securities and Exchange Commission (SEC) reveals that, effective March 3rd, ... Read the full article
Skytek launches satellite imagery software for insurers
7th March 2022
Skytek has launched Satellite Club, a piece of software designed to make satellite imagery more accessible for the insurance industry. According to the firm, the software will give members access to information derived in real time from satellite images using Skytek’s proprietary technology, augmented with expert analysis, as well as reports ... Read the full article
CEH & Brady Insurance acquire Loftus Insurance Brokers
7th March 2022
Coverys European Holdings (CEH) & Brady Insurance have acquired Loftus Insurance Brokers. The new combined entity will be run by Jane Brady as managing director, with Liam Loftus assisting their management team in a consultancy role. Loftus Insurance Brokers was set up in 2000 consolidating three existing brokerages. The deal adds to ... Read the full article
Premium prices climbed further in Q4: CIAB
7th March 2022
A new market survey by the Council of Insurance Agents & Brokers (CIAB) has shown that premium prices climbed further in Q4 2021, marking the 17th consecutive quarter of premium increases. The average increase in premiums across all account sizes was 8.7%, down slightly from the 8.9% recorded in Q3 2021. Respondents ... Read the full article
CoreLogic names Next Gear’s Garret Gray to lead Protect Business
7th March 2022
CoreLogic has appointed Garret Gray to lead its Protect Business Unit, following the company’s acquisition of Next Gear Solutions, where Gray was the founder and Chief Executive Officer (CEO) in 2021. Gray's appointment unites all of CoreLogic’s global insurance data and technology solutions as he leads the unit and his team. The ... Read the full article
AM Best downgrades Russian insurers and reinsurers
7th March 2022
AM Best has continued its downgrading of the financial strength of Russian insurers and reinsurers in response to the country’s invasion of Ukraine. A new note from the agency says that it has downgraded Russian Re’s Financial Strength Rating to B- (Fair) from B (Fair) and the Long-Term Issuer Credit Rating ... Read the full article
Truist Insurance Holdings acquires Kensington Vanguard
7th March 2022
Truist Insurance Holdings has acquired Kensington Vanguard, in the process launching its new insurance services division. The deal will see BridgeTrust Title Group, Truist Insurance’s current title and settlement services business, be integrated into and operate under the Kensington Vanguard brand. Concurrent with the close of this transaction, Truist Insurance Holdings announced ... Read the full article
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