Reinsurance News
NN Group and ABN AMRO Bank sell off life insurance subsidiary
15th February 2022
NN Group, ABN AMRO Bank, and their joint venture ABN AMRO Verzekeringen (AAV) are to sell AAV’s life insurance subsidiary to Nationale-Nederlanden Levensverzekering Maatschappij N.V. (NN Life & Pensions). The subsidiary will be integrated into NN Life & Pensions. The intended transaction will have no impact on the services and guarantees ... Read the full article
Lancashire happy with business mix, 2022 outlook remains positive: CEO Maloney
15th February 2022
Non-catastrophe, capital light lines are lowering the volatility of Bermuda-based Lancashire Holdings' results, even in challenging years, according to its Chief Executive Officer (CEO), Alex Maloney, who further explained that the company’s outlook is positive for 2022. During Lancashire's 2021 results call, Maloney noted that he expects the company to grow ... Read the full article
Sompo Intl. names head of financial institutions for US unit
15th February 2022
Sompo International has appointed Kimberly Iacocca to be its new senior vice president and head of financial institutions for its US Financial Lines business unit. Promoted from Vice President, Financial Institutions, U.S. Financial Lines, Iacocca will be responsible for overseeing the underwriting, distribution and management of the U.S. Financial Institutions team. Ray ... Read the full article
Conduit promotes Greg Roberts to Group CUO
15th February 2022
Class of 2021 reinsurance start-up, Conduit Re, has promoted Greg Roberts to the role of Group Chief Underwriting Officer (CUO), taking over from Trevor Carvey, the reinsurer's Group Chief Executive Officer (CEO) and current Group CUO. Roberts' appointment is effective March 1st, 2022, when he will also join the company's Executive ... Read the full article
Oneglobal appoints new Andean region CEO
15th February 2022
Oneglobal has appointed Ernesto de Lima as CEO of the Andean Region (excluding Chile). De Lima will report to Nicolau Daudt, CEO LatAm Oneglobal and will officially join on 1 April. The firm’s Latin American operation is led by Daudt and Jose Miguel Gonzalez, CCO LatAm, and supported by Ricardo Retana, CEO ... Read the full article
Optio names new UK head of political violence and terrorism
15th February 2022
Specialty MGA Optio Group has promoted Mark Kelsey to UK head of political violence and terrorism (PVT) and tripled its line size for single risks to USD150m. Kelsey joined Optio as senior underwriter in 2020, and will be reporting to Chris Kirby, global head of political violence and terrorism, who relocated ... Read the full article
Asta and JPO Consulting launch ARTes Specialty MGA
15th February 2022
Asta, a third-party managing agent at Lloyd’s, and JPO Consulting have launched ARTes Specialty (ARTes), an independent UK based managing general agent (MGA), specialising in fully delegated portfolio underwriting. The MGA will connect strategic partnerships with selected distributors to Lloyd’s and company market capacity. ARTes has been collaborating with Asta via their ... Read the full article
Verisk agrees to invest in Rocket Enterprise Solutions
15th February 2022
Verisk has agreed to invest in Rocket Enterprise Solutions, an insurtech provider in the German property claims sector that was founded in 2015. Rocket’s property claims and underwriting technology has been widely adopted by insurers and service providers operating across Germany and Austria. With the investment, Rocket will be able to expand its ... Read the full article
Marsh McLennan appoints new director
15th February 2022
Marsh McLennan has appointed Hafize Gaye Erkan as its new, fourteenth director. Ms Erkan’s appointment is due to begin at the beginning of March. H. Edward Hanway, Chairman of the Company’s Board of Directors, said in a statement: “Gaye has deep expertise in investments, risk management, growth markets and digital innovation. We ... Read the full article
Hardening market causing capacity concerns for MGAs: AM Best
15th February 2022
Analysts at AM Best have warned that hardening underwriting conditions and reduced availability of underwriting capacity are posing challenges for UK Managing General Agents (MGAs). The rating agency sees MGAs with profitable records, niche business, or strong technology integration as being best positioned to navigate these difficult conditions. Accessing financially secure capacity ... Read the full article
SCOR completes its largest (£5.5bn) ever longevity reinsurance deal
15th February 2022
Global reinsurer SCOR has completed a £5.5 billion longevity reinsurance transaction, covering liabilities of more than 17,000 members of the Lloyds Bank No. 1 Pension Scheme. This landmark transaction is SCOR's largest ever longevity deal and protects the trustee of the scheme by transferring the risk that members live longer than ... Read the full article
DeNexus updates cyber risk platform
15th February 2022
DeNexus has updated its DeRISK Platform, a tool that provides evidence-based authentic and transparent data in order for industrial companies to measure the financial impact of cyber risks on their business. The company launched the product as the latest in a series of ever-improving cyber models which are aimed at helping ... Read the full article
Kilter Finance invests $40m into Best Practices Medical Partners
15th February 2022
Kilter Finance has invested $40m into Best Practices Medical Partners (BPMP). With BPMP being the holding company for Applied Medico-Legal Solutions Risk Retention Group (AMS RRG) and affiliated subsidiaries, the funding will be used to support the latter in its underwriting growth and ongoing strategic initiatives. BMS Capital Advisory, the investment banking ... Read the full article
Munich Re predicts a bumpy economic recovery and longer increased inflation
14th February 2022
Munich Re is predicting a bumpy global economic recovery, extended higher interest, and continued supply chain bottlenecks for 2022, according to a new report from the reinsurer. Writing in its Economic Outlook, the organisation said that despite above-trend global growth and receding inflation over the course of the year, uncertainties have ... Read the full article
Tokio Marine triples international profits through Q3
14th February 2022
Re/insurance holding company Tokio Marine has reported profit of 186.6 billion yen (USD 1.6 billion) for its international business at the third quarter mark of the fiscal year, more than three times as much as it recorded for the same period in the previous year. The unit's Q3 performance made progress ... Read the full article
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