Reinsurance News
MIB acquires APEXA
19th May 2022
MIB has acquired APEXA from Reinsurance Group of America. The company said it was buying the contracting and compliance service provider for life insurance advisors, MGAs, and carriers, expanding its portfolio of digital solutions and client base within Canada. APEXA's platform connects the Canadian life insurance carriers, MGAs, and advisors through ... Read the full article
WR Berkley names Michael Marcus as new president of Berkley Industrial
19th May 2022
WR Berkley had appointed Michael Marcus to be the new president of Berkley Industrial Company, succeeding Chandler F. Cox, Jr. Cox, meanwhile, has been appointed the chairman of the business. It is understood that both appointments are to be effective immediately. W. Robert Berkley, Jr., president and chief executive officer of WR ... Read the full article
Convex reports 93% rise in GWP as net loss narrows in 2021
19th May 2022
Specialty insurer and reinsurer Convex has reported a rise in gross written premium (GWP) for the full-year 2021 to more than $2.1 billion, as the Group announces a reduced net loss of $158 million for the period. For 2021, the re/insurer's net loss shrank by almost 12% from the $179 million ... Read the full article
Ardonagh sees Q1 income rise 44% to £288 million
19th May 2022
The Ardonagh Group has reported a 44% rise in income from £200 million to £288 million for the first quarter of the year. The broker also reported an adjusted EBITDA increase of 29% to £85.5 million, compared to last years £66.3 million. Gross written premium (GWP) for the quarter was £10 billion. At ... Read the full article
NICB warns $4.6-9.2bn lost last year to fraud
19th May 2022
The National Insurance Crime Bureau (NICB) has said that casualty insurers paid out between $4.6bn and $9.2bn extra in 2021 due to insurance fraud. The NICB estimated that disaster fraud adds 5-10% to the total claims paid following a disaster. Similarly, the Federal Bureau of Investigation found that of the $80bn ... Read the full article
Munich Re & Real Vida Seguros to deliver digital life insurance underwriting project in Portugal
19th May 2022
Global re/insurer Munich Re and Real Vida Seguros have announced the execution of a practical and innovative digital underwriting solution, based on technology developed by a subsidiary of the former, to serve the Portuguese life insurance market. The new system is based on tech created by Munich Re Automation Solutions, part ... Read the full article
TPM secures financing of $75m
19th May 2022
MGA firm TPM has secured $75 million in bank financing. The firm announced that this had been done through a syndicated facility led by Citizens Financial Group, along with Regions Bank, Wintrust Financial, and Bank of Hope. The proceeds from the transaction will be used to support the firm’s growth. Daniel Hickey, ... Read the full article
Mercer hires former PwC co-lead to its Risk Transfer team
19th May 2022
Mercer, the global consulting subsidiary of broking and advisory giant Marsh McLennan, has announced the appointment of Nikhil Patel as a Senior Principal in the company’s Risk Transfer team. In this new role, Patel will advise clients on how to effectively manage their pension risk, either through bulk annuity, longevity swap, ... Read the full article
Generali sees GWPs up 6.1% in Q1 2022
19th May 2022
Generali is reporting that its gross written premiums in Q1 2022 to €22.3bn, or 6.1%. However, the firm said that its net result was down to €727m in the quarter, down from €802m in the preceding year’s same quarter. This, it said, had been impacted by impairments on its Russian investments ... Read the full article
AGCS appoint new regional head of claims in Tom Major
19th May 2022
Allianz Global Corporate & Specialty (AGCS) has appointed Tom Major as the new regional head of claims for regional unit London and Nordics, effective 1 June. In this role, Tom will lead AGCS’ claims services business across the UK, Ireland, and Nordics with responsibility for overseeing a claims service across the ... Read the full article
Brown & Brown makes Kiet Tran its new CTO
19th May 2022
Broker firm Brown & Brown has appointed Kiet Tran as its new chief technology officer. The firm said that before Brown & Brown, Tran led IT infrastructure and operations for ADT. He will be based at the company’s enterprise campus in Daytona Beach, Florida. Gray Nester, chief information officer at the ... Read the full article
Munich Re Life US partners with Sparta Science to reduce risk of MSK injury
19th May 2022
Munich Re Life US, the life division of reinsurance giant Munich Re, has announced that it has entered into a strategic partnership with Sparta Science, aimed at reducing the occurrence of musculoskeletal (MSK) injury claims. The partnership will allow Munich Re to offer disability insurance carriers in the US and Canada ... Read the full article
Lockton Re hires James Donnelly for its accident, health, and life segment
19th May 2022
Lockton Re has hired James Donnelly as a senior broker within its accident, health, and life segment. A statement from the firm said that Donnelly was most recently part of the life, accident, and health team at Guy Carpenter and has also spent time at Aon as an associate director. Before that, ... Read the full article
Citizens ‘very unlikely’ to place 100% of risk transfer program with ‘markets in disarray’ – CFO
18th May 2022
The Board of Florida’s Citizens Property Insurance Corporation today approved a proposal for the carrier to spend $400 million on its risk transfer renewal for the upcoming hurricane season, although it's expected that this will only fill 90% of the full program amid a reduction in appetite from reinsurers. Today, Citizens ... Read the full article
FedNat CFO Jordan quits
18th May 2022
Ronald A. Jordan, CFO of troubled insurance company FedNat, has resigned from his role. The resignation of Jordan is the latest in a series of travails for the firm. A filing from the FedNat Holding Company announced that he has handed in his resignation, effective June 10th, 2022. The filing states ... Read the full article
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