Reinsurance News
SCR approved for Takaful reinsurance operations in Morocco
17th May 2022
Société Centrale de Réassurance (SCR) has obtained the necessary approvals from Morocco's Insurance and Social Security Supervisory Authority (ACAPS) to create a "Retakaful" window, in order to undertake Takaful reinsurance operations in the country. Société Centrale de Réassurance (SCR) is a reinsurance subsidiary of the Caisse de Dépôt et de Gestion ... Read the full article
Liberty Mutual Re appoints Alice Sharman to new role
17th May 2022
Liberty Mutual Re has appointed Alice Sharman to the role of senior underwriter for casualty reinsurance. Sharman is assuming the role this week and will be responsible for underwriting the firm’s US casualty treaty portfolio. She will be based in London and replaces Max Mallen, who was recently promoted to the ... Read the full article
Prudential’s Gaurav Wadhwa joins Vesttoo as CFO
17th May 2022
Alternative risk transfer and investment platform, Vesttoo has appointed Gaurav Wadhwa, former Prudential Financial executive, as its new Chief Financial Officer (CFO). Within his new role as CFO, Wadhwa will help build a global finance organization, as well as overseeing the company's financial reporting, accounting, tax, treasury, financial planning and analysis, ... Read the full article
Tesla seeking to fix “incredibly inefficient” insurance market, says Musk
17th May 2022
Tesla CEO Elon Musk has commented on the growing importance of his company’s new car insurance offering, which he says aims to redress the “incredibly inefficient” process that is keeping premiums high for many drivers. Speaking at the All-In Summit in Miami yesterday, Musk remarked that the solution is "quite significant ... Read the full article
Nayms becomes fully regulated in Bermuda
17th May 2022
Nayms has said that it has become the world's first crypto-native insurance marketplace to become fully regulated in Bermuda. According to the firm, it now holds both the full Digital Asset Business Act licence and Innovative General Business Insurance licence, allowing their insurance partners to conduct regulated insurance business on-chain for ... Read the full article
Midwest Holding upbeat despite fall in premiums
17th May 2022
Midwest Holding is reporting a fall in its annuity direct written premium in Q1 2022, compared to Q1 and Q4 of last year. The firm said that it had seen a fall from $104.2m in Q4 2021 and $123.7 in Q1 of the same year to $98.1m. However, it also reported ... Read the full article
Buffett’s Berkshire takes $620m stake in Markel
17th May 2022
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, took a $620 million stake in insurance and reinsurance provider Markel Corporation as part of a raft of investments during the first quarter of 2022. Analysts at KBW estimate that the value of Berkshire's equity portfolio has fallen by about $39.0 billion ... Read the full article
Munich Re launches new AI validation service
17th May 2022
Munich Re has launched a new validation service for trustworthy artificial intelligence. The firm says that the service, called CertAI, validates fully fledged AI systems or AI solutions already in productive use, analysing six different factors – fairness, autonomy and control, transparency, robustness, functional and cyber security, and data protection. It ... Read the full article
Andrew Smith to serve as Conduit Re’s Chief Risk and Sustainability Officer
17th May 2022
Andrew Smith, Chief Risk Officer (CRO) at reinsurer Conduit Re, has seen his role expand to lead the firm's climate change related initiatives, as Chief Risk and Sustainability Officer. In his expanded position, Smith will support Executive Chairman, Neil Eckert, and will report to and join the independently chaired ESG Committee. Smith ... Read the full article
SCOR backs Amynta Trade Credit Solutions
17th May 2022
Insurance services company, Amynta Group, has partnered with French reinsurer SCOR on the launch of Amynta Trade Credit Solutions, a new platform designed to provide a responsive and focused approach to trade credit insurance in the U.S. The new MGA will be led by Harpreet Mann as President of Amynta Trade ... Read the full article
SiriusPoint makes Nick Pascall its new head of London and international casualty
17th May 2022
SiriusPoint has a new head of London and international casualty in Nick Pascall. Pascall is joining the firm from AXA XL Re, where he was head of US casualty reinsurance. He will report to Robert Harman, general manager at the London branch of SiriusPoint. In his new role, he will ... Read the full article
UK and Ireland lead Q1 European M&A figures with 44 deals
17th May 2022
Analysis by FTI Consulting shows that the UK and Ireland region continued to lead the European market for insurance industry mergers and acquisitions (M&A) activity, with 44 announced transactions in Q1 2022. This represented a decline from 71 signed transactions in Q1 due to the increased saturation of the UK and ... Read the full article
SCHUMANN International launches London office, announces senior appointments
17th May 2022
SCHUMANN, a leading risk management advisor for trade credit and surety business, has announced that it is launching a dedicated and permanent London presence with a brace of senior appointments and the launch of a London office. After more than twenty-five years trading from its German headquarters, SCHUMANN International Limited will ... Read the full article
Lockton posts record Q1 revenue growth
17th May 2022
Insurance and reinsurance broker Lockton has posted record revenue growth of 27% over the period from Q1 2021 to Q1 of this year, most of which was organic revenue growth. The company reported revenue of $2.69 billion for the first quarter of 2022. "Our results are the outcome of being comprised of ... Read the full article
TMK partners with Altelium on battery energy storage warranty
17th May 2022
Tokio Marine Kiln (TMK) has partnered with Insurtech Altelium to deliver the worlds first data-driven battery energy storage system (BESS) warranty programme to help accelerate growth in the battery energy storage market. BESS technology plays a key role in ensuring homes and businesses can be powered by green energy. It is ... Read the full article
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