Reinsurance News
Insurtech MIC Global to establish Lloyd’s Syndicate 5183
28th January 2022
Insurtech MIC Global has received 'in-principal' approval from Lloyd’s to launch Syndicate 5183, which is scheduled to underwrite business incepting on or after April 1st, 2022. The new syndicate will be managed by Asta, a third-party managing agent at the specialist Lloyd’s insurance and reinsurance marketplace. MIC provides end-to-end digital micro insurance ... Read the full article
Arthur J. Gallagher releases financial results for 2021
28th January 2022
Arthur J. Gallagher has reported revenues of £6,916.2m in 2021, up from $6,6116.1m in 2020, according to its latest financial results. The results, released yesterday, showed a 13% increase in revenue over one year. They also showed that EBITDAC between 2020 and 2021 rose from $1,879.1m to $2,202.6m, or 17%, in ... Read the full article
Alliant names Chris Murphy as EVP
28th January 2022
Alliant Insurance Services has appointed Chris Murphy as Executive Vice President, Managing Director. He brings 30 years of experience in the insurance industry, with a deep expertise in construction. In his new role, Murphy will lead Alliant’s national surety platform that supports the bonding needs of domestic and international contractor clients. The founding ... Read the full article
AXA XL Risk Consulting releases new risk assessment tool
28th January 2022
AXA XL Risk Consulting has released a new risk assessment service to help companies identify and mitigate pollution and environmental risks in Europe and in the UK. The tool, available through AXA XL’s Risk Scanning service, allows risk managers to generate assessments of their company’s sites by region, country or environmental ... Read the full article
Net zero re/insurers commit to further climate targets
28th January 2022
Insurers and reinsurers forming part of the UN-Convened Net-Zero Asset Owner Alliance have committed to a further set of climate targets that aim to reduce the impact of global warming. The Alliance is formed of 69 asset owner members, including Swiss Re, Munich Re, SCOR, Zurich, AXA, QBE, Generali, L&G and ... Read the full article
Legal & General completes £75m pension bulk annuity transaction
28th January 2022
Legal & General has agreed a bulk annuity transaction for the Triplex Lloyd Final Salary Plan. The transaction, valued at around £75m, will secure benefits for around 300 deferred members and 800 retirees, the insurer said in a statement. Adrian Somerfield, director of Legal & General Retirement Institutional, said: “Working with the ... Read the full article
Italian and UK non-life sector outlooks differ from rest of Europe: Fitch
28th January 2022
According to Fitch Ratings, the insurance sector outlooks for major European non-life insurance markets in 2022 are mostly neutral, with Italy and the UK being the only exceptions. The rating agency also noted that in most of the markets, the positives, such as better pricing conditions for commercial business lines, are ... Read the full article
Corvus Insurance names new head of international
28th January 2022
Corvus Insurance has named Oliver Delvos as its new head of international. Delvos will be based in Frankfurt, Germany, in a role that is slated to begin in the summer. In his new role, Delvos will develop and implement Corvus’s long-term operational and organisational strategy for territories outside of the US, with ... Read the full article
Success of the Lloyd’s market depends on Blueprint Two goals: John Neal
27th January 2022
Ahead of the publication of the second edition of the Lloyd's Blueprint Two Interactive Guide and roadmap, Chief Executive Officer (CEO) John Neal has stressed that the success of the Lloyd's market depends on the effective implementation of this strategy. The roadmap, due for public release tomorrow, runs from Q1 2022 ... Read the full article
AXIS cut reinsurance property & cat premiums by 45% at 1/1
27th January 2022
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, further reduced the volatility of its portfolio at the Jan 1, 2022, renewals, cutting its reinsurance property and property catastrophe premiums by 45%. The company's President and Chief Executive Officer (CEO), Albert Benchimol, confirmed on a recent earnings call that AXIS advanced its ... Read the full article
Apollo Syndicate Management appoints new head of aviation
27th January 2022
Apollo Syndicate Management has appointed Martin Jackson as its new head of aviation in a role set to begin later this year. Jackson is joining from HDI where he was the head of aviation and space for its UK branch. He will succeed Paul Letherbarrow, who is set to retire in the ... Read the full article
RLI reports improved earnings in Q4
27th January 2022
RLI Corp. has reported net earnings of $95.3 million for the fourth quarter of 2021, an improvement over the $83.8 million that it reported for the same period in the previous year. The company also achieved $49.7 million of underwriting income in in Q4 2021 on an 80.7% combined ratio, compared ... Read the full article
Allianz Global Corporate & Specialty adds three US team members
27th January 2022
Allianz Global Corporate & Specialty (AGCS) is expanding and buttressing its environment impairment liability (EIL) underwriting team in North America. Annalisa Ahumada, Andrew Hill, and Mark Heigh will take on roles in Chicago, New York, and Philadelphia, respectively. Ahumada and Heigh will be underwriting specialists, while Hill will be an executive ... Read the full article
RenRe couldn’t have had a better renewal, says CEO O’Donnell
27th January 2022
After achieving numerous goals at the January 1st, 2022, reinsurance renewals, Kevin O'Donnell, President and Chief Executive Officer (CEO) of Bermuda-based RenaissanceRe, feels that the reinsurer has constructed the most efficient portfolio possible. "We had a strong January 1 renewal," said O'Donnell, speaking yesterday during the company's Q4 and full-year 2021 ... Read the full article
Swiss businesses to rebrand as Gallagher
27th January 2022
Hesse & Partner and Verbag will operate under the Gallagher brand from Monday. The firms, which were bought by Gallagher in 2018 and 2019, are understood to continue operating as normal, but will now operate under the Gallagher brand in Switzerland. In a press release, Gallagher said this completed the integration of ... Read the full article
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