Reinsurance News
AXA XL appoints Emmy Pan as energy underwriter
22nd April 2022
AXA XL has appointed Emmy Pan as energy underwriter to its Americas Property insurance team. The firm said Pan will be based in Houston and will report directly to Scott Dalton, energy property leader. In her new role, Pan will be responsible underwriting property insurance for energy businesses through including oil and ... Read the full article
MSIG deploys eClaims system by Fermion Merimen
22nd April 2022
MSIG has deployed Fermion Merimen’s eClaims platform as part of an effort to digitalise and to streamline its claims processes across ten insurance classes. The system is designed to enhance productivity, compliance control and customer satisfaction during the claims process. MSIG says the platform will enable it to modernise its claims processing ... Read the full article
Capital build-up could undermine pricing discipline: BofA
21st April 2022
Analysts at Bank of America (BofA) have warned that a build-up of capital in the reinsurance industry could begin to undermine pricing discipline over time. BofA noted that capital is building in both the traditional and insurance-linked securities (ILS) sections of the reinsurance industry, and expressed concern over a possible knock-on ... Read the full article
Regulators waive Lloyd’s collateral requirements for US reinsurance
21st April 2022
From October 2022, no Lloyd’s underwriters writing US contracts will be required to provide collateral for their US reinsurance obligations. The change is the result of new rules that come into effect later this year, which will eliminate collateral requirements for financially strong non-US reinsurers writing US reinsurance, following approval as ... Read the full article
Miller appoints Adam Power and Rebecca Harvey as account executives
21st April 2022
Broker firm Miller has appointed Adam Power and Rebecca Harvey as account executives in the International Professional Risks and North American Professional Risks teams. According to the firm, Power will report to Ed Pickard, head of international professional and financial risks, while Harvey will report into Andy Brett, joint head of ... Read the full article
SCOR makes Nicolas Berg US CEO for P&C
21st April 2022
SCOR has named Nicolas Berg as US Chief Executive Officer (CEO) for property and casualty (P&C), where he will oversee all US-based P&C activities across both specialty insurance and reinsurance. The announcement was made in a LinkedIn post that said Berg would begin in his role on 25 April. Alongside oversight of ... Read the full article
AM Best places Vault’s ratings under review with negative implications
21st April 2022
AM Best is reviewing the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Vault E&S Insurance Company and Vault Reciprocal Exchange. The credit ratings of Vault have been placed under review with negative implications, reflecting a material deterioration in its risk-adjusted capitalisation, as ... Read the full article
Aspen joins commitment to cut ties with the Tar Sands Pipeline
21st April 2022
Trans Mountain insurer and Lloyd’s syndicate Aspen Insurance is to cut ties with the existing Trans Mountain tar sands pipeline when its current insurance policy expires this summer. Aspen joins sixteen other insurance companies that have dropped Trans Mountain or vowed not to insure the Trans Mountain Expansion Project. The commitment from ... Read the full article
DARAG enters new North American captive transaction
21st April 2022
Legacy acquirer, DARAG Group concluded a new agreement with an offshore captive insurance company, with the transaction value hitting the $10 million mark. The transaction structure was a novation, allowing the counterparty full legal finality, and has been written into DARAG North America, which will provide legal, economic and operational finality ... Read the full article
Catalina Holdings goes into joint property venture with Oxenwood
21st April 2022
Reinsurance firm Catalina Holdings has gone into a joint venture with Oxenwood Real Estate to secure a £52.8m funding package from NatWest. The funding, the companies said in a statement, will be used to re-finance five assets across the UK consisting of four industrial properties and one commercial office space. Robert Fardon, ... Read the full article
Arthur J. Gallagher acquires G.A, Mavon & Co.
21st April 2022
Global insurance broker, Arthur J. Gallagher & Co. has announced the acquisition of G.A, Mavon & Co. and its Mavco Insurance Agency, Inc. subsidiary. Terms of the transaction were not disclosed. Founded in 1916, G.A. Mavon & Co. is a fourth generation, family-run, standard and specialty lines wholesale broker. It’s retail insurance ... Read the full article
US cyber direct written premiums increased by 74% in 2021: Fitch
21st April 2022
According to rating agency Fitch Ratings, US standalone and packaged cyber statutory direct written premiums increased by 74% in 2021, to nearly $5 billion compared with a 9% growth for the property & casualty (P&C) industry overall. This major growth was driven by heightened policyholder risk awareness and greater demand for ... Read the full article
BMA appoints former Chief Operations Officer to new permanent post of DCEO
21st April 2022
The Bermuda Monetary Authority’s (BMA) Board of Directors has announced that Shanna Lespere has been appointed to the new permanent Deputy Chief Executive Officer (DCEO) post of the Authority, effective immediately. Within this new role Lespere will be taking on several responsibilities. This includes providing executive leadership and strategic direction concerning ... Read the full article
Guy Carpenter’s revenue jumps 11% in the first-quarter of 2022
21st April 2022
Marsh McLennan's (MMC) reinsurance broking arm, Guy Carpenter, has reported an 11% rise in underlying revenue in the first-quarter of 2022 to $999 million, as its parent reports consolidated revenue of $5.5 billion for the period. Revenue growth at Guy Carpenter supported total Q1 2022 revenue of $3.5 billion within MMC's ... Read the full article
Aon sets up IP-based funding for self-ordering tech firm
21st April 2022
Aon has set up a $35 million intellectual property (IP) based funding arrangement for GRUBBRR, a provider of self-ordering technologies, creating an IP-collateralized debt structure that enabled the firm to raise additional funds through debt. Headquartered in Boca Raton, Florida, GRUBBRR’s technologies include kiosks, mobile ordering, POS, online ordering, KDS and ... Read the full article
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