Reinsurance News
Marine liability market unlikely to be impacted by Ukraine: Miller
13th April 2022
Specialist re/insurance broker Miller had previously explained that differentiation had become more achievable which remained the case through the 20th February P&I reinsurance renewals, particularly for accounts that have shown better performance and long-term profitability for the market. Since the beginning of 2021, the increases sought by leaders in the general ... Read the full article
Cooper Gay partners with CyberCube for cyber risk platform
13th April 2022
Cooper Gay, the pan-European Managing General Agent (MGA), has partnered with CyberCube to use its cyber risk analytics platform, Account Manager. In addition to using Account Manager, Cooper Gay is also enrolling in the CyberCube Academy as part of the company’s drive to develop its team’s knowledge of the evolving cyber ... Read the full article
Arch Insurance Intl. names new Senior Warranty & Specialty Affinity Underwriter
13th April 2022
Arch Insurance International has appointed Richard Smith as Senior Warranty & Specialty Affinity Underwriter, where he will support the continued growth of the Warranty & Specialty Affinity portfolio. Smith will work alongside a team who are recognised as an established lead market in providing insurance and reinsurance solutions across a broad ... Read the full article
KKR invests in Shriram General Insurance Company
13th April 2022
Global investment firm, KKR and Shriram General Insurance Company (SGI) have announced the signing of definitive agreements under which, subject to the receipt of the necessary regulatory approvals, KKR will acquire a 9.99% stake in SGI. KKR’s investment will help position SGI for continued growth in India’s fast-growing general insurance industry. Founded ... Read the full article
Hard market becoming increasingly risky and challenging for insurers: Amwins
12th April 2022
Specialty insurance wholesaler, Amwins has stated that the insurance industry continues to navigate the domestic and international challenges of the toughest market conditions most have ever seen. As the industry entered into the second quarter of 2022, the broker expected to see more of a “slowdown” of the hard market conditions, ... Read the full article
Newfront raises $200m at $2.2bn valuation to modernise insurance
12th April 2022
San Francisco-headquartered broker, Newfront Insurance has announced a $200 million investment at a $2.2 billion valuation to modernise insurance, led by the Growth Equity business within Goldman Sachs Asset Management and B Capital. Further participation in the round came from existing investors including Founders Fund and Meritech Capital. "The nature of risk ... Read the full article
BMS Capital Advisory helps Brotherhood to $45m private debt raise
12th April 2022
BMS Capital Advisory has completed a $45m private placement of surplus notes issued by Brotherhood Mutual Insurance to funds managed by Dekania Capital Management. According to the firm, the notes carry a fixed rate of 6.00% with a 20-year term. The proceeds of the offering will primarily be used by Brotherhood for ... Read the full article
Distinguished Programs gets majority investment from Aquiline
12th April 2022
Independent program manager Distinguished Programs has entered into a definitive agreement for private investment firm Aquiline Capital Partners (Aquiline) to acquire a majority stake in the company and has announced senior leadership changes. Aquiline is based in New York and London with $7.5 billion in assets under management, and has not ... Read the full article
AIG names Tom Bolt as Chief Risk Officer, Driscoll becomes CUO GI
12th April 2022
American International Group (AIG) has appointed Tom Bolt as Executive Vice President (EVP) and Chief Risk Officer, succeeding Sabra Purtill, who was recently named EVP and Chief Investment Officer for AIG’s Life & Retirement business. Bolt will report to Peter Zaffino, Chairman & Chief Executive Officer, and has joined the ... Read the full article
Munich Re may face €500m in Ukraine claims: Jefferies
12th April 2022
Analysts at Jefferies have examined the potential impact of the Russia-Ukraine conflict, European storms and the pandemic, and say they expect that the bulk of Ukraine related claims won’t be booked until the next quarter. In the Jefferies loss model, Munich Re will potentially assume €500m of reinsured claims from the ... Read the full article
UPC plans to consolidate its four Florida domiciled insurance carriers
12th April 2022
United Insurance Holdings Corp. (UPC Insurance), the Florida-headquartered property and casualty (P&C) insurer, has announced a proposed reorganisation plan to consolidate its four Florida domiciled insurance carriers into three, creating a more efficient operating structure going forward. The company is currently seeking regulatory approval to merge Journey Insurance Company into American ... Read the full article
Alleghany asked Buffett for more, considered break-up of business units
12th April 2022
Alleghany Corporation had sought to counter Warren Buffett's acquisition offer during negotiations, seeking more than the initial $850 per share price. A proxy filing deposited with the SEC also reveals that Alleghany explored the potential break-up of its business units, to identify whether a potential sale or spin-out of one or ... Read the full article
MNK Re Group names Vanida Pillay as Chief Executive, SA
12th April 2022
MNK Re Group has appointed Vanida Pillay as the new Chief Executive of its South Africa branch, where she brings over 30 years of experience, including claims, marketing, and also extensive underwriting expertise. Pillay will lead MNK Re’s South Africa branch, bringing with her a deep understanding of the African market ... Read the full article
Conduit hires Moretti as Head of Investor Relations & Marketing
12th April 2022
Property and casualty reinsurance group Conduit Holdings, owner of Conduit Re, has announced the appointment of Antonio Moretti as Head of Investor Relations & Marketing, with immediate effect. Moretti brings more than 20 years of experience from working within the reinsurance industry, which he gained from serving at major company’s such ... Read the full article
AIG names Sabra Purtill EVP & Chief Investment Officer for Life & Retirement
12th April 2022
Global insurer and reinsurer, American International Group (AIG) has appointed Sabra Purtill to Executive Vice President and Chief Investment Officer for its Life & Retirement business, effective immediately. Within her new role, Purtill will report to Executive Vice President, Chief Executive Officer of Life & Retirement, Kevin Hogan. In addition to her ... Read the full article
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