Reinsurance News
Aspen to incorporate ESG into Credit & Political Risk decision making
12th January 2022
Bermudian re/insurer Aspen has launched environmental, social and governance (ESG) integration strategy Project Leaf, which will help provide information into the decision making process for its Credit and Political Risk (CPR) portfolio. The re/insurer aims to see 66% of its CPR premium originating from transactions with a favourable ESG classification by ... Read the full article
UIM and Shield Indemnity merge to create new P&C holding company
12th January 2022
Universal Shield Insurance Group, Inc. has now launched, a new property and casualty (P&C) holding company formed following the merger of UIM Holding Company and its subsidiary, Universal Fire & Casualty Insurance Company, with Shield Indemnity, Inc. Universal Fire & Casualty Insurance Company is an admitted insurer and insurtech with a ... Read the full article
Lloyd’s announces plans to lower market processing costs by 40%
12th January 2022
The transformation of the specialist Lloyd's insurance and reinsurance marketplace has taken another step forward with an agreement between the market, DXC Technology and the International Underwriting Association (IUA) which aims to cut processing costs by 40%. An agreement between Lloyd’s, DXC Technology, the Boards of the Lloyd's Market Association ... Read the full article
Fidelis’s Pine Walk launches specialist energy liability MGA
12th January 2022
Pine Walk Capital Limited, a Fidelis Group company and specialist MGA platform, has announced the launch of its sixth MGA, OPEnergy Limited. OPEnergy received regulatory approval from the FCA on 6 January 2022 and will write onshore and offshore energy liability risks, providing public, products and pollution liability lines. The MGA is ... Read the full article
Swiss Re offloads remaining Phoenix stake for £440m
12th January 2022
Reinsurance giant Swiss Re has exited its shareholding in Phoenix Group Holdings by selling its remaining 66,199,917 ordinary shares in the savings and retirement company for approximately £440 million. Swiss Re sold the shares at a price of 664 pence per ordinary share, or 3.1% below yesterday's close, which valued the ... Read the full article
B.P. Marsh & Partners to sell Summa shares for €9.7mn
12th January 2022
Specialist early-stage investor B.P. Marsh & Partners has announced the sale of its entire 77.25% shareholding in Summa Insurance Brokerage (Summa), the Madrid based Spanish insurance broker consolidator, to Acrisure España, the Spanish subsidiary of the global financial services business. Upon completion, the group will receive €9,715,484 (£8,113,817), after all associated ... Read the full article
Lloyd’s underwriters expect property cat rate rises to persist: Peel Hunt
12th January 2022
After rising by around 10% at the January reinsurance renewals, property catastrophe rates are expected to gain further momentum in 2022 amid a reduction in capacity, reports Peel Hunt following discussions with underwriters from the Lloyd's market. Peel Hunt recently held its Lloyd's Tour, during which most of the underwriters it ... Read the full article
CCR Re raises 22% more capital at 157 Re reinsurance sidecar renewal
12th January 2022
French state-owned reinsurer, CCR Re, has announced the successful renewal of its collateralised reinsurance sidecar, 157 Re, for 2022 despite a constrained retrocession market. This is the fourth time CCR Re has sponsored its 157 Re sidecar and this year, the company succeeded in raising 22% more capital than in ... Read the full article
BMS Iberia names new Director of Affinity and Wholesale Partnerships, Spain & Portugal
12th January 2022
Independent specialist re/insurance broker BMS Iberia has appointed Jorge Melero as Director of Affinity and Wholesale Partnerships for Spain & Portugal, effective immediately. Based in Madrid, Melero will join BMS Iberia’s executive committee and will report to Fernando Claro, CEO of BMS Iberia. Prior to joining BMS, Melero was Commercial Director (Affinity) ... Read the full article
CCR Re names Thi Hoang Anh Nguyen as underwriter, Asia
12th January 2022
CCR Re has appointed Thi Hoang Anh Nguyen as an underwriter for Asia. She will report to John Conan, Head of non-life underwriting, Asia & Africa. Nguyen started her career as an underwriter for Vietnam National Aviation Insurance Corporation in Hanoi before joining Willis Towers Watson as accounts manager. She also previously worked ... Read the full article
Arch Re Fac announces exec promotions, Santi Hernandez named CEO
11th January 2022
Arch Re Facultative, part of Bermuda-based Arch Capital Group Ltd.'s reinsurance division, has announced several leadership promotions which were effective January 1st, 2022, including the appointment of Santiago Hernandez as Chief Executive Officer (CEO). All the promotions coincide with the retirement of former Arch Re North America CEO, Ken Vivian, at ... Read the full article
CoreLogic partners with AXA Climate on Hail Protection product
11th January 2022
Catastrophe risk modeller CoreLogic has been selected to expand the Hail Protection product designed by AXA Climate, the specialist parametric risk transfer division of AXA. The product has been designed to help businesses recover from financial losses such as property damage or business interruption following a hail event. After the launch of ... Read the full article
Transverse targets hybrid fronting business growth with $48m capital raise
11th January 2022
Specialty insurer Transverse Insurance Group has successfully raised $48 million of additional capital as it looks to grow its hybrid fronting insurance operation this year and beyond. As well as supporting the planned expansion of its hybrid fronting business, Transverse expects this debt and equity raise to see A.M. Best grant ... Read the full article
Gossmann & Cie makes two management changes
11th January 2022
Liability Management Company Gossmann & Cie has made two management changes in the Supervisory and Executive board of German re/insurer Schwarzmeer- und Ostseeversicherungs-AG (SOVAG). Dr. Gerd Meyer has been the company's Executive Board Member of SOVAG AG since 2017, and will join the Supervisory Board later this year. Meyer holds over 40 ... Read the full article
Peter Horrobin to co-lead specialty MGA Banyan Risk
11th January 2022
Banyan Risk Ltd, the specialty Managing General Agent (MGA) which launched in Bermuda in 2021, has announced Peter Horrobin’s role as Co-Founder and Co-Chief Executive Officer. Horrobin joins Tim Usher-Jones to lead Banyan Risk, a minority stake of which is held by SiriusPoint, who also provides insurance paper and capacity to ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
