Reinsurance News
WTW forms new Crisis Management unit
13th January 2022
WTW has formed a new Crisis Management unit with the merger of SCR and its Terror and Political Violence teams which will sit within its Financial Solutions Global Line of Business. The new unit will be led Jo Holliday, Managing Director of SCR, and deliver crisis management and contingency risk management ... Read the full article
PRA says more work on climate risks required from many re/insurers
13th January 2022
UK regulator the Prudential Regulation Authority (PRA) has set out its priorities for 2022, which include a renewed focus on the financial risks arising from climate change. The PRA acknowledged that some insurers and reinsurers have made “good progress” in embedding supervisory expectations on climate risk. However, it added that progress has ... Read the full article
Gallagher names Head of Financial Lines for Middle East
13th January 2022
Global re/insurance broker Gallagher has appointed Daniel Miller to lead its financial lines operations for clients in the Middle East. Miller will join Gallagher in April from Aon, where he has worked for the last eight years as Regional Head of Financial and Professional Liability (finpro) for the Middle East. He has ... Read the full article
Duhart to lead AXA XL Specialty Niche business in Americas
13th January 2022
AXA XL Insurance has promoted Maria Duhart to lead its Specialty Niche insurance business in the Americas. She steps into the role of Chief Underwriting Officer for Specialty Niche from her previous role as head of AXA XL's Commercial Bonds business. In her new role, Duhart reports to Donna Nadeau, Chief Underwriting ... Read the full article
HCI shelves proposed TypTap IPO in light of recent market conditions
13th January 2022
HCI Group has shelved the planned U.S. initial public offering (IPO) of its Florida insurtech subsidiary, TypTap Insurance Company, in light of current market conditions. It was announced in August last year that HCI Group had confidentially submitted a draft registration statement for a proposed IPO with the Securities and Exchange ... Read the full article
Businesses need to shift their mindsets around risk: Aon’s Greg Case
13th January 2022
Businesses need to shift their mindsets around being prepared for risk, according to Greg Case, Aon’s chief executive officer in a recent interview. In its new survey, Aon found that in order to succeed in the current climate, businesses need to focus on four critical priorities, navigating new forms of volatility, ... Read the full article
Sompo Intl. adds Patrick Corbett as Global Head of A&H
13th January 2022
Sompo International Holdings Ltd., the global Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced the appointment of Patrick Corbett as Executive Vice President, Global Head of Accident and Health (A&H), International Insurance. He will be based in London and report to Richard Housley, Chief Underwriting Officer, International ... Read the full article
Chubb names Julie Dillman as Digital Transformation Officer
13th January 2022
Chubb has announced the appointment of Julie Dillman as Executive Vice President, Chubb Group and Digital Transformation Officer, effective January 1, 2022. Thomas Kropp will also transition into Dillman’s previous role of Head of Operations and Technology. In her new role, Dillman will partner and work closely with Chubb's Chief Digital Business ... Read the full article
Phoenix Group completes four BPA transactions
13th January 2022
Life consolidator Phoenix Group has completed four Bulk Purchase Annuity (BPA) transactions during the second half of 2021, covering £4.0 billion of premiums. These transactions also comprised of £3.6 billion of external deals and a further £0.4 billion tranche of the group's Pearl Pension Scheme. This equates to total BPA premiums of ... Read the full article
Short-term inflation manageable for reinsurers, says Fitch
12th January 2022
The current short-term consumer price inflation (CPI) spike is manageable for the reinsurance industry, but should inflation prolong it could weaken carriers' credit profiles, warns Fitch Ratings. Currently, CPI rates are approaching multi-decade highs in Europe and the U.S. The spill-over effect from the spike has the potential to inflate claims ... Read the full article
CoreLogic names Pat Dodd interim President & CEO
12th January 2022
CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has announced Pat Dodd as interim President and Chief Executive Officer (CEO). Dodd replaces Frank Martell who transitions to non-executive Chairman of the company's Board of Directors. Interim President and CEO Dodd first joined the company in 2020 as Chief ... Read the full article
Midwest sells majority of a reinsurance cell to ORIX Corp.
12th January 2022
Midwest Holding Inc., a technology-driven life and annuity platform, has sold a majority ownership of a consolidated reinsurance facility to a subsidiary of ORIX Corporation USA. Under the terms of the agreement, a subsidiary of ORIX USA purchased 70% of Seneca Incorporated Cell, LLC 2020-01 (SRC1), a Midwest consolidated reinsurance cell. Midwest ... Read the full article
Cowbell Cyber launches captive insurer, Cowbell Re
12th January 2022
AI-powered cyber insurer Cowbell Cyber has announced the launch of a new insurance captive called Cowbell Re, which will help the firm address rising demand for cyber insurance with additional capacity. It’s hoped that the launch of Cowbell Re will provide the company more flexibility as Cowbell Cyber continues its growth ... Read the full article
SCOR’s Atlas Gotland reinsurance sidecar secures $200m investment from Alecta
12th January 2022
French reinsurer SCOR has secured a $200 million investment from the Swedish pension fund Alecta into its Atlas Gotland Worldwide Catastrophe Sidecar, a segregated account of the firm's newly created special purpose reinsurer, Atlas Re in Bermuda. Yesterday, Alecta announced an investment of $250 million into Swiss Re Insurance-Linked Investment ... Read the full article
Martello Re launched as $1.65bn life and annuity reinsurer
12th January 2022
A new Bermuda domiciled life and annuity reinsurance company has been launched with the backing of Massachusetts Mutual Life Insurance Company, Centerbridge Partners, Brown Brothers Harriman, and a pre-eminent group of institutional investors and family offices, including Hudson Structured Capital Management, called Martello Re Limited. Martello Re is a licensed Class ... Read the full article
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