Reinsurance News
Price increases top 30% on some loss-impacted lines at 1/1: GC
5th January 2022
Analysts at Guy Carpenter have observed reinsurance pricing increases of over 30% on some loss-impacted business at the crucial January renewal period. The broker’s Global Property Catastrophe Rate-on-Line Index increased 10.8% year-on-year, and found that structure adjustments, particularly on retentions, were more prevalent in heavier loss-impacted sectors. While pricing exhibited a wide ... Read the full article
SRG names Joe Hanly as CFO
5th January 2022
Broker and managing agent, Specialist Risk Group (SRG), has appointed Joe Hanly as Chief Financial Officer, subject to regulatory approval. SRG announced new majority shareholder HGGC in December 2020 and since then has completed 8 acquisitions. SRG has also strengthened its leadership team with the addition of Clare Lebecq as COO and ... Read the full article
KCC pegs Marshall Fire insured loss at around $1bn
5th January 2022
The late-season Marshall Fire in Boulder County, Colorado, which destroyed almost 1,000 structures after strong winds accelerated the spread, is estimated to have resulted in insured losses of approximately $1 billion, according to risk modeller Karen Clark & Company. On December 30th, 2021, a rare and devastating wildfire started in Boulder ... Read the full article
Chubb Group hires Bryce Johns as SVP and President of Chubb Life
5th January 2022
Global re/insurer Chubb has appointed Bryce Johns as Senior Vice President, Chubb Group and President of Chubb Life. He will join the company from HSBC, where he served most recently as Global CEO of HSBC Life and Insurance Partnerships. In his new role, which becomes effective in April, Johns will have executive ... Read the full article
AXIS Insurance names The Hartford’s Vincent Tizzio as future CEO
5th January 2022
The primary insurance arm of Bermuda-based AXIS Capital Holdings Limited has announced that its Chief Executive Officer (CEO), Peter Wilson, will leave his role at the end of the year and be succeeded by Vincent Tizzio. Wilson's departure is timed to the completion of his contract with AXIS, with Tizzio set ... Read the full article
Global M&A activity to remain strong in 2022 after a record year: WTW
5th January 2022
Re/insurance broker Willis Towers Watson (WTW) expects global merger and acquisition (M&A) activity to remain strong in 2022 after a record number of deals completed with a value of more than $100 million last year. The latest research from WTW's Quarterly Deal Performance Monitor, run in partnership with the M&A Research ... Read the full article
Acrisure makes senior promotions in North America
5th January 2022
Acrisure Re, the reinsurance arm of the global insurance broker and fintech platform, has promoted Michael Cross to President of the North American division. Previously head of the Burlington, North Carolina office and NA COO, Cross will now focus on running and developing the strategic direction of Acrisure Re’s reinsurance business ... Read the full article
COVID-19 the third costliest catastrophe event for re/insurers, says Howden
5th January 2022
Insurance and reinsurance industry losses from the COVID-19 pandemic up to the end of the third quarter of 2021 near $45 billion, making it the third most expensive catastrophe event for the industry, according to broker Howden's reinsurance renewals report. Behind only 9/11 and Hurricane Katrina (the most expensive insured loss ... Read the full article
Miller hires Nick King as Marine Practice Lead
5th January 2022
Specialist re/insurance broker, Miller has appointed Nick King, who joins to lead the expansion of the broker’s Marine offering in Singapore. King brings over 15 years of experience of operating in the London and Asian markets to his role. His appointment follows the recent arrival of Ron Whyte as Head of Strategic ... Read the full article
HDI Intl. sells Russian life insurance unit to Russian Sovcombank
5th January 2022
Talanx subsidiary, HDI International AG, is selling its Russian life insurance unit OOO Strakhovaya Kompaniya CiV Life (CiV Life) to Russian Sovcombank. With this sale, the Talanx Group is streamlining the portfolio of its Retail International Division in Central and Eastern Europe and underscoring its focus on profitable growth in its ... Read the full article
Alleghany completes CEO transition
5th January 2022
Alleghany Corporation announced that its President, Joseph Brandon, has assumed the additional role of Chief Executive Officer and was appointed to the Board of Directors. Brandon joined Alleghany as Executive Vice President in March 2012 and has served as President since April 2021. Prior to Alleghany, he served as Chairman and CEO ... Read the full article
Fortitude Re finalises acquisition of AIG’s legacy insurance businesses
5th January 2022
Fortitude Group Holdings, LLC, the parent of Bermuda-based reinsurer Fortitude Re, has now completed its takeover of AIG's legacy insurance businesses following the acquisition of Fortitude Life & Annuity Solutions, Inc. (FLAS) and Fortitude P&C Solutions, Inc. (FPCS). It was announced in late November 2019 that the Carlyle Group and ... Read the full article
Neil Robertson named Canopius Group CEO
5th January 2022
Specialty insurer and reinsurer Canopius Group has promoted Neil Robertson to Group Chief Executive Officer (CEO), effective immediately. Robertson joined Canopius last year from AXA XL as Deputy CEO, and has now been handed the Group CEO role. In this capacity, he will continue to report to Group Chairman, Michael Watson. As ... Read the full article
Echo Re names Paul Hertelendy as new CUO
5th January 2022
Zurich domiciled reinsurer Echo Re has announced the appointment of Paul Hertelendy, formerly of SCOR, as its new Chief Underwriting Officer (CUO). Hertelendy takes over as CUO from Piotr Nowakowski, who after serving for nine years with the company is leaving to pursue a new professional challenge. "We very much thank Piotr ... Read the full article
Positive casualty rate movement factored heavily into renewal outcomes: Guy Carpenter
5th January 2022
Continued positive underlying rate movement across casualty lines factored heavily into renewal outcomes, as prospective loss ratios showed continued improvement, according to Guy Carpenter in a new report. The global broking firm believes that the improvements have driven quota-share ceding commission increases, ranging from flat to up 1.5 points for excess ... Read the full article
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