Reinsurance News
State of emergency declared in Colorado as wildfires destroy hundreds of homes
31st December 2021
Governor Jared Polis has declared a state of emergency after a rare wildfire spread through the state of Colorado on Thursday, leading to the evacuation of tens of thousands of people and the destruction of hundreds of homes. It's been reported that toppled power lines caused the grass fire around 11am ... Read the full article
China lowers entry barriers for foreign re/insurance brokers
31st December 2021
The China Banking and Insurance Regulatory Commission has moved to lower restrictions on the entry of foreign insurance brokerage companies. The CBIRC recently issued the "Notice of Clarifying Measures for the Opening of the Insurance Intermediary Market", which aims to further clarify the relevant measures for the opening of the insurance ... Read the full article
H2 catastrophe activity may drive stronger reinsurance pricing at Jan 1, says S&P
30th December 2021
With insurance and reinsurance industry losses from catastrophe events once again above the $100 billion mark in 2021, price increases at the key January 1st, 2022 renewals could be stronger than in previous years, according to S&P Global Ratings. In recent years, price momentum at 1/1 has disappointed reinsurers amid heightened ... Read the full article
Conduit to buy-back shares for its incentive scheme
30th December 2021
Recently launched property and casualty reinsurer, Conduit Holdings has announced that it intends to repurchase up to $10 million of its common shares in order to meet future obligations under its variable incentive schemes. The price has been reported at US$0.01 per share, with the scheme assumed to be for senior ... Read the full article
Chubb supports debt-for-nature restructuring project in Belize
30th December 2021
Chubb is supporting the U.S. International Development Finance Corporation's (DFC) participation in a landmark debt restructuring and ocean conservation project in Belize. Chubb Global Markets and Sovereign Risk Insurance, along with other private insurers, provided $300 million of reinsurance to DFC in an innovative political risk insurance transaction designed to help ... Read the full article
DARAG enters Stock Purchase Agreement with Nebraska insurer
30th December 2021
Legacy acquirer DARAG has entered into a Stock Purchase Agreement of a Nebraska based P&C company. The Nebraska entity was immediately merged into the previously acquired Texas entity, upon receiving the necessary regulatory approvals. The merger will provide an immediate increase in surplus to assist with the expansion of the Texas ... Read the full article
Stephanie Grosso joins Alliant in Tampa
30th December 2021
Alliant has announced the addition of Stephanie Grosso to its team based in Tampa, Florida as Assistant Vice President. In this role, she will design and implement customized property and casualty insurance programs for a diverse base of clients throughout the Southeast. Grosso joins Alliant with a background working with the government ... Read the full article
SafePoint assumes Louisiana policies from insolvent insurers
30th December 2021
Florida-based property and casualty insurer SafePoint has been approved to takeover approximately 30,000 homeowners policies in Louisiana from two insurance firms that became insolvent following losses from Hurricane Ida earlier this year. Access Home Insurance Co. and State National Fire Insurance Co. were placed into receivership in November, throwing the coverage ... Read the full article
Aviva concludes divestment program with Vietnam sale
30th December 2021
London-headquartered insurer Aviva has finalised the sale of its life insurance business in Vietnam to Manulife, which was first announced a year ago. The business has been sold for an all cash consideration in a transaction that’s expected to increase the company’s IFRS Net Asset Value and Solvency II surplus ... Read the full article
MAPFRE sells Bankia stake to Caixabank in €571m deal
30th December 2021
Spanish insurer MAPFRE has agreed to terminate its bancassurance agreement with Caixabank, following a change in ownership last year. The agreement sees MAPFRE sell its 51% stake Bankia’s insurance business in a deal worth €571 million, with the potential for an additional €52 million from an arbitration process. Caixabank, which took over ... Read the full article
BRP adds four to Board of Directors
30th December 2021
BRP Group has announced the appointments of Sunita Parasuraman, Ellyn Shook, Myron Williams, and Kristopher Wiebeck to its Board of Directors, effective January 1, 2022. These appointments expand the size of BRP Group’s Board from seven to eleven members. Parasuraman is being appointed to the Audit Committee, along with current member of ... Read the full article
Chaucer announces key promotions and retirements
30th December 2021
Specialty re/insurance group Chaucer has announced the promotion of Kelan Hunt to Active Underwriter at Syndicate 1084, while Paul Restarick climbs up to Head of Non-Marine Insurance. Hunt joined Chaucer in 2015 and will continue serving as Head of Marine, Energy and Aviation alongside his latest responsibilities. He brings over 30 years ... Read the full article
RMS signs consultancy agreement with Tunis Re
30th December 2021
Catastrophe risk modelling and solutions company RMS has signed a consulting agreement with Tunis Re to create an exposure and accumulation study, with a focus on Flood, Terrorism and other natural catastrophes. It's hoped the work will enable Tunis Re to increase monitoring of its exposures and further expand its risk ... Read the full article
Tokio Marine HCC adds Doris Pajon from AGCS
30th December 2021
Tokio Marine HCC has announced the appointment of Doris Pajon to its Crisis Management Team, a role which sees her lead the European team in all aspects. Pajon is a Senior Underwriting Manager with proven expertise, and joins the company from Allianz Global Corporate & Specialty (AGCS). In her new role with ... Read the full article
The Ardonagh Group & Mphasis expand digital transformation efforts
30th December 2021
Building on their recently established relationship, The Ardonagh Group and Mphasis, an IT solutions provider specialising in cloud and cognitive services, have agreed to setup a shared service entity for middle and back-office functions while applying digital transformation. Last year, Mphasis entered into a deal with the Specialty Broking Segment of ... Read the full article
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