Reinsurance News
Paul Johnstone named COO of Chubb Canada
29th December 2021
Global insurer Chubb has announced the promotion of Paul Johnstone to Chief Operating Officer (COO) of its Canadian operation, reporting to John Alfieri, President of Chubb Canada. In his new role, Johnstone assumes executive operating responsibility for the company's retail property and casualty insurance business, including its high-net-worth personal ... Read the full article
Malaysian insurance group estimates flood claims payout at $720mn
29th December 2021
The General Insurance Association of Malaysia (PIAM) has estimated the total payout from claims as a result of the floods that swept across Malaysia recently could total RM3 billion (USD720 million). These estimates include actual and potential personal lines and commercial risks claims directly resulting from the recent flash floods and ... Read the full article
Premia targets European run-off growth, completes latest acquisition
29th December 2021
Bermuda domiciled reinsurance run-off group, Premia Holdings has completed the acquisition of Navigators Holdings (Europe) NV and its associated companies from The Hartford. The associated companies included in the acquisition are Assurances Continentales – Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxembourg, known collectively as ASCO, both of ... Read the full article
2021 the costliest year of natural catastrophes in Germany, says the GDV
29th December 2021
The German Insurance Association (GDV) has warned that damage caused by natural catastrophe events in the country in 2021 has cost insurers and reinsurers a record €12.5 billion. The majority of the insured loss total for the year is a result of the devastating flash flood in July and the ... Read the full article
Hallmark Financial halts separation of specialty commercial business
29th December 2021
Property and casualty insurance company Hallmark Financial Services, Inc. has announced that it is no longer actively pursuing the previously announced separation of its Specialty Commercial business segment. As a result, the company does not intend to proceed with the previously announced initial public offering of the specialty commercial business. Current evaluations ... Read the full article
KBRA sees opportunity for Swiss Re to invest more into Granular
29th December 2021
Analysts at KBRA have suggested that there is an opportunity for Swiss Re to invest additional capital into Granular Insurance Company, a recently established precision risk company created by Verily. Granular is an accident and health insurer that focuses on an precision risk-based employer stop-loss (ESL) market, which was set up ... Read the full article
Trean’s Benchmark forms new excess and surplus lines subsidiary
29th December 2021
Benchmark Insurance Company, a writer of program business and subsidiary of Trean Insurance Group, has formed a new excess and surplus (E&S) lines subsidiary, Benchmark Specialty Insurance Company. Benchmark Specialty is an Arkansas domestic surplus lines carrier and appears destined to become the main E&S carrier for the Trean group of ... Read the full article
Canopius and RiverStone complete $780mn LPT
29th December 2021
Specialty re/insurer Canopius Group has completed a loss portfolio transfer (LPT) agreement with legacy and run-off specialist, RiverStone International. The arrangement covers discontinued lines of insurance business underwritten by Syndicates owned by Canopius. Under the agreement, RiverStone's Syndicate 3500 indemnifies the reinsurer against potential losses in respect of net liabilities valued at ... Read the full article
DARAG to acquire Texas-based insurer
29th December 2021
Legacy acquirer DARAG Group has entered into a new agreement to purchase a Texas-based insurer in run-off. DARAG will look to use this insurer as its key US-based carrier to assume previously self-insured risk and other third-party legacy portfolios requiring licensed paper. The transaction, which has received regulatory approval, will also relieve ... Read the full article
Aspen implements e-placing platform Whitespace
29th December 2021
Bermudian re/insurer Aspen has opted to implement the e-placing platform Whitespace. The platform enables brokers and underwriters to digitally offer, negotiate, place, and bind insurance and reinsurance contracts. Aspen explained that the move would further reinforce the importance of Lloyd’s as a platform and align it with the target of having 90% ... Read the full article
Velocity Risk MGA majority stake sold to Oaktree by Nephila
28th December 2021
Nephila Capital, the Markel-owned and largest insurance-linked securities (ILS) fund manager in the market today, has sold a majority shareholding in its managing general agency (MGA) Velocity Risk to private equity and alternatives investor Oaktree Capital Management. Funds under Oaktree's management have acquired the majority of the MGA, leaving Nephila Capital ... Read the full article
Reinsurance leaders see real-time data tools as ‘game-changer’
24th December 2021
During a recent panel discussion that formed part of Aon Virtual Reinsurance Renewal Season fireside chats, leaders from the industry identified real-time data management as a ‘game-changer’ for reinsurance The session was hosted by Andy Marcell, Chief Executive Officer of Aon’s Reinsurance Solutions, and included as panelists Monica Cramér Manhem, President, ... Read the full article
K2 International renews underwriting facilities for 2022
24th December 2021
K2 International, the London-based specialist MGA, has announced the renewal of its underwriting facilities for 2022 with increased capacity. Estimated premium is $250 million, or approximately 20% of the whole K2 Group. The company says it secured increased capacity for its three underwriting teams, K2 Financial, K2 Property D&F and K2 CAT, ... Read the full article
Guy Carpenter to combine UK & Europe fac operations
24th December 2021
Reinsurance broker Guy Carpenter has announced plans to combine its Continental European and UK facultative operations into a single division, which will be led by Nicola Fraccalvieri. Effective 1 January 2022, this consolidated structure will bring together Guy Carpenter's London Europe Property and Casualty business and Continental Europe Facultative teams under ... Read the full article
Marcela Mazzocchetti named CEO, Carpenter Marsh Fac, Miami
24th December 2021
Marcela Mazzocchetti, Head of Broking, Bowring Marsh Miami, has been appointed as Chief Executive Officer (CEO) of Carpenter Marsh Fac, Miami. Mazzocchetti has been with the global insurance and reinsurance broker for more than 19 years, having joined in August 2002 as a reinsurance broker. She was later named Sales Leader LAC, ... Read the full article
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