Reinsurance News
Fortitude Re closes P&C Reinsurance Transaction
15th March 2022
FGH Parent has successfully closed a P&C loss portfolio transfer reinsurance transaction between Bermudian legacy reinsurance company Fortitude Re and a subsidiary of a major international insurance and reinsurance group. Under the agreement, the cedant has purchased up to $410 million of aggregate reinsurance protection for a premium of $320 million. Fortitude P&C ... Read the full article
Demand for underwriters surged in 2021
15th March 2022
New research suggests that demand for underwriters within the UK capital for general and non-life business experienced a ‘surge’ in 2021. London-based analytics firm Vacancysoft has a new report, Underwriting: UK Insurance Labour Market Trends, that says firms in the UK posted 2,100 underwriting vacancies last year, up 120% since 2020 ... Read the full article
Cargo insurtech Loadsure secures $11m in MMC-led funding round
15th March 2022
Insurtech MGA Loadsure has raised $11 million in a Series A funding round, led by MMC Ventures alongside Crowley, a global maritime, energy, and logistics company and existing investor Insurtech Gateway. Loadsure provides a transactional cargo insurance platform and automated claims process. It plans to use the funding to scale its organisation, ... Read the full article
Markel International appoints new underwriting assistant for media and entertainment
15th March 2022
Markel International has appointed Emma Clegg to be an underwriting assistant for media and entertainment. The appointment comes as Merkel announced in a statement that it was seeking to grow its entertainment and media liability portfolios. Based at Markel’s London office, Clegg will be reporting to Pippa Stone, senior underwriter for ... Read the full article
Arc Legal finishes putting Legal Insurance Management and AmTrust Underwriting under one roof
15th March 2022
Arc Legal has finished integrating Legal Insurance Management (LIM) and AmTrust Underwriting Limited (AUL) into a new entity named Arc Legal Group. According to Arc Legal, the combined group manages over 23m insurance policies and writes in excess of £70m net written premium across all product lines. Frank O’Malley, CEO of Arc ... Read the full article
Fitch downgrades Russian insurers
14th March 2022
Fitch Ratings has lowered its ratings on a number of Russia insurers in light of the country's invasion of Ukraine and the resulting economic sanctions. The rating agency downgraded six Russian insurance companies' Insurer Financial Strength (IFS) Ratings and the debt rating of one Russian insurer. The downgrades follow Fitch's downgrade of the ... Read the full article
Marsh McLennan names Katherine Brennan as SVP and General Counsel
14th March 2022
Katherine Brennan, most recently General Counsel at Marsh LLC, takes on the role of Senior Vice President and General Counsel at Marsh McLennan, succeeding Peter Beshar, effective immediately. Brennan takes charge of the broker's global legal, compliance, and public affairs function, which supports Marsh, Guy Carpenter, Mercer, and Oliver Wyman. She will ... Read the full article
Universal shakes up its leadership structure
14th March 2022
Universal Insurance Holdings has made three changes to its leadership structure. The firm has appointed Arash Soleimani to be its new chief strategy officer, while promoting Rob Luther and Gary Ropiecki to be its new chief investment officer and new principal accounting officer, respectively. According to Universal, Soleimani will oversee the strategy ... Read the full article
Argo considers activist investor board nominations
14th March 2022
Bermuda-based property and casualty insurer Argo Group has said that it "has interviewed and is in the process of evaluating" two director candidates for its board of directors, nominated by activist investor Capital Returns Management. Capital Returns is currently one of Argo's largest shareholders among actively managed funds and says it ... Read the full article
Lockton Australia launches a new advisory business
14th March 2022
Independent insurance brokerage firm, Lockton Australia, has announced the launch of its new business unit – Lockton Advisory. Lockton Advisory will aim to deliver risk, capital and placement services to the (re)insurance industry, as well as to corporate clients requiring bespoke insurance products across Australia, New Zealand and Pacific. The CEO of ... Read the full article
Lloyd’s syndicate uses Vesttoo’s marketplace for agg stop-loss transaction
14th March 2022
Vesttoo, an AI-based insurance-linked investment platform, continues to expand its risk-agnostic offering and P&C liabilities focus, with this news of a transaction for a large Lloyd’s syndicate in the UK that wished to place an aggregate stop-loss transaction covering multiple perils, with total subject gross net written premiums of $270 ... Read the full article
Swiss Re to cease new and renewal business in Russia and Belarus
14th March 2022
Global reinsurance giant Swiss Re has reportedly decided to cease taking on new business with clients in both Russia and Belarus amid the ongoing invasion of Ukraine, according to Reuters. Citing a statement sent via email, Reuters says that Swiss Re, one of Europe's big four reinsurers, is also not renewing ... Read the full article
AXA XL appoints primary casualty leaders
14th March 2022
AXA XL's Primary Casualty Business has appointed new national, zonal and product leaders to align its underwriting teams more closely to AXA XL's US regional operating model. The promotions include the appointments of Theresa Schlageter to Head of US Risk Management, Primary Casualty, Americas, and Joe Bonica to Head of East ... Read the full article
Edelweiss completes integration into Gallagher
14th March 2022
Edelweiss Gallagher will now just be known as Gallagher. The rebranding completes the integration of Edelweiss Insurance Brokers into Gallagher, a process that began in 2019 when the latter bought a minority share in the firm from Edelweiss Group. Then, last year, Gallagher purchased the remaining shares in the ... Read the full article
Aon & WTW both pull business from Russia
14th March 2022
Broking giants Aon and WTW have both announced plans to withdraw all businesses from Russia, in response to the country’s invasion of Ukraine. Following the lead of Marsh McLennan last week, this means the world’s three largest insurance brokers have now all severed ties with Russia. Insurers such as Generali ... Read the full article
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