Reinsurance News
Skytek launches satellite imagery software for insurers
7th March 2022
Skytek has launched Satellite Club, a piece of software designed to make satellite imagery more accessible for the insurance industry. According to the firm, the software will give members access to information derived in real time from satellite images using Skytek’s proprietary technology, augmented with expert analysis, as well as reports ... Read the full article
CEH & Brady Insurance acquire Loftus Insurance Brokers
7th March 2022
Coverys European Holdings (CEH) & Brady Insurance have acquired Loftus Insurance Brokers. The new combined entity will be run by Jane Brady as managing director, with Liam Loftus assisting their management team in a consultancy role. Loftus Insurance Brokers was set up in 2000 consolidating three existing brokerages. The deal adds to ... Read the full article
Premium prices climbed further in Q4: CIAB
7th March 2022
A new market survey by the Council of Insurance Agents & Brokers (CIAB) has shown that premium prices climbed further in Q4 2021, marking the 17th consecutive quarter of premium increases. The average increase in premiums across all account sizes was 8.7%, down slightly from the 8.9% recorded in Q3 2021. Respondents ... Read the full article
CoreLogic names Next Gear’s Garret Gray to lead Protect Business
7th March 2022
CoreLogic has appointed Garret Gray to lead its Protect Business Unit, following the company’s acquisition of Next Gear Solutions, where Gray was the founder and Chief Executive Officer (CEO) in 2021. Gray's appointment unites all of CoreLogic’s global insurance data and technology solutions as he leads the unit and his team. The ... Read the full article
AM Best downgrades Russian insurers and reinsurers
7th March 2022
AM Best has continued its downgrading of the financial strength of Russian insurers and reinsurers in response to the country’s invasion of Ukraine. A new note from the agency says that it has downgraded Russian Re’s Financial Strength Rating to B- (Fair) from B (Fair) and the Long-Term Issuer Credit Rating ... Read the full article
Truist Insurance Holdings acquires Kensington Vanguard
7th March 2022
Truist Insurance Holdings has acquired Kensington Vanguard, in the process launching its new insurance services division. The deal will see BridgeTrust Title Group, Truist Insurance’s current title and settlement services business, be integrated into and operate under the Kensington Vanguard brand. Concurrent with the close of this transaction, Truist Insurance Holdings announced ... Read the full article
Acrisure acquires Summa Insurance Brokerage
7th March 2022
Global insurance broker and fintech platform Acrisure has acquired Summa Insurance Brokerage, making it Acrisure’s first expansion into the Spanish market, bringing the number of countries in which the company has a physical presence to ten. This follows Acrisure’s recent partnership with Brazilian firm It’sSeg and adds another major European ... Read the full article
Russia’s invasion of Ukraine weighs on 2022 outlook: DBRS Morningstar
7th March 2022
Due to a combination of strong underwriting profitability and positive investment income, the P&C sector resulted in a very successful year, according to DBRS Morningstar, which also reported that reinsurance companies performed significantly better compared to 2020, despite higher catastrophe losses. However, the Russia-Ukraine conflict, climate-related losses, and legacy COVID issues ... Read the full article
Miller appoints new account executive
7th March 2022
Reinsurance broker Miller has appointed James Martin to be an account executive in its sports and entertainment team, beginning on 4 April. Martin is joining Miller from James Hallam where he was divisional director of the sport team, responsible for London Market placement and insurer relationships. He will work closely with Tim ... Read the full article
Australian flood claims rise again to $1.3bn
7th March 2022
Insurers have received over 86,000 claims related to the floods in south-east Queensland and New South Wales, says the Insurance Council of Australia (ICA). The ICA says that most claims (72%) comes from Queensland, and that 83% of the total claims are for domestic property, with the remainder being motor vehicle. The ... Read the full article
Prudential optimistic for the future as PRT market gains momentum: Rohit Mathur
7th March 2022
After a very strong 2021 that saw Prudential Retirement Strategies close a good mix of pension risk transfer (PRT) deals across various structures, Rohit Mathur, Head of International Reinsurance, told Reinsurance News that the future looks bright. Activity in the UK PRT market was very robust last year with buy-in and ... Read the full article
One80 Intermediaries appoints new practice leaders
7th March 2022
One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, has announced its new organizational structure establishing industry practice leaders within the One80 executive team. This extends to strategic areas such as financial lines, workers’ compensation, transportation, property, and personal lines. The industry practice leaders will be responsible for the development, delivery, ... Read the full article
Optio Groups appoints new senior underwriter for warranty and indemnity
7th March 2022
Optio Group has hired Paul Tominey to be its new senior underwriter for warranty and indemnity. The specialty MGA firm said that in tandem with Tominey’s hiring that it was increasing its W&I line size for single risks from £12m to £20.5m. The company said that both developments will strengthen its W&I ... Read the full article
Resolution Life to acquire AIA Australia’s Superannuation & Investments business
7th March 2022
Resolution Life Australasia (Resolution Life) has entered an agreement with AIA Australia to acquire its Superannuation & Investments business, which will add significant value and scale benefits to the company. It will increase Resolution Life’s funds under management and administration by over AUSD$8 billion and result in 162,000 AIA Australia customers ... Read the full article
BOXX Insurance appoints Phil Baker to two new roles
7th March 2022
BOXX Insurance has appointed Phil Baker to not only be the president of BOXX Canada, but to also become the company’s global head of insurance. The announcement from the Toronto-based company says that Baker was until recently board chairman and head of broker relations at Beazley Canada. Vishal Kundi, CEO and co-founder ... Read the full article
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