Reinsurance News
Nexus Underwriting Management rebrands itself as Kentro
23rd February 2022
Nexus Underwriting Management has rechristened itself as Kentro Capital Limited. The London-based intermediary firm said that it and Xenia Broking will operate as ‘discinct, independent brands’ under the Kentro holding company. Colin Thompson will continue to lead Kentro as Chief Executive Officer. Tim Coles will remain Chief Executive Officer of Xenia ... Read the full article
Charles Taylor appoints new regional head
23rd February 2022
Charles Taylor has appointed Mark Thompson to be its new regional head of Australia and New Zealand operations. Alongside his new role, Thompson will also be deputy managing director of the property, casualty, technical, and special risks business. Andy Rice, global managing director, property, casualty, technical and special risks at Charles Taylor, ... Read the full article
Beazley head of specialty lines to retire
23rd February 2022
Beazley’s head of specialty lines James Eaton is to retire at the end of the year. A statement from the insurer said that Eaton will remain in charge for the remainder of the year, with a succession plan to be announced later. Adrian Cox, CEO of Beazley, said: “James has played a ... Read the full article
ICA calls for increased funding to buttress Australian homes against extreme weather
23rd February 2022
The Insurance Council of Australia (ICA) has said that homes could be made more resilient if federal funding was doubled to AUS $200m a year and matched by the states and territories. Released in its policy platform for the forthcoming federal elections, the ICA’s Building a More Resilient Australia advocates an ... Read the full article
Alta Signa backed by A-Rated capacity providers
23rd February 2022
Alta Signa, a European boutique Managing General Agent, has been backed by five leading capacity providers from Company Markets and Lloyd’s Europe to write business across the financial lines and cyber insurance markets in Europe. The lines of business provided includes Directors & Officers (D&O), with up to €25mn in capacity, ... Read the full article
Ageas grows insurance result by 11%
23rd February 2022
Brussels-headquartered multinational insurer Ageas has reported an insurance net result of €1,070 million over 2021, up 11% from €960 million in the previous year. The company attributed this result to the strong operating performance of its life operations, which generated a net result of €742 million, compared with €570 million previously. Ageas ... Read the full article
Argo reports Q4 net loss of $119mn
23rd February 2022
Bermuda-based property and casualty insurer Argo Group has reported a net loss of $118.8 million for the fourth quarter of 2021, compared to a net loss of $3.5 million for the same prior year period, driven by adverse prior year reserve development and non-operating charges. The company also reported a spike ... Read the full article
Morocco’s SCR receives approval for retakaful window
23rd February 2022
Morocco-based reinsurer Société Centrale de Réassurance (SCR), a subsidiary of Caisse de Dépôt et de Gestion, has received agreement from the Insurance and Social Security Supervisory Authority for the creation of a retakaful window to carry out takaful reinsurance operations in accordance with Sharia law. Through the retakaful window in Morocco, ... Read the full article
Parametrix appoints Hiscox’s Rick Wong to lead insurance
23rd February 2022
Parametrix Insurance, a provider of parametric cloud downtime insurance, has named Hiscox's Rick Wong as its Head of Insurance, where he will lead a team focused on broker relations and the development of the broker channel. Wong brings 18 years of industry experience to the firm having held roles in underwriting, ... Read the full article
P&C credit ratings back to pre-pandemic levels: AM Best
23rd February 2022
According to rating agency AM Best, last year credit rating upgrades in the U.S. property & casualty (P&C) insurance segment bounced back to pre-pandemic levels, increasing to 7.7% of all rating actions compared with 5.3% in 2020. The report noted that rating actions for P&C carriers decreased slightly, to 704 in ... Read the full article
Berkshire (BHSI) promotes new head of marine in Germany
23rd February 2022
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Dirk Flesch to be its head of marine in Germany. Flesch, previously senior underwriter for marine at BHSI, has over 25 years of experience in marine insurance. In his new role as Head of Marine in Germany, he will oversee underwriting of BHSI’s full ... Read the full article
Munich Re reports highest ever GPW as 2021 profit exceeds target
23rd February 2022
Germany's Munich Re has reported profit of more than €2.9 billion for the 2021 financial year, as gross premiums written (GPW) hit a record high in the period, leading the reinsurer to forecast group profit of €3.3 billion in 2022. In 2021, the company's profit exceeded the target of €2.8 billion ... Read the full article
Swiss Re Corporate Solutions to establish Canadian branch of NAS
23rd February 2022
Swiss Re Corporate Solutions, part of the global reinsurer, is hoping to establish a new Canadian branch of North American Specialty Insurance Company (NAS) and transfer operations to that branch. The company has filed an application with regulators to create the new branch in Canada and transfer operations, including new and ... Read the full article
Parametrics an “attractive & complementary” alternative: McGill and Partners
22nd February 2022
Parametric triggers in risk transfer can be a powerful tool, offering an effective way for insureds and reinsureds to secure responsive coverage that can be an “attractive and complementary” alternative to indemnity-based products, senior executives at specialty insurance broker, McGill and Partners, told us recently. Transparency is a key factor in ... Read the full article
Munich Re announces €1bn share buy-back and increase in dividend
22nd February 2022
German reinsurance giant Munich Re has announced plans to buy back shares for a maximum value of €1 billion between the completion of its 2022 and 2023 Annual General Meeting (AGM). On the basis of the February 21st share price, the €1 billion share buy-back in the period between April 29th, ... Read the full article
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