Reinsurance News
WTW adds MacCarthy to CRB business as Head of Asia Casualty
29th November 2021
Global re/insurance broker Willis Towers Watson has added Ben MacCarthy to its Corporate Risk and Broking (CRB) business as Head of Casualty Asia, effective December 1. MacCarthy will be based in Hong Kong and reports to Paul Ward, Head of Global Markets P&C in Asia at WTW. He brings over 15 years' experience ... Read the full article
Heritage announces partnership with insurtech Slide, acquires 6% stake
29th November 2021
Heritage has announced an extensive strategic partnership with insurtech Slide, a deal that will see the property and casualty insurance holding company enhance its underwriting and rating decision capabilities with new technologies. Heritage is set to take a 6% equity stake in the insurtech P&C carrier, as well as a perpetual, royalty free ... Read the full article
Aon announces launch of Saudi-based reinsurance unit
29th November 2021
Re/insurance broker Aon has announced the formation of a new reinsurance broking unit in Saudi Arabia, Aon Reinsurance Brokers Saudi Arabia LLC (ARBS), with the firm adding Mohammad Al Marhoon to lead as managing director. ARBS received a reinsurance broking licence from the Saudi Central Bank (SAMA). This development is seen as particularly ... Read the full article
Reinsurance pricing expectations high across lines, survey shows
26th November 2021
Data from the latest Reinsurance News market survey, undertaken in collaboration with our sister-site Artemis, shows that market participants overall are expecting price rises across all business lines next year, with loss-affected lines in particular forecast for large increases. The survey looked at responses from hundreds of identifiable market ... Read the full article
Strategic Risk Solutions acquires Global Re SCC in Barbados
26th November 2021
Strategic Risk Solutions (SRS), a provider of insurance management and consulting services, has announced the acquisition of Global Re SCC, a Barbados-registered Segregated Cell Company (SCC). Established in 2004 under the Companies Act of Barbados with a Class 1 license, Global Re SCC engages in both general insurance business and long-term ... Read the full article
Cybercube warns underwriters after GoDaddy attack
26th November 2021
New research has highlighted how a Single Point of Failure (SPoF) cyber attack represents one of the most likely ways the world could experience its first systemic cyber event, according to analytics company, CyberCube. The GoDaddy breach is the latest in a series of cyber attacks on SPoFs including the SolarWinds ... Read the full article
16% of US hurricanes now hitting northern states: Chaucer
26th November 2021
New research from specialty re/insurance group Chaucer shows that 16% of US hurricanes and storms are now hitting northern states such as New York, New Jersey and New England, compared to just 12% four decades ago. At the same time, data shows that the proportion of hurricanes that have hit southern ... Read the full article
Helios reports improved syndicate forecasts
26th November 2021
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has announced the current mid-point forecasts for its portfolio of syndicate capacity for the 2019 and 2020 years of account, based on 3rd quarter 2021 estimates. The company, which acquires and consolidates private underwriting capacity at Lloyd’s, recorded a capacity position ... Read the full article
Miller hires Sally Hinchey as Head of Surety
26th November 2021
Specialist re/insurance broker Miller has appointed Sally Hinchey as Head of Surety, a newly created role. Hinchey will report into Pauline Goreham, Head of Construction, and will be based in London. With 16 years’ industry experience, she joins from Willis Towers Watson where she most recently held the position of Surety Director. At ... Read the full article
MPS syndicate to start trading in 2022
26th November 2021
Third-party Lloyd’s managing agent Asta has announced that Medical Protection Society (MPS) has been granted final approval for the transition of its Special Purpose Arrangement (SPA) 1892 to a market-facing syndicate. The syndicate will commence underwriting from the beginning of next year. MPS is offering its medical malpractice insurance for corporate providers ... Read the full article
Allianz COO Stephanie Smith to depart
26th November 2021
Allianz Holdings has announced that its Chief Operations Officer (COO), Stephanie Smith, will stand down from her position and depart the company from December 31st to pursue new opportunities. Smith joined Allianz Insurance in 2009 as a Senior IT Manager before becoming Director, Operations for its Retail Division and then later ... Read the full article
European solvency ratios strong despite earnings dip: AM Best
26th November 2021
Analysts at AM Best have reported that regulatory solvency ratios among European insurers and reinsurers still remain strong, despite significantly lower earnings last year. In 2020, premiums for Europe’s 30 largest insurers also fell for the first time in several years, with overall gross written premiums down 0.7% on the figures ... Read the full article
Mitsui takes majority stake in Singapore re/insurance broker
26th November 2021
Mitsui & Co., Ltd. has acquired a majority share in Singapore-based insurance and reinsurance broker, Pana Harrison (Asia) Pte. Ltd., which will be rebranded to Mitsui Bussan Pana Harrison Pte. Ltd. Mitsui invested in Lloyd's broker PHA in 2020, and has been expanding its re/insurance broking business by establishing a presence ... Read the full article
SRS adds Bertrand Segui to European Actuarial Team
26th November 2021
Strategic Risk Solutions (SRS), a provider of insurance management and consulting services,has announced that Bertrand Segui has joined the company as the Head of Actuarial Services for SRS’s Luxembourg operations. Reporting to Managing Director of European Finance & Compliance Maxime Schons, Segui will assume responsibility for all the actuarial matters of ... Read the full article
Reinsurers could step back from secondary perils next year: Peel Hunt
25th November 2021
Analysts at Peel Hunt have speculated that the reinsurance industry may step back and lower its exposure to secondary perils next year, leaving primary insurers to take on more of the risks. As the renewal season progresses, Peel Hunt notes that reinsurers will currently be reassessing their property catastrophe risk appetite ... Read the full article
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