Reinsurance News
Argo finalises sale of Brazilian arm to Spice PE
16th February 2022
Specialty P&C insurer, Argo Group International Holdings, Ltd., has announced the completion of the sale of its Brazilian arm, Argo Seguros Brasil S.A., to Spice Private Equity Ltd. It was revealed in October of last year that Argo and Spice PE, an investment company focused on global private equity investments, ... Read the full article
Sompo International targets European growth with new German HQ
16th February 2022
Sompo International has moved its headquarters in Germany from Dusseldorf to Cologne. The move will see the Bermuda-based specialty provider of property and casualty insurance and reinsurance take up new offices on Opladener Straße 8, 50679, close to the city’s main train station. Eric J. Kox, country manager for Germany at Sompo ... Read the full article
Discovery & AIA plan insurtech joint venture in Asia
16th February 2022
South African-founded financial services organisation Discovery Limited has announced plans to establish a pan-Asian health insurtech business with life insurer AIA Group, called Amplify Health. Expected to launch in April 2022, Amplify Health will operate as a join venture in the Asian market, excluding China, Hong Kong and Macau, where Discovery ... Read the full article
Insurance industry profit practically at a standstill, warns McKinsey
15th February 2022
In a new report, analysts at management consulting firm McKinsey have warned that insurance industry profits are “practically at a standstill” due to longstanding economic challenges. Examining the industry in the wake of the COVID-19 pandemic, McKinsey concludes that half of insurers globally are not earning their cost of capital, and ... Read the full article
Brazil’s reinsurance market remains at negative: AM Best
15th February 2022
Analysts at AM Best have commented on the impact the COVID-19 pandemic has had on Brazil's macroeconomic instability, and how macroeconomic and political uncertainties have grown, making the country more vulnerable to volatility in the global markets. The analysts explained that although these issues were not enough to stop the country's ... Read the full article
Delaware permits corporations to use insurance captives for D&O liability
15th February 2022
The US state of Delaware has amended its General Corporate Law to permit corporations to use insurance captives to provide coverage for D&O liability. Open market insurers have generally raised their rates in each of the past 17 quarters for D&O liability coverage. Until today, it was unclear under Delaware law ... Read the full article
Howden launches new Wildfire Excess Liability Lineslip
15th February 2022
International insurance broker Howden has launched a new Wildfire Excess Liability Lineslip (WELL) due to the increase in demand for insurance cover for contractors and subcontractors operating in wildfire-prone areas in the US, such as California, Washington, Oregon and Arizona. WELL will allow contractors engaged in wildfire-exposed areas of operations, such ... Read the full article
Boost, Breach, and Relm partner for crypto wallet product
15th February 2022
The companies Boost Insurance and Breach Insurance have developed a crypto insurance product called Crypto Shield for retail wallet holders that is supported with reinsurance backing from Relm. A statement from the two companies said that the product will offer cover for the theft of cryptocurrency while in the custody of ... Read the full article
Swiss Re CorSo & The Hartford partner on multinational coverage
15th February 2022
Swiss Re Corporate Solutions and The Hartford have entered into a strategic agreement that expands The Hartford’s network of global partners, giving the company’s multinational customers broader access to insurance coverage around the world. In countries where The Hartford will use Swiss Re carriers to offer property cover, ONE Form, Swiss ... Read the full article
January marks decrease for most premium renewal rates: IVANS
15th February 2022
IVANS, a division of Applied Systems, has released the January results of its insurance premium renewal rate index, which show a majority of commercial lines of business experienced a decrease in average premium renewal rates, compared with the previous month. Month over month, premium renewal rates increased for lines of business ... Read the full article
NN Group and ABN AMRO Bank sell off life insurance subsidiary
15th February 2022
NN Group, ABN AMRO Bank, and their joint venture ABN AMRO Verzekeringen (AAV) are to sell AAV’s life insurance subsidiary to Nationale-Nederlanden Levensverzekering Maatschappij N.V. (NN Life & Pensions). The subsidiary will be integrated into NN Life & Pensions. The intended transaction will have no impact on the services and guarantees ... Read the full article
Lancashire happy with business mix, 2022 outlook remains positive: CEO Maloney
15th February 2022
Non-catastrophe, capital light lines are lowering the volatility of Bermuda-based Lancashire Holdings' results, even in challenging years, according to its Chief Executive Officer (CEO), Alex Maloney, who further explained that the company’s outlook is positive for 2022. During Lancashire's 2021 results call, Maloney noted that he expects the company to grow ... Read the full article
Sompo Intl. names head of financial institutions for US unit
15th February 2022
Sompo International has appointed Kimberly Iacocca to be its new senior vice president and head of financial institutions for its US Financial Lines business unit. Promoted from Vice President, Financial Institutions, U.S. Financial Lines, Iacocca will be responsible for overseeing the underwriting, distribution and management of the U.S. Financial Institutions team. Ray ... Read the full article
Conduit promotes Greg Roberts to Group CUO
15th February 2022
Class of 2021 reinsurance start-up, Conduit Re, has promoted Greg Roberts to the role of Group Chief Underwriting Officer (CUO), taking over from Trevor Carvey, the reinsurer's Group Chief Executive Officer (CEO) and current Group CUO. Roberts' appointment is effective March 1st, 2022, when he will also join the company's Executive ... Read the full article
Oneglobal appoints new Andean region CEO
15th February 2022
Oneglobal has appointed Ernesto de Lima as CEO of the Andean Region (excluding Chile). De Lima will report to Nicolau Daudt, CEO LatAm Oneglobal and will officially join on 1 April. The firm’s Latin American operation is led by Daudt and Jose Miguel Gonzalez, CCO LatAm, and supported by Ricardo Retana, CEO ... Read the full article
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