Reinsurance News
Chubb names Julie Dillman as Digital Transformation Officer
13th January 2022
Chubb has announced the appointment of Julie Dillman as Executive Vice President, Chubb Group and Digital Transformation Officer, effective January 1, 2022. Thomas Kropp will also transition into Dillman’s previous role of Head of Operations and Technology. In her new role, Dillman will partner and work closely with Chubb's Chief Digital Business ... Read the full article
Phoenix Group completes four BPA transactions
13th January 2022
Life consolidator Phoenix Group has completed four Bulk Purchase Annuity (BPA) transactions during the second half of 2021, covering £4.0 billion of premiums. These transactions also comprised of £3.6 billion of external deals and a further £0.4 billion tranche of the group's Pearl Pension Scheme. This equates to total BPA premiums of ... Read the full article
Short-term inflation manageable for reinsurers, says Fitch
12th January 2022
The current short-term consumer price inflation (CPI) spike is manageable for the reinsurance industry, but should inflation prolong it could weaken carriers' credit profiles, warns Fitch Ratings. Currently, CPI rates are approaching multi-decade highs in Europe and the U.S. The spill-over effect from the spike has the potential to inflate claims ... Read the full article
CoreLogic names Pat Dodd interim President & CEO
12th January 2022
CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has announced Pat Dodd as interim President and Chief Executive Officer (CEO). Dodd replaces Frank Martell who transitions to non-executive Chairman of the company's Board of Directors. Interim President and CEO Dodd first joined the company in 2020 as Chief ... Read the full article
Midwest sells majority of a reinsurance cell to ORIX Corp.
12th January 2022
Midwest Holding Inc., a technology-driven life and annuity platform, has sold a majority ownership of a consolidated reinsurance facility to a subsidiary of ORIX Corporation USA. Under the terms of the agreement, a subsidiary of ORIX USA purchased 70% of Seneca Incorporated Cell, LLC 2020-01 (SRC1), a Midwest consolidated reinsurance cell. Midwest ... Read the full article
Cowbell Cyber launches captive insurer, Cowbell Re
12th January 2022
AI-powered cyber insurer Cowbell Cyber has announced the launch of a new insurance captive called Cowbell Re, which will help the firm address rising demand for cyber insurance with additional capacity. It’s hoped that the launch of Cowbell Re will provide the company more flexibility as Cowbell Cyber continues its growth ... Read the full article
SCOR’s Atlas Gotland reinsurance sidecar secures $200m investment from Alecta
12th January 2022
French reinsurer SCOR has secured a $200 million investment from the Swedish pension fund Alecta into its Atlas Gotland Worldwide Catastrophe Sidecar, a segregated account of the firm's newly created special purpose reinsurer, Atlas Re in Bermuda. Yesterday, Alecta announced an investment of $250 million into Swiss Re Insurance-Linked Investment ... Read the full article
Martello Re launched as $1.65bn life and annuity reinsurer
12th January 2022
A new Bermuda domiciled life and annuity reinsurance company has been launched with the backing of Massachusetts Mutual Life Insurance Company, Centerbridge Partners, Brown Brothers Harriman, and a pre-eminent group of institutional investors and family offices, including Hudson Structured Capital Management, called Martello Re Limited. Martello Re is a licensed Class ... Read the full article
Cyber landscape to increase in 2022: Beazley’s Raf Sanchez
12th January 2022
Beazley’s Head of Cyber Services, Raf Sanchez, has reported his predictions for the cyber insurance landscape for the following year, anticipating that it will likely increase. “Whilst many organisations know to expect short-term technical and operational impacts, we find they are often un-prepared for the longer lasting impact on their reputation,” ... Read the full article
Flood Re to launch new property data service
12th January 2022
UK government-backed reinsurance scheme Flood Re will be launching a new property data service in the first quarter of this year, following a deal with specialist provider Addresscloud. Under the contract, Addresscloud will build and manage a new Property Data Hub (PDH) for Flood Re, which will provide property specific information ... Read the full article
Aspen to incorporate ESG into Credit & Political Risk decision making
12th January 2022
Bermudian re/insurer Aspen has launched environmental, social and governance (ESG) integration strategy Project Leaf, which will help provide information into the decision making process for its Credit and Political Risk (CPR) portfolio. The re/insurer aims to see 66% of its CPR premium originating from transactions with a favourable ESG classification by ... Read the full article
UIM and Shield Indemnity merge to create new P&C holding company
12th January 2022
Universal Shield Insurance Group, Inc. has now launched, a new property and casualty (P&C) holding company formed following the merger of UIM Holding Company and its subsidiary, Universal Fire & Casualty Insurance Company, with Shield Indemnity, Inc. Universal Fire & Casualty Insurance Company is an admitted insurer and insurtech with a ... Read the full article
Lloyd’s announces plans to lower market processing costs by 40%
12th January 2022
The transformation of the specialist Lloyd's insurance and reinsurance marketplace has taken another step forward with an agreement between the market, DXC Technology and the International Underwriting Association (IUA) which aims to cut processing costs by 40%. An agreement between Lloyd’s, DXC Technology, the Boards of the Lloyd's Market Association ... Read the full article
Fidelis’s Pine Walk launches specialist energy liability MGA
12th January 2022
Pine Walk Capital Limited, a Fidelis Group company and specialist MGA platform, has announced the launch of its sixth MGA, OPEnergy Limited. OPEnergy received regulatory approval from the FCA on 6 January 2022 and will write onshore and offshore energy liability risks, providing public, products and pollution liability lines. The MGA is ... Read the full article
Swiss Re offloads remaining Phoenix stake for £440m
12th January 2022
Reinsurance giant Swiss Re has exited its shareholding in Phoenix Group Holdings by selling its remaining 66,199,917 ordinary shares in the savings and retirement company for approximately £440 million. Swiss Re sold the shares at a price of 664 pence per ordinary share, or 3.1% below yesterday's close, which valued the ... Read the full article
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