Reinsurance News
C-ROSS Phase II to raise risk capital charges on credit insurance: Moody’s
7th January 2022
According to Moody’s, the new China Risk Oriented Solvency System (C-ROSS) Phase II will improve measurement of insurers' loss-absorbing capacity and better align capital charges with actual product and asset risks. The rating agency also noted that credit focus will be on insurers' ability to moderate business growth and reduce investments ... Read the full article
Renewal rate increases imply dramatically better returns: KBW
6th January 2022
Analysts at KBW have said that rate increases for property and casualty business at the January 1 reinsurance renewals imply “dramatically improved expected returns” for reinsurers. Although individual cedents' rate changes varied widely, property catastrophe reinsurance rate increases were measured at around 9% globally and 6.5% in the US, according to ... Read the full article
Amwins Brokerage names two new presidents
6th January 2022
Amwins has appointed Sam Baig and Jeff McNatt as presidents of Amwins Brokerage, succeeding James Drinkwater who has served as president of the Brokerage division since 2008. Drinkwater was also named president of Amwins Group in 2018 and will now directly focus on his roles as president of Amwins and executive ... Read the full article
Corvus acquires cyber platform Tarian from Beat
6th January 2022
Beat Capital Partners, a long duration investor specialising in the insurance industry, has announced the sale of Tarian Underwriting to Corvus Insurance, a provider of smart commercial insurance products powered by AI-driven risk data. Established in 2016, Tarian is cyber underwriting platform that provides solutions to the cyber risk environment and ... Read the full article
Fortitude Re set for growth with launch of multi-line reinsurer & U.S. platform
6th January 2022
Fortitude Re has announced the formation of a new Bermuda multi-line reinsurer and the acquisition of a U.S. life insurer, as its subsidiary obtains Reciprocal Jurisdiction Reinsurer status. Established in 2018 by international insurer AIG and global alternative asset manager, The Carlyle Group, Fortitude Re was originally set up to ... Read the full article
Brit hires Chief Technology Officer from iptiQ
6th January 2022
Specialty insurer and reinsurer Brit has announced the appointment of Bilge Mert as Chief Technology Officer, commencing January 4th. In this role, Mert will be responsible for leading Brit’s technology and data strategy. She brings 18 years’ experience in technology, including experience driving commercial value and business transformation through the integration of ... Read the full article
AIG names Marilyn Hirsch as SVP, Treasurer
6th January 2022
American International Group (AIG) has appointed Marilyn Hirsch as Senior Vice President, Treasurer, reporting to Shane Fitzsimons, Executive Vice President and Chief Financial Officer. Hirsch will lead AIG’s global Treasury activities, including financing plans, banking and rating agency relations, and management of capital and liquidity. She's rejoined AIG from the Allstate Corporation ... Read the full article
2021 marks a record year for catastrophe bond issuance: Report
6th January 2022
Catastrophe bond and related insurance-linked securities (ILS) issuance reached a huge $14 billion in 2021, representing year-on-year growth of 15%, reports Artemis. The latest quarterly report on the catastrophe bond and related ILS market, which examines issuance in the fourth-quarter and full-year 2021, is now ... Read the full article
Andrew McMellin to lead Wholesale at Markel International
6th January 2022
Markel International, a subsidiary of Markel Corporation, has hired Andrew McMellin to be the managing director of its Wholesale division, effective January 17th. McMellin comes to Markel with more than 30 years of experience in specialty insurance, including chief executive roles at Pioneer Underwriters and XL Catlin in London and the ... Read the full article
P&C rates up through Q4 but increases moderating: MarketScout
6th January 2022
MarketScout data shows that commercial property and casualty (P&C) insurance rates were up through the fourth quarter of 2021, with the composite rate recorded at 5.8%, versus 6.8% in Q3. By line of coverage, MarketScout found the biggest rate increases in the fourth quarter were for umbrella, property and directors and ... Read the full article
WTW names Powney as Head of Surety for UK
6th January 2022
Re/insurance broker Willis Towers Watson (WTW) has announced the appointment of Steve Powney as Surety Practice Leader for Europe and the UK. Powney was previously Head of International Surety at Crum and Forster and has lead surety operations for Asia, Europe and the Middle East. His responsibilities include underwriting, production and operational ... Read the full article
Everspan Group acquires three insurance carriers
6th January 2022
Ambac Financial Group has announced that its subsidiary, Everspan Insurance Company has acquired 21st Century Indemnity Insurance Company, 21st Century Pacific Insurance Company and 21st Century Auto Insurance Company of New Jersey. The acquisition is expected to broaden and enhance Everspan Group’s distribution capabilities and provides greater optionality for its program ... Read the full article
ArgoGlobal Dubai names Gloria Kasuzweni as Assistant Underwriter
6th January 2022
ArgoGlobal Dubai has expanded its Casualty & Professional Lines team with the appointment of Gloria Kasuzweni as Assistant Underwriter. Kasuzweni brings over 17 years of industry experience and joins from United Fidelity Insurance Company, where she was Team Leader for just under three years. Prior to that position, she worked at United ... Read the full article
SiriusPoint’s IMG hires Tarantola-Froner as CUO
6th January 2022
SiriusPoint’s International Medical Group (IMG) has announced the appointment of Dina Tarantola-Froner as the company's new Chief Underwriting Officer (CUO). In this role, Tarantola-Froner will be responsible for leading the global underwriting and products teams at IMG. She will also work alongside the senior leadership team to strengthen the company's underwriting strategy ... Read the full article
Hiscox Re & ILS names MS Amlin’s Matthew Wilken as CUO
6th January 2022
Specialist re/insurer Hiscox has announced the appointment of Matthew Wilken, previously of MS Amlin, as the new Chief Underwriting Officer (CUO) for Hiscox Re & ILS, effective January 10th, 2022. Based in Bermuda, Wilken is set to become a member of the Hiscox Re & ILS Executive team and will report ... Read the full article
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