Reinsurance News
MS Amlin launches $37.5mn Asia focused SPRV Phoenix 2 Re
6th January 2022
Specialty insurer and reinsurer, MS Amlin Underwriting Limited (MS AUL), has returned to the capital markets for its second Asia focused collateralised reinsurance sidecar arrangement, with a $37.5 million special purpose reinsurance vehicle (SPRV); Phoenix 2 Re Pte. Ltd. Launched by MS AUL's Singapore-based business, MS Amlin Asia Pacific Pte. Ltd. ... Read the full article
IAG completes $10bn catastrophe reinsurance renewal
6th January 2022
Australian insurer IAG has completed its 2022 catastrophe reinsurance renewal, securing flat gross protection cover at up to $10 billion at a higher cost than last year. The main cover of the $10 billion 2022 calendar year catastrophe reinsurance programme includes one prepaid reinstatement, with IAG retaining the first $250 million ... Read the full article
Venerable names Parul Bhatia as SVP
6th January 2022
Venerable is pleased to announce the promotion of Parul Bhatia to Senior Vice President and Chief Actuary. In Bhatia's new role, she will lead the organisation's valuation, management and strategy, and capital management and modelling teams. She will also continue to oversee Venerable's existing books of business as well as supporting efforts ... Read the full article
UK pension risk settlements to see volumes of over £45bn in 2021: Aon
6th January 2022
Aon expects the UK pension risk settlement market to see volumes of over £45 billion reported for full-year 2021, making it the third year in a row that it has reached this level. Compared with recent years, the market in the first half of 2021 was relatively subdued with £7.7 billion ... Read the full article
Wright National to acquire flood insurance book from Westfield
6th January 2022
Wright National Flood Insurance Company, has agreed to acquire the flood insurance policy book from Westfield Insurance Company (Westfield). Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program for Westfield policyholders and agents, whilst also assuming the servicing of Westfield's private flood business. Starting from early ... Read the full article
Keystone targets aggressive growth with upsized credit facility
6th January 2022
Keystone Agency Partners, an independent insurance agency partnership platform, has amended and upsized its existing Senior Credit Facility with an expanded syndicate of lenders led by Madison Capital Funding LLC. This adds an additional $160 million to the facility the company closed with Madison Capital for $105 million in May 2021, ... Read the full article
Price increases top 30% on some loss-impacted lines at 1/1: GC
5th January 2022
Analysts at Guy Carpenter have observed reinsurance pricing increases of over 30% on some loss-impacted business at the crucial January renewal period. The broker’s Global Property Catastrophe Rate-on-Line Index increased 10.8% year-on-year, and found that structure adjustments, particularly on retentions, were more prevalent in heavier loss-impacted sectors. While pricing exhibited a wide ... Read the full article
SRG names Joe Hanly as CFO
5th January 2022
Broker and managing agent, Specialist Risk Group (SRG), has appointed Joe Hanly as Chief Financial Officer, subject to regulatory approval. SRG announced new majority shareholder HGGC in December 2020 and since then has completed 8 acquisitions. SRG has also strengthened its leadership team with the addition of Clare Lebecq as COO and ... Read the full article
KCC pegs Marshall Fire insured loss at around $1bn
5th January 2022
The late-season Marshall Fire in Boulder County, Colorado, which destroyed almost 1,000 structures after strong winds accelerated the spread, is estimated to have resulted in insured losses of approximately $1 billion, according to risk modeller Karen Clark & Company. On December 30th, 2021, a rare and devastating wildfire started in Boulder ... Read the full article
Chubb Group hires Bryce Johns as SVP and President of Chubb Life
5th January 2022
Global re/insurer Chubb has appointed Bryce Johns as Senior Vice President, Chubb Group and President of Chubb Life. He will join the company from HSBC, where he served most recently as Global CEO of HSBC Life and Insurance Partnerships. In his new role, which becomes effective in April, Johns will have executive ... Read the full article
AXIS Insurance names The Hartford’s Vincent Tizzio as future CEO
5th January 2022
The primary insurance arm of Bermuda-based AXIS Capital Holdings Limited has announced that its Chief Executive Officer (CEO), Peter Wilson, will leave his role at the end of the year and be succeeded by Vincent Tizzio. Wilson's departure is timed to the completion of his contract with AXIS, with Tizzio set ... Read the full article
Global M&A activity to remain strong in 2022 after a record year: WTW
5th January 2022
Re/insurance broker Willis Towers Watson (WTW) expects global merger and acquisition (M&A) activity to remain strong in 2022 after a record number of deals completed with a value of more than $100 million last year. The latest research from WTW's Quarterly Deal Performance Monitor, run in partnership with the M&A Research ... Read the full article
Acrisure makes senior promotions in North America
5th January 2022
Acrisure Re, the reinsurance arm of the global insurance broker and fintech platform, has promoted Michael Cross to President of the North American division. Previously head of the Burlington, North Carolina office and NA COO, Cross will now focus on running and developing the strategic direction of Acrisure Re’s reinsurance business ... Read the full article
COVID-19 the third costliest catastrophe event for re/insurers, says Howden
5th January 2022
Insurance and reinsurance industry losses from the COVID-19 pandemic up to the end of the third quarter of 2021 near $45 billion, making it the third most expensive catastrophe event for the industry, according to broker Howden's reinsurance renewals report. Behind only 9/11 and Hurricane Katrina (the most expensive insured loss ... Read the full article
Miller hires Nick King as Marine Practice Lead
5th January 2022
Specialist re/insurance broker, Miller has appointed Nick King, who joins to lead the expansion of the broker’s Marine offering in Singapore. King brings over 15 years of experience of operating in the London and Asian markets to his role. His appointment follows the recent arrival of Ron Whyte as Head of Strategic ... Read the full article
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