Reinsurance News
IAG’s Nick Hawkins named President of ICA
16th December 2021
The Board of the Insurance Council of Australia (ICA) has appointed IAG Managing Director and CEO Nick Hawkins to the position of President. QBE Australia Pacific CEO Sue Houghton will complete her term as President at the end of the year and remain on the Board, with Hawkins to commence as ... Read the full article
P&C industry prepared to cover manageable cost of tornado outbreak: DBRS Morningstar
15th December 2021
Analysis from DBRS Morningstar finds that while the December severe convective storm (SCS) event and subsequent tornado outbreak was severe, the loss is expected to fall within historical levels for the U.S. property and casualty (P&C) insurance sector. Although the U.S. experiences more tornadoes annually than any other country in the ... Read the full article
Risk Strategies acquires Fournier Group
15th December 2021
Specialty insurance brokerage and risk management firm, Risk Strategies, has acquired Fournier Group, a full-service commercial and personal lines retail insurance agency. Headquartered in Portland, Oregon, the firm is led by its President, Greg Kuhns who has helped the company build a regional reputation as an expert in the restaurant and ... Read the full article
Hamilton bolsters US E&S capabilities
15th December 2021
Hamilton Insurance Group has announced the appointments of Diane Wisner as Head of Excess Casualty Insurance and Pam Gosslin as Head of Medical Professionals Liability within US excess and surplus. Reporting to Clay Rhoades, President, US E&S, Wisner and Gosslin are based in Hamilton's new Richmond, Virginia location. Wisner joins with over ... Read the full article
Insurtech Stere raises $2mn seed funding
15th December 2021
Stere, a digital solution designed to tackle speed-to-market, capacity sourcing, and other challenges relevant to managing general agents and insurers, has closed its $2 million seed funding round. Stere connects “capacity seekers” like MGAs, program administrators and embedded insurance platforms with carriers and reinsurers. Data analytics essentially aid MGAs, brokers, and others ... Read the full article
Kin expands US reach with carrier takeover
15th December 2021
Kin Insurance, a direct-to-consumer homeowners insurance technology company, has greatly expanded its reach in the US market with the completion of its acquisition of an inactive insurance carrier that holds licenses in 43 states. For Kin, which currently operates in only Florida, Louisiana and California, the deal enables it to serve customers ... Read the full article
Brookfield Annuity hires former L&G exec Olunloyo as President & CEO
15th December 2021
Thomas Olunloyo, the former Deputy Chief Executive Officer (CEO) of Legal & General America, has joined Brookfield Annuity as its new President and CEO, effective November 2021. Based in Toronto, Ontario, Brookfield Annuity provides pension de-risking solutions through group annuity policies. Olunloyo joined the firm last month from his most recent role ... Read the full article
Athene takes on $500mn in pension obligations from Alcoa
15th December 2021
Athene has been transferred approximately $500 million in pension obligations and related assets from Alcoa Corporation. The transfer involves two subsidiaries of Athene and is intended to complement a prior annuitisation announced last month for certain US pension plans. That action, which is now complete, included approximately $1 billion of pension obligations ... Read the full article
Specialist Risk Group brings MGAs together under new unit
15th December 2021
Specialist Risk Group (SRG) has announced the launch of MX Underwriting, a new unit that comprises three specialist MGAs acquired by SRG and LIME Insurance. Led by Lee Anderson, SRG Deputy CEO, and James Gerry, MX Chairman, MX targets being a £100 million GWP business within its first year of trading. Its ... Read the full article
Midwest tornado reconstruction value estimated at $3.7bn: CoreLogic
15th December 2021
Analysts at CoreLogic have estimated that the reconstruction value of residential buildings that were potentially destroyed in states hit by the recent series of tornados is $3.67 billion, with insured losses likely to exceed $1 billion. Last Friday, devastating tornadoes broke out across the states of Arkansas, Illinois, Kentucky, Mississippi, Missouri, ... Read the full article
Digital broker LuckyTruck secures SiriusPoint backing
15th December 2021
LuckyTruck, a digital broker and aggregator has secured an investment and partnership with specialty re/insurer SiriusPoint. LuckyTruck is a niche broker focused on making the purchase of insurance for trucking fleets in the US more transparent, customized, affordable, and convenient. The company aims to disrupt commercial trucking insurance brokerage, offering an alternative ... Read the full article
AIG names new EVP, Global Head of ESG
15th December 2021
AIG has announced the appointment of Constance Hunter as Executive Vice President, Global Head of Strategy & ESG. In early 2022 Hunter will report to President & Chief Executive Officer Peter Zaffino as well as join AIG's executive leadership team. She joins from KPMG having served as Chief Economist since 2013 and ... Read the full article
Spread dependence efforts support stable life outlook: Moody’s
15th December 2021
Analysts at Moody's have reported that insurers’ ongoing efforts to reduce spread dependence are behind its decision to maintain a stable outlook on the global life insurerance industry, and are likely to support capital and profitability going forward. Efforts to optimise business mix have also been aided by economic recoveries in ... Read the full article
Generali partners with Accenture, Vodafone Business on cyber solutions
15th December 2021
Generali has joined forces with Accenture and Vodafone Business on the creation of cyber insurance services designed to help corporate and SMEs clients more effectively recognize, respond to and recover from cybersecurity threats and incidents. The initiative includes cyber risk assessments, phishing simulations and learning programs. The new services are aligned to ... Read the full article
Aegon enters longevity reinsurance arrangement with RGA
15th December 2021
Life Insurer and asset manager Aegon has reinsured another slice of its longevity exposure in the Netherlands with Reinsurance Group of America (RGA), as the company looks to improve the risk profile of its Dutch Life business and release capital at attractive terms. The new reinsurance agreement offers protection against the ... Read the full article
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