Reinsurance News
Ecliptic launches collaborative space for the London market
6th December 2021
Ecliptic, the dedicated technology business of Advent Insurance Management, has launched Inov8ionLab to support the London market in achieving its aspirations for transformational change. The new collaborative space is based in London and makes Ecliptic’s industry knowledge highly accessible, and allows London market business to quickly obtain the support they need ... Read the full article
Buyers plan to use more reinsurance & ILS next year, survey shows
3rd December 2021
Data from the latest Reinsurance News market survey, undertaken in collaboration with our sister-site Artemis, shows that protection buyers are planning to purchase more reinsurance and retrocession next year, in addition to utilizing more ILS backed capacity. The survey looked at responses from hundreds of identifiable market participants, of which more ... Read the full article
Labuan IBFC expansion sees 18 new captives approved so far in 2021
3rd December 2021
The Labuan International Business and Financial Centre (Labuan IBFC) has charted a 28% increase in premiums for its captive business so far in 2021, an expansion that has included the approval of 18 new captives. Labuan Financial Services Authority Director General, Nik Mohamed Din Nik Musa, praised the utilisation of protected ... Read the full article
Xenia acquires Peter Hill Credit & Financial Risks
3rd December 2021
Credit insurance and surety specialist, Xenia Broking Group, has announced the acquisition of Peter Hill Credit & Financial Risks Limited, a specialist Trade Credit Insurance and Surety Broker based in Northampton, and with a particular focus on the construction sector. The transaction was completed on 30th November 2021 and marks Xenia’s ... Read the full article
US commercial lines handed improved AM Best outlook
3rd December 2021
The US property/casualty insurance sector’s commercial lines segment has secured an improved ‘stable’ outlook from AM Best, off what is described as a relatively modest negative COVID-19, strong pricing momentum and favourable rulings on many business interruption disputes. The rating agency cites pandemic-driven uncertainty, both in an economic and broader sense, ... Read the full article
Tremor releases Fetch for following capacity markets
3rd December 2021
Tremor Technologies, a reinsurance pricing and placing platform, has released Tremor FetchTM, a tool which allows reinsurers to authorise following capacity and automatically receive their line at the cedent’s chosen clearing price. Reinsurers that choose to use FetchTM can note their minimum price and also the maximum share they would be ... Read the full article
Fannie Mae completes $1.2bn Credit Risk Transfer
3rd December 2021
U.S. government-sponsored enterprise Fannie Mae has completed its final Credit Risk Transfer (CRT) of 2021, covering $30.7 billion in unpaid principal balance (UPB) of generally 30-year original term, fixed-rate loans acquired from April through June 2021. The deal transferred nearly $1.2 billion of mortgage credit risk to private insurers and reinsurers. Since ... Read the full article
Aspen names MS Amlin exec Rob Houghton group COO
3rd December 2021
Bermudian re/insurer Aspen has added Rob Houghton as Group Chief Operating Officer, a role he's set to begin in early 2022. Houghton joins from MS Amlin, where he served as both Group COO and, more recently, Chief Executive Officer of its Business Services unit. Based in London, he will also be joining ... Read the full article
White Mountains names Liam Caffrey CFO
3rd December 2021
Former Aon executive Liam Caffrey has been appointed by financial services holding company White Mountains to serve as its next Chief Financial Officer, effective March 2022. Caffrey, who is currently serving as a consultant to a subsidiary of the White Mountains, previously spent nine years at Aon, as both Chief Executive Officer ... Read the full article
PPL next gen platform due in 2022, Masojada confirms
3rd December 2021
Bronek Masojada, Chair of the PPL Board, has said that delivery of the next generation of the platform will be in 2022. Speaking during a CEO Breakfast event this week, Masojada confirmed the timeline for the next phase of London Market's electronic placing platform. Originally rolled out in 2016, Placing Platform Limited ... Read the full article
Markel Intl. hires Robert O’Connor-Mitchell as senior surety underwriter
3rd December 2021
Markel International, a subsidiary of the Markel Corporation, has appointed Robert O’Connor-Mitchell as a senior surety underwriter, as the company plans to strengthen its current position in the surety market. O’Connor-Mitchell will report to Damian Manning, head of surety at Markel International, as he promotes Markel’s surety product offerings. Additionally, alongside Manning, ... Read the full article
John Chen to step down as President of Swiss Re China
3rd December 2021
Reinsurer Swiss Re has announced that John Chen has decided to retire from his role as President of Swiss Re China and General Manager of the Beijing Branch. Chen will step down as of January 31, 2022, following five years at Swiss Re. Swiss Re has asked Brian Han, Deputy Head of ... Read the full article
Sompo Intl’s UK legal entity awarded CII ‘Chartered Status’
3rd December 2021
Endurance Worldwide, the UK legal entity of Sompo International, has been awarded the title of 'Chartered Insurer' title by the Chartered Insurance Institute. It is one of only 34 firms to have achieved this particular status. Julian James, Chief Executive Officer, International Insurance, noted his delight at having achieved such an ... Read the full article
Australian Gov releases draft legislation on $10bn cyclone reinsurance pool
3rd December 2021
Draft legislation designed to establish a reinsurance pool for cyclone and cyclone-related flood for privately-owned homes, strata corporations and small businesses insurance policies in Australia, has been welcomed by insurers in the country. Australia’s Federal Government announced in May the establishment of a $10 billion reinsurance pool, and since then ... Read the full article
Allianz in $35bn reinsurance agreement with Resolution Life & affiliates of Sixth Street
3rd December 2021
Allianz Life, part of the global insurer and reinsurer, has announced a new reinsurance agreement with affiliates of Sixth Street, including Talcott Resolution Life Insurance Company, and Resolution Life, for a $35 billion fixed index annuity portfolio. The arrangement is in line with the firm's strategy to unlock value in its ... Read the full article
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