Reinsurance News
October storms cause IAG to tap reinsurance, raise FY loss forecast
2nd November 2021
Severe storm and hail activity over the course of October has caused Australian primary insurer IAG to tap its reinsurance coverage and raise its expectation for full-year 2022 catastrophe losses. IAG anticipates that the most recent storm event, which impacted South Australia and Victoria between 27th and 29th October and SE ... Read the full article
Allstate finalises sale of life arm to Blackstone
2nd November 2021
US primary insurance carrier, The Allstate Corporation, has completed the sale of Allstate Life Insurance Company (ALIC) and certain subsidiaries to entities managed by private equity investment giant, Blackstone. First announced in January 2021, the deal involved total proceeds of $4 billion, which included Blackstone’s $2.8 billion purchase price, as ... Read the full article
Hiscox sees 9M GWP rise 6.4% to $3.5bn off strong rate momentum
2nd November 2021
International specialist insurer Hiscox has reported gross premiums written for the first nine months of 2021 of $3,462.9 million, a 6.4% increase driven by strong rate momentum across business segments. Hiscox London Market achieved aggregate rate increases of 13% across the portfolio, with cyber growing at a significant double digit rate. In ... Read the full article
Quality control issues behind rise in offshore wind claims: GCube
2nd November 2021
A new report by renewable energy underwriter GCube Insurance argues that corrective action is needed within the offshore wind sector to incentivise quality control processes and accountability for financial losses. Analysts noted that increasing focus on cost-competitiveness has led to prolific cost-cutting in the design, manufacture, construction and operation of offshore ... Read the full article
Specialty re/insurer Inigo approved to double premiums for 2022
2nd November 2021
Specialty insurance and reinsurance company, Inigo Limited, has seen its 2022 business plan approved by Lloyd's, enabling the firm to double its underwriting to a controlled premium in excess of $850 million for the year. Inigo launched at Lloyd's last year after the acquisition of Enstar and Stone Point Capital’s managing ... Read the full article
Run-off group Marco acquires Capita’s insurance operations
2nd November 2021
Marco Capital Holdings Limited, the European P&C insurance run-off group, has expanded its headcount to more than 300 insurance specialists via the acquisition of Capita plc's insurance businesses, Capita Commercial Insurance Services (CCIS) and Capita Managing Agency (CMA). Launched in August of last year and headquartered in Malta, Marco is a ... Read the full article
TP ICAP partners with Speedwell on climate index
2nd November 2021
Global markets infrastructure and data solutions provider TP ICAP Group has partnered with Speedwell, an environmental risk-management solution provider, to launch the ICAP-Speedwell Climate Index. The index uses global weather data to track climate change thereby allowing financial risk related to the rate of climate change to be traded. Its launch will ... Read the full article
Standard Club makes appointments, expands services in APAC
2nd November 2021
Specialist marine and energy insurer Standard Club is expanding its presence in the Asia-Pacific region with some key appointments and an enhanced suite of services. These include the launch of the Coastal & Inland class in Asia and three significant appointments in Hong Kong aimed at strengthening support for members and ... Read the full article
PERILS issues final AU$1.2bn loss estimate for 2020’s Halloween Storm
1st November 2021
Zurich-based provider of catastrophe insurance data PERILS has released its fourth and final industry loss estimate of AUD 1,222 million for 2020’s Halloween Storm in South East Queensland. This final figure sees PERILS’ estimate rise from the AUD 1,173 million issued in May, six months after the event. In line with the ... Read the full article
Aston Lark acquires Bainbridge Collins
1st November 2021
Insurance broker Aston Lark has acquired independent insurance broker Bainbridge Collins, which specialises in the ‘mid corporate’ sector. In addition to offering a broking service, it also offers a comprehensive risk management service, offering quality advice and guidance on Health & Safety and Loss Prevention measures. Peter Blanc, Aston Lark Group CEO, ... Read the full article
WTW to acquire 100% of Indian business following regulatory shift
1st November 2021
Recent regulatory changes have prompted global re/insurance broker Willis Towers Watson to acquire the remaining 51% shares of its business in India. The group currently owns 49% of the company and will be purchasing its remaining shares from Anemone Holdings Private Ltd and WTW India's head, Rohit Jain. As one of the ... Read the full article
Vantage hires AXA XL’s Blanco to lead insurance business as CEO
1st November 2021
Alex Blanco, formerly of AXA XL, has joined Bermuda-based insurer and reinsurer Vantage Group Holdings Ltd. as Chief Executive Officer (CEO) of Insurance. In his new role, Blanco will be tasked with leading the growth and development of Vantage's insurance operation. He brings more than 25 years of industry experience across Professional ... Read the full article
CNA’s Q3 net income rises to $256mn
1st November 2021
Chicago-based insurer CNA has announced a net income for the third quarter of $256 million, having registered $213 million in the prior year quarter. Core income for the quarter was $237 million, also up from the $193 million achieved in the prior year quarter. The Property & Casualty segment produced core income ... Read the full article
Chaucer adds WTW’s Mike Smith amid marine insurance shake-up
1st November 2021
Global specialty insurance and reinsurance company, Chaucer, has named Mike Smith as the new lead of its Marine Specialty division, as the company moves to reposition its Marine insurance lines. Smith brings more than 35 years of experience within the marine insurance sector to the role, with a specialist focus on ... Read the full article
QBE develops new ESG risk management tool
1st November 2021
QBE has developed a tool to provide a risk management framework for customers to better assess environmental, social and governance (ESG) risk. The tool provides a template sustainability policy and ESG framework to help smaller and medium sized enterprises identify, monitor and manage a range of ESG issues that may impact ... Read the full article
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