Reinsurance News
Beazley highlights shifting expectations of insurance partners
22nd July 2021
Specialist insurer Beazley has released a report highlighting an increase in the rising level of expectations clients have of their insurance partners. Beazley’s findings are based on research involving 1,000 senior executives and insurance buyers in the US and UK, from across 10 industry sectors. The report says homogenised policies and a ... Read the full article
Aki Hussain to succeed Bronek Masojada as Hiscox Group CEO
22nd July 2021
Global insurer and reinsurer Hiscox has announced that its Chief Executive Officer (CEO), Bronek Masojada, will be retiring from the company at the end of the year and will be succeeded by Aki Hussain, effective January 2022. Hussain joined Hiscox in 2016 and currently serves as the company's Chief Financial Officer ... Read the full article
ASR secures additional $10mn capacity for PVT from Atrium Underwriting
22nd July 2021
Africa Specialty Risks (ASR) has secured an additional $10 million capacity for its Political Violence and Terrorism (PVT) division from Atrium Underwriting (Atrium). This is in addition to the multi-year binder capacity across all of ASR’s business lines, of up to $25 million per risk through a partnership with GIC of ... Read the full article
CAPE Analytics secures $44m in funding
22nd July 2021
CAPE Analytics, a provider of geospatial intelligence for property risk and valuation, has secured $44 million in Series C financing, led by Pivot Investment Partners. Additional investors, Aquiline Technology Growth and HSCM Bermuda also joined the Series C round, with participation from existing investors, including Formation8 and Brewer Lane Ventures, as ... Read the full article
Aon pegs first-half insured catastrophe losses at $42bn
21st July 2021
Analysts at re/insurance broker Aon have estimated that insured catastrophe losses during the first half of 2021 amounted to $42 billion. This is roughly in line with the 10-year average of $41 billion, but 39% above the average for the 21st Century so far, which stands at roughly $30 billion. On the ... Read the full article
Tens of thousands of buildings impacted by European floods, says ICEYE
21st July 2021
Analysis from ICEYE, who builds and operates its own commercial constellation of SAR satellites, shows that a minimum of 43,400 buildings across Europe are estimated to have been impacted by recent flooding in the region. ICEYE operates a constellation of synthetic aperture radar satellites and through its Flood Monitoring Solution, offers ... Read the full article
Westfield hires Jack Kuhn for expansion into specialty lines
21st July 2021
Super-regional property and casualty (P&C) insurer, Westfield, has hired respected specialty lines leader Jack Kuhn as President of its newly launched specialty insurance business, Westfield Specialty. Westfield expects its entry into the specialty arena to create additional opportunities to profitably grow new customers and bolster its existing relationships. Additionally, Westfield Specialty ... Read the full article
Munich Re and Sapiens partner on commercial market services
21st July 2021
Munich Re has partnered with Sapiens International Corporation, a provider of software solutions for the insurance industry, to offer technology-led consultancy and services that will enable primary insurers to better serve the commercial insurance market. Initially focusing on small and medium sized businesses in the UK, the partnership also plans to ... Read the full article
Aon – Willis and US DoJ may be able to settle early on three counts
21st July 2021
According to court documents, it appears that Aon, its acquisition target Willis Towers Watson (WTW) and the US Department of Justice (US DoJ) are hoping to reach a settlement quickly on counts related to three of the market segments where the mega-merger was deemed potentially anti-competitive. It's news that could signal ... Read the full article
Insured loss from North Rhine-Westphalia & Rhineland-Palatinate floods at €4-5bn: GDV
21st July 2021
The devastating flooding experienced in the German states of North Rhine-Westphalia and Rhineland-Palatinate is expected to drive insurance and reinsurance industry losses of between €4 billion and €5 billion, according to the German Insurance Association (GDV). Last week’s flooding impacted parts of Central and Western Europe, including Belgium, the Netherlands, and ... Read the full article
H1 catastrophes eat through almost 80% of Travelers agg reinsurance retention
21st July 2021
Despite US primary insurer Travelers reporting a slowdown in catastrophe losses for the second quarter, year-to-date, the firm has accumulated approximately $1.5 billion of qualifying losses towards its aggregate retention of $1.9 billion. When reporting its Q2 2021 financials yesterday, Travelers announced catastrophe losses, net of reinsurance, of $475 million. While ... Read the full article
MCI receives in-principle approval to establish Syndicate 1902
21st July 2021
Specialist managing general agency Medical & Commercial International (MCI) has received ‘in-principle’ approval from Lloyd’s for Syndicate 1902 to underwrite business incepting on or after 1 January 2022. The syndicate will write gross written premium (GWP) of £45 million in year one. It will be established under ... Read the full article
IAG appoints Zurich’s Tim Plant as Chief Insurance, Strategy Officer
21st July 2021
IAG has appointed Tim Plant as Chief Insurance and Strategy Officer, a newly-created role that will see him oversee group governance across underwriting, claims and customer experience. Plant will also be developing the implementation of IAG’s overall business strategy and take over control of the firm’s innovation and ventures activities. He is ... Read the full article
Brookfield’s Bermuda reinsurer North End Re gets preliminary rating
21st July 2021
AM Best has assigned a preliminary rating to North End Re Ltd. (Bermuda), the newly launched Bermuda-based reinsurance subsidiary of alternative asset management company Brookfield Asset Management Reinsurance Partners Ltd. North End Re was given a Preliminary Credit Assessment (PCA) with a Financial Strength Assessment of A- pca (Excellent) and a ... Read the full article
BMA announces new Chairman and CEO as Jeremy Cox departs
21st July 2021
The Bermuda Monetary Authority (BMA) has announced that its Deputy Chairman, Donald Scott, has been appointed by the Minister of Finance to serve as Chairman of the Board, effective October 1st, 2021. The appointment of Scott is concurrent with the departure of Jeremy Cox, Executive Chairman and Chief Executive Officer (CEO) ... Read the full article
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