Reinsurance News
Financial services firms to boost spending on cyber security: PwC
19th July 2021
Financial services firms are expected to boost IT spending in an effort to tighten up cybersecurity, according to new data from PwC UK and the CBI. The latest results from the CBI/PwC Financial Services Survey 2021 show that 70% of firms are planning to invest more over the next 12 months, ... Read the full article
Sepio Systems partners with Munich Re on hardware mitigation solution
19th July 2021
Security and safety services firm Sepio Systems has partnered with reinsurer Munich Re as part of the launch of its Hardware Access Control Index (HACx), which aims to help organizations improve hardware security. The company offers a rogue hardware mitigation guarantee as part of its HAC-1 solution, whereby Munich Re insures ... Read the full article
Germany floods “very likely” linked to climate change: Munich Re’s Rauch
16th July 2021
Ernst Rauch, Chief Climate and Geo Scientist at Munich Re, has said that events such as the recent catastrophic flooding in Germany are “very likely related to climate change,” and are set to grow in both frequency and intensity. This week’s flooding has impacted many parts of Central and Western Europe, ... Read the full article
Aspida acquisitions lays groundwork for launch of life and annuity platform
16th July 2021
Aspida Holdings, an indirect subsidiary of Ares Management Corporation, has finalised its acquisition of US based insurer Global Bankers Insurance Group. The acquisition will see Global Bankers rebranded as Aspida Financial and will provide a team of over 100 insurance industry professionals and an infrastructure and technology platform Aspida believes will ... Read the full article
Truist Financial’s Q2 net income rises to $1.6bn
16th July 2021
Purpose-driven financial services firm Truist Financial Corporation has announced a second quarter net income of $1.6 billion, up 73% compared to last year’s quarter. Results for the quarter also produced an annualised return on average assets (ROA) of 1.28%, an annualised return on average common shareholders' equity of 10.1% and an ... Read the full article
MS Amlin appoints new COO, P&C country manager
16th July 2021
MS Amlin Insurance SE has announced the appointments of Norbert Herkströter as Chief Operations Officer and Jan Vande Weghe as Property and Casualty Country Manager for Belgium. Herkströtermost recently served as Chief Information Officer at Delft University of Technology. Prior to this, he held a variety of senior roles at Aegon, NIBC ... Read the full article
Judge accuses US DoJ of wasting time in Aon – Willis trial
16th July 2021
In a hearing yesterday, the US Department of Justice agreed to adjust its timeline to deliver important information related to its earlier investigation of the antitrust case to the courts much faster than previously anticipated. These materials, part of the US Department of Justice's research before the court case even began, ... Read the full article
Lockton Re bolsters Specialty Division with Aon’s Eran Charit
16th July 2021
Lockton Re has announced the appointment of Eran Charit to its Specialty Division, joining later this year. Charit has been in the Political Risk and Credit Insurance broking space for over 10 years. He most recently served as Head of Structured & Capital Solutions at Aon. Before that he spent time with Gallagher. “I’m ... Read the full article
Aileen Mathieson takes Chief Investment role at Aspen
16th July 2021
Bermuda domiciled insurer and reinsurer Aspen Insurance Holdings has announced the appointment of Aileen Mathieson as Group Chief Investment Officer (CIO). Mathieson brings over 15 years of investment and financial experience and joins from Aberdeen Standard Investments where she was Global Head of Insurance. Prior to this, she was CIO, UK Life ... Read the full article
Stephen Young to lead IQUW’s new Bermudian arm
16th July 2021
Specialty re/insurer IQUW is set to launch in Bermuda with a range of third party client-related products and services, having secured regulatory approval last month. Former Chief Executive Officer of Sompo International Reinsurance Stephen Young will lead as CEO of IQUW Bermuda and Global Head of Reinsurance. Alongside Young’s appointment, Kate Hamilton ... Read the full article
Allstate’s June cat losses hit $154m, bringing Q2 total to $752m
16th July 2021
US primary insurer Allstate has announced estimated catastrophe losses for the month of June of $195 million or $154 million, after-tax. Together with losses of $598 million between the months of April and May, this brings Allstate’s total catastrophe losses for the second quarter of 2021 to $752 million, after-tax. Catastrophe losses ... Read the full article
Aon appoints Thompson to lead broking in EMEA region
16th July 2021
Re/insurance broker Aon has added Tracie Thompson as Chief Broking Officer for the EMEA region, excluding the UK. Thompson’s appointment is effective immediately and will see her report to Hugo Wegbrans, Global CBO, and Eduardo Dávila, CEO of Commercial Risk, Health and Affinity in EMEA (excluding UK). Based in Madrid, she will ... Read the full article
Insured losses from flooding across Europe to reach into the billions
16th July 2021
The insurance and reinsurance industry is expecting losses in the billions of Euros as a result of catastrophic flooding across parts of Europe, with the event poised to become one of the costliest flood episodes on record. In Germany, hundreds of people are missing and more than 100 lives have been ... Read the full article
IUA endorses UK building safety bill
16th July 2021
International Underwriting Association (IUA) has lent its support to the UK Government’s Building Safety Bill, which aims to provide insurers with greater confidence to develop new products for construction professionals. However, the IUA warns that the core aims of the legislation must be properly implemented, resourced and enforced. “The Bill is good ... Read the full article
Credit insurtech LimitFi closes seed funding round
16th July 2021
Limit Financial (LimitFi), a managing general underwriter (MGU) specializing in credit insurance and reinsurance solutions, has closed a seed funding round led by Des Moines-based ManchesterStory, a venture capital firm focused on the insurtech sector. LimitFi focuses on low-loss, conservatively structured credit risks where there is not considered to be an ... Read the full article
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