Reinsurance News
Markel adds two energy underwriters to APAC team
14th October 2021
Markel International, a subsidiary of the Markel Corporation, has announced the additions of Max Robbie and Yong Ruay Heah as specialist energy underwriters within its Asia Pacific team. Based in Dubai, Robbie has been appointed as head of upstream – Asia, and will report directly to Christian Stobbs, managing director of ... Read the full article
UK car insurance premiums lowest in 7 years, says WTW report
14th October 2021
Comprehensive car insurance premiums have fallen by 16% (equating to £97) since the third quarter of 2020, with UK motorists now paying £514 on average, according to a Willis Towers Watson-supported price index from Confused.com. Although the rate of decline slowed between July and September compared to the first half of ... Read the full article
Tokio Marine Highland adds fine art to specialty offering
14th October 2021
Property and casualty underwriting agency Tokio Marine Highland has enhanced its suite of specialty risk management solutions with the launch fine art insurance for personal and commercial risks. Christiane Fischer has been appointed as President of the Fine Art Division, and will be responsible for delivering the company's custom insurance solutions ... Read the full article
Swiss Re won’t provide cover to climate bad actors, says Ooi
13th October 2021
Sharon Ooi, Head of Australia & New Zealand at Swiss Re, says that the reinsurer is committed not to provide cover for “bad actors” in the fight against climate change. Speaking in a recent interview with The Australian Financial Review, Ooi said that Swiss Re’s climate policy aims to “ensure that ... Read the full article
Centre for Disaster Protection creates new non-executive board
13th October 2021
The Centre for Disaster Protection has created a new non-executive board made up of nine members who will be responsible for the strategic direction of the centre. It will include two executive directors from the centre’s Senior Leadership team, Daniel Clarke and Cleo Blackman and two non-executive members appointed by the ... Read the full article
Protecdiv receives licensing for all US states
13th October 2021
Re/insurance broker Protecdiv has announced it will be licensed in all 50 US States and Washington D.C, becoming the first tier-one minority-led brokerage to do so. Protecdiv’s fully licensed status means it is authorised to operate across all jurisdictions in the United States. Kael Coleman, Founder and Chief Executive Officer at Protecdiv, ... Read the full article
AJ Gallagher acquires Arkansas brokerage Alpha Surety
13th October 2021
Arthur J. Gallagher & Co., the global insurance brokerage, risk management and consulting services firm, has announced the acquisition of Alpha Surety & Insurance Brokerage. Alpha Surety is based in Little Rock, Arkansas and was founded in 2002. It focuses primarily on selling direct and wholesale commercial surety bonds in key industry ... Read the full article
AXA XL North America Construction team makes promotions
13th October 2021
AXA XL's North America Construction business has promoted three within its Subcontractor Default Insurance business, including the appointments of Cyrus Manekshaw and Ian Sadler to Underwriting Directors and Cheri Hanes to SDI Construction Risk Engineering Manager. In their new Underwriting Director roles, Manekshaw and Sadler will be responsible for maintaining the ... Read the full article
Allianz in P&C legacy transfer deal with Marco
13th October 2021
Allianz has entered into a deal with European P&C insurance run-off group Marco Capital Holdings Limited concerning the transfer of the remaining risks in Allianz Suisse’s UK Branch. The risks in Allianz Suisse’s UK Branch were underwritten by R.W. Gibbon and are therefore known as “The Gibbon Pool”. “I am pleased to ... Read the full article
US hit with 18 billion-dollar climate disasters this year: NOAA
13th October 2021
The United States has seen 18 separate billion-dollar weather and climate disasters in the first nine months of the year, according to scientists at the national oceanic and atmospheric administration’s (NOAA) National Centers for Environmental Information. With last month in the top five hottest September’s in the 127-year climate record, it ... Read the full article
Gallagher acquires Floridian SeaCoast Underwriters
13th October 2021
Arthur J. Gallagher & Co. has announced the acquisition of Florida-based SeaCoast Underwriters by its US wholesale brokerage, binding authority and programs division, Risk Placement Services (RPS). Founded in 1996, SeaCoast Underwriters specialises in commercial property & casualty, flood & excess flood, personal lines, and transportation & garage risks, primarily across ... Read the full article
Nexus completes £70mn refinancing deal
13th October 2021
Independent specialty intermediary Nexus Group has successfully completed its £70 million refinancing effort via a loan facility with Barings. This previously-announced facility will be utilised in two ways, with £50 million being used to refinance existing debt and meet upcoming deferred consideration payments, with the balance available for new acquisitions. Furthermore, ... Read the full article
Generali CEO commits to €3bn of sustainable investments by 2022
13th October 2021
Italian insurer Generali has committed to investing €3 billion in sustainable and green bonds by the end of 2022, as part of its sustainability objectives. The commitment forms part of a larger climate protection goal for Generali to make between €8.5 billion and €9.5 billion of new green and sustainable investments ... Read the full article
Intact Financial estimates Q3 cat losses at $356mn
13th October 2021
Canadian property and casualty (P&C) insurer Intact Financial Corporation has announced that its estimated catastrophe losses for the third quarter of 2021 are $365 million, pre-tax. Claims mostly reflected the impact of severe weather events including rain and hail storms in Alberta, Ontario, and Atlantic Canada, as well as flooding in ... Read the full article
Global Atlantic acquires majority stake in eRESI Mortgage
13th October 2021
Life and annuity insurer The Global Atlantic Financial Group (Global Atlantic) has made a strategic investment and capital commitment to become eRESI Mortgage's majority owner. eRESI Mortgage will continue to operate under a newly formed entity, eRESI Capital, being led by Gregory Tsang, Chief Executive Officer and Tim Wang, President. It's is ... Read the full article
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