Reinsurance News
Aon set for further WTW divestments to appease NZ regulators
12th July 2021
Re/insurance broker Aon has been instructed by New Zealand regulators to make further divestments if its proposed mega-merger with rival player Willis Towers Watson is to be approved. Aon was cleared to move ahead with its acquisition of WTW by the European Commission last week, in an agreement that was ... Read the full article
RMS being offered for sale by owner DMGT
12th July 2021
RMS, one of the leading catastrophe risk modelling companies serving the insurance and reinsurance industry, is being offered for sale by its ultimate owner DMGT (Daily Mail and General Trust plc). DMGT said this morning in announcing a possible reorganisation and acquisition of all of its shares by its main holder, ... Read the full article
AM Best assigns positive credit ratings to Spinnaker
12th July 2021
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Spinnaker Specialty Insurance Company (Spinnaker Specialty) (headquartered in Bedminster, NJ). The outlook assigned to these Credit Ratings (ratings) is stable. AM Best says the ratings reflect Spinnaker Specialty’s balance sheet strength, ... Read the full article
Net-Zero Insurance Alliance (NZIA) launched at G20 Climate Summit
12th July 2021
Eight of the world’s largest insurance and reinsurance companies have launched the Net-Zero Insurance Alliance (NZIA) at the G20 Climate Summit in Venice yesterday, committing to transition their underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050. The United Nations Environment Programme Finance Initiative (UNEP FI) called it a "historic ... Read the full article
EC approval a “major step” towards completion: Aon & WTW
9th July 2021
A statement from Aon and Willis Towers Watson (WTW) describes today’s regulatory approval from the European Commission (EC) as a “major step” towards the completion of the brokers’ pending merger. The approval was described as conditional on full compliance with a substantial set of commitments offered by Aon, including the ... Read the full article
BMS Re acquires Trean Intermediaries
9th July 2021
The US reinsurance arm of specialist broker BMS has acquired Trean Intermediaries (Trean), the US-based independent reinsurance broker and services company. Trean specialises in workers’ compensation, property and casualty, accident and health, personal auto, public entity, and professional liability lines for insurer and MGA clients. The acquisition has been made to strengthen ... Read the full article
The Hartford promotes Tony Paschali
9th July 2021
The Hartford has appointed Tony Paschali as head of the Southeast Division for the company’s Middle and Large Commercial Insurance business. Paschali will lead the sales and underwriting operations for the company’s independent agents, brokers and customers across 12 Southeastern states from Delaware to Florida. He will report to Tracey Ant, head ... Read the full article
Obsidian expands in California with Western Home acquisition
9th July 2021
Obsidian Insurance Holdings has expanded its presence in California with the acquisition of admitted carrier Western Home Insurance Company from Western National Mutual Insurance Company. Western Home, a Minnesota domestic insurer, is commercially domiciled in California, and holds certificates of authority in five other states. The company is being acquired as a ... Read the full article
Re/insurance pricing trends improving across all primary lines, says RBC
9th July 2021
Pricing trends continue to improve in almost all lines of business in both primary insurance and reinsurance, according to analysis from RBC Capital Markets. Analysts expect to see prices continue to increase with specialty and commercial lines increasing faster than reinsurance prices. Furthermore, there’s an expectation that margins are beginning to improve ... Read the full article
Aon / WTW merger cleared by European Commission
9th July 2021
The ongoing merger between re/insurance broking giants Aon and Willis Towers Watson has cleared a significant hurdle today with breaking news of the deal’s approval by the European Commission. The approval is described as conditional on full compliance with a substantial set of commitments offered by Aon, including the divestment of ... Read the full article
Signal Mutual promotes Justin Gardner to lead as CEO
9th July 2021
Signal Mutual, a provider of Longshore benefits in the US, has appointed Justin Gardner as its new Chief Executive Officer, as part of a succession plan that sees him succeed Richard Wood. Wood will continue to serve in an advisory capacity as a director on Signal’s board and as CEO of ... Read the full article
FM Global names Malcolm C. Roberts as President & CEO
9th July 2021
Commercial property insurer FM Global has appointed Malcolm C. Roberts as President and elected him to its board of directors. Roberts, who previously served as Executive Vice President, will also succeed Thomas A. Lawson as Chief Executive Officer, effective Jan. 1, 2022. Roberts joined the mutual insurance company in 1995 as a ... Read the full article
Argo Group announces two senior promotions
9th July 2021
Specialty re/insurer Argo Group International Holdings has appointed Mary Henderson as president of Argo Pro and Rich Fachet as Senior Vice President, head of financial institutions. With over 25 years of experience in the insurance industry, Henderson joined Argo from Travelers Companies, where she spent 14 years serving in several roles, ... Read the full article
Jencap acquires Lloyd’s coverholder Worldwide Special Risks
9th July 2021
Wholesale program management and binding authority business Jencap has acquired Lloyd’s coverholder underwriting agency Worldwide Hole ‘N One (WHNO). Through its primary brand, Worldwide Special Risks (WWSR), the company services the live events market with a range of covers including cancellation, non-appearance, and event property and liability. Additional lines, set to include ... Read the full article
Sompo Intl. expands P&C unit with launch of Sompo GRS Asia-Pacific
9th July 2021
Bermuda domiciled insurer and reinsurer, Sompo International Holdings Ltd., has announced the establishment of Sompo Global Risk Solutions (GRS) Asia-Pacific within its Commercial Property & Casualty (P&C) segment. The expansion sees the formation of a new team in Singapore to serve select industries in the Asian markets via appointed brokerages. The launch ... Read the full article
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