Reinsurance News
RenaissanceRe reveals huge $725m hit from Q3 catastrophes
13th October 2021
Bermuda headquartered reinsurance specialist RenaissanceRe Holdings Ltd. has estimated that its net claims burden from catastrophe events around the world in the third-quarter of 2021 will amount to a huge $725 million. Calling the expected loss a "net negative impact" RenaissanceRe said that the majority will come from hurricane Ida's impacts ... Read the full article
P&C loss reserves strengthened during lockdown: Conning
12th October 2021
New analysis by investment management firm Conning shows that the property and casualty (P&C) industry’s overall loss reserve positioned strengthened during global lockdowns last year, ending 2020 in a better position than the previous year. Reserves for private passenger auto, homeowners, workers' compensation, and miscellaneous lines in particular were found to ... Read the full article
Munich Re Ventures announces new $500mn startup investment fund
12th October 2021
The venture capital arm of Munich Re Group has closed a new $500 million fund established to invest in early/growth stage companies across five strategic sectors: insurance and climate technology, cybersecurity and privacy, commercial and industrial equipment tech, and future of transportation. Munich Re Ventures now has over $1 billion in ... Read the full article
WTW adds Caldwell as Head of Risk & Broking for Carolinas
12th October 2021
Re/insurance broker Willis Towers Watson (WTW) has announced the appointment of John Caldwell as Risk and Broking Leader for the Carolinas. Caldwell is replacing Eric Hein, who announced his retirement earlier in the year, and will be responsible for the growth strategy for the Carolinas region. Previously, Caldwell served as Resident Sales ... Read the full article
RGA launches FAC Exchange to replace FAC Console
12th October 2021
Reinsurance Group of America (RGA) the global life and health reinsurer, has announced the launch of FAC Exchange, a service that enables carriers to electronically send facultative cases to multiple reinsurers from a single point, and allows reinsurers to send quotes using an industry standardized format. FAC Exchange will replace FAC ... Read the full article
Suzanne Shank elected to White Mountains board
12th October 2021
The board of Bermuda-domiciled financial services holding company White Mountains has elected Suzanne F. Shank as a director of the company. Shank is the President, Chief Executive Officer and co-founder of full-service investment banking firm Siebert Williams Shank & Co. She currently serves as a Director of CMS Energy and Rocket Companies ... Read the full article
Swiss Re eyes improved auto pricing with insurtech partnership
12th October 2021
Leading reinsurer Swiss Re is strategically partnering with traffic crash data and location risk analytics firm TNEDICCA in order for the latter's proprietary Location-Based Risk Score and location risk data to be integrated with the former's Motor Market Analyser (MMA) solution. It's hoped this partnership will enable insurance companies to more accurately ... Read the full article
Cyber exposures totalling $12.5bn flagged in US Property market
12th October 2021
Cyber exposures accumulating in the US property insurance market could result in $12.5bn in non-physical damage losses and cause certain carriers’ capital adequacy ratios to deteriorate, according to a new study conducted by CyberCube, AM Best and Aon. A loss of that size represents a one-in-100-year event; enough to cause a ... Read the full article
SiriusPoint adds Bobby Heerasing to newly-created leadership role
12th October 2021
Global specialty re/insurer SiriusPoint has announced the addition of Bobby Heerasing to its senior leadership team as Head of International Strategic Business Development, a newly-created role. Heerasing will be responsible for the strategy and development of SiriusPoint International’s growth objectives, managing strategic partnerships with key industry partners and clients, and helping ... Read the full article
Legal & General agrees £760mn buy-in with Sanofi Pension Scheme
12th October 2021
Legal & General has agreed a £760 million buy-in with the Sanofi Pension Scheme, securing the benefits of 2,900 retirees. The transaction represents the Scheme’s first Pension Risk Transfer (PRT) transaction with Legal & General, after being a long-term asset management client. The Trustee was advised on the transaction by Aon and ... Read the full article
HDI UK promotes Stephanie Ogden to Director, Underwriting and Distribution
12th October 2021
HDI UK and Ireland has promoted Stephanie Ogden to the role of Director of Underwriting and Distribution. In this new role, Ogden will lead HDI’s underwriting strategy across all lines of business and maintain overall responsibility for the distribution function. She will continue to report directly to Managing Director Claire McDonald. Ogden ... Read the full article
Chaucer adds to Belt & Road Consortium at Lloyd’s
12th October 2021
Specialty re/insurance group Chaucer has announced the addition of political risks and contract frustration to its Belt and Road Consortium at Lloyd’s solution. The consortium, which was launched in June 2021, provides large-scale capacity of up to $300 million to companies working on China’s Belt and Road Initiative. It combines Chaucer’s ... Read the full article
AU$394mn industry hit from Cyclone Seroja, says PERILS
12th October 2021
Independent provider of industry-wide catastrophe insurance data PERILS has today released an industry loss footprint for Tropical Cyclone Seroja that totals AU$394 million. This compares to the figure of $434 million issued by PERILS three months after the event. While the industry loss resulting from Tropical Cyclone Seroja remains below the PERILS ... Read the full article
Howden acquires Aneco Forsikringsmegling
12th October 2021
International insurance broker Howden has acquired Oslo-based retail broker Aneco Forsikringsmegling (Aneco) as part of its ongoing strategy to invest in expertise in Europe and expand its operations for the benefit of local and international clients. Aneco is an independent insurance broker operating in the Property and Casualty and Employee Benefits ... Read the full article
DARAG announces new senior hires
12th October 2021
DARAG Group has appointed Matthias Hahne as Head of Risk Management, Europe, and Martial Hille as Senior Risk Manager, quantitative risk management and regulation. Both appointments will be based in Hamburg, Germany and work closely with Alexander Roth, European CEO of DARAG on Governance, Risk and Compliance. Hahne brings over 10 years’ ... Read the full article
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