Reinsurance News
Hannover Re commits to net zero targets in reinsurance & investments
13th October 2021
Hannover Re is committing to achieve net zero emissions in business operations by 2030 and in its reinsurance portfolio and investments by 2050, as part of its targets to support the Paris Agreement on climate change. The reinsurer plans to develop methods to determine the greenhouse gas emissions of reinsured customer ... Read the full article
Howden to acquire rival broker Aston Lark
13th October 2021
International insurance broker Howden is to acquire Aston Lark from Goldman Sachs Asset Management and Bowmark Capital. One of the UK’s leading independent, specialist complex commercial and private client brokers, Aston Lark is considered a means for Howden to complete its UK broking business. Aston Lark will join A-Plan Group and Howden UK ... Read the full article
Tiptree’s Fortegra gets $200m investment from Warburg Pincus
13th October 2021
Holding company Tiptree has announced a $200 million strategic investment in its insurance subsidiary, The Fortegra Group, from Warburg Pincus, a global growth investor. The investment will give Warburg Pincus an approximate 24% ownership in Fortegra on a fully diluted basis and is expected to close in the first quarter 2022. Fortegra ... Read the full article
Mosaic adds M&A tax specialist Jon Hutchens to key SVP role
13th October 2021
Mergers and acquisitions tax specialist Jon Hutchens has joined Mosaic Insurance as the company looks to build out its US-based transactional liability team to meet rising demand. Based in Virginia, Hutchens will serve as Senior Vice President, Global Head of Tax, Transactional Liability; he reports to the unit’s global head, William ... Read the full article
Miller launches new Credit and Political Risk platform
13th October 2021
Miller has announced that its Credit and Political Risks (CPRI) team is now using Dialogue to enhance its service offering to clients after first deal on the new platform. Dialogue is an independent, global complex risks platform between insurance brokers and insurers, currently focused on credit and political risks insurance. It streamlines ... Read the full article
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
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
