Reinsurance News
Aon partners with Athenium Analytics on updated claims processing platform
8th October 2021
Global re/insurance broker Aon has announced an update to its Claims Signal Platform (CSP), adding two new predictive analytics models that provide daily alerts to claims handlers as new information is collected. CSP was developed in collaboration with Athenium Analytics and now includes two new predictive analytics models that provide daily alerts to ... Read the full article
Watford Re no longer under review as more de-risking expected
8th October 2021
AM Best has decided to remove Watford Re from under review with negative implications status, as the company is expected to continue to work towards de-risking its investment portfolio. Watford Re was placed under review in May 2020 after reporting a net investment loss of $300 million in the first ... Read the full article
Swiss Re partners with Wysa for mental health app
8th October 2021
Swiss Re has partnered with mental health platform Wysa to create an insurance-specific app to help consumers better track their mental wellbeing and improve links to insurers’ existing support networks. A report by Swiss Re Institute noted that a number of 45 million consumers across six markets view a future negative ... Read the full article
MS&AD, SCOR back Energetic Insurance Series A funding round
8th October 2021
Energetic Insurance has completed a Series A funding round which totalled $7 million, led by Schneider Electric Ventures with participation from MS&AD Ventures, MCJ Collective, and Atlantic Global Risk. The startup’s existing investors Congruent Ventures, SCOR P&C Ventures, MUUS Asset Management, Powerhouse Ventures, and Clean Energy Venture Group also participated in ... Read the full article
Australia’s federal court sides with insurers on 8 of 9 COVID-19 BI test cases
8th October 2021
The Insurance Council of Australia has noted the country's federal court’s decision to uphold the arguments advanced by insurers in eight of the nine matters related to the business interruption test case. In one matter the court found that the cover had been triggered but held that there were substantial issues ... Read the full article
Athora Belgium agrees to acquire NN Insurance’s life portfolio
8th October 2021
Athora Belgium (Athora Belgium), a wholly owned subsidiary of life insurance group Athora Holding (Athora), has entered into negotiations to acquire a closed-book individual life portfolio from NN Insurance. The acquisition represents €3.3bn of assets under management, and is in line with Athora’s ongoing growth strategy focused on traditional life savings ... Read the full article
Global Atlantic names new CFO and Chief Actuary of Bermuda business
8th October 2021
Life and annuity insurer, Global Atlantic Financial Group has appointed Alberto Autmezguine as Managing Director, Chief Financial Officer and Chief Actuary of its Bermuda business. Autmezguine will be responsible for all financial and actuarial strategy for the business. He will report to Manu Sareen, President of Global Atlantic’s Institutional Markets business. He ... Read the full article
Assurant says Hurricane Ida triggered reinsurance recoveries
8th October 2021
US specialty insurance group Assurant has said that losses from Hurricane Ida triggered its reinsurance recoveries, after exceeding its per-event retention of $80 million. Reporting ahead of the release of its Q3 results, Assurant estimates that its pre-tax losses from Ida will amount to $87 million. The event accounted for the majority ... Read the full article
Chubb acquires Cigna A&H businesses for $5.75bn
8th October 2021
Global insurance carrier Chubb has agreed to acquire Cigna Corporation’s life, accident and supplemental benefits businesses in seven countries for a cash consideration of $5.75 billion. Chubb Chairman and CEO Evan G. Greenberg noted that Cigna’s business is “overwhelmingly A&H,” and will help to “rebalance” its global portfolio in the Asia ... Read the full article
Swiss Re and Munich Re rule out backing for Australian coal mutual
8th October 2021
Swiss Re and Munich Re have ruled out support for a controversial mutual fund proposed for the Australian coal industry due to their climate and coal policies would rule out their involvement in the scheme. The coal industry mutual fund has been touted as a potential solution to the insurance challenges ... Read the full article
IQUW names Catherine Farnworth as Group CRO
8th October 2021
Property, Commercial and Speciality re/insurer IQUW has appointed Catherine Farnworth as Group Chief Risk Officer. Having joined PWC as a Reserving and Capital Actuary, working closely with the Risk function, Farnworth became PWCs Actuarial Lead within the Risk and Regulatory consulting practice in Bermuda. She then moved to to MS Frontier as ... Read the full article
BRP Group promotes MSI founders Roche & Schultz to senior roles
8th October 2021
Independent insurance distribution firm BRP Group has announced the promotions of Jim Roche and Brian Schultz to the newly-created positions of Chief Insurance Innovation Officer and President, MSI Multifamily and Emerging Markets, respectively. Both are Co-Founders and Managing Partners of BRP’s MGA platform, Millennial Specialty Insurance (MSI). As Chief Insurance Innovation Officer, ... Read the full article
Arch increases support for Hive Aero
8th October 2021
London-based managing general agent Hive Aero has announced an increased level of support from Arch Insurance (UK) and Arch Insurance (EU) DAC for its underwriting of the Aviation Hull and Liabilities class. As a result, Hive Aero’s Aviation Hull and Liabilities lines will increase respectively to $15 million and $100 million. “The ... Read the full article
Innovative finance models needed to plug disaster funding gap: Howden
7th October 2021
Howden, the international insurance broker, plans to drive forward the use of innovative financing models to help plug the estimated $20 billion disaster relief funding gap by bringing the issue to the fore at the World Climate Summit. As an official partner of the Summit, Howden Group CEO, David Howden, will ... Read the full article
Canopius adds Richard Parker to co-lead expanded space division
7th October 2021
Global specialty re/insurer Canopius has appointed Richard Parker to serve as joint head of space alongside Chris Gibbs, and underwriting assistant Kelly Bromley. Both Gibbs and Bromley assumed their new roles in the US on October 1, making Canopius’ space team one of the largest in the market. Parker brings over 34 ... Read the full article
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