Reinsurance News
Talks over the sale of AXA XL Re to Covéa fail: report
29th September 2021
According to reports in France, mutual insurance group Covéa's attempt to acquire the reinsurance operations of AXA XL has failed, with sources suggesting that the price proposed was insufficient. As reported by French publication, L'Argus de l'assurance, Covéa's search for a reinsurance entity continues after AXA XL Re joins the list ... Read the full article
MS Amlin AG branches into agriculture reinsurance with PartnerRe hire
29th September 2021
MS Amlin AG (MS AAG), MS Amlin’s reinsurance company operations, has announced its entry into the agriculture reinsurance market with the hire of Rinat Bektleuov as Product Group Lead Underwriter. The agriculture reinsurance offering will be available globally and coverage includes five core products, namely crop insurance, livestock insurance, aquacultural insurance, ... Read the full article
AM Best turns negative on Indonesia non-life market
29th September 2021
AM Best has revised its market segment outlook on Indonesia’s non-life insurance market to negative from stable, citing a weak economy recovery, which could delay its pandemic recovery and impact investment returns. The rating agency notes that a resurgence of the COVID-19 virus and slow vaccination progress have led to a ... Read the full article
Health reasons cited as Brit CEO Wilson takes indefinite leave of absence
28th September 2021
Matthew Wilson, the Group CEO of re/insurer Brit, has announced his decision to take an indefinite leave of absence due to health reasons. Martin Thompson, an incoming Executive Officer from Fairfax, will step into the role on an interim basis. He's described as a highly experienced leader in the insurance sector having ... Read the full article
ARA’s CR improved by 10pp in H1 despite cat losses doubling: Aon
28th September 2021
According to Aon’s Reinsurance Aggregate (ARA), the sector’s H1 combined ratio improved from 104.4% last year to 94.0% in 2021, despite natural catastrophe losses more than doubling this year. Aon notes that the impact of COVID-19 losses was much reduced, revealing the underlying benefit of the compounded rate increases achieved over ... Read the full article
Global Parametrics partners with ERN & Ingeniar on Colombia landslide risk
28th September 2021
Parametric and index-based disaster risk transfer firm Global Parametrics has partnered with ERN and Ingeniar to help design the first risk transfer parametric product for urban landslides in Manizales, Colombia. ERN is a Latin American specialist in catastrophe risk models, while Ingeniar has been the main private advisor for the local ... Read the full article
Roosevelt Road Re adds Duncan King, Joe Bonanno to lead underwriting
28th September 2021
Bermuda-headquartered reinsurer Roosevelt Road Re has named Duncan King and Joe Bonanno to lead its underwriting division. King steps into the Chief Underwriting Officer role in early 2022, having recently departed from Argenta Group as its senior underwriter for casualty and specialty treaty. Based in London, King brings 37 years’ experience working ... Read the full article
AXA XL Insurance names Jeremy Gittler as Head of Cyber & Tech, Americas
28th September 2021
The insurance arm of AXA's property & casualty and specialty risk division, AXA XL, has appointed Jeremy Gittler as Head of Cyber and Technology for the Americas. In his new role, Gittler will be based in New York and will manage AXA XL's cyber portfolio and will develop the regional underwriting ... Read the full article
Cyber insurer Coalition closes $205mn funding round
28th September 2021
Cyber insurer Coalition has successfully raised $205 million in a funding round that increases its valuation to over $3.5 billion. Coalition will use this injection of capital to accelerate its scale and expand into new insurance lines. The funding round was co-led by Durable Capital, T. Rowe Price Associates and Whale Rock ... Read the full article
Heath Fisher to step down as President of Palomar
28th September 2021
Specialty property insurer Palomar Holdings has announced that its President, Heath Fisher, has decided to resign from his position at the company, effective April 1, 2022. Fisher has served as President of Palomar since October 2013, before which he spent four years in senior roles at Guy Carpenter. His professional career spans ... Read the full article
Concirrus adds Mat Maddocks as Director of Reinsurance
28th September 2021
Concirrus has announced the appointment of Mat Maddocks to serve as the firm’s Director of Reinsurance. Maddocks is a senior re/insurance market executive with over 20 years’ experience working in the London Market. He has particular expertise in designing and executing multidisciplinary strategies at times of change, growth, and start-up. Maddocks’ technical skills ... Read the full article
Praedicat moves to simplify underwriting of emerging liability risk
28th September 2021
Praedicat, the liability emerging risk analytics company, has launched a new Company Risk Score designed to markedly simplify the underwriting of complex emerging risks for liability insurance. The Company Risk Score is available in Praedicat’s emerging risk software product CoMeta and applies machine learning and artificial intelligence ... Read the full article
AXA XL names Andrew MacFarlane as Head of Climate
28th September 2021
AXA XL has appointed Andrew MacFarlane as Head of Climate, where he will be responsible for developing a single, global climate strategy for AXA XL. In his new role, he will ensure the division’s climate-related efforts are aligned towards furthering AXA’s climate leadership position. MacFarlane started his career at Equitas in London ... Read the full article
Pool Re’s Enoizi named IIL President, Deputy
28th September 2021
Pool Re Chief Executive Officer Julian Enoizi has been appointed President and Deputy for the Insurance Institute of London for 2021-2022. Enoizi is expected to draw on his speaking abilities at conferences worldwide by advocating the importance of public/private partnerships and international collaboration to tackle difficult to insure perils facing the ... Read the full article
Allianz exploring asset transfer amid Structured Alpha probe: reports
28th September 2021
Allianz is reportedly in discussions with Resolution Life regarding a potential transfer of a block of Swiss life insurance assets, in a move that could free up regulatory capital for the ongoing investigation into its asset management arm. Sources at Bloomberg say Allianz and Resolution have been working with advisors on ... Read the full article
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