Reinsurance News
Apollo expands into casualty treaty with Paul Sandi hire
20th September 2021
Apollo Syndicate Management, the independent specialist insurer and reinsurer, has announced the appointment of Paul Sandi to head the build-up of a casualty treaty team within Syndicate 1969, subject to Lloyd’s approval. Sandi has nearly 20 years of industry experience and joins Apollo from Canopius, where he was head of casualty ... Read the full article
Convex establishes European subsidiary, A- rating secured from S&P
20th September 2021
Convex Group has authorised its new Luxembourg-based European insurance entity Convex Europe SA (CES), securing an A- rating from S&P Global. Convex is described as having worked closely with the Luxembourg regulator the Commissariat aux Assurances (CAA) in order to secure regulatory approval on 15 September. This development leaves Convex with a ... Read the full article
Gallagher adds Martin Rossiter as partner within aerospace practice
20th September 2021
Global reinsurance broker Gallagher has named Martin Rossiter partner within its aerospace practice, a role which will see him focus on further evolving the firm’s industry value proposition while supporting clients with their wider risk management needs. Rossiter joins from Etihad with 35 years’ experience in aviation risk. His final five years ... Read the full article
Lockton Re adds Monica Tigleanu to Cyber Practice
20th September 2021
Lockton Re, the reinsurance arm of the global broker, has announced the addition of Monica Tigleanu to its Specialty Division as part of the Cyber Practice. Tigleanu most recently served as Senior Vice President (SVP) Cyber, Media & Technology at Marsh Specialty, having joined the firm in 2018. Earlier in her career, ... Read the full article
Half of customers would consider insurance from digital players, report shows
20th September 2021
New research published by Capgemini and Efma shows that, for the first time, 50% of insurance customers are willing to consider coverage from new-age digital players, as incumbents seek strategic partnerships to remain competitive. The World InsurTech Report 2021 notes that insurtechs and big tech players are leveraging significant capital inflows ... Read the full article
Chris Schaper named CEO of AIG’s ILS manager AlphaCat
20th September 2021
Chris Schaper, Chief Executive Officer (CEO) of AIG Re and Validus Re, will assume direct CEO leadership of insurer AIG's insurance-linked securities (ILS) manager, AlphaCat. This appointment aligns all core businesses of AIG's assumed reinsurer directly under the leadership of Schaper. Current CEO of AlphaCat, Paschal Brooks, is set to depart AIG ... Read the full article
wefox hires former Zurich Intl. head Huber as Chief Insurance Officer
20th September 2021
wefox, a full-stack digital insurance company based in Berlin, has announced the appointment of Peter Huber, formerly Chief Executive Officer (CEO) at Zurich International, as its Chief Insurance Officer, effective September 20th, 2021. wefox was founded in 2015 by Julian Teicke, Fabian Wesemann, and Dario Fazlic. The company’s goal is to ... Read the full article
Rate growth less abrupt but longer-lasting than past hard markets: KBW
17th September 2021
Analysts at Keefe, Bruyette & Woods (KBW) have suggested that rate growth in the current hardening market should continue for longer than in typical ‘three-year’ cycles seen in the past, despite the fact that increases have generally been less abrupt this time around. The firm believes that rate increases will be ... Read the full article
Hamilton appoints Kevin Marzec to lead US E&S management liability
17th September 2021
Hamilton Insurance Group has added Kevin Marzec to its US Excess and Surplus (E&S) business as Head of Management Liability. Marzec joins from Ironshore having served for 12 years as Assistant Vice President, US Wholesale D&O Division. He reports to President of US E&S, Clay Rhoades, and is focused primarily on building ... Read the full article
Resolution Life signs $9.4bn reinsurance deal with Lincoln Financial
17th September 2021
Resolution Life US Holdings has announced the signing of a $9.4 billion reinsurance transaction between its insurance subsidiary, Security Life of Denver Insurance Company (SLD) and The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation. The deal consists primarily of bank and corporate owned life insurance business alongside ... Read the full article
Heavy Ida losses to trigger Progressive’s reinsurance recoveries
17th September 2021
The Progressive Corporation has confirmed the triggering of its excess-of-loss reinsurance cover as a result of losses incurred by hurricane Ida. The insurer notes Ida has so-far driven reported and IBNR losses of $510 million across the US Gulf Coast and Northeast. Ida made landfall as a 150 mph Category 4 ... Read the full article
In order for FedNat to maintain its rating, it must continue to raise capital: FedNat’s Simberg
17th September 2021
FedNat Holding Company has provided an update on the activities of its Strategic Review Committee (SRc), which was formed last year by the company’s Board of Directors. The committee was created to review the company’s business plan, capital ... Read the full article
Statutory earnings for US P/C insurers materially improved in 1H21, says Fitch
17th September 2021
Statutory earnings for US property/casualty (P/C) insurers materially improved in 1H21, says Fitch Ratings analysts, with better underwriting performance tied to higher commercial lines pricing and diminishing effects of pandemic-related losses, as well as outsized investment gains. The industry is reported to be better positioned for full-year results and will ... Read the full article
BI test case payouts top £1bn with 64% of policyholders paid: FCA
17th September 2021
New data from the Financial Conduct Authority (FCA) shows that total reported claims payments for policies related to the COVID-19 business interruption (BI) test case in the UK have now exceeded £1 billion. The aggregate value of the payments made for the 22,680 claims where final settlements have been agreed and ... Read the full article
Fortegra promotes Mark Davies to SVP, Alternative Risk
17th September 2021
The Fortegra Group, a global specialty insurer and subsidiary of Tiptree, has promoted Mark Davies to Senior Vice President of Fortegra's Alternative Risk Team. In his expanded role, Davies will support programs with bespoke needs and demands. Davies has been with Fortegra since 2017, most recently serving as Vice President of Specialty ... Read the full article
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