Reinsurance News
Hurricane-exposed cat bond issuance robust in 2021, says Fitch
9th June 2021
The demand for hurricane-exposed catastrophe bonds has continued at a steady pace for the first half of this year, say analysts at Fitch Ratings. According to the Artemis Deal Directory, so far this year sixteen catastrophe bonds have been issued or are expected to be issued under SEC rule 144A, ... Read the full article
RGA inks annuity reinsurance transaction with Modern Woodmen
9th June 2021
Leading global life, annuity, and health reinsurer RGA has announced the completion of an annuity reinsurance transaction with Modern Woodmen of America (Modern Woodmen). Modern Woodmen is a member-owned fraternal financial services organisation. Under the agreement, an RGA subsidiary will reinsure a seasoned block of US annuity business. Modern Woodmen will continue ... Read the full article
Hiscox UK hires Cheralyn Perry as Head of APC Distribution
9th June 2021
International specialist insurer Hiscox has appointed Cheralyn Perry as Head of Art and Private Client (APC) Distribution within its UK branch. Perry brings over 30 years of industry experience to Hiscox and joins from RSA where her most recent position was Partnerships Director. Prior to this, she held positions as Sales Director, ... Read the full article
TigerRisk names Jonathon D’Arcy as CFO
8th June 2021
Global insurance and reinsurance brokerage, TigerRisk Partners LLC, has announced that Jonathon D’Arcy will succeed Milan Radonich as the company's new Chief Financial Officer (CFO). D’Arcy joins TigerRisk from private equity startup in cyber risk analytics and insurance, ARCEO.AI, where he served as CFO. Earlier in his career, he spent 23 years ... Read the full article
UN chief says decisive climate action needed from re/insurers: IDF
8th June 2021
UN Secretary-General António Guterres has asserted that the re/insurance industry has a “key role to play” in promoting the transformations needed to protect the world from climate change. Speaking at an Insurance Development Forum (IDF) event today, Guterres said re/insurers must take “decisive action now” to help mitigate the impacts of ... Read the full article
KCC US Hurricane Model Version 3.0 certified in Florida
8th June 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has announced that its US Hurricane Reference Model Version 3.0 has been certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM). The certification follows on from the approval of the KCC US Flood Model certification last December. The FCHLPM was established in ... Read the full article
Tokio Marine HCC appoints Paddon to lead London Market
8th June 2021
Tokio Marine HCC, a member of Tokio Marine Group, has appointed Neil Paddon to lead its London Market and European operations. Paddon is the Head of Contingency and has been with Tokio Marine for over 10 years. He will assume the responsibility for the London Market and Europe, including product distribution for ... Read the full article
European Commission urges caution on state-backed pandemic scheme
8th June 2021
A top representative from EU regulator the European Commission has called for “caution” regarding the implementation of a public-private insurance scheme to provide coverage for pandemic risk. John Berrigan, head of financial services at the European Commission, addressed the issue earlier today during an Insurance Europe webinar titled ‘Resilience Lessons from ... Read the full article
Swiss Re warns of credit risks from unviable ‘zombie’ companies
8th June 2021
The latest SONAR report from Swiss Re has identified a number of threats that will shape the future post-COVID risk landscape for insurers, including increased credit and financial market risks due to unviable ‘zombie’ companies, which have been kept alive by government support programs. Other major risks highlighted by Swiss Re ... Read the full article
Penn River partners with Hannover Re US
8th June 2021
Penn River has entered into a partnership with Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re. The partnership will enable Penn River to launch a reinsurance addition to its ProductHub platform. This addition to the platform gives its clients the ability to integrate with ... Read the full article
Cayman Finance responds to G7 global corporate tax minimum talks
8th June 2021
The Cayman Islands’ financial services association has responded to news of a global minimum corporate tax rate being agreed upon by G7 leaders, highlighting its international commitments to protecting against tax evasion. An accord was reached on Saturday that backed the creation of a global minimum corporate tax rate of at ... Read the full article
BoE launches climate stress test for insurers
8th June 2021
The Bank of England (BoE) has officially launched its Climate Biennial Exploratory Scenario (CBES), which is designed to explore the financial risks posed by climate change for the largest UK banks and insurers. While the BoE runs regular stress tests to help assess the resilience of the UK financial ... Read the full article
Lockton appoints director Melanie Cruz to Central America fac team
8th June 2021
Independent insurance broker Lockton has appoionted Melanie Cruz as a director within its Caribbean and Central American Facultative team. Cruz will be based in Puerto Rico and oversee Lockton’s offering within the Central American market. She brings over 12 years’ experience to the role, including time at ceding companies and multinational insurers. Prior ... Read the full article
McGill and Partners hires Aon’s Warren Mula to support US growth plans
8th June 2021
Insurance broker McGill and Partners has added Warren Mula as a Strategic Advisor and Non-Executive Director of McGill Global Risk Solutions. Mula will look to support this growth with a particular focus on the specialist broker’s US plans; encompassing talent, clients, markets and intermediary partners. He joins after 40 years’ service with ... Read the full article
BMS hires Mark Aylward as Managing Director of London DUA
8th June 2021
BMS, the independent specialist insurance and reinsurance broker, has appointed Mark Aylward as Managing Director of its newly structured London Delegated Underwriting Authority (DUA) and Programmes division. He will lead BMS's expansion in the sector, primarily in the US and will report to Hannah Watkins, Managing Director, BMS Re. Aylward brings over ... Read the full article
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