Reinsurance News
Howden Specialty names Hegelbach as Divisional Director
28th May 2021
Howden Specialty has appointed Severin Hegelbach to the newly created role of Divisional Director. He will lead a renewable energy advisory service, focused on providing in-depth risk advice for clients, sponsors, lenders, investors, retail and other partners. Hegelbach joins from Willis Tower Watson (WTW), where he was Divisional Director in the Financial ... Read the full article
Fitch Ratings turns positive on AXA off improving XL performance
28th May 2021
Fitch Ratings has revised its outlook on AXA and its core insurance subsidiaries' Insurer Financial Strength (IFS) Ratings, changing AXA's Long-Term Issuer Default Rating (IDR) to Positive from Stable. Fitch’s revision is driven primarily by an expectation for the AXA group to secure a property and casualty combined ratio sustainably below ... Read the full article
Swiss Re sells remaining stake in New China Life: reports
28th May 2021
Reports today from media company Caixin suggest that Swiss Re may have sold its remaining stake in Beijing-based life insurer New China Life Insurance Co. Swiss Re bought 152.9 million shares in New China Life in 2013, but then sold almost half of these a few years ago in a deal ... Read the full article
More than half of US mortgage reinsurance backed by Bermuda market: ABIR
28th May 2021
More than half of US mortgage reinsurance is backed by the Bermuda reinsurance market, according to new analysis by the Association of Bermuda Insurers & Reinsurers (ABIR). Reinsurance companies on the island provided increased capacity to US monoline private mortgage insurers in recent years, upping their share of reinsurance support from ... Read the full article
Hamilton appoints Kevin Price to lead US E&S’ Allied Medical
28th May 2021
Bermudian re/insurer Hamilton Insurance Group has appointed Kevin Price as Head of Allied Medical for its US excess and surplus business. Price will report to Clay Rhoades, President, US E&S, and joins from RCM&D. This newly created role will see him take responsibility for building out the US-based book of Allied Medical ... Read the full article
Obsidian hires new Head of Business Development
28th May 2021
Obsidian Insurance Holdings has appointed Jessica Ferguson as Head of Business Development. Prior to joining Obsidian, she was with Liberty Mutual Insurance for over two years as Wholesale Distribution Executive, East Coast. Before Liberty Mutual she was Vice President, Program Broker with JLT Re. She spent just under nine years with AIG, most ... Read the full article
UPC restructures reinsurance program at renewal
28th May 2021
Florida head-quartred insurer United Insurance Holdings (UPC Insurance) has renewed its core catastrophe reinsurance program for 2021/22. For this year, the insurer's core catastrophe program includes $2.85 billion of first event reinsurance limit on a fully cascading basis, except for the Florida Hurricane Catastrophe Fund layer. In addition to the Core CAT ... Read the full article
Helios reports drop in 2020 profit off Covid-driven market pressures
28th May 2021
Lloyd’s of London investment and underwriting vehicle Helios has announced a £336,000 profit for 2020, down from the £2.4 million reported in 2019. Helios says profitability has been significantly impacted by poor underwriting conditions and by the impact of COVID-19 losses. In its wake, the expectation of improved underwriting margins has allowed ... Read the full article
French regulator dismisses market abuse claims against SCOR’s Kessler
28th May 2021
The French financial regulator has concluded that there is insufficient evidence to support claims of market abuse made by Covéa against Denis Kessler, Chairman and CEO of SCOR. The French Financial markets authority informed the French Financial prosecution office that the information it has gathered does not support the charges made ... Read the full article
Aviva inks £190mn bulk annuity deal
28th May 2021
London headquartered insurer Aviva has completed a £190 million bulk purchase annuity buy-in transaction with the Trustees of the Wyeth Group Pension and Life Assurance Scheme. The sponsoring employer, John Wyeth & Brother Limited, is part of the Pfizer Group, one of the world’s largest biopharmaceutical companies. Aviva will insure the defined ... Read the full article
Agman hires Nick Davies as Operating Partner
28th May 2021
Entrepreneurial investment firm Agman has appointed Nick Davies as an Operating Partner, to support the firm’s expanding insurance platform. Davies brings over 25 years’ of experience in international re/insurance markets, most recently serving as a group executive for Brit Insurance, where he served as President of their US and Bermuda business. He ... Read the full article
Buckle completes purchase of additional legacy assets from Atlas
28th May 2021
US-based commercial auto insurer Atlas Financial Holdings has announced the previously disclosed sale of further legacy assets, American Service Insurance Company and American Country Insurance Company, to ride-sharing insurance provider Buckle has concluded successfully with the necessary regulatory and court approvals. The transaction closed on May 25th with buckle paying $3 ... Read the full article
Global P&C reinsurers write $18bn in premiums of Q1
27th May 2021
Data from the Reinsurance Association of America (RAA) shows that a group of 17 U.S. property and casualty (P&C) reinsurers wrote $17.9 billion of net premiums during the first three months of 2020, an increase from the $16.5 billion recorded in 2019. The combined ratio for the group was 98.4%, deteriorating ... Read the full article
Hiscox Group hires Erica Fletcher as Global Head of Diversity & Inclusion
27th May 2021
Hiscox Group, the specialist insurance and reinsurance underwriter, has appointed Erica Fletcher as its new Global Head of Diversity & Inclusion (D&I). Prior to joining Hiscox, Erica held a global D&I leadership role at Accenture and Microsoft’s joint venture, Avanade, where she designed strategies that improved diversity across the organisation. Her experience ... Read the full article
Rising Edge announces four senior hires
27th May 2021
Rising Edge, a London-based directors’ and officers’ (D&O) Managing General Agent (MGA), has made four senior appointments. Miles Murphy has been appointed Finance Director and Chief Operating Officer. He brings over 25 years’ insurance industry experience and will be responsible for all the financial and operational aspects of the business. Murphy's been working ... Read the full article
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