Reinsurance News
Toa Re America announces senior leadership hires
25th August 2021
Toa Re America (TRA) has appointed Brian Sabia as Executive Vice President and Chief Underwriting Officer and Julie Halper as Executive Vice President and Chief Actuary. Sabia joins TRA from PartnerRe where he held the position of Executive Vice President and Head of Professional Liability. Prior to Partner Re, he held a ... Read the full article
Insurtech Pie Insurance buys carrier from Premia to go full-stack
25th August 2021
Pie Insurance, a growing insurtech company that specialises in workers' comp insurance for small businesses, has achieved a first-step in its ambition to become a full-stack insurtech, by acquiring a carrier from legacy player Premia Holdings Ltd. Pie announced today that its Pie Carrier Holdings entity has now received regulatory approval ... Read the full article
Hurricane Henri insured loss estimated at $155mn by KCC
25th August 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that insured losses from Hurricane Henri, which impacted parts of the US Northeast earlier this week, will be close to $155 million. KCC’s estimate includes the privately insured damage to residential, commercial, and industrial properties and automobiles. Henri made landfall in Rhode ... Read the full article
Sasria says riot claims could hit US $1.34bn, reinsurance costs to rise
25th August 2021
South Africa's state-owned insurer, Sasria, has reported that it now anticipates the bill for claims from civil unrest and rioting in the country in July could reach as much as US $1.34 billion. At the same time, Sasria told Reuters that it will be raising its premiums for political violence protection, ... Read the full article
Peak Re profit growth drives higher reinsurance revenues for Fosun in H1
25th August 2021
Fosun International Ltd., the Chinese conglomerate and investment company, has announced a much-improved contribution from its insurance and reinsurance businesses during the first-half of 2021. Overall, the insurance and reinsurance operations at Fosun delivered RMB 15.48 billion (almost US $2.4bn) of revenues in the first-half of this year, achieving a ... Read the full article
Data is key to unlocking uninsurable risks: Swiss Re’s Mumenthaler
25th August 2021
Christian Mumenthaler, Chief Executive Officer (CEO) at Swiss Re, has argued that data and digitalisation will be key levers for re/insurers to tackle ‘uninsurable’ risks and reduce the global protection gap. Writing as part of a recent blog post, the Swiss Re executive noted that the pandemic has exacerbated the growing ... Read the full article
Zurich Middle East names Reena Vivek interim CEO
25th August 2021
Global insurance giant Zurich's Middle East life unit has named a new interim Chief Executive Officer, as long-time Zurich executive Reena Vivek steps into the role. Zurich International Life in the Middle East said in June that its CEO Walter Jopp would step down from the role as chief executive officer ... Read the full article
McGill hires WTW’s Neelan as Partner & Head of US Operations
25th August 2021
Specialist re/insurance broker McGill and Partners has hired Tresa Neelan as a Partner and its Head of US Operations from rival Willis Towers Watson. Neelan joined McGill this month and is tasked with providing strategic leadership to its organisational work in the United States, also focusing on delivering sustainable growth and ... Read the full article
Former Catlin exec Gerety takes top insurance role at COGITANDA
25th August 2021
COGITANDA Dataprotect AG, a German provider of cyber risk management and insurance solutions, has announced the appointment of Ronan Gerety as Chief Insurance Officer (CIO), effective September 1st. Gerety, who will also join COGITANDA’s Executive Board, was one of the founding directors of specialty insurer Catlin. At Catlin, he was responsible for ... Read the full article
Chubb makes senior hires within NA Property and Wholesale Excess & Surplus business
25th August 2021
Chubb has announced leadership appointments within its North America Property business unit and in its wholesale excess and surplus lines division. Matt Booker has been appointed Executive Vice President, Westchester Property and Inland Marine. In his new role, he will have responsibility for leading new business development, strategic direction, and implementation of ... Read the full article
Litigation driving higher loss-costs, says AM Best
25th August 2021
Analysts at AM Best have reported that defence and cost containment (DCC) expenses including defence, litigation and medical cost containment are causing insurance claims to become increasingly severe and more complex. DCC expenses are elevated for certain lines of property and casualty (P&C) business in particular, compared with other lines, the ... Read the full article
Probitas 1492 gains approval for new managing agency
25th August 2021
Probitas 1492, an underwriting Syndicate at Lloyd’s of London, has announced that its managing agent, Probitas Managing Agency Limited (PMA), has received all necessary approvals to assume responsibility for Syndicate 1492. The management of the Syndicate will now transfer from Capita Managing Agency Limited to PMA on 1st September 2021. Probitas 1492 ... Read the full article
Coverys takes majority stake of Brady Insurance in Ireland
25th August 2021
Coverys European Holdings (CEH), an agency platform and network specialising in European markets, has completed a 51% acquisition of Joseph G Brady (Insurance) Ltd. (Brady Insurance), an insurance underwriting agency, broker and Lloyd’s coverholder based in Ireland. Brady Insurance provides a suite of business and personal lines products from its headquarters ... Read the full article
Change is coming to the entire insurance sector: Krista Griggs, Fujitsu UK
24th August 2021
In a recent interview with Reinsurance News, Krista Griggs, Head of Financial Services and Insurance at Fujitsu UK, discussed the importance of data within the re/insurance sector against a backdrop of rapidly advancing technologies. While the prevalence of data has been something which has been in the underwriting of insurance policies ... Read the full article
Bermuda re/insurers pay US customers $400bn in 20 years: BMA
24th August 2021
According to commercial market claims data collected by the Bermuda Monetary Authority (BMA), Bermuda re/insurers paid out $209.6 billion to US policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims from 2016 until 2020. The BMA’s 2017 survey showed that during the twenty-year period from 1997 ... Read the full article
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