Reinsurance News
Fidelis hires Victor Riega as head of sustainability
16th August 2021
Fidelis Insurance Holdings, the specialty insurance and reinsurance firm launched by Richard Brindle, has appointed Victor Riega as its first head of sustainability. Riega joins Fidelis from Standard Chartered where he was a Senior Sustainability Manager. Prior to Standard Chartered, he worked at Aviva where he led their approach to human rights, ... Read the full article
Brookfield Reinsurance secures Q2 net income of $2mn
16th August 2021
Brookfield Reinsurance has announced a second quarter net income of $2 million, up from the $1 million loss reported for the prior year quarter. The increase in net income is attributed to additional assets under management and stronger investment returns. At quarter end, The group held $1.1 billion in excess capital, which ... Read the full article
Guy Carpenter names Willis Re’s Harden as President of APAC
16th August 2021
Michael Harden has left Willis Re to join reinsurance broker Guy Carpenter as President of Asia Pacific, effective immediately. Harden brings more than 45 years of insurance and reinsurance industry experience to his new role. He joined Willis Re in Australia in 1991 as a Director before being made Chief Executive Officer ... Read the full article
AXA Singapore to be acquired by HSBC for $575 million
16th August 2021
Global insurer AXA has entered into an agreement with HSBC Insurance (Asia-Pacific) Holdings Ltd over the sale of AXA Insurance Pte Ltd (AXA Singapore) for a total cash consideration of USD 575 million (€487mn). It was reported back in January that British bank HSBC Holdings was among the shortlisted bidders ... Read the full article
Tokio Marine HCC’s Credit Group expands key European, Political Risk Team
16th August 2021
Tokio Marine HCC (TMHCC) - Credit Group has expanded its European Credit and Political Risk team with the appointment of Benjamin Faubert as Senior Underwriter. Faubert will operate from the firm’s Paris office and write a combination of Credit and Political Risk insurance products, with a particular focus on clients within ... Read the full article
Partial closure of China port threatens $172bn worth of global trade
13th August 2021
According to analysts at Russell Group’s ALPS Marine platform, China’s partial closure of the port of Ningbo threatens $172 billion worth of global trade and the export of $39.2 billion worth of Integrated Circuit Boards (ICBs). It comes as the cost of shipping from China and South East Asia to the ... Read the full article
Midwest Holdings reports improvement in Q2 net income
13th August 2021
Midwest Holding Inc. has announced a GAAP net loss of $5 million for the second quarter of 2021 against a loss of $16.6 million for the prior year period, as the firm continues to advance its reinsurance pipeline. Alongside the year-on-year improvement in net income, Midwest has reported a rise in ... Read the full article
CNA Exec VP & CFO Al Miralles resigns, search for successor underway
13th August 2021
Chicago-based insurer CNA has announced the resignation of Executive Vice President and Chief Financial Officer Al Miralles and says the process of identifying a suitable successor is underway Miralles notified CNA of his intention to leave the insurance industry and transition to a career in the technology sector. The insurer tapped Larry ... Read the full article
Pro Global hires Louisa Pavis to lead consulting business
13th August 2021
Global re/insurance outsourcing and consulting specialist Pro Global Holdings has appointed Louisa Pavis to lead its consulting business. Pavis joins Pro from innovation-led private equity group Apater Capital, where she was Chief Operating Officer and Head of Advisory. She brings years of experience along with a deep understanding of portfolio management and ... Read the full article
IGI posts improved Q2 net profit of $5.6mn
13th August 2021
IGI has announced a second quarter net profit of $5.6 million, compared to a net profit of $12 million in the prior year period. Core operating income stood at $9 million and $10.3 million for Q220 and Q221, respectively. The lower core operating income is primarily the result of a 6-point increase ... Read the full article
Gallagher to acquire Willis Re’s treaty reinsurance operations
13th August 2021
Arthur J. Gallagher & Co. has announced that it will be acquiring all of Willis Re's treaty reinsurance brokerage operations for an initial gross consideration of $3.25 billion; a figure which could rise by another $750 million dependent on certain third-year revenue targets. After seeing its proposed acquisition of Willis ... Read the full article
European Commission clears VIG Aegon acquisition
13th August 2021
The European Commission has given clearance for Vienna Insurance Group AG Wiener Versicherung Gruppe's (VIG) acquisition of Aegon’s businesses in Central and Eastern Europe. Last year, Aegon, a provider of life insurance, pensions and asset management, reached an agreement to sell its Central and Eastern European operations to VIG for ... Read the full article
Hippo furthers underwriting capacity, partners with Incline P&C
13th August 2021
Incline P&C Group has entered into a new issuing carrier relationship with Hippo Insurance Services to offer protective policies and services to home insurance customers. Within the last six years, Hippo has expanded its insurance products to reach homeowners in 37 states and grown its distribution partnerships to meet customers when ... Read the full article
Cincinnati Financial posts $703mn net income for Q2
13th August 2021
Primary insurer Cincinnati Financial has reported a net income of $703 million for the second quarter of 2021, compared with $909 million for the same prior year period. The insurer reported a $206 million decline in income for the second quarter primarily due to the after-tax net effect of a $427 ... Read the full article
AmTrust to open Salt Lake City office
13th August 2021
New York based insurer AmTrust Financial Services, has created a greater Salt Lake City office which is set to open in November. The insurer expects to add up to 180 new high-paying Utah jobs in the next five years. This new office expansion supports AmTrust’s core lines of business and will ... Read the full article
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