Reinsurance News
Marsh Specialty names Michelle Sartain as head, US and Canada
7th December 2021
Re/insurance broker Marsh has appointed Michelle Sartain as head of Marsh Specialty for the US and Canada. In this role, Sartain will oversee Marsh’s aviation, construction, energy and power, credit specialties, financial and professional (FINPRO), marine, private equity and M&A (PEMA), and transactional risk specialty businesses in the region. Currently head of ... Read the full article
Aon turns to Guidewire for cyber software integration
7th December 2021
Re/insurance broker Aon has announced plans to implement the cyber data listening and modelling collection capabilities offered by specialist firm Guidewire. Aon views the high-profile events of 2021 as having further reinforced industry concerns over the systemic potential of cyber attacks, and the rapid rise of ransomware events. It's hoped Guidewire’s Cyence ... Read the full article
Double-digit rise in property cat reinsurance rates for 2022, Fitch says
7th December 2021
Fitch Ratings analysts forsee double-digit premium rate rises for property catastrophe cover in 2022, following an insured loss total of close to $100 billion in 2021 and the prospect of natural catastrophe claims increasing in frequency and severity. In fact, reinsurance rates across catastrophe-related lines of business are expected to rise ... Read the full article
Gallagher Re set to win TWIA account
7th December 2021
The Actuarial & Underwriting Committee of the Texas Windstorm Insurance Association (TWIA) has voted to recommend that the Association's Board of Directors select Willis Re (now Gallagher Re) for reinsurance broker services. We wrote in November that TWIA was considering changing its reinsurance broker from Guy Carpenter, with the committee ... Read the full article
Gallagher wraps up investment in specialist broker ACE
7th December 2021
Global re/insurance broker Arthur J. Gallagher & Co has wrapped up its 30% minority investment in Middle East & North Africa (MENA) specialist insurance broker, ACE. This deal follows Gallagher's successful purchase of Willis Re last week. It was announced in August that Gallagher had reached an agreement to acquire ... Read the full article
Neptune Flood partners with insurance marketplace Attune
7th December 2021
AI-driven flood insurtech Neptune Flood has announced a new partnership with Attune Insurance, a New York-based commercial insurance marketplace. Going forward, brokers using Attune will have access to Neptune solutions for flood risk. Neptune offers coverage limits eight times the level of the NFIP and optional business interruption cover to help businesses ... Read the full article
Latest COVID wave poses milder economic threat: Swiss Re
6th December 2021
With many parts of Europe currently experiencing a winter resurgence in COVID-19 cases and restrictions, analysts at Swiss Re have assured that this latest wave of the pandemic represents a less severe threat to economic activity than previous ones. The reinsurer’s optimism primarily stems from higher population immunity in affected countries, ... Read the full article
Mosaic names Muzeya as VP, Senior Underwriter, Financial Institutions
6th December 2021
Mosaic Insurance has appointed Womba Muzeya as Vice President, Senior Underwriter, Financial Institutions for its London team, as the company continues to build out specialty units tackling diverse and specialised risks. She will report to the division’s global head, Chris Brown, and underwrite a broad array of financial institutions coverage, from ... Read the full article
CNA appoints Scott Lindquist as EVP and CFO
6th December 2021
Scott Lindquist is set to replace Larry Haefner as CNA's new Executive Vice President (EVP) and Chief Financial Officer (CFO), reporting to Dino E. Robusto, the company's Chairman and Chief Executive Officer (CEO). Lindquist joins the firm on January 10, 2022, and takes on duties as CFO after the filing of ... Read the full article
MNK Re hires Kruger to drive Africa business development
6th December 2021
MNK Re Limited, an independent broker of worldwide specialist risks into Lloyd’s, has announced the appointment of Lesley Kruger as its new Director of Business Development. Kruger brings to MNK Re 26 years’ experience within African markets, having recently been Chief Operating Officer of a South African-based risk management company. She will ... Read the full article
Bowring Marsh names Justine Mayhew as CEO, UK & Ireland
6th December 2021
Re/insurance broker Marsh has appointed Justine Mayhew as CEO, UK & Ireland, of Bowring Marsh, Marsh’s international placement business. Mayhew will be based in London and reports to Tom Davies, Global CEO, and will lead its London-based team of international placement specialists. She will also provide risk transfer solutions, benchmarking, and claims advocacy ... Read the full article
AM Best affirms Vantage despite “active” first year
6th December 2021
Global ratings agency AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Vantage Risk Ltd. (Bermuda) and its affiliate, Vantage Risk Specialty Insurance Company (Chicago, IL). The ratings affirmation from AM Best comes despite an active first year of ... Read the full article
China Pacific Life Insurance gets Hong Kong authorisation
6th December 2021
China Pacific Life Insurance (H.K.) Company Limited (CPIC Life (HK)) has been authorized by the Hong Kong Insurance Authority to operate long term insurance business in Hong Kong. John Cai, General Manager (CEO) of China Pacific Life Insurance Co., Ltd. (CPIC Life), explained that CPIC Life (HK) will play an important ... Read the full article
Louisiana’s insurers set for $100mn Ida hit following collapse of two firms
6th December 2021
Louisiana's insurers are on the hook for $100 million in Hurricane Ida claims left unpaid by two now-defunct carriers in the state. In an Associated Press report, citing The Advocate, it's noted that both Access Home Insurance and State National Fire Insurance shut down in the wake of the costly ... Read the full article
Allianz to expand current strategy
6th December 2021
Global re/insurer Allianz has announced its strategic outlook for the 2022-24 cycle, placing scale at the core of its operations. The company also set its financial bar higher for the period, targeting 5-7% annual growth in earnings per share (EPS) and minimum 13% return-on-equity (RoE), as it further unlocks potential across ... Read the full article
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