Reinsurance News
INARI recruits Chief Commercial Officer from AkinovA
7th December 2021
INARI, a core technology provider for the global insurance and reinsurance industries, has announced the appointment of Alexander Pike as Chief Commercial Officer to support its international growth strategy. Based in London, Pike will be INARI’s first UK employee, and will be tasked with the role of building out the company’s ... Read the full article
BRP Group seeking $250mn in loans
7th December 2021
Independent insurance distribution firm, BRP Group, Inc., has announced that its subsidiary, Baldwin Risk Partners, is seeking to enter into an incremental term loan facility amendment to its existing credit agreement. The move will see BRP borrow $250 million of new term B loans under its credit agreement. This would increase the ... Read the full article
Advanced analytics still a priority for re/insurers despite challenges: WTW
7th December 2021
A new study by broker Willis Towers Watson (WTW) has found that expanding and improving the use of advanced analytics in several aspects of operations remains high on North American property & casualty (P&C) insurers’ strategies. As part of a new survey, re/insurers across the board — but most noticeably in ... Read the full article
PCS explores the complex development of Hurricane Ida: Interview
7th December 2021
The impact of Hurricane Ida in the third-quarter has already been significant for the insurance and reinsurance industry, but complexities in the reconstruction and recovery means there's uncertainty surrounding the ultimate hit to the industry as the loss continues to develop. With this in mind, the latest live ... Read the full article
Aston Lark acquires Choice Benefits’ client book
7th December 2021
Broker Aston Lark has acquired the client book of Private Medical Insurance specialist, Choice Benefits. The firm provides cover for both individuals and businesses and is described as having achieved recognition from clients via leading service and strong expertise in health insurance and employee benefits. “We’re delighted to welcome the clients of ... Read the full article
Mercury Insurance adopts CAPE Analytics AI underwriting tools
7th December 2021
Multi-line insurer Mercury Insurance has decided to adopt the suite of property intelligence solutions from CAPE Analytics into its underwriting workflows. CAPE’s property attributes and risk scores will be leveraged by Mercury to instantly assess risk on a property-by-property basis across the states it operates in, including California. By integrating this new ... Read the full article
Fidelis, Arch back WTW’s low-carbon accreditation framework CTP
7th December 2021
Global re/insurance broker Willis Towers Watson has announced further industry backing of its climate-centred accreditation framework, in the form of an endorsement by Fidelis and Arch Insurance Climate Transition Pathways (CTP) has been designed to enable an organisation transition to a low-carbon economy via accreditation. WTW note that the framework is consistent ... Read the full article
Allianz $35bn reinsurance deal is net positive: AM Best
7th December 2021
Analysts at AM Best have confirmed that they have a net positive view on the recent deal entered into by Allianz to reinsure a $35 billion fixed index annuity portfolio. Allianz announced the deal with Resolution Life and affiliates of Sixth Street, including Talcott Resolution Life Insurance Company, last week. Following ... Read the full article
ProSight hires Markel’s Hunter Morgan as SVP of Excess Casualty
7th December 2021
Specialty insurer ProSight Global, Inc. has appointed Hunter Morgan as Senior Vice President (SVP) of Excess Casualty, reporting to the company's President, Tim Ryan. Morgan brings more than 18 years of insurance underwriting experience to his new role. He joins ProSight from Markel Corporation, where he most recently served as Senior Director ... Read the full article
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
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