Reinsurance News
Generali sponsors first green catastrophe bond
28th June 2021
Generali has entered into a collateralised multi-year reinsurance agreement with Lion III Re DAC, an Irish designated activity company, that provides cover for losses from windstorms in Europe and earthquakes in Italy over a four year period. As a result, Lion III Re DAC has issued a single tranche of notes ... Read the full article
FedNat ups cat reinsurance program amid “restrictive” market
28th June 2021
Florida based primary insurer FedNat has detailed the terms of its 2021-2022 catastrophe reinsurance renewals, which saw the firm expand its program despite the impact of "more restrictive terms" on the availability of some coverages. Overall, FedNat secured $1.41 billion of single event reinsurance coverage in excess of up to a ... Read the full article
Berkshire Hathaway adds additional €40mn into its insurance company
28th June 2021
According to The Irish Times, Warren Buffett’s Berkshire Hathaway has added an additional €40 million into its insurance company to bolster its capital levels. The funding was provided back in February and by way of new shares and brought its share capital to €176 million. The publication also noted that the Nebraska-based ... Read the full article
Hiscox reaches settlement with BI action group
28th June 2021
Specialist global insurer Hiscox has reached a settlement with members of the Hiscox Action Group (HAG) over business interruption (BI) losses suffered due to government lockdowns following the outbreak of COVID-19. Terms of the settlement remain confidential, but HAG had originally been targeting a £40 million payout from Hiscox, after ... Read the full article
Marsh promotes Alex Guerin to Head of Office, London
28th June 2021
Insurance broker Marsh has appointed Alex Guerin as Head of Office, London, for its UK Corporate business, reporting to Andrew Wilton, Managing Director of UK Corporate’s South Region. In this role, Guerin will lead the London Corporate business team who advise clients on risk exposures and devise solutions to help them ... Read the full article
Charles Taylor hires John Pickersgill as CCO
28th June 2021
Insurance services provider Charles Taylor has appointed John Pickersgill as Group Chief Commercial Officer. Pickersgill joins from AXA XL where he served as Head of Global Client Management, and previously as Chief Commercial Officer for AXA Corporate Solutions. In his new role at Charles Taylor and as a member of its Executive ... Read the full article
Peak Re hires Swiss Re’s Karlheinz Render as SVP, Europe
28th June 2021
Peak Reinsurance Company's Zurich-based subsidiary, Peak Reinsurance AG (Peak Re), has appointed Karlheinz Render as Senior Vice President, Europe. Render will be responsible for developing and maintaining client relationships in the region by providing tailored solutions to support clients’ growth aspirations. He succeeds Emmanuel Thommen, former Senior Vice President at Peak Re ... Read the full article
ICA’s COVID-19 BI test case appeal rejected
28th June 2021
Australian insurer Suncorp says special leave to appeal will not be granted for the Insurance Council of Australia (ICA) first industry test case. This test case relates to the application of the Quarantine Act exclusion to Business Interruption (BI) policies. The High Court of Australia’s decision upholds the NSW Court of Appeal’s ... Read the full article
Covéa interested in acquiring AXA XL Re: report
28th June 2021
French insurer Covéa has reportedly not given up on its plans to diversify into the reinsurance industry and is looking at the acquisition of AXA Group's non-life reinsurance operations, AXA XL Re. The news comes more than a year after Covéa's acquisition of Bermuda-based reinsurer PartnerRe was called off amid ... Read the full article
Pandemic BI dispute exposes insurer expectation mismatch: Moody’s
28th June 2021
Recent disputes between insurers and policyholders over the scope of coronavirus-related business interruption (BI) policies have highlighted the dangers of a mismatch between insurers' expectations and those of their customers, says Moody’s. The rating agency is predicting that EMEA insurers will need to focus on product innovation and risk prevention in ... Read the full article
wefox hires David Stachon as COO
28th June 2021
Berlin-based insurtech firm wefox Group has appointed Dr David Stachon as the Chief Operating Officer (COO). Stachon joins from Cosmos Direkt, where he was CEO and will take up his new position next month and will focus on driving the company’s global growth strategy. He started his career with McKinsey, where he ... Read the full article
Corporate tax minimum would be negative for re/insurers: industry snapshot
25th June 2021
57% of industry participants we approached feel the introduction of a global minimum corporate tax rate would negatively impact the insurance and reinsurance landscape. Important to note are the limitations of our approach, which was one designed to capture the industry’s opinion quickly and at low resolution. As a result, we cannot ... Read the full article
Alesco bolsters energy team with two specialists from Ed Broking
25th June 2021
Alesco Risk Management Services has added Jon Parker as Executive Director to head up the power team within its Specialty energy practice. Parker has over 30 years’ experience in the sector and he has spent much of his career working for clients in the US and Latin America and joins from ... Read the full article
Ascot expands US FAC team
25th June 2021
Bermuda-domiciled specialty re/insurer Ascot has expanded its US facultative reinsurance capabilities with the appointment of Anthony Kashuba as Executive Vice President and Steve Robinson as Senior Vice President. Kashuba will help oversee Ascot’s overall North America Casualty FAC product suite and facilitate new and expanded solutions across the Casualty product spectrum. Based ... Read the full article
Root “impressed” with efficiency of Tremor reinsurance placement
25th June 2021
Isaac Espinoza, Vice President of Reinsurance at auto and property tech-driven insurer Root, has said he was “impressed” by the efficiency of the Tremor Technologies trading platform, through which it successfully placed its June property cat reinsurance program. Speaking to Reinsurance News, Tremor CEO and Founder Sean Bourgeois noted that Root ... Read the full article
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