Reinsurance News
Fitch turns positive on Enstar
25th June 2021
Fitch Ratings has affirmed Legacy specialist Enstar’s Long-Term Issuer Default Rating (IDR) at 'BBB', senior unsecured notes at 'BBB-' and preference shares at 'BB+'. The rating outlook has been revised to positive from stable, reflecting what Fitch considers to be very strong and growing capitalisation with continued reasonable financial leverage. Fitch also ... Read the full article
Fidelis provides credit default insurance to German mortgage firm
25th June 2021
Fidelis Insurance Ireland DAC, a local subsidiary of the specialty re/insurer, has provided a B2B credit default insurance solution for German mortgage company Wüstenrot Bausparkasse AG. Formed in 1999 from the merger of the two traditional companies Wüstenrot and Württembergische, the W&W Group develops and brokers protection, home ownership, risk protection ... Read the full article
SiriusPoint invests in RV rental, outdoor travel agent Outdoorsy
25th June 2021
Specialty re/insurer SiriusPoint has invested in RV rental and outdoor travel marketplace Outdoorsy, helping the startup raise $120 million in equity and debt financing. With the reopening of the US economy and the international markets the company serves, it’s hoped that additional capital will help the company scale. Outdoorsy also plans to ... Read the full article
ICA denied special leave to appeal COVID-19 BI ruling
25th June 2021
The Insurance Council of Australia (ICA) has acknowledged the High Court’s decision to deny special leave to appeal the NSW Court of Appeal’s judgment regarding its interpretation of pandemic exclusions in some business interruption policies. Its decision to contest the ruling that landed in favour of Covid-19-impacted businesses was first ... Read the full article
Aon appoints Daneshvar to Securities team as MD
25th June 2021
Re/insurance broker Aon has added Sourna Daneshvar to its Aon Securities team as Managing Director. Daneshvar brings over 20 year's experience and will be based in Chicago, where this new role will see him focused on expanding Aon Securities’ capabilities in raising capital and product innovation. He joins global banking organisation Citibank, where ... Read the full article
Regulatory revision to propel China reinsurance growth: GlobalData
25th June 2021
Data and analytics firm GlobalData is projecting that China’s reinsurance market will grow at a compound annual growth rate (CAGR) of 6.8% from 2019 to 2024, on the back of proposed revisions to its reinsurance regulatory regime. The China Banking and Insurance Regulatory Commission (CBIRC) has put forward new rules that ... Read the full article
Miller adds delegated underwriting specialist Mebarki to Paris team
25th June 2021
Specialist re/insurance broker Miller has announced the addition of Safi Mebarki to its Paris team, effective July 5th. A key aspect of Mebarki’s role will be sourcing capacity for MGA, broker, and insurtech clients, whether through an insurer directly or through a reinsurance solution. He will also support the Paris and London ... Read the full article
AND-E UK partners with Flock for commercial fleet insurance
25th June 2021
AND-E UK (AND-E), part of Aioi Nissay Dowa Europe, has partnered with insurtech company Flock to change how commercial fleet insurance is priced and distributed. Both firms have been working together over the past six months to develop two connected motor fleet insurance products which are now available across the UK. Fleet ... Read the full article
Re/insurers should reorient their thinking to become even more data led: Swiss Re’s Ian Haycock
24th June 2021
With advancements in technology enabling carriers to leverage data in a more meaningful way, the insurance and reinsurance industry has an opportunity to refocus its thinking, derive greater insights and transform some of the inefficiencies within the business, according to Ian Haycock, Chief Data Officer at Swiss Re. “For Swiss Re ... Read the full article
SRS hires Maxime Schons as Managing Director, European Finance and Compliance
24th June 2021
Strategic Risk Solutions (SRS) has appointed Maxime Schons as Managing Director, European Finance and Compliance, in the company’s office in Luxembourg. Schons will join SRS in September and will also serve on the Executive Committee of its Europe Operations where he will be appointed to the SRS Europe Board of Directors. He ... Read the full article
AXIS Capital Holdings rebrands all aviation units
24th June 2021
AXIS Capital Holdings has announced that all of its aviation units have been rebranded to reflect the AXIS brand and logo. This is the last phase of the 2016 acquisition by AXIS of European specialty aviation insurer and reinsurer Aviabel and its Dutch brand NLP (Nederlandse Luchtvaartpool). The retirement of the Aviabel ... Read the full article
PERILS provides second industry loss estimate of AUD 916m for Australia floods
24th June 2021
Zurich-based catastrophe insurance data provider PERILS has disclosed its second industry loss estimate of AUD 916m for the New South Wales and Queensland floods, which occurred primarily during the period of 18 to 24 March 2021. This compares to the initial loss estimate of AUD 1,055m which was issued by ... Read the full article
Essent Guaranty secures $558mn from capital markets
24th June 2021
Essent Group subsidiary Essent Guaranty has obtained $557.9 million of fully collateralised excess of loss reinsurance coverage. The coverage is on mortgage insurance policies written in August 2020 through March 2021 from Radnor Re 2021-1 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2021-1 Ltd. has funded its ... Read the full article
Prince Charles launches industry-led climate change task force at Lloyd’s
24th June 2021
HRH The Prince of Wales has launched his Sustainable Markets Initiative (SMI) insurance task force today during a visit to Lloyd’s of London. Chaired by Lloyd’s, the task force is composed of executives from many of the world’s largest re/insurers and aims to provide an influential platform for the sector to ... Read the full article
Aon appoints Streeton to lead Reinsurance Solution’s client strategy
24th June 2021
Global reinsurance broker Aon has named Frederick Streeton Leader of Complex Client Strategy for its Reinsurance Solutions unit. He joins in September and will be based in London, reporting to Reinsurance Solutions UK Chairman Don Magee. Streeton joins from insurer Liberty Mutual Group, where over the past nine years he held the positions ... Read the full article
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