Reinsurance News
Aon appoints GC’s Schwebach as senior MD within Reinsurance Solutions
17th June 2021
Re/insurance broker Aon has named Eric Schwebach Senior Managing Director of its Reinsurance Solutions unit, focusing on the management of major clients as well as the generation of new business. He reports to Trevor Dorr, Executive Managing Director of Reinsurance Solutions. Based in Minneapolis, he joins from rival broker Guy Carpenter, where he ... Read the full article
Allstate announces $213mn in cat losses for May
17th June 2021
US primary insurer Allstate is braced for estimated pre-tax catastrophe losses of $213 million for May. Cat losses for April and May totaled $598 million, after-tax. In May, Allstate says losses consisted of seven events, at an estimated cost of $193 million, plus unfavorable prior period reserve estimates. Two large hail events, primarily ... Read the full article
Further divestitures more likely than Aon/WTW deal collapse, say analysts
17th June 2021
As the U.S. Department of Justice (DOJ) sues to block the combination of global re/insurance brokers Aon and Willis Towers Watson (WTW), analysts at KBW view additional divestitures as a more likely outcome than the deal falling apart completely. Previous reports that the DOJ was likely to approve the $30 ... Read the full article
AM Best removes Starstone units from under review status
17th June 2021
Rating agency AM Best has decided to remove StarStone Insurance Bermuda Limited (SIBL) (Bermuda) and StarStone Insurance SE (SISE) (Liechtenstein) from their under review with negative implications status. At the same time, it affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of ... Read the full article
L&G inks £130mn pension buy-in with QinetiQ scheme
17th June 2021
Legal & General has completed a £130m buy-in transaction with the QinetiQ pension scheme, covering the benefits for over 390 new retirees since a previous buy-in in April 2019. The deal marks the scheme’s first buy-in transaction with L&G and, as part of the agreement, an umbrella contract was established which ... Read the full article
Neptune Flood hits $20bn milestone for insured property value
17th June 2021
Neptune Flood, an insurtech firm focused on the flood market, has surpassed $20 billion in total insured property value, the company has confirmed. Trevor Burgess, CEO of Neptune Flood noted that the insurtech managed to reach this milestone in under four years since launching. With over 70,000 clients and 6,000 active insurance ... Read the full article
UFG names Dominique Siméon as senior underwriter
17th June 2021
UFG Insurance has appointed Dominique Siméon as senior reinsurance underwriter, also becoming one of eight employees named assistant vice president during the company’s May 2021 board meeting. In her new role, she will underwrite treaty reinsurance with a focus on mortgage, surety, and credit reinsurance. Siméon’s began with Odyssey Re in Europe ... Read the full article
Miller hires Farris Mellor as Credit and Political Risk Insurance Specialist
17th June 2021
Miller Insurance Services has appointed Farris Mellor as Credit and Political Risk Insurance Specialist in London. Mellor brings years of experience and knowledge within the banking sector and insurance solutions for financial institutions. Prior to joining Miller, Mellor spent time working on the Primary Bond Syndicate desk at Daiwa SMBC, and then ... Read the full article
Abacai Group announces six leadership hires
17th June 2021
Abacai Group, a new insurtech firm created by specialist private capital provider Sun Capital Partners and former Aviva CEO Mark Wilson, has made six senior leadership appointments. The new leadership team, who will head up Abacai Technologies, will help deliver industry-leading expertise across four key verticals, which include pricing, technology, artificial ... Read the full article
Zurich expands precision ag services through John Deere connection
17th June 2021
Zurich North America’s crop insurance business has connected to farm data management software John Deere Operations Center, through John Deere's API Services. The connection expands Rural Community Insurance Services’ (RCIS) existing precision agriculture offerings and allows its insureds to electronically connect their field data to RCIS systems for a more seamless, ... Read the full article
Oneglobal names QBE’s Plumridge Group COO
17th June 2021
Client-centric broker Oneglobal has named Simon Plumridge Group Chief Operating Officer, reporting to Group Chief Executive Officer Mike Reynolds. Plumridge’s appointment is effective July 1 and sees him join from QBE, having served as global head of multinational. He has more than 30 years of underwriting, operations and distribution experience and a ... Read the full article
Baden-Baden reinsurance event planned to be in-person in 2021
17th June 2021
The 2021 meeting of the reinsurance industry in Baden-Baden, Germany, is scheduled to go ahead in-person after a one year hiatus due to the COVID-19 pandemic. The decision by the advisory council for the organisation of the Baden-Baden reinsurance industry event comes roughly three months after the annual Rendez-Vous de ... Read the full article
Reinsurance rate increases outstripped claims inflation through Q1: Willis Re
17th June 2021
Analysts at Willis Re have observed an improvement in underlying profitability among global re/insurers in the first quarter of 2021, as rate increases for both reinsurance and commercial insurance lines of business continued to outstrip claims inflation. Claims inflation has been flagged as one of the key challenges facing the re/insurance ... Read the full article
Cat bond growth propelled by strong investor demand: Moody’s
17th June 2021
Moody’s has reported that the catastrophe bond market saw record issuance in 2020 despite a brief pause in Q2 following a particularly tumultuous period for the financial markets. And looking ahead through 2021, the rating agency expects cat bond issuance to continue to grow with strong investor demand for the ... Read the full article
IAG sees rising Victoria flood & storm claims, may tap reinsurance
17th June 2021
IAG has received roughly 4,300 claims as a result of the property damage caused by Victoria's recent exposure to destructive weather events. The Australian insurer expects claims to continue rising as residents return to their homes and inspect the damage and warned that its stop loss reinsurance could be close to attaching. As ... Read the full article
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