Reinsurance News
Inver Re adds Howden’s Nick Griffiths as Director, Reinsurance
15th November 2021
Inver Reinsurance Brokers Limited (Inver Re), The Ardonagh Group's recently launched reinsurance broker, has announced the appointment of Nick Griffiths as Director of Reinsurance. Griffiths joins the Inver Re senior leadership team and reports to Ardonagh's Chief Executive Officer (CEO) of Reinsurance and Capital, Steve Hearn. In his new role, he will ... Read the full article
ABI names three senior leadership appointments
15th November 2021
The Association of British Insurers (ABI) has announced three senior leadership appointments, including Baroness Nicky Morgan as first Independent Chair. Hannah Gurga joins as Director General and Baroness Dianne Hayter as independent Non-Executive Director Morgan, who’s to become the first Independent Chair in a newly defined role, takes over from Jon Dye ... Read the full article
CCRIF grant to fund expansion of parametric fisheries product
15th November 2021
CCRIF SPC has received a €1 million grant from the Government of Ireland to support the rollout of its parametric insurance product for the fisheries sector in five additional CCRIF member countries in the Caribbean. The Caribbean Ocean and Aquaculture Sustainability Facility (COAST) initiative was launched by CCRIF SPC with support ... Read the full article
Deutsche Familienversicherung to reinsure the CareFlex Chemie group
15th November 2021
Deutsche Familienversicherung (DFV) has announced it will reinsure the CareFlex Chemie group. Primary insurance shares of Barmenia Krankenversicherung will be taken over by DFV with a reinsurance agreement of €35-40 million with retroactive effect from 1 June 2021. This move is expected to further accelerate the growth of DFV, which is already ... Read the full article
Unique hard market brings opportunities for major reinsurers: Berenberg
12th November 2021
Analysts at investment bank Berenberg have argued that the reinsurance market is currently very attractive as rates are continuing their upward trajectory, despite the fact that primary insurers remain well capitalised and there is seemingly ample capacity in the sector. The analysts noted that this is unique versus previous hard-market cycles ... Read the full article
Markel adds three to renewable energy team
12th November 2021
Markel International, a subsidiary of the Markel Corporation, has appointed Charlie Richardson, Sarah McCarthy, and Yong Ruay Heah to its renewable energy team. Richardson will assume the role of head of renewable energy underwriting, where he will be responsible for setting and implementing the underwriting strategy to grow and develop Markel’s presence ... Read the full article
Zurich acquires Special Insurance Services in Texas
12th November 2021
Zurich American Insurance Company has signed an agreement to acquire Special Insurance Services, Inc. (SIS), a Texas-based program manager whose offerings include gap medical and occupational accident insurance products. ZAIC's Accident and Health products for employers and other groups include voluntary benefits, travel insurance and assistance, gap medical, medical stop-loss, occupational ... Read the full article
Greenlight Re Innovations backs title insurtech Blueprint
12th November 2021
Greenlight Re Innovations, part of Greenlight Capital Re, has invested in Blueprint, a full-stack title insurer focused on the digitalisation and integration of new technologies into the industry. More specifically, Blueprint reduces the historically-outsized expense ratios associated with title insurance by centralising underwriting and agency operations under a full-stack carrier. The company ... Read the full article
Xenia acquires Parker Norfolk & Partners’ financial and specialty risk teams
12th November 2021
Xenia Broking Group (Xenia) has acquired the whole turnover trade credit and financial and specialty risk teams from specialist Lloyd’s insurance broker Parker Norfolk & Partners. The transaction marks Xenia’s sixth acquisition to date, and brings two high quality business units together with five experienced brokers into the Xenia Group, ensuring ... Read the full article
AXIS adds Patrick Witteveen and Kyle Freeman to ILS operation
12th November 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has bolstered its insurance-linked securities (ILS) team with the additions of Patrick Witteveen and Kyle Freeman as Head of ILS Business Development and Head of ILS Structuring, Property, respectively. AXIS Capital rebranded its ILS and third-party reinsurance capital arm to AXIS ILS ... Read the full article
Reinsurers will find common ground on pricing at renewals: TigerRisk’s Gulbransen
12th November 2021
Despite significant pressure following another year of elevated catastrophe losses, reinsurers and clients will likely manage to find “common ground” on structure and pricing at the 2022 renewals, according to TigerRisk’s Wade Gulbransen. Gulbransen, who serves as Head of North America at the re/insurance risk, capital and strategic advisor, recently spoke ... Read the full article
IRB Brasil Re falls to net loss in Q3 as re-underwriting strategy continues
12th November 2021
Brazilian reinsurer IRB Brasil Re has fallen to an underwriting loss of R$677.8 million (USD 125mn) for the third quarter of 2021, alongside a 12.4% decline in gross written premium (GWP) to R$2.6 billion (USD 479mn). IRB Brasil Re is in the process of a re-underwriting strategy, which is a driver ... Read the full article
Midwest announces $3.1mn Q3 net loss
12th November 2021
Midwest has reported a third quarter net loss of $3.1 million, against a net loss of $5.5 million in the prior year quarter. Revenue was $5.8 million compared to negative $0.5 million in the third quarter of 2020, driven by an increase in investment income from growth. Invested assets grew to $942.8 ... Read the full article
Brookfield Reinsurance posts Q3 loss of $6m
12th November 2021
Brookfield Asset Management Reinsurance Partners Ltd. (Brookfield Reinsurance) has posted a net loss of $6 million for the third quarter of 2021, despite closing a number of significant transactions during the period. The company also reported a net loss of $1 million for the first nine months of the year, but ... Read the full article
IGI reports net profit of $16.1mn for Q3
12th November 2021
International General Insurance Holdings (IGI) has reported a net profit of $16.1 million for the third quarter of 2021, compared to $5.1 million for same prior year period. The company’s core operating income was $15.4 million and $6.4 million for the quarters ended September 30, 2021 and September 30, 2020, respectively. The ... Read the full article
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