Reinsurance News
FCA data shows further slowdown in BI test case payouts
15th June 2021
New data from the Financial Conduct Authority (FCA) shows a significant slowdown in the rate at which claims are being paid out for policies related to the COVID-19 business interruption (BI) test case in the UK. In total, reported claims payments now amount to £757 million as at June 14th, which ... Read the full article
Protective appoints Pooja Rahman as Chief Risk Officer
15th June 2021
Protective Life Corporation, a wholly owned subsidiary of Dai-ichi Life Holdings, has announced the appointment of Pooja Rahman as Senior Vice President (SVP) and Chief Risk Officer. With over 20 years of risk management, finance and legal experience in the insurance industry, Rahman most recently served as Head of Financial Risk ... Read the full article
Topsail Re adds Robin Elder to key VP & Director role
15th June 2021
Topsail Re has announced the appointment of Robin Elder to the role of VP and Director of Reinsurance Finance. Elder is also a member of Topsail Re’s Client Services Team and brings over twenty years’ to the role. For the past five years, she was Director of Service and Operations in Business ... Read the full article
Alexander Forbes completes insurance exit with AF Life sale
15th June 2021
African financial services firm Alexander Forbes has concluded its exit from insurance business following the sale of transfer of its risk and retail life business to South African insurer Sanlam Life. The business operations formed part of AF Life, a long-term insurance company and wholly owned subsidiary of Alexander Forbes that ... Read the full article
Lockton Re hires Bisset as Chairman, Global Retro
15th June 2021
Reinsurance broker Lockton Re has added Robert Bisset as Chairman, Global Retrocession & Property Specialty, Bermuda and Market Capital, subject to regulatory approval. Bisset will also become a member of Lockton Re's Global Executive Committee. As we explained previously, Lockton Re was set to appoint former Aon executive Bisset to a senior ... Read the full article
High-reliance on reinsurance putting Irish consumers at risk, claims report
15th June 2021
Over the course of 2019 general insurers in Ireland shifted €2.8 billion in risks associated to liability premiums to international reinsurers, close to three-quarters of all business written by the industry that year. The Irish Times' report also notes how, despite much of the transfers going to overseas companies, this high ... Read the full article
Guy Carpenter adds Gressier as Head of Motor and Associated Casualty, UK&I
15th June 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has announced the appointment of Paul Gressier as Managing Director and Head of UK & Ireland Motor and Associated Casualty, effective August 9th, 2021. Gressier takes on responsibility for leading the broker's motor and associated casualty activities across the region. In this newly ... Read the full article
Aon’s India broking operations shift under the Aon brand name
15th June 2021
Aon has completed its acquisition of a 49% stake in Indian broker Anviti, which has since been rebranded as Aon India Insurance Brokers Private Limited. The takeover was announced back in 2020 but has only now gained regulatory approval. As a result, Aon said that it will now operate its insurance and ... Read the full article
Aon forecasts shifting re/insurer priorities as pricing moderates
14th June 2021
As part of its Global Market Overview report, broker Aon has forecasts that key longer-term issues are likely to gain relevance in re/insurer appetite and rating models, as the world emerges from the COVID-19 pandemic and as pricing momentum slows. Aon is predicting moderation in rate increases as re/insurers begin to ... Read the full article
Mosiac adds cybersecurity specialist Lopez to US team
14th June 2021
Newly launched insurer Mosiac has appointed cybersecurity specialist Daisy Lopez to its US team of underwriters. Based in New York, Lopez will serve as VP, production specialist, cyber, reporting to Mosaic’s Head of Americas Cyber, Brian Dusek. “We are excited to welcome Daisy to our growing global team of cyber experts,” said ... Read the full article
Ed adds Marsh broker Raza Hassan to downstream energy
14th June 2021
Re/insurance broker Ed has appointed Raza Hassan to its Downstream Energy team in an effort to bring further focus to Power and Renewables. Hassan joins from rival broker Marsh after more than three years’ with the firm. He most recently served as a Client Executive within Marsh’s Energy Practice and, before that, ... Read the full article
Aston Lark acquires McMahon Galvin
14th June 2021
Aston Lark Ireland, the Irish branch of the chartered broker backed by Goldman Sachs, has acquired insurance brokerage McMahon Galvin. McMahon Galvin was founded in Dublin in 1970 and focuses on home and car insurance for individuals along with a full range of insurance services to businesses. Peter Hanlon and John Galvin ... Read the full article
Analysts predict another difficult year for insurers amid elevated cat claims
14th June 2021
Year-to-date, catastrophe claims look to be running 17% above the long-term average (2008-2020), leading analysts at Jefferies to forecast another difficult year for the global insurance industry. At more than $30 billion, YTD insured catastrophe losses also exceed the 10-year average by more than 9%, but is an improvement from Jefferies' ... Read the full article
Acrisure Re partners with Kovrr to launch cyber division
14th June 2021
Acrisure Re, the reinsurance division of global brokerage Acrisure, has announced the formation of a new London-based cyber reinsurance unit in partnership with cyber risk modeller Kovrr. The new division will be led by Cyber Practice Leader, Tom Quy, and will utilise data-driven risk analysis from Kovrr. Kovrr’s modelling technology is designed ... Read the full article
WTW, WWF target greater nat cat resilience in Fiji & Papua New Guinea
14th June 2021
Re/insurance broker Willis Tower Watson has announced a project to help support the climate adaptation and financial resilience of coastal communities in Fiji and Papua New Guinea (PNG) vulnerable to the impacts of climate change, including major shock events. The project, launched in partnership with the World Wide Fund for Nature ... Read the full article
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