Reinsurance News
SCOR and Barclays settle dispute
14th June 2021
The dispute between global re/insurer SCOR and British multinational universal bank, Barclays, has reached an end as the pair settled their dispute before the High Court in London on mutually beneficial terms. SCOR was seeking to sue Barclays in London for breach of confidence when the bank advised the re/insurer's largest ... Read the full article
Intact Financial sells Danish business to Alm. Brand for $1.26bn
14th June 2021
Canadian property and casualty (P&C) insurer Intact Financial Corporation has announced plans to sell Codan Forsikring A/S's Danish business (Codan DK) to Alm. Brand A/S Group. Codan DK is owned by Scandi JV Co 2 A/S, which is in turn co-owned Intact and Tryg A/S following their recent acquisition of ... Read the full article
Neema launches Political Violence & Terrorism product in Africa
14th June 2021
African specialist underwriting agency Neema Insurance Managing Agency (Neema) has launched a Political Violence & Terrorism reinsurance product aimed to help protect the African markets. Headquartered in Mauritius, Neema is regulated by the Financial Services Commission and has facilities from reputable reinsurers that enable it to underwrite on their behalf across ... Read the full article
PartnerRe names Shanahan as CEO of NA Life business
11th June 2021
Bermuda domiciled reinsurer PartnerRe has announced the appointment of Chris Shanahan as Chief Executive Officer (CEO) of its North American Life business. Shanahan, currently President of US Life, will succeed outgoing CEO Alan Ryder, who is set to retire at the end of August this year. Having joined PartnerRe in May 2018, ... Read the full article
Proposed AXA settlement would reduce BI uncertainty: Moody’s
11th June 2021
AXA France's proposed €300 million settlement offer to thousands of restaurant clients who hold non-damage business interruption (BI) policies would reduce the uncertainty related to the ultimate financial burden of COVID-19 BI claims, says Moody's analyst Benjamin Serra. Yesterday, global insurance company AXA announced a proposal to settle with 15,000 ... Read the full article
Clyde & Co names Carolena Gordon as Senior Partner
11th June 2021
Global law firm Clyde & Co has appointed Carolena Gordon as its new Senior Partner. Gordon joined Clyde & Co as a partner in 2011 and is an experienced litigator focused on all aspects of dispute resolution and risk management for a range of commercial and insurance clients. She's been the Chair ... Read the full article
Aon / WTW deal expected to gain EU antitrust approval by early July: Reuters
11th June 2021
Reuters, citing people familiar with the matter, has said that re/insurance broker Aon's proposed $30 billion combination with Willis Towers Watson (WTW) is expected to gain EU antitrust approval later in June or in early July. It looks as though the remedy package Aon submitted to the European Commission (EC) is ... Read the full article
P&C insurers to increase cyber pricing in 2021: Fitch
11th June 2021
A new report by Fitch Ratings has shown that U.S. property and casualty (P&C) insurers that provide cyber insurance coverage are taking significant pricing and underwriting actions in 2021. This is in response to a spike in cyber claims with immediate improvement unlikely this year. The report showed that cyber insurance direct ... Read the full article
US insurers face multi-billion-dollar payout over May storms: Aon
11th June 2021
Re/insurance broker Aon has reported that US re/insurers will likely face a multi-billion-dollar payout over a series of convective storms in May that resulted in extensive hail, tornado, wind and flood damage. Of note was a severe storm that swept across the Plains, Lower and Middle Mississippi Valley, Southeast and Mid-Atlantic ... Read the full article
CIAM claims Kessler “neutralising” opposition via Covéa settlement
11th June 2021
Activist investor CIAM has expressed cynicism over the recent settlement agreement between SCOR and Covéa, who have elected to renew their relationship after failed takeover talks led to a string of accusations and investigations. SCOR is preparing to undergo a leadership transition at the end of June, when Laurent ... Read the full article
Canopius partners with Cyber Reliant on data protection warranty
11th June 2021
Specialty re/insurer Canopius Group has partnered with data privacy firm Cyber Reliant to offer data protection with coverage of up to $5 million. The warranty is designed to protect commercial and institutional purchasers of Cyber Reliant's data protection products. The Cyber Reliant platform is certified by US Federal Testing Labratories and promises ... Read the full article
Oneglobal Broking hires Mark Jenner as Chairman of Energy
11th June 2021
Oneglobal Broking, the commercial re/insurance brokerage owned by investor JC Flowers, has appointed Mark Jenner as Chairman of Energy to strengthen its energy expertise. Jenner brings over 30 years in the energy insurance sector, joining from Howden where he was Executive Director of the Energy Division. Prior to this he had a ... Read the full article
Sompo advances digital strategy with launch of new subsidiary
11th June 2021
Japanese insurance and reinsurance giant Sompo has announced the establishment of Sompo Light Vortex, Inc., designed to expand sales of digital solutions to outside parties in the future. Sompo Light Vortex will be 100% owned by its parent, Sompo Holdings, which has set "creation of new customer value" as one of ... Read the full article
Zurich considers sale of €200m Italy life portfolio: reports
11th June 2021
Global insurer Zurich is reportedly considering a sale of an Italian portfolio of life insurance policies worth around €200 million, according to sources at Reuters. The publication said that Zurich could also be looking to sell its German life back book business, and is working with UBS to explore options. Many life ... Read the full article
USAA to acquire auto-focused insurtech Noblr
11th June 2021
Primary mutual insurer USAA has today announced its intention to acquire insurtech firm Noblr, Inc. as it looks to offer usage-based insurance (UBI) to its members. Noblr offers smart car insurance that rewards its members' good driving habits by giving highly accurate, competitive rates that are based on numerous factors, including ... Read the full article
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