Reinsurance News
AXIS promotes Trivitt to Head Commercial & Strategic Partnerships, Intl.
3rd June 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has promoted Keith Trivitt to Head of Commercial & Strategic Partnerships within its International Division. In this newly created role, Trivitt will be responsible for maximising commercial initiatives and developing profitable strategic growth opportunities. He brings 15 years’ experience in business ... Read the full article
HDI Global SE hires Arvind Drubhra as Director of Operations, UK & Ireland
3rd June 2021
Primary commercial specialist HDI Global SE, UK and Ireland (HDI) has appointed Arvind Drubhra as Director of Operations. Drubhra will be responsible for HDI’s Technical Operations, Claims Operations, Global Servicing and IT & Change teams and will report directly to Managing Director Claire McDonald. He joins from AGCS, where he spent the ... Read the full article
Aon announces further $1.4bn divestment to appease US regulators
3rd June 2021
Re/insurance broker Aon has announced the sale of two businesses for a combined total consideration of $1.4 billion, during a week that has seen its acquisition of Willis Towers Watson scrutinised by the US Department of Justice (DOJ). As part of the newly-unveiled divestiture, Aon’s US retirement business will be ... Read the full article
CIAM urges SCOR to push Kessler out of Chairman role in 2022
3rd June 2021
In a new letter to the governance of SCOR, activist investor CIAM has argued that Denis Kessler should be allowed to serve as Chairman of the company for a transitional period only, which would end at the Annual General Meeting in 2022 when he reaches the statutory age limit. It follows ... Read the full article
Canada Life Reinsurance in $1.4bn co-insurance deal with Dai-ichi Life
3rd June 2021
Canada Life Reinsurance, a provider of reinsurance solutions for life and health, annuity, and property & casualty business, has entered into a new long-term coinsurance agreement with Dai-ichi Life. The deal covers JPY ¥125 billion (CDN$1.4 billion) of in-force liabilities on a portfolio of life insurance policies. Under the agreement, Canada Life ... Read the full article
Supercede platform aims to simplify outward reinsurance placements
3rd June 2021
Reinsurance tech firm Supercede has created a new platform for insurance carriers to manage their largest outward reinsurance placements. Supercede Analytics aims to simplify the way the industry manages and processes increasingly complex submission data by having insurers’ outwards reinsurance divisions prepare all the data relating to their placements. Currently, carriers mostly ... Read the full article
Olivier Gay takes over as President & CEO of SCOR Canada Reinsurance
3rd June 2021
French reinsurer SCOR has announced the appointment of Olivier Gay as President and Chief Executive Officer (CEO) for SCOR Canada Reinsurance Company, in addition to his role as Chief Underwriting Officer (CUO) for the business, effective June 11th, 2021. Gay takes over as President and CEO of the company from Paul ... Read the full article
TWIA secures $1.93b reinsurance tower for 2021, doubles cat bond size
3rd June 2021
The Texas Windstorm Insurance Association (TWIA) has released the details of its full catastrophe reinsurance program for the 2021 hurricane season, which consists of a $1.93 billion program tower, including $830 million of traditional reinsurance and $1.1 billion of coverage from catastrophe bonds. Combined with its $2.1 billion in statutory funding, ... Read the full article
DARAG announces key senior hires
3rd June 2021
European Legacy acquirer DARAG has announced key senior appointments to further broaden out its capabilities. The company has appointed Alastair Lauder as Group Chief Actuary who will be based in London. He most recently served as Syndicate Actuary at Arch Managing Agency (formerly Barbican), where he led the reserving team and oversaw ... Read the full article
EQC secures $7bn in earthquake reinsurance
3rd June 2021
The Earthquake Commission (EQC) has agreed a record-high reinsurance cover of nearly $7 billion on the international reinsurance market for the 2021/22 financial year. “We are extremely pleased we have been able to increase the cover for New Zealand homeowners despite the tougher international reinsurance market due to the impact of ... Read the full article
Aon / WTW believe DOJ leadership unlikely to challenge merger: reports
3rd June 2021
Specialist antitrust and mergers and acquisitions (M&A) publisher, CTFN, has reported that Aon and Willis Towers Watson (WTW) believe that leadership at the US Department of Justice (DOJ) is unlikely to challenge their proposed combination. Reports emerged recently that the DOJ has adopted a dual-track strategy for its review of ... Read the full article
Allstate to acquire SafeAuto for $300m
3rd June 2021
US primary insurer Allstate Corporation has agreed to acquire SafeAuto, a non-standard auto insurance carrier focused on providing state-minimum private-passenger auto insurance. Total consideration includes a $270 million cash purchase price plus approximately $30 million in pre-close dividends of certain non-insurance assets. Headquartered in Columbus, Ohio, SafeAuto is expected to add capabilities ... Read the full article
DBRS Morningstar notes growing momentum of sustainable insurance investments
3rd June 2021
Analysts at DBRS Morningstar have pointed to the “growing momentum of sustainable investment among insurers” which it says should support a transition towards a low-carbon economy globally, and help to mitigate the effects of climate change. With Environment, Social, and Governance (ESG) awareness on the rise, the firm noted that many ... Read the full article
Enstar announces $520mn LPT for Hiscox
3rd June 2021
A wholly owned subsidiary of Enstar Group Limited has reinsured a diversified portfolio of legacy insurance underwritten by Hiscox Syndicate 3624. The Loss Portfolio Transfer (LPT) between Enstar's Syndicate 2008 and Hiscox includes the majority of Hiscox USA's surplus lines broker business. Through the arrangement, Hiscox has ceded net insurance reserves of ... Read the full article
WTW launches Sports & Entertainment Industry Group
3rd June 2021
Willis Towers Watson (WTW) has launched a new Sports & Entertainment Industry Group which will support the WTW global network with Sports & Entertainment (S&E) organisations, to identify, mitigate and transfer risks associated with the sector. Ian Tomlin, who is the Head of Accident and Heath, will lead the new group ... Read the full article
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