Reinsurance News
WTW expands broker network in Spain
2nd June 2021
Willis Towers Watson has expanded its broker network in Spain with the addition of two new outfits. The two firms WTW's ‘Networks’ unit has incorporated include Azetek Asesores de Seguros in Vitoria and Correduría Segurcisa in Cádiz. The unit now has four associates in the Basque Country and 11 in Andalusia. There are ... Read the full article
L&G inks two PRT deals with TUI pension trust
2nd June 2021
Legal & General has agreed two pension risk transfer (PRT) transactions with the TUI GROUP UK Pension Trust, including a £610 million partial buy-in for the BAL section and a £184 million full buy-in for the TAPS section. This deal marks the first PRT transaction between the two parties, with L&G ... Read the full article
Vesttoo appoints Robert Schumaker VP of Capital Markets
2nd June 2021
Alternative reinsurance platform Vesttoo has announced the appointment of Robert Schumaker as Vice President of Capital Markets. Schumaker is a former Managing Director at State Street Bank and Vice President at Credit Suisse. In this new role he lead Vesttoo's ILP Program, which offers asset managers and pension schemes the opportunity to ... Read the full article
Himalayan Reinsurance receives operating license in Nepal
2nd June 2021
The Insurance Board, Nepal’s insurance sector regulatory authority, has given Himalayan Reinsurance an operating license, allowing them to conduct business within the country. This makes it the second reinsurer in Nepal, along with Nepal Reinsurance, after it was deemed fit to do so by Chairman of the Insurance Board, Surya Prasad ... Read the full article
Property cat rates up by 5-10% at June 1 reinsurance renewals: HX
1st June 2021
Risk-adjusted property catastrophe reinsurance rates increased by 5-10% on average at the June 1st, 2021 renewals as price momentum decelerated year-on-year, according to HX, the digital, analytics, and advisory unit of Howden Group Holdings. According to data available in financial and underwriting data platform, NOVA, reinsurance rate momentum remained at the ... Read the full article
Equitable, Venerable wrap up $12bn annuity reinsurance agreement
1st June 2021
Financial services firm Equitable Holdings has successfully closed its previously-announced $12 billion transaction with Venerable to reinsure legacy variable annuity policies sold between 2006 and 2008. AllianceBernstein will serve as the preferred investment manager for the transferred general account assets. As part of the deal, Equitable has also announced the acquisition ... Read the full article
PartnerRe appoints new life & health leader for Aus/NZ
1st June 2021
Bermuda domiciled reinsurer PartnerRe has appointed Garry Xue as head of Australia/New Zealand. He will be based in Hong Kong and will report to CEO life & health Asia Pacific John Mok. In his new position, Xue will oversee the further development and growth of PartnerRe’s life & health business in Australia/New ... Read the full article
AGCS names AXA’s Scott Sayce global head of cyber
1st June 2021
Allianz Global Corporate & Specialty (AGCS) has appointed Scott Sayce to the role of global head of cyber, effective September 1. The London based role will see him oversee the firm’s cyber underwriting business while reporting to Shanil Williams, global head of financial lines. He will also lead the group-wide cyber center of ... Read the full article
Generali completes takeover of AXA’s Greek business
1st June 2021
Generali has completed its acquisition of AXA's Life & Savings and Property & Casualty businesses in Greece, for a total cash consideration of €167 million. Announced back in December 2020, the deal also sees Generali enter into a 20-year exclusive distribution agreement with Alpha Bank. The partnership with Alpha Bank, which ... Read the full article
Life reinsurers hit with $4.4bn of COVID-19 claims in Q1, says Bloomberg report
1st June 2021
According to a new report from Bloomberg, the cumulative cost of COVID-19 claims for the largest life reinsurers hit $4.4 billion in the first quarter of the year as mortality rates spiked. The biggest costs for life reinsurers came from the US and to a lesser extent the UK and Canada ... Read the full article
Marsh promotes Desmond to lead UK & Ireland Construction Industry
1st June 2021
Insurance broker Marsh has appointed Andy Desmond as UK & Ireland Construction Industry Leader. In this role, Desmond will support Marsh's construction clients by bringing together the construction sector, technical, placement and risk management specialists from across Marsh UK’s national and London-based specialty businesses. Throughout his 25-year career, he has practiced as ... Read the full article
Swiss regulator asks re/insurers to disclose climate risks
1st June 2021
Swiss financial regulator FINMA has said that, going forward, re/insurance companies and banks will be required to publicly provide “qualitative and quantitative information” on the risks they face due to climate change. FINMA said the move will support the sustainable development of the Swiss financial centre, while preventing the public from ... Read the full article
Austral Re acquires Markel Brazil businesses
1st June 2021
Brazilian reinsurance company Austral Re has acquired the run-off reinsurance operations of Markel Resseguradora do Brasil, and its parent company Markel Participações (Markel Brasil), with the value of the deal not currently being disclosed. This marks Austral’s second acquisition within the last two years, as the reinsurer expands through the South ... Read the full article
wefox targets US and Asia expansion after raising $650m
1st June 2021
Berlin-based insurtech firm wefox Group has raised US $650 million in a Series C round of funding, the proceeds of which will be used to help the firm expand into the US and Asia within the next two years. The funding, which brings wefox’s post-money valuation to $3 billion, will also ... Read the full article
Marsh McLennan appoints Studer as President & CEO of Oliver Wyman
1st June 2021
Marsh McLennan has named Nick Studer as the new President and Chief Executive Officer (CEO) of international management consulting firm, Oliver Wyman Group, effective July 1st, 2021. Studer, who takes over from Scott McDonald, will also become a Vice Chair of Marsh McLennan and join the firm's Executive Committee. In his new ... Read the full article
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