Reinsurance News
Lloyd’s signs up DXC for Blueprint Two delivery
27th May 2021
Lloyd’s, DXC Technology, the Boards of the Lloyd’s Market Association (LMA), and the IUA (International Underwriting Association) have signed new Heads of Terms to support the delivery of the Future at Lloyd’s Blueprint Two. The agreement brings together both the Lloyd’s and insurance company markets in London in a new joint ... Read the full article
Ascot names Lillegard Chief Actuary
27th May 2021
Ascot has announced the appointment of Matthew Lillegard as Group Chief Actuary, a newly created position. Lillegard will be responsible for leading the overall group's actuarial functions and will work in close collaboration with colleagues across Ascot’s underwriting, Risk, ERM, IT, and Data Strategy teams. He will report directly to Jonathan Zaffino, ... Read the full article
Heritage announces larger reinsurance program renewal
27th May 2021
Property and casualty (P&C) insurance holding company Heritage Insurance Holdings has announced the placement of its 2021-2022 catastrophe reinsurance program, securing a first event reinsurance tower exhaustion point of $1.4 billion, up slightly from the $1.347 billion placed last year. Coupled with the automatic reinstatement of private market layers, a number ... Read the full article
R&Q completes four portfolio transfers
27th May 2021
Non-life global speciality insurance company Randall & Quilter has completed the novation of four loss portfolio transfer agreements managed by Armour Risk Management Ltd previously in place between ILS P&C Re and various entities within the QBE Group. Two of the agreements have been novated to R&Q Re Bermuda Ltd and ... Read the full article
Validus Re now considered “core” to AIG by S&P
27th May 2021
S&P Global Ratings has upgraded the issuer credit and financial strength ratings of Validus Re to reflect a revised view of its group status as core to its ultimate parent, AIG. Since being acquired in July 2018, Validus has been viewed as “highly strategically important” to AIG, but analysts now consider ... Read the full article
Markel Specialty Programs hires Helen Xu as Senior Director
27th May 2021
Markel Corporation has appointed Helen Xu as Senior Director, Markel Specialty Programs. She will lead triaging and onboarding new programs as well as portfolio management for the existing and newly delegated programs for the Markel Specialty division. With over 20 years of experience, Xu’s most recent position was with QBE North America ... Read the full article
ABI comments on end to trade credit reinsurance scheme
27th May 2021
The UK government and the Association of British Insurers (ABI) have announced that the temporary Trade Credit Reinsurance (TCR) scheme will close at the end of next month as planned. According to the governments website, the scheme has directly benefitted over half a million businesses, providing a safety net to firms ... Read the full article
McGill and Partners hires Ken Lorber as Partner
27th May 2021
Insurance broker McGill and Partners has appointed Ken Lorber as Partner, specialising in Portfolio Solutions in the US. Ken brings 10 years’ of industry experience, starting his career at Aon Risk Solutions, before joining Aon Reinsurance Solutions in 2014. At Aon he was responsible for structuring treaties for global and regional carriers, ... Read the full article
P&C financial leverage up on low rates and liquidity needs: Fitch
27th May 2021
Analysts at Fitch Ratings have reported that, in the aggregate, U.S. property/casualty insurers' financial leverage increased to 22.3% at year-end 2020 from 21.4% at year-end 2019. A report by the rating agency, which looked at a group of 31 companies, concluded that financial leverage is expected to increase modestly over the ... Read the full article
Singapore surpasses HK as most resilient Asian economy: FM Global
26th May 2021
The 2021 edition of the FM Global Resilience Index shows that Singapore has surpassed Hong Kong as Asia’s most economically resilient country, while the gap between the most and least resilient regions continued to grow. FM Global expressed some concern over this widening divide as economies seek to recover and adapt ... Read the full article
Pen Underwriting hires Neil Bowdrey as Head of D&O
26th May 2021
Pen Underwriting has appointed Neil Bowdrey to the newly created role of Head of D&O as the company looks to expand its presence in the directors & officers liability insurance market. Bowdrey will be based in the UK and report into Adrian Scott, Managing Director of International & Financial Lines at ... Read the full article
Ballantyne adds Robert Ralf as Divisional Director, FL
26th May 2021
Independent London broker Ballantyne has announced the appointment of Robert Ralf as Divisional Director, Financial Lines, reporting to Richard Spragg, Co-Founder and Director of Broking. Ralf has worked for a number of leading brokers including Aon, AFL Broking Ltd and Ed Broking where he was Divisional Operating Officer for Specialty and ... Read the full article
Upland Capital adds Mark Jones as Chief Risk Officer
26th May 2021
Upland Capital Group, the E&S casualty, property, and specialty insurance provider that launched earlier this year, has announced the appointment of Mark Jones as its Chief Risk Officer, Chief Actuary, and Head of Analytics. In this role, he will manage the enterprise risk of the organization, reporting to the company’s ... Read the full article
BGC in $500mn sale of brokerage business to Ardonagh
26th May 2021
BGC Partners has entered into an agreement to sell its Insurance Brokerage business for $500 million to The Ardonagh Group. Ed Broking Group and Besso Insurance, recently grouped together under the brand of Corant Global, comprise of global wholesale and specialty re/insurance broker Ed, Lloyd’s broker Besso, aviation specialist Piiq Risk ... Read the full article
RAA welcomes government’s $1bn FEMA pledge
26th May 2021
With this year’s Hurricane season rapidly approaching, the Reinsurance Association of America (RAA) has welcomed the Biden Administration’s pledge for $1 billion in funding for the Federal Emergency Management Agency’s (FEMA’s) Building Resilient Infrastructure and Communities program. The program was created in order to help communities better prepare for extreme weather ... Read the full article
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