Reinsurance News
LMG adds Rob Kuchinski to Board of Directors
15th February 2021
The London Market Group has appointed Rob Kuchinski, Head of Commercial Insurance at Zurich UK, as a member of its board. He will replace Patrick Tiernan, Managing Director UK Commercial Lines & Global Corporate & Specialty at Aviva representing the International Underwriting Association. Matthew Moore, Chair of the London Market Group commented ... Read the full article
COVID losses likely to exceed Lloyd’s estimate, says Brit
12th February 2021
Specialty insurer and reinsurer Brit has suggested that the COVID-19 pandemic could “significantly exceed” the $107 billion claims estimate predicted by Lloyd’s last year. The comments contrast with the view of some other analysts, such as those at Berenberg, who recently reduced their industry loss estimate from $50-70 billion to ... Read the full article
Marsh promotes Ankur Kacker to UK Digital Asset Leader
12th February 2021
Global insurance brokerage Marsh has named Ankur Kacker as UK Digital Asset Leader in the Financial & Professional (FINPRO) Practice of Marsh JLT Specialty, based in London. In his new role, Kacker will report to Philip Turner, Specie Practice Leader and takes on responsibility for the development of new insurance solutions ... Read the full article
SRG acquires trade credit specialist, The Channel Partnership
12th February 2021
Insurance intermediary, Specialist Risk Group (SRG), has today announced the acquisition of trade credit specialist, The Channel Partnership. The Channel Partnership, founded in 1992, provides trade credit risk advice to clients from its base in Bristol, UK. Following the acquisition, senior team and staff will join SRG’s Retail business, Specialist Risk Insurance ... Read the full article
Transverse partners with AmRisc
12th February 2021
Transverse Insurance Group has partnered with AmRisc LLC, a subsidiary of Truist Insurance Holdings. Transverse will participate in AmRisc’s national program of E&S commercial property exposure which in aggregate constitutes over $1 billion of premium. Ethan Allen, Chief Underwriting Officer at Transverse said: “Our partnership with AmRisc is a great validation of ... Read the full article
Chubb hires two for North America Financial Lines
12th February 2021
Global re/insurer Chubb has announced two new leadership appointments for its North America Financial Lines division. Michael Mollica, Executive Vice President, has been appointed to lead Chubb's Private/Not-For-Profit Management Liability business within the North America Financial Lines. Mollica will be succeeding Leigh Anne Sherman, who has been appointed Division President of ... Read the full article
Optio enters specialty marine market with senior hire
12th February 2021
Specialty MGA Optio Group has appointed Angus Bailey to lead its expansion into the marine specialty market. With an initial focus on Marine War and Kidnap and Ransom risks (K&R), Bailey will be responsible for developing Optio’s new marine specialty proposition. He previously led Seacurus, a trading name of Castel Underwriting Agencies ... Read the full article
Sompo International profits fall on pandemic hit
12th February 2021
Sompo International’s profits decreased by $228 million over the 3Q FY2020 period, largely due to the negative impact of COVID-19 on the business’s results. The Sompo Holdings subsidiary recorded adjusted profit of just $46 million for the period, after sustaining an underwriting loss of $178 million from COVID-19 and natural disasters. Investments ... Read the full article
AXA XL appoints Matthew O’Malley to US Country Manager
12th February 2021
AXA XL, the property & casualty and specialty risk division of AXA, has appointed Matthew O'Malley as its US Country Manager. O’Malley will report to Joe Tocco, Chief Executive Officer of AXA XL's Americas region. With over 25 years of experience in the insurance industry, O’Malley has held numerous underwriting and management ... Read the full article
COVID forces MS Amlin to £209mn loss
12th February 2021
Japanese insurer MS&AD Insurance Group Holdings has reported that its MS Amlin subsidiary fell to a £209 million net loss in the FY2020 3Q period. The loss was mainly attributed to the COVID-19 pandemic, which caused MS Amlin to post an underwriting loss of £235 million for the period. This was a ... Read the full article
Weston’s founder & CEO Lyons to retire; CUO Nixon named as successor
12th February 2021
Michael Lyons, the founder and Chief Executive Officer (CEO) of Weston Insurance Holdings Corporation, is to retire from the company later in February and will be succeeded by Weston's current Chief Underwriting Officer (CUO), Deanne Nixon. Lyons is scheduled to retire from the Florida-based insurer on February 23rd, 2021, having started ... Read the full article
Prudential creates new senior leadership team for Jackson Financial
12th February 2021
UK insurer Prudential has created a new senior leadership team for its US business, Jackson Financial, ahead of Jackson's planned separation from the Group. Laura Prieskorn, previously Jackson's Executive Vice President and Chief Operating Officer, has been appointed Chief Executive Officer (CEO). She has worked at Jackson's for over 11 years, and ... Read the full article
Brit reports strong rate increases as COVID pushes combined ratio to 112.6%
12th February 2021
Specialty insurer and reinsurer Brit has reported strong rate increases and premium growth for 2020, while the significant impacts of the COVID-19 pandemic pushed the firm to a $215 million underwriting loss with a combined ratio of 112.6%. The firm has reported risk-adjusted premium rate increases on renewal business of 10.6%, ... Read the full article
Monument Re finalises portfolio transfer from Omega Life
12th February 2021
Life reinsurance and insurance holding company Monument Re has completed a portfolio transfer from Omega Life. The Omega Life book was transferred into the Italian Branch of Monument Assurance Luxembourg S.A at the end of December 2020, Monument Re explained. Omega Life is an Ireland-domiciled life assurance company that has been closed ... Read the full article
Fairfax reports re/insurance underwriting profit despite high cat & COVID losses
12th February 2021
Fairfax Financial Holdings Limited has reported a decline in net earnings to $218.4 million for fiscal year 2020, as combined catastrophe and COVID-19 losses reached more than $1.3 billion. Despite the high level of catastrophe and pandemic-related losses, Fairfax's insurance and reinsurance operations recorded a consolidated combined ratio of 97.8%, resulting ... Read the full article
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