Reinsurance News
Desai and Spenner join Mosaic Insurance as SVP’s, M&A
24th May 2021
Mosaic Insurance has appointed Stavan Desai as Senior Vice President (SVP), M&A Team Leader and Katherine Spenner as SVP, Chief Legal Officer, M&A as the new insurer builds out its transactional liability team in the United States. Both will be based in New York and report to William Monat, a prominent ... Read the full article
NFIP reform bills target stronger reinsurance program
24th May 2021
Four bills reintroduced this week to the US congress have proposed a number of reforms to the National Flood Insurance Program (NFIP), among which is the strengthening of FEMA’s authority to purchase reinsurance. The bills were put forward by Missouri Congressman Blaine Luetkemeyer, who asserted that the NFIP has been “mismanaged ... Read the full article
Arch appoints Christine Todd CIO
24th May 2021
Arch Capital Group has appointed Christine Todd to the role of Chief Investment Officer, effective June 7. Todd will report to Chief Executive Officer Marc Grandisson and have responsibility for setting the firm’s investment strategy and managing the day-to-day operations of the investment portfolio. She succeeds W. Preston Hutchings, who is retiring ... Read the full article
Aviva Singlife hires Pearlyn Phau as Executive Director and Group CEO
24th May 2021
Aviva Singlife Holdings has appointed Pearlyn Phau as Executive Director and Group Chief Executive Officer, which will come into place in August. This follows the closure of last year’s transaction when Singapore Life (Singlife) announced it would combine with Aviva Singapore in one of the Singapore’s largest insurance deals, valuing the ... Read the full article
June 1 rate increases likely to fall below expectation: JMP
24th May 2021
After a week of meetings in anticipation for the June 1 reinsurance renewals, JMP Securities analysts say they are anticipating an orderly renewal that will see less significant rate increases than reinsurers had hoped for, due to reduced demand and excess supply. Analysts describe the potential rate movements as modest, with ... Read the full article
McGriff sets up digital, data & analytics center of excellence
24th May 2021
McGriff, the broking subsidiary of Truist Insurance Holdings, has announced the formation of a new digital, data and analytics center of excellence. The center marks the culmination of a two-year effort designed to improve client experience and deliver new products and solutions to a growing client base, McGriff explained. It will aim ... Read the full article
Chubb launches new insurance product
24th May 2021
Global insurer and reinsurer Chubb has introduced a new insurance product, Benchmarq Package, for the lower middle market segment. Benchmarq includes an expanded base coverage offering in both property and liability, resulting in insurance protection that is more inclusive than the typical industry package policies. While Benchmarq's base offering is optimal for ... Read the full article
Aston Lark acquires Veritan Consultants
24th May 2021
Insurance brokerage Aston Lark Ireland has acquired Veritan Consultants Limited which trades under Brady Burns & Associates. Brady Burns specialises in delivering commercial and personal lines insurance solutions to retail and business customers. Together with their team of experienced and dedicated staff Joe, Breda and Eimhin have continued to expand and grow the ... Read the full article
Randall & Quilter reports $538.9mn GWP for 2020
24th May 2021
Randall & Quilter Investment Holdings has released its results for 2020, showing a gross written premium (GWP) of $538.9 million, a 46% increase from $368.9 million in 2019. The company also reported a Pre-Tax Operating Profit of £16.0 million, an increase of 102%, reflecting a year of accelerated growth across both ... Read the full article
Willis Re hires Kassali as Regional Director for MENA
24th May 2021
Willis Re, the reinsurance broking division of Willis Towers Watson, has announced the appointment of Chems-Eddine Kassali as Regional Director for Middle East and North Africa (MENA). Kassali previously spent nearly 14 years at United Insurance Brokers Ltd, most recently as Associate Director. In his new role, he will be responsible for ... Read the full article
Acacia hires Lawrence Cheng as CUO
24th May 2021
Acacia Holdings, the specialist reinsurance and retrocession investment company backed by Oaktree Capital Management, has appointed Lawrence Cheng as Chief Underwriting Officer. Cheng previously served as Managing Director and Head of Property & Casualty at Peak Re, where he was also a founding member of its leadership team. He led the firm’s ... Read the full article
Trust Re hires Yassir Albaharna as Managing Director and CEO
24th May 2021
Trust International Insurance and Reinsurance Company (Trust Re) has appointed Yassir Albaharna as Managing Director and Group Chief Executive Officer. With over 34 years of industry experience, Albaharna was previously Chief Executive Officer of Arab Insurance Group and has served as Vice Chairman of Trust Re since 2019. Trust Re Board Chairman ... Read the full article
Demand for digital services could displace $280bn of premiums: Accenture
24th May 2021
Analysts at Accenture have reported that rising demand for digital insurance premiums and their online distribution could displace $280 billion of current insurance revenues by 2025, challenging current customer retention levels. In a new report, Accenture analysed how the insurance industry’s revenues will be affected by new customer, demographic and technology ... Read the full article
Asia’s general and life insurance markets expected to grow by 2025: GlobalData
24th May 2021
Analysts at data and analytics firm GlobalData have revealed that Asia's position within the global general and life insurance markets is expected to grow by 2025, providing high growth opportunity for reinsurers in the region. Asia accounts for 16.9% of the global general insurance market and 33.4% of life insurance which ... Read the full article
ICMR launches ‘first of its kind’ Re/insurance Specialty Equity Index
24th May 2021
Specialist analytics and consulting firm, Insurance Capital Markets Research (ICMR), has launched a first of its kind equity index called the ICMR (Re)Insurance Specialty Equity Index (RISX), and appointed Moorgate Benchmarks as its calculator and administrator. The innovative new equity index focuses solely on the publicly listed global insurance and reinsurance ... Read the full article
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