Reinsurance News
Verisk invests in London insurtech HUG HUB
12th October 2021
Global data analytics provider Verisk has made a strategic investment in London based Insurtech HUG HUB in a deal designed to enable the latter to expand and enhance its platform. HUG HUB’s digital platform aims to transform the way insurers, managing general agents and brokers engage with their customers. With Verisk’s support, ... Read the full article
Arch Capital estimates $330m to $345m of losses from Q3 catastrophes
12th October 2021
Arch Capital Group, the Bermuda headquartered, globally active insurance and reinsurance company, has pre-announced an expectation of third-quarter natural catastrophe losses of between $330 million to $345 million. The high catastrophe estimate is given on a net of reinsurance or retrocession recoveries and pre-tax basis and affects Arch Capital's property casualty ... Read the full article
Trade disruption likely to continue, Chinese energy issues a factor: Russell
11th October 2021
Analysts at risk modelling company Russell Group have warned that $120 billion of trade flows could be delayed, with ongoing Chinese power shortages a major factor. Shortages have already caused factories in the provinces of Jiangsu, Guangdong and Zhejiang to shut down or move to a three-day week, many of which ... Read the full article
NAIC stress tests US insurers’ collateralised loan obligations
11th October 2021
US standard-setting organisation the NAIC has released its stress testing results on US Insurers' exposure to Collateralized Loan Obligations (CLO) Year-End 2020. The 2021 Stress tests examined the resilience of CLOS under three different Scenarios. The year-end 2020 stress test mirrors findings from the year-end 2019 stress test, wherein Normal CLO A-rated ... Read the full article
TigerRisk adds Jim Kilduff to lead MGA efforts
11th October 2021
Re/insurance risk, capital and strategic advisor TigerRisk Partners has added Jim Kilduff to lead the firm’s Managing General Agents business. Kilduff joins from Harbor Hill Solutions where he served as Chief Executive Officer. He brings 20 years’ experience to the role and has shown the capacity to enable MGAs find and secure ... Read the full article
Swiss Re’s iptiQ partners with UK medical network Square Health
11th October 2021
Customers of Swiss Re's iptiQ’s clients are set to receive value-add digital health benefits with Square Health, a leading network of UK medical professionals. Benefits include virtual 24/7 GP consultations, e-prescriptions, mental health support, bereavement counselling, wellness checks and dietician services. These services aim to reduce the amount of time needed to ... Read the full article
AXA XL’s Xamira Groves to lead Chaucer’s insurance business
11th October 2021
Specialty re/insurance group Chaucer has, in an effort to bolster expansion efforts, added Xamira Groves from AXA XL as head of insurance. Groves will oversee the delivery of strategy and portfolio management across all general insurance lines and underwriting entities and work closely with Ed Lines, active underwriter of Syndicate 1084, ... Read the full article
Brookfield Reinsurance closes $10bn deal with American Equity
11th October 2021
Brookfield Asset Management Reinsurance Partners (Brookfield Reinsurance) has closed its previously-announced transaction to reinsure up to $10 billion of annuity products issued by American Equity Investment Life Insurance Company. Under the agreement, Brookfield Reinsurance has reinsured $4 billion worth of in-force policies, and will reinsure up to an additional approximately ... Read the full article
Vantage takes QOMPLX’s Steve Smith as Head of Research & Development
11th October 2021
Vantage Group Holdings Ltd., the Bermuda headquartered specialty insurance and reinsurance company, has made a key hire in the catastrophe modelling and research area, taking Steve Smith from QOMPLX as its new Head of Research & Development. Vantage continues to build-out an impressive team as it comes up to one-year since ... Read the full article
Demotech affirms FSR of FedNat Holding Company carriers
11th October 2021
Demotech has affirmed the Financial Stability Ratings (FSR) of A (Exceptional) for FedNat Insurance Company, Maison Insurance Company, and Monarch National Insurance Company. This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, sufficient liquidity of invested assets, an acceptable ... Read the full article
Atrium adds Michael Cusition to Marine team
11th October 2021
Atrium Underwriting,, the managing agent for Lloyd’s Syndicate 609, has announced the appointment of Michael Cusition as Marine Underwriter, reporting to David Sankey, Head of Marine. He joins Atrium from Munich Re having held the position of Underwriter of Marine & Energy Liabilities. Prior to that, he spent four years as Assistant ... Read the full article
Australian insurers say COVID BI provisions unchanged, for now
11th October 2021
Some of Australia’s largest insurers have said their provisions for potential business interruption claims relating to COVID-19 remain “unchanged” following a test case ruling by the federal court. The court recently decided to uphold the arguments advanced by insurers in eight out of the nine matters related to the business ... Read the full article
Occam acquires terror-focused MGA Beech Underwriting
11th October 2021
Occam Underwriting, the specialist lines focused Managing General Agency (MGA), has announced the acquisition of terrorism insurance MGA Beech Underwriting Agencies Ltd. The acquisition forms part of Occam’s strategy to diversify into additional lines of business with the continued support of Hudson Structured Capital Management Ltd., which does its re/insurance business ... Read the full article
Howden Belgium acquires broker Sarton & Associés
11th October 2021
The Belgium-based arm of International insurance broker Howden has announced the acquisition of Sarton & Associés, the firm's first acquisition since its launch in 2020. Howden Belgium sees this deal as having reinforced the ambition to expand its retail operations across Belgium to service local and multinational clients. The Sarton & Associés ... Read the full article
Aviation rates moderating to stable levels: Gallagher
11th October 2021
Analysts at global re/insurance broker Gallagher have reporteded continued moderation of insurance rates in the aviation space, with the average level of increases down notably on prior quarters. In the Q3 edition of its Plane Talking publication, Gallagher noted that this moderation follows three years of consecutive rate increases and reflects ... Read the full article
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