Reinsurance News
MNK Re adds Philippe Bara to Associate Director role
14th October 2021
Specialty Lloyd’s broker MNK Re Limited has announced the appointment of Philippe Bara as Associate Director - Energy and Risk Engineering. Bara brings with him almost thirty years of experience in the energy market across both Paris and London; including in the fields of offshore energy, windfarms, geothermal, shale gas and ... Read the full article
Canary Islands eruption leads Aon’s monthly nat cat report
14th October 2021
Reinsurance broker Aon’s monthly natural catastrophe report reveals that the Cumbre Vieja volcano, located on the La Palma Island in the Canary Islands archipelago of Spain began a fissure eruption from several vents, and as of October 5, resulting lava flows destroyed nearly 1,000 homes and large areas of infrastructure. This ... Read the full article
Abu Dhabi’s ADQ acquires remaining 20% of Munich Re’s Daman
14th October 2021
Abu Dhabi-based ADQ, one of the region’s largest holding companies, has entered into an agreement to acquire the remaining 20% equity stake of The National Health Insurance Company – Daman – PJSC, from Munich Re. As a partner to ADQ, Munich Re will continue in its capacity as the company's reinsurer. Since ... Read the full article
Marsh McLennan launches global Cyber Risk Analytics Centre
14th October 2021
Professional services firm Marsh McLennan has signalled the launch of its Cyber Risk Analytics Centre; an enterprise-wide resource designed to galvanise the cyber risk data, analytics and mitigation expertise of its Marsh, Guy Carpenter, Mercer, and Oliver Wyman businesses. The centre will operate under the leadership of cyber risk and catastrophe ... Read the full article
Rokstone launches R&Q-fronted construction lead/follow program
14th October 2021
Rokstone Construction Risk Underwriters (Rokstone CRU) has today announced the launch of a $5 million Following Form Lead Excess insurance program for the US market. The Lead Excess product will sit exclusively above its Primary General Liability product and is focused on Controlled Insurance Programs for both Contractors and Owners as ... Read the full article
Everest set for $635mn Q3 nat cat hit
14th October 2021
Global reinsurer Everest Re Group is expecting total pre-tax net catastrophe losses of $635 million for the third quarter of 2021, more than double the $305 million incurred during the entire first half of the year. In comparison, the reinsurer reported losses of $15 million for Q220 and $45 million for H120. In ... Read the full article
ABIR signs on to the Insurers’ Principles for Climate Change Adaptation
14th October 2021
The Association of Bermuda Insurers and Reinsurers (ABIR) has signed on to the Insurers’ Principles for Climate Change Adaptation drawn up by the Insurance Institute for Business & Home Safety (IBHS) with support from the property casualty insurance industry. The six principles outline active steps that can be taken to improve ... Read the full article
“Our recognition in Europe is growing”: Labuan IBFC’s Jaafar
14th October 2021
Farah Jaafar, CEO of the Labuan International Business and Financial Centre (Labuan IBFC), has asserted that the Centre’s “recognition in Europe is definitely growing,” following an active year for captive growth. 2020 was a busy year for Labuan captive business with 8 new captives formed, totalling 55 captives now licensed by ... Read the full article
Hampden names Lord Strathclyde as a non-executive director
14th October 2021
Hampden Agencies has appointed Lord Tom Strathclyde as a non-executive director to its board. Strathclyde is a British businessman and former politician who served in the British Cabinet as Leader of the House of Lords and Chancellor of the Duchy of Lancaster. He has developed a wide range of experience and knowledge ... Read the full article
Risk Strategies names John Meder as Head of Risk Consulting and Claims
14th October 2021
Specialty insurance brokerage and risk management firm, Risk Strategies, has appointed John Meder as Head of Risk Consulting and Claims Advocacy. Meder brings over 30 years of experience in risk management, analytics, claims and loss control. He was most recently Executive Vice President, Head of Risk Advisory at USI Insurance Services. Prior to ... Read the full article
Pension Insurance Corporation promotes Dominic Veney to CFO
14th October 2021
Pension Insurance Corporation (PIC) has promoted Dominic Veney to Chief Financial Officer. Veney will succeed Rob Sewell as CFO and a Director of PIC when he retires at the end of the year. He joined PIC in April 2018 as Chief Actuary, with responsibility for monitoring and reporting the company’s solvency position ... Read the full article
Kingstone’s Q3 cat losses may reach as high as $12.6mn
14th October 2021
Northeast regional property and casualty insurance holding firm Kingstone Companies has announced range of net pre-tax catastrophe losses for the third quarter 2021 of $9.6 million to $12.6 million. This figure applies to Kingstone Insurance Company (KICO), its wholly-owned subsidiary. Catastrophe losses for the quarter comprised five events (three named storms) none ... Read the full article
Insured cat losses more than double average year-to-date level: Jefferies
14th October 2021
Analysts at Jefferies have reported that insured natural catastrophe losses year-to-date are running 103% higher than the long-term average, and are already greater than the full-year claims burden for 2018, 2019 and 2020. This means losses are more than double what they would usually be at this stage in the year ... Read the full article
Berenberg estimates Swiss Re’s cat losses will exceed 2021 budget
14th October 2021
Analysts at investment bank Berenberg have reduced its 2021 earnings per share (EPS) estimates by 20% as they expect catastrophe losses will exceed the cat budget again this year. This is due to the impact of hurricane Ida and the European floods. Currently, Swiss Re is the only European reinsurer to provide ... Read the full article
WTW names Alex Shepherd Head of Global Facultative
14th October 2021
Re/insurance broker Willis Towers Watson (WTW) has appointed Alex Shepherd as Head of Global Facultative. Shepherd joins from ERS Syndicate 1856, where he served as an Active Underwriter driving performance and growth across all classes. In addition to his time at ERS, he has held various roles at RenaissanceRe, Canopius, ACE Global ... Read the full article
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