Reinsurance News
Legal & General agrees £760mn buy-in with Sanofi Pension Scheme
12th October 2021
Legal & General has agreed a £760 million buy-in with the Sanofi Pension Scheme, securing the benefits of 2,900 retirees. The transaction represents the Scheme’s first Pension Risk Transfer (PRT) transaction with Legal & General, after being a long-term asset management client. The Trustee was advised on the transaction by Aon and ... Read the full article
HDI UK promotes Stephanie Ogden to Director, Underwriting and Distribution
12th October 2021
HDI UK and Ireland has promoted Stephanie Ogden to the role of Director of Underwriting and Distribution. In this new role, Ogden will lead HDI’s underwriting strategy across all lines of business and maintain overall responsibility for the distribution function. She will continue to report directly to Managing Director Claire McDonald. Ogden ... Read the full article
Chaucer adds to Belt & Road Consortium at Lloyd’s
12th October 2021
Specialty re/insurance group Chaucer has announced the addition of political risks and contract frustration to its Belt and Road Consortium at Lloyd’s solution. The consortium, which was launched in June 2021, provides large-scale capacity of up to $300 million to companies working on China’s Belt and Road Initiative. It combines Chaucer’s ... Read the full article
AU$394mn industry hit from Cyclone Seroja, says PERILS
12th October 2021
Independent provider of industry-wide catastrophe insurance data PERILS has today released an industry loss footprint for Tropical Cyclone Seroja that totals AU$394 million. This compares to the figure of $434 million issued by PERILS three months after the event. While the industry loss resulting from Tropical Cyclone Seroja remains below the PERILS ... Read the full article
Howden acquires Aneco Forsikringsmegling
12th October 2021
International insurance broker Howden has acquired Oslo-based retail broker Aneco Forsikringsmegling (Aneco) as part of its ongoing strategy to invest in expertise in Europe and expand its operations for the benefit of local and international clients. Aneco is an independent insurance broker operating in the Property and Casualty and Employee Benefits ... Read the full article
DARAG announces new senior hires
12th October 2021
DARAG Group has appointed Matthias Hahne as Head of Risk Management, Europe, and Martial Hille as Senior Risk Manager, quantitative risk management and regulation. Both appointments will be based in Hamburg, Germany and work closely with Alexander Roth, European CEO of DARAG on Governance, Risk and Compliance. Hahne brings over 10 years’ ... Read the full article
Besso forms new property and speciality team
12th October 2021
Besso Insurance Services, the independent Lloyd’s broking group, has formed a new property and speciality team with the appointments of Matthew Sinclair and David Pratt-Sinclair, who join as director and executive producer. Gemma Barnes and Joe Marston also join the team as senior broker and broker respectively. The team will specialise ... Read the full article
Tysers launches new live event products
12th October 2021
Lloyd’s broker Tysers has launched two new schemes for the music and live events sector to reflect the challenges of the post-pandemic landscape. Firstly, Tysers Freelancers is an online insurance solution available 24/7 that provides cover for freelancers who work in music events across UK & Europe. And secondly, Tysers Elite will ... Read the full article
Santam accepts SCA decision on BI claims
12th October 2021
The Supreme Court of Appeal (SCA) has brought legal clarity on the interpretation and application of certain contingent business interruption (CBI) policies. In the case between Santam and Ma-Afrika Hotels and Stellenbosch Kitchen, the SCA ruled that the longer 18-month indemnity period referred to in the main business interruption section of ... Read the full article
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
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