Reinsurance News
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
Arch Insurance names Tom Rivers CRO
11th October 2021
The international insurance arm of Arch Capital Group has announced the appointment of Tom Rivers as Chief Risk Officer, a role he recently held at AXIS Managing Agency. Rivers brings 20 years’ experience to Arch Insurance International, a career that spans enterprise risk management, corporate actuarial and risk management roles. His time ... Read the full article
Helios acquires another trio of LLVs
11th October 2021
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has acquired three more limited liability vehicles (LLVs) for an aggregate cash consideration of roughly £2.6 million, generating syndicate capacity of £4.0 million. Nameco (No.389) Limited, Nomina No 469 LLP and Nomina No 536 LLP were acquired for considerations of $1.8 ... Read the full article
Apollo gets $90m investment from Alchemy, to build on hybrid Lloyd’s model
11th October 2021
Apollo Group Holdings Limited, the Lloyd's specialist insurance and reinsurance group that includes Apollo Syndicate Management Ltd, has announced a $90 million investment from British private equity firm Alchemy Partners. Apollo is the largest independent, management owned business in the Lloyd’s market, including its flagship Apollo Syndicate 1969 and the $90 ... Read the full article
Not a true hard market, but there’s more to come: Aspen’s Christian Dunleavy
8th October 2021
Despite improvements, it’s still not a true hard market and the reinsurance arena is likely lagging the primary space and needs to push for more rate adequacy, according to Christian Dunleavy of Aspen Insurance Holdings Limited. Dunleavy, who serves as Chief Underwriting Officer (CUO) of Aspen Re, and Chief Executive Officer ... Read the full article
US commercial rates up 6.8% in Q3, says MarketSout
8th October 2021
According to MarketScout data the composite rate for commercial insurance pricing in the third quarter of 2021 was up 6.8%, compared to the 5.9% in the second quarter of 2021. Richard Kerr, CEO of MarketScout noted how Umbrella and D&O coverages continue to lead the price increases at 11.7% and 11.3%. By ... Read the full article
BP Marsh expands Nexus stake to 19% following refinancing success
8th October 2021
Specialist early-stage investor B.P. Marsh & Partners has announced the successful completion of a refinancing exercise that’s seen the early repayment of £4 million in loans. Simultaneously to this refinancing, B.P. Marsh has acquired a further 2.49% shareholding in Nexus, from a founding shareholder. Nexus has now secured a new £70 million ... Read the full article
Kovrr launches CRIMZON framework
8th October 2021
Cyber risk modeller Kovrr has launched its CRIMZON framework for comparing and managing accumulations of systemic cyber risk. Formerly named CRA-Zones, the CRIMZON framework expands re/insurance applications beyond identifying risk accumulation to include cyber threat assessment and trend analysis, deeper risk management and monitoring, as well as event response. The CRIMZON framework divides ... Read the full article
Lockton Re adds Gallagher Re’s Patrick Bousfield to Bermuda office
8th October 2021
The reinsurance business of independent insurance broker Lockton has added Patrick Bousfield to its Bermuda office as a Senior Broker. Bousfield joins Lockton Re from Gallagher Re in New York, where he led the firm's cyber offering as part of its specialty team. He has over 12 years of treaty and facultative ... Read the full article
Aon partners with Athenium Analytics on updated claims processing platform
8th October 2021
Global re/insurance broker Aon has announced an update to its Claims Signal Platform (CSP), adding two new predictive analytics models that provide daily alerts to claims handlers as new information is collected. CSP was developed in collaboration with Athenium Analytics and now includes two new predictive analytics models that provide daily alerts to ... Read the full article
Watford Re no longer under review as more de-risking expected
8th October 2021
AM Best has decided to remove Watford Re from under review with negative implications status, as the company is expected to continue to work towards de-risking its investment portfolio. Watford Re was placed under review in May 2020 after reporting a net investment loss of $300 million in the first ... Read the full article
Swiss Re partners with Wysa for mental health app
8th October 2021
Swiss Re has partnered with mental health platform Wysa to create an insurance-specific app to help consumers better track their mental wellbeing and improve links to insurers’ existing support networks. A report by Swiss Re Institute noted that a number of 45 million consumers across six markets view a future negative ... Read the full article
MS&AD, SCOR back Energetic Insurance Series A funding round
8th October 2021
Energetic Insurance has completed a Series A funding round which totalled $7 million, led by Schneider Electric Ventures with participation from MS&AD Ventures, MCJ Collective, and Atlantic Global Risk. The startup’s existing investors Congruent Ventures, SCOR P&C Ventures, MUUS Asset Management, Powerhouse Ventures, and Clean Energy Venture Group also participated in ... Read the full article
Australia’s federal court sides with insurers on 8 of 9 COVID-19 BI test cases
8th October 2021
The Insurance Council of Australia has noted the country's federal court’s decision to uphold the arguments advanced by insurers in eight of the nine matters related to the business interruption test case. In one matter the court found that the cover had been triggered but held that there were substantial issues ... Read the full article
Athora Belgium agrees to acquire NN Insurance’s life portfolio
8th October 2021
Athora Belgium (Athora Belgium), a wholly owned subsidiary of life insurance group Athora Holding (Athora), has entered into negotiations to acquire a closed-book individual life portfolio from NN Insurance. The acquisition represents €3.3bn of assets under management, and is in line with Athora’s ongoing growth strategy focused on traditional life savings ... Read the full article
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