Reinsurance News
Hannover Re to explore advanced underwriting with Dublin-based R&D project
1st October 2021
Global reinsurer Hannover Re plans to invest over €6 million in Dublin Digital – a research and development (R&D) programme aimed at delivering a competitive edge via next generation d underwriting. To facilitate this, the company plans to create up to 16 positions in Dublin over the next 3 to 4 ... Read the full article
Mosaic adds AXA XL’s McGrath as SVP, Head of Intl War & Terrorism
1st October 2021
Mosaic Insurance has appointed senior war and terrorism specialist Adam McGrath to its business line’s international team in London. McGrath will serve as SVP, Head of International War & Terrorism, Political Violence, at the global specialty startup; responsible for building out the global book of business, while complementing work by the ... Read the full article
Aviva completes sale of Italian business to Allianz
1st October 2021
Aviva has announced the completion of the sale of its Italian General Insurance business, Aviva Italia S.p.A., to Allianz for a cash consideration of €330 million. First announced in March, the portfolio is equally distributed between motor and non-motor business segments with gross written premiums of around €400 million. In total, nearly ... Read the full article
Former AXA XL duo gain approval to launch ANT Exceptional Risks
1st October 2021
Former AXA XL executive Jonathan Beck and underwriter Richard Spurrier have received regulatory consent to launch a new Specialty Insurance Cell - ANT Exceptional Risks. Domiciled in Guernsey, the cell will initially focus on Fine Art, Jewellery and Classic Car exposures. “We’ve worked closely with our reinsurance partners over the last few ... Read the full article
MEDGULF secures $112mn capital increase approval
1st October 2021
The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF), one of Saudi Arabia's largest re/insurers, has had a capital increase request approved by the Capital Market Authority. MEDGULF provides a range of cooperative health, motor, property and other insurance and reinsurance services. It had initially paid-up roughly ... Read the full article
Helios operating loss grows despite reinsurance recoveries
1st October 2021
Helios Underwriting has reported an operating loss of £480,000 for the first six months of 2021, despite its exposure on the open underwriting year being reduced by 46% thanks to its quota share reinsurance program. This compares with an operating loss of £108,000 for the H1 period last year, although Helios ... Read the full article
GRS expands Middle East operations with new Dubai office
1st October 2021
Global Risk Solutions a provider of a range of P&C claims adjusting, complex/large loss and environmental risk management solutions, has expanded its global footprint with the opening of an office in Dubai, United Arab Emirates. Leading the team is Jim Pittman, who joins GRS as Regional Director, Middle East. Pittman is an ... Read the full article
Morocco’s SCR increases share capital to $243mn
1st October 2021
Shareholders of Morocco-based reinsurer Société Centrale de Réassurance (SCR) have decided to increase the company's the current share capital by a cash amount of 700 million Dirhams (USD 77.3 million). As a result, SCR's share capital is now increased from 1.5 billion Dirhams (USD 165.6 million) to 2.2 billion Dirhams (USD ... Read the full article
Reinsurers could unlock the cyber insurance market: S&P
30th September 2021
In a recent report, S&P Global Ratings says the demand for cyber coverage has increased significantly since before COVID-19 and that a stronger partnership between insurers and reinsurers could help strengthen coverage, give greater balance sheet protection against frequent, high-severity losses Analysts estimate that primary insurers pass 35%-45% of global cyber ... Read the full article
James River closes LPT reinsurance deal with Uber captive insurer
30th September 2021
James River Group Holdings, the Bermuda-based insurance holdings company, has entered into a loss portfolio transfer (LPT) reinsurance transaction with Aleka Insurance, a wholly owned captive insurer of Uber Technologies, under which Aleka will reinsure James River’s legacy portfolio of commercial auto policies related to Uber’s ridesharing business. Under the terms ... Read the full article
Ascot enters US workers comp market with AmFed acquisition
30th September 2021
Specialty insurer and reinsurer, Ascot Group, has entered the U.S. workers compensation market through the acquisition of specialty workers comp carrier and third-party administrator, AmFed National Insurance Company and its subsidiaries and affiliates. Mississippi-based AmFed is a leader in the state's workers comp industry with licenses in 15 Southeastern and Midwestern ... Read the full article
Howden Group’s DUAL expands into Latin America
30th September 2021
The global underwriting division of Howden Group Holdings, DUAL Group, has expanded into Latin America through the acquisition of a Mexico-based MGA and the launch of its own office in São Paulo, Brazil. DUAL's entry into Latin America means it now has a presence in 18 countries across the Americas, Europe, ... Read the full article
Idaho & Wyoming face disproportionate wildfire costs: CoreLogic
30th September 2021
A new report by catastrophe risk modeller CoreLogic has identified Wyoming and Idaho as the states most at risk for a prolonged wildfire recovery. While California traditionally tops the list each year for wildfire risk simply because it’s the most populous state, CoreLogic’s approach for this year’s report used different metrics ... Read the full article
Microsoft enters partnership with At-Bay
30th September 2021
Microsoft has entered into a partnership with cyber insurance company At-Bay to address its customers' cybersecurity needs and reduce insurers' own risk of loss, through increased data visibility and standardised controls. At-Bay assesses the cyber-risk of every company it insures and provides actionable insights on how customers can improve their security ... Read the full article
Resolution Re completes reinsurance deal with Allianz Suisse Life
30th September 2021
Resolution Life, a long-term legacy life insurance solutions provider, has announced that its Bermudian reinsurance platform, Resolution Re, has entered into a reinsurance agreement with Allianz Suisse Lebensversicherungs-Gesellschaft AG (Allianz Suisse). The deal transfers a quota share of 80% of the liabilities of Allianz Suisse’s Traditional Individual Life Business, made up ... Read the full article
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