Reinsurance News
Former PartnerRe CEO Clarke named Chairman of rebranded Wakam: report
1st February 2021
Wakam, one the oldest insurance companies in France, has announced the appointment of former PartnerRe Chief Executive, Emmanuel Clarke, as its new Chairman as the group targets expansion, reports the Financial Times. Founded in 1829, privately owned insurer Wakam has rebranded itself as an InsurTech firm that will look to bring ... Read the full article
Clifford Chance hires James Grayer for corporate practice
1st February 2021
International law firm Clifford Chance has appointed insurance attorney James Grayer to its US corporate practice as counsel. Grayer has over 20 years of experience in private practice, most recently serving as senior executive at managing general underwriter, Concord Specialty Risk. He brings transactional and insurance product knowledge to the firm's M&A ... Read the full article
Gossmann & Cie bolsters senior management team
1st February 2021
Liability management company Gossmann & Cie has bolstered its senior management team with three new appointments. Jürgen Rindermann joins as head of claims management. He has over 30 years of experience in the insurance industry and recently served as Chief Operating Officer of DARAG Germany. As well leading the company’s claims management, ... Read the full article
Newfront hires Stacey Lem as Managing Account Executive
1st February 2021
San Diego-based broker Newfront Insurance has hired Stacey Lem as the Managing Account Executive for its Employee Benefits practice. Lem has almost 30 years of experience in the carrier and brokerage sides of the industry, bringing a new perspective on the opportunities for innovation and leadership within the practice area. He joins ... Read the full article
Florida restaurant bringing BI claim to Supreme Court
29th January 2021
According to an article first reported by Law 360, Florida restaurant Mama Jo's is heading to the US Supreme Court, claiming that its insurer wrongly denied coverage for losses stemming from road construction near its location. As hundreds of businesses face potential conflict with their insurers over business interruption due to ... Read the full article
Argo names Tom McCartney head of ceded reinsurance
29th January 2021
Specialty insurance and reinsurance firm Argo has announced the appointment of Tom McCartney as group head of ceded reinsurance. McCartney will be based in Chicago and succeeds Katie Partington Howarth, who has been named as the Chief Underwriting Officer (CUO) and Head of Reinsurance Products Division at AXIS Re. McCartney joined ... Read the full article
USAA enters small business insurance market
29th January 2021
USAA, a provider of insurance, banking and investment and retirement solutions to US military veterans, has entered into the small business insurance market. Whilst the USAA Insurance Agency has offered small business insurance for the last 30 years through unaffiliated insurance companies, USAA will now offer their own small business insurance product. The new ... Read the full article
Aon / WTW defend proposed merger after competition concerns raised
29th January 2021
Global re/insurance brokers Aon and Willis Towers Watson (WTW) have cited a range of competitive dynamics in defence of their proposed combination; after the New Zealand (NZ) Commerce Commission's Statement of Issues (SOI) and subsequent responses highlighted some potential concerns. Ahead of an expected completion date sometime in the first-half of ... Read the full article
Katie Partington Howarth takes CUO role at AXIS Re
29th January 2021
AXIS Re, the reinsurance business segment of AXIS Capital Holdings Limited, has appointed Katie Partington Howarth as Chief Underwriting Officer (CUO) and Head of its Reinsurance Products Division. In this role, Partington Howarth will be responsible for the global underwriting approach and portfolio management for all lines of business across AXIS ... Read the full article
Charles Taylor acquires Otak’s remaining stake
29th January 2021
Technology solutions provider Charles Taylor has acquired the remaining minority stake in Otak, an insurance technology platform business specialising in delegated authority solutions. With this acquisition, it moves to full ownership of Otak and its product Tide, from owning a controlling majority stake previously. Tide is cloud-based data streamlining solution that was ... Read the full article
Bermudian startups benefitting from clean balance sheets, lack of legacy issues: Fitch
29th January 2021
Fitch Ratings has released a report stating that Bermuda start-ups in 2020 benefited from clean balance sheets and lack of legacy issues or reserves. Analysts believe this could be particularly valuable given the uncertainty around pandemic-related claims and rising social inflation affecting the U.S. casualty business. With these benefits, Fitch sees Bermuda ... Read the full article
Gildenbrook launches ILS fund management
29th January 2021
The Gildenbrook Group has launched an independent alternative fund manager, Gildenbrook Capital Management, which is focused on the insurance-linked securities (ILS) asset class. Gildenbrook Capital Management will offer its services to investors who are looking to access alternative risk premia sourced from the global life and non-life insurance and reinsurance market. The ... Read the full article
Apax Partners acquires PIB Group
29th January 2021
Apax Partners has acquired independent specialist insurance intermediary PIB Group, alongside its management team. Funds advised by The Carlyle Group, PIB’s existing investor since 2015, will re-invest for a minority stake, although the financial terms of the transaction were not disclosed. PIB’s executive management team, led by Chief Executive Officer Brendan McManus ... Read the full article
OTT Risk aims to provide deep business interruption reinsurance capacity
29th January 2021
A new startup called OTT Risk is looking to provide business interruption (BI) reinsurance capacity, via the use of advanced technology and with the support of insurance-linked securities (ILS) structures, in an effort to address coverage gaps that exist around the world. The COVID-19 pandemic and subsequent lockdowns highlighted the significant ... Read the full article
MS AUL names Vishal Desai CRO, Catherine Scullion Chief Actuary
29th January 2021
Speciality Lloyd’s (re)insurer MS Amlin Underwriting has announced the appointment of Vishal Desai as Chief Risk Officer and Catherine Scullion as Chief Actuary. Desai reports to the company's Chief Executive Officer Johan Slabbert and brings over 18 years’ of general insurance industry experience. He joins in May from the Bank of England ... Read the full article
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