Reinsurance News
The Hartford chapter “is closed” says Chubb CEO Greenberg
28th April 2021
During insurer and reinsurer Chubb's first-quarter 2021 earnings call held earlier today, Chairman and Chief Executive Officer (CEO), Evan Greenberg, said that "the chapter with The Hartford is closed." Earlier this week, U.S. property and casualty insurer The Hartford revealed that it had rejected a further two unsolicited acquisition offers ... Read the full article
Aon / WTW combination to gain EU antitrust approval: Reuters
28th April 2021
Sources have told Reuters that re/insurance broker Aon will gain conditional EU antitrust approval for its pending $30 billion mega-merger with Willis Towers Watson (WTW) without having to propose additional concessions. Reuters reported yesterday that the European Commission (EC) was seeking feedback from rivals and customers about who is the most ... Read the full article
Paragon hires Christian Phillips as President of contingency practices
28th April 2021
Paragon Insurance Holdings has appointed Christian Phillips as President of Paragon Contingency Practices. Phillips joins Paragon following many years at London-based specialty insurer, Beazley. With over 30 years of experience, he is an asset to Paragon clients, particularly given the global upheaval in the marketplace in 2020. Phillips will play a pivotal role ... Read the full article
OdysseyRe names Alejandro Zuñiga as CUO, Agro
28th April 2021
OdysseyRe has appointed Alejandro Zuñiga has been named Chief Underwriting Officer for its Facultative and Agro business in Latin America and the Caribbean. Zuñiga joined OdysseyRe in 2016 as a senior facultative underwriter based in Mexico City, and has written business for OdysseyRe throughout the Latin American region over the past ... Read the full article
SCOR solidifies ILS position with Coriolis integration
28th April 2021
SCOR Investment Partners, the SCOR group’s portfolio management company, has completed its integration of London-based ILS fund manager Coriolis Capital Limited. The French reinsurer closed its acquisition of Coriolis in September 2019, after first announcing the transaction in May 2019. However, SCOR has only now completed the integration of Coriolis’s operations ... Read the full article
Munich Re doing ‘more business on better terms’, says CEO Wenning
28th April 2021
Global reinsurer Munich Re expects market hardening to persist in the property / casualty reinsurance sector as it continues to take advantage of favourable conditions, according to its Chief Executive Officer (CEO), Joachim Wenning. The German reinsurance company held its virtual 2021 Annual General Meeting (AGM) this morning, during which CEO ... Read the full article
Fortitude Re recruits Chief HR Officer from RenRe
28th April 2021
Bermudian legacy reinsurance company Fortitude Re has announced the appointment of Amanda Stewart is its new Chief Human Resources Officer. Stewart joins the company from RenaissanceRe (RenRe), where she most recently served as Head of Global Talent Management and HR Projects, leading led talent management initiatives and global HR projects. Prior to ... Read the full article
Willard Lee named CIO at The Hanover
28th April 2021
Property and casualty (P&C) insurance company The Hanover Insurance Group, Inc. has announced the appointment of Willard T. Lee as Executive Vice President, Chief Information and Innovation Officer, effective immediately. In this role, Lee will be responsible for advancing the company's information technology roadmap and delivering technology solutions that support its ... Read the full article
SiriusPoint hires Larry Hallett as SVP, Casualty Underwriting
28th April 2021
SiriusPoint, the international specialty re/insurer recently formed via the merger of Sirius Group and Third Point Re, has appointed Larry Hallett as Senior Vice President (SVP) of Casualty Underwriting. Hallet will report to Warren Trace, Head of US and Canada, Americas Reinsurance with a focus on casualty underwriting, including traditional and ... Read the full article
PFI & Zurich close £6bn longevity reinsurance swap
28th April 2021
Prudential Financial subsidiary, The Prudential Insurance Company of America (PICA), and Zurich Assurance Ltd. have closed a £6 billion longevity swap with an unnamed UK pension scheme. The longevity risk was reinsured to the International Reinsurance business of PICA, with Zurich acting as intermediary on a ‘pass-through’ basis. The transaction, which closed ... Read the full article
Coface announces net income of €56.4m for Q1
28th April 2021
Credit insurer Coface has reported a net income of €56.4m (USD 68.1m) for Q1 2021, a vast improvement from the €12.7m (USD 15.3m) recorded in Q1 2020. The insurer announced an improved combined ratio at 52.8% compared to 86.8% for the year prior. This is comprised of a loss ratio, net of ... Read the full article
Arch reports higher Q1 underwriting gain despite reinsurance segment loss
28th April 2021
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has reported net income of $427.8 million for the first-quarter of 2021, as underwriting gains in both its Insurance and Mortgage segments more than offset a loss in the firm's Reinsurance operation during the period. Year-on-year, net income increased by approximately $294 million ... Read the full article
SCOR sets further climate targets for investments
28th April 2021
French re/insurer SCOR has announced further climate targets to reduce the carbon intensity of its investments and accelerate its move towards net-zero emissions. By 2025, SCOR now aims to have reduced the carbon intensity of its corporate bonds and listed equities portfolio by 27%. It's hoped that this new target will support ... Read the full article
Chubb’s P&C underwriting income hits $622m despite elevated cat losses
28th April 2021
Global re/insurer Chubb has announced a P&C combined ratio of 91.8% for the first-quarter of 2021 and underwriting income of $622 million, despite pre-tax catastrophe losses, net of reinsurance and including reinstatement premiums, of $700 million for the period. When compared with the first-quarter of 2020, Chubb's P&C combined ratio has ... Read the full article
Global insurtech investment hits record $2.55bn in Q1: WTW
28th April 2021
New data from re/insurance broker Willis Towers Watson (WTW) shows that global investment in the insurtech sector reached a new quarterly high of $2.55 billion during the first quarter of 2021. This included eight so-called ‘mega-rounds’, which was more than in any other three-month period, analysts found, and which accounted for ... Read the full article
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