Reinsurance News
Argo announces departure of Nealon, Tonelli from board
26th March 2021
Speciality re/insurer Argo has announced the retirements of Kathleen Nealon and John Tonelli from the board of directors, effective immediately. This move precedes the company’s Annual General Meeting scheduled for May 6. Following this meeting, the size of company’s board is due to be reduced to 9 directors. “On behalf of the entire ... Read the full article
HDI Global SE names new Director of Marine Cargo Underwriting UK
26th March 2021
Primary commercial specialist HDI Global SE has appointed Steve Foreman as its Director of Marine Cargo Underwriting UK. Foreman joins HDI having spent almost thirty years specialising in Marine Cargo insurance products at RSA. During his time at RSA, Foreman worked in RSA offices across Europe, including the UK, Italy and Belgium. ... Read the full article
Aviva sells Polish arm to Allianz for €2.5bn
26th March 2021
London-headquartered insurer Aviva has reached an agreement with Allianz to sell its entire shareholding in Aviva Poland for €2.5 billion in cash. The deal, which values the Polish business at €2.5 billion, follows the sale of Italian P&C unit Aviva Italia S.p.A. to Allianz for €330 million earlier this month. In ... Read the full article
S&P advocates for stand-alone cyber products
26th March 2021
Analysts at S&P Global Ratings have argued that the development of stand-alone cyber insurance products would benefit both re/insurers and policyholders. In a new report, the rating agency noted that cyber cover is often bundled into existing property or liability insurance policies, and in some cases, the policies do not explicitly ... Read the full article
MNK Re hires Nicolas Montoya as CEO LatAm
26th March 2021
Specialty Lloyd’s broker MNK Re has appointed Nicolas Montoya as CEO, Latin America & Caribbean and the establishment of its new Miami based operation. Montoya joins from BMS Miami and will report to Lee Ellis, CEO MNK Re International, based in London. MNK Re has planned to make significant investment into its ... Read the full article
IAG’s FY21 nat cat claims to exceed allowance on rainfall / flooding
26th March 2021
Australian insurer IAG has announced estimated FY 2021 net natural perils claim costs of between AUD 660 million to AUD 700 million compared to its perils allowance of AUD 658 million, as claims continue to come in for the widespread flooding in New South Wales (NSW) and Queensland. Earlier this month, ... Read the full article
Snapsheet raises $30mn in funding round
26th March 2021
Digital claims management company Snapsheet has raised $30 million in a Series E2 funding round. These new funds will be used to accelerate growth and add new functionality to Snapsheet’s cloud native end-to-end claims management platform. With Pivot Investment Partners and Ping An Global Voyager Fund leading this round, Snapsheet’s total raised ... Read the full article
Generali (GC&C) partners with satellite specialist NHAZCA
26th March 2021
Generali Global Corporate & Commercial (GC&C), a subsidiary of the Italian insurance giant, has entered into a new partnership with NHAZCA, a spin-off from the Sapienza University in Rome that has expertise in satellite, aerial and terrestrial sensing services. Generali GC&C plans to leverage NHAZCA’s expertise in Satellite SAR (Synthetic Aperture ... Read the full article
Aon / WTW considering sale of Gras Savoye in France, reports suggest
25th March 2021
According to L’argus de l’assurance, rumors circulating in the French broking market suggest that Willis Towers Watson (WTW) could be considering a sale of its Gras Savoye unit ahead of its planned merger with Aon. The proposed combination of the broking giants is currently under investigation by regulators, with concerns centering ... Read the full article
LIIBA sets out post-COVID principles for London, says it’s Harrods not Lidl
25th March 2021
The London and International Insurance Brokers’ Association (LIIBA) has published a list of key design principles to act as a guide for the London insurance market’s return to physical trading. Among these principles is a renewed focus on client experience, which LIIBA says can be improved with better, cheaper and more ... Read the full article
AIG promotes Elaine Rocha to Global COO of Reinsurance
25th March 2021
Global insurer and reinsurer AIG has promoted Elaine Rocha, Esq. to the newly created position of Global Chief Operating Officer (COO), Reinsurance. Rocha has been with AIG for 11 years, having joined in 2010 as Associate General Counsel and Vice President, Excess Casualty and Cat Excess. In 2014, she took on the ... Read the full article
Re/insurers achieve premium growth despite COVID challenges: Willis Re
25th March 2021
A new report from broker Willis Re shows that, globally, re/insurers achieved mild premium growth over 2020 due to rate increases for reinsurance and commercial lines of business. Most lines of business in the US market reversed Q2 declines in premiums and US premiums over the year actually outpaced GDP growth, ... Read the full article
Australian High Court agrees to hear arguments in BI test case
25th March 2021
The Insurance Council of Australia (ICA) has welcomed the High Court’s request to hear arguments on the application for special leave to appeal the NSW Court of Appeal’s recent judgment in the first business interruption test case. The ICA notes how the insurance industry still feels pandemics were not contemplated for ... Read the full article
Miller enhances reinsurance offering with addition of James Power
25th March 2021
Specialist insurance and reinsurance brokerage, Miller, has bolstered its exposure analytics and deal structuring offering for reinsurance clients with the addition of James Power as Exposure Analytics Lead. Power has more than a decade of experience working in the London market, most recently with Apollo Syndicate Management Limited. In his new role, ... Read the full article
Peak Re names Reynolds & Souter as Co-Heads of P&C as Kershaw departs
25th March 2021
Hong Kong domiciled reinsurer, Peak Reinsurance Company Limited, has announced that Iain Reynolds and Andy Souter will serve as Co-Heads of its P&C operation following the departure of Chris Kershaw, Managing Director, Global Markets and Co-Head of P&C. After more than eight years of service, Kershaw leaves Peak Re on April ... Read the full article
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