Reinsurance News
Helios acquires North Breache at Lloyd’s
24th September 2021
Lloyd’s of London investment and underwriting vehicle Helios has acquired North Breache Underwriting Limited, a limited liability member of Lloyd's of London. The total consideration paid for North Breache was £3.9 million, of which £3.4 million was paid on completion in cash and £0.5 million has been satisfied by the issue ... Read the full article
Solvency II proposals include needless costs and complexity: Insurance Europe
24th September 2021
Olav Jones, Deputy Director General of Insurance Europe, has welcomed new proposals on Solvency II by the European Commission (EC), but argued that some elements “unnecessarily increase costs and complexity” for re/insurers. Responding to the suggestion that the proposals would enable re/insurers to further contribute to Europe’s economy, he added that ... Read the full article
RMS says hurricane Nicholas insured loss could reach $2.2bn
24th September 2021
Hurricane Nicholas, which made landfall near Matagorda, Texas as a minimal Category 1 hurricane on September 14th, is expected to drive insurance industry losses in the U.S. of between USD 1.1 billion and USD 2.2 billion, according to analysis by RMS. This RMS estimate represents insured losses associated with wind, storm ... Read the full article
Fortegra registers Prague branch office
24th September 2021
International specialty insurer and subsidiary of Tiptree, Fortegra, today announced the registration of a branch office in Prague, Czech Republic. It's hoped the move will further strengthen Fortegra’s European presence. The Czech branch has all the regulatory approvals in place and is ready to write business in the Czech Republic, effective immediately. Fortegra ... Read the full article
Vantage launches Construction and Political risk business
24th September 2021
Specialty re/insurer Vantage Group Holdings has launched its Construction business, continuing the company’s momentum in its Political Risk business and expanding its distribution capabilities. Vantage was established in late 2020 and began writing reinsurance risk at the beginning of this year through its Bermuda Class 4 company, Vantage Risk. The Bermuda ... Read the full article
Reinsurers could be underestimating nat cat exposure by 33-50%: S&P
23rd September 2021
Analysts at S&P Global Ratings believe that reinsurers could be underestimating their exposure to natural catastrophe risks by between 33% and 50%, despite recent efforts to better incorporate climate change considerations into their business models. A new stress test by the rating agency highlighted the potential for significant volatility in earnings ... Read the full article
SCOR hires Adrian Poxon as CUO, Marine & Energy
23rd September 2021
SCOR has appointed Adrian Poxon to its P&C Reinsurance division as Chief Underwriting Officer for the Global Lines Marine & Energy, including Energy upstream and downstream, Aviation & Space and Engineering. Poxon spent the first half of his career in the London market, starting out in Aviation insurance before changing direction ... Read the full article
Somerset Re hires SCOR’s Christopher Smith as Head of Structured Reinsurance
23rd September 2021
Bermuda domiciled reinsurer Somerset Reinsurance has appointed Christopher Smith as Head of Structured Reinsurance. Smith will be based in Bermuda, and report to Jeff Burt, Chairman and Chief Executive Officer of Somerset. He will be responsible for setting client strategy for the structured reinsurance line and lead Somerset's efforts in reserve and ... Read the full article
Plug and Play adds MGA insurtech Stere.io to Winter 2021 Cohort
23rd September 2021
Digital managing general agent-focused Stere.io has been selected by Plug and Play as one of more than 150 startups to join the innovation accelerator's Winter 2021 class. Stere launched in May 2021 and has been described as permanently changing how managing general agencies, insurtechs and program administrators resolve speed-to-market, capacity sourcing, ... Read the full article
Zurich partners with BOXX insurance for cybersecurity and insurance solutions
23rd September 2021
Zurich Insurance Group has collaborated with Toronto-based Insurtech, BOXX Insurance (BOXX), which provides fully-integrated cybersecurity and insurance solutions for small-to-medium-sized businesses (SMEs), consumers and families. Technology has brought significant benefits to businesses and individuals – improving lifestyles and connecting people wherever they are in the world. However, the increased adoption of digital ... Read the full article
LMG names Wagstaff as permanent CEO
23rd September 2021
The board of the London Market Group (LMG) has appointed Caroline Wagstaff as its permanent CEO. This follows a period of six months from April to September this year, during which Caroline was seconded to the role on a temporary basis. Matthew Moore, Chairman of the LMG commented: “Caroline has done an ... Read the full article
Ariel Re adds Occam’s Carr to London office as Head of Cyber
23rd September 2021
Bermuda-based reinsurer Ariel Re has added Daniel Carr to its London office as Head of Cyber, effective October 1. Carr most recently served for Occam Underwriting as as Chief Innovation Officer and Cyber Lead. Prior to that he worked as a Cyber Security Specialist with AEGIS in London. Ariel Re says this addition ... Read the full article
Volante secures approval for new Asta-managed syndicate at Lloyd’s
23rd September 2021
Multi-class international MGA platform Volante Capital Holdings (Bermuda) has received ‘in-principle’ approval from Lloyd’s to launch Syndicate 1699 for the 2022 year of account, with initial stamp capacity of £130 million. Volante will be managed by Asta Managing Agency Ltd. The syndicate will bring business to Lloyd’s through Volante’s existing international ... Read the full article
Reinsurers main beneficiaries of EC Solvency II review: Berenberg
23rd September 2021
Analysts at Berenberg believe that reinsurers will be the main beneficiaries of new proposal to review Solvency II rules made by the European Commission (EC). The review is largely in line with the initial proposal published by the EU regulator EIOPA in December 2020, and Berenberg notes that the framework is ... Read the full article
Alleghany adds Chris Cheesman to Board of Directors
23rd September 2021
Investment holding company Alleghany Corporation has elected Chris Cheesman as a new independent director to its Board of Directors, increasing the size from eight to nine directors. Cheesman is a member of the Board of Directors of American Century Investments' suite of equity mutual funds. She is an accomplished senior executive with ... Read the full article
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