Reinsurance News
Star Insurance acquired by The Hilb Group
8th April 2021
The Hilb Group, LLC (THG) has announced the acquisition of Indiana-based Star Insurance Agency, effective March 1, 2021. Star Insurance Agency is a full-service agency with personal and commercial insurance offerings, including both P&C and employee benefits. As a part of the transaction, Star leaders Leslee Robinson and Billy Davenport, and the ... Read the full article
CRESTA records decrease in major cat losses
8th April 2021
CRESTA, the insurance industry organisation that provides a global standard for risk accumulation zones and industry losses, has found that major insurance losses from catastrophes were well below average in 2020. CLIX, the CRESTA Industry Loss Index, provides industry loss data on international catastrophe events (excluding US) which have generated industry ... Read the full article
Gallagher adds WTW’s Alex Ross as public sector account director
8th April 2021
International insurance broker Gallagher has announced the appointment of Alex Ross as account director in the firm’s public sector team. Ross will report to Mark Whittingham, who leads the public sector team in Gallagher’s Southampton office, as part of a team supporting a portfolio of clients which includes blue-light organisations, local ... Read the full article
Tremor adds former PartnerRe CEO Clarke to Board of Directors
8th April 2021
Programmatic re/insurance risk transfer marketplace, Tremor Technologies, has announced the addition of former PartnerRe President and Chief Executive Officer (CEO), Emmanuel Clark, to its Board of Directors. Clarke has had a long and successful career in the reinsurance sector, having spent more than 25 years with Bermuda-based PartnerRe before leaving ... Read the full article
Starr, Liberty Mutual raise $100m for Bitcoin-focused NYDIG as TransRe’s Sapnar joins
8th April 2021
Starr Insurance and Liberty Mutual are among a number of leading property and casualty (P&C) insurers that have helped NYDIG, provider of technology and investment solutions for Bitcoin, raise $100 million in additional growth capital. These companies join existing investors such as New York Life and MassMutual. Concurrently, NYDIG has announced the ... Read the full article
Great American Risk Solutions promotes DeSoto to Divisional President
8th April 2021
Great American Insurance Group has promoted Brian DeSoto to Divisional President of its Great American Risk Solutions Division. DeSoto began his career in law, specialising in bankruptcy and commercial litigation, and has been at Great American Group for over 12 years, joining in 2008 as Divisional Assistant Vice President, Corporate Claims. In ... Read the full article
Aston Lark acquires DNA Insurance Services
8th April 2021
Aston Lark, the chartered insurance broker backed by Goldman Sachs, has acquired DNA Insurance Services to further strengthen its motor trade expertise. DNA Insurance was established in 2003, with offices in Romford and Southampton. The motor trade specialist also covers additional services across business insurance and private client home and car insurance. Peter ... Read the full article
Charles Taylor Adjusting hires Dan Yeo as Managing Director
8th April 2021
Charles Taylor Adjusting, a division of insurance-related services provider Charles Taylor, has appointed Dan Yeo as Managing Director for its Property & Casualty team in Singapore. Yeo joins with over 30 years of experience, ranging from maritime surveyor, loss adjuster, insurance underwriter, regional and local claims manager in Singapore. His appointment supports ... Read the full article
Korean Re names Michael Hinz as CUO of Swiss subsidiary
8th April 2021
Michael Hinz has been promoted to Chief Underwriting Officer (CUO) of Korean Re Switzerland and will also join the Executive Management of the reinsurer's Swiss subsidiary. In his new role, Hinz takes on responsibility for building Korean Re's European hub. He joined the firm in 2019 as Deputy CUO, and has ... Read the full article
Australian regulator looks to limit offshore reinsurance use
8th April 2021
The Australian Prudential Regulation Authority (APRA) is seeking consultation on a package of updates that aim to limit the use of offshore reinsurance by life players in Australia. The proposed updates will impose an aggregate limit on the exposure of life insurers to offshore reinsurers, which are not regulated by APRA. Offshore ... Read the full article
Athene completes PRT transaction with JCPenney
8th April 2021
Athene Holdings (Athene) has closed a significant pension risk transfer transaction in connection with department store JCPenney's pension plan termination. Under the terms of the transaction JCPenney transferred $2.8 billion in pension obligations to Athene. Athene's wholly-owned subsidiaries, Athene Annuity and Life Company, and Athene Annuity & Life Assurance Company of New ... Read the full article
MetLife completes sale of US P&C business to Zurich
8th April 2021
MetLife, Inc. has announced the completion of its previously announced sale of Metropolitan Property and Casualty Insurance Company and certain wholly-owned subsidiaries to Farmers Group, Inc., a subsidiary of Zurich Insurance Group. First reported in November, the $3.94 billion deal sees Farmers Group jointly acquire MetLife Auto & Home ... Read the full article
Reinsurance management tech critical for carriers: Sapiens’ Greenberg
8th April 2021
Technologies to help manage and automate the reinsurance ceding are becoming increasingly critical for insurance carriers, according to Martin Greenberg, Reinsurance Product Manager for Sapiens, a global provider of software solutions for the insurance industry. Greenberg noted that managing reinsurance is an often overlooked and underserved part of the insurance process, ... Read the full article
AM Best notes rising prominence of DUAE model
8th April 2021
In a new report, rating agency AM Best has noted the “rising prominence” of the delegated underwriting authority enterprise (DUAE) model in the insurance industry distribution ecosystem. Analysts said that the success of this model was evident in the growing number of managing general agents (MGAs) and the amount of MGA-generated ... Read the full article
Zurich partners with Previsico using technology for a major client
8th April 2021
Flood forecaster Previsico has partnered with insurer Zurich and one of their top UK customers in a market-first tripartite pilot across 5,000 UK locations. The aim is to plug a major flood forecasting gap around surface water flooding and significantly reduce the cost of false alarms. One of the biggest risks in ... Read the full article
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