Reinsurance News
Africa Specialty Risks secures multi-year binder capacity with GIC and Peak Re
15th February 2021
Newly launched Pan-African focused reinsurer, Africa Specialty Risks Group (ASR), has secured additional multi-year binder capacity of up to $25 million per risk via a new partnership with GIC of India and Hong Kong domiciled Peak Re. ASR is now able to offer capacity across Property, Political Risk, Trade Credit, and ... Read the full article
Corant Global names former RFIB CEO Steven Beard as Executive Director
15th February 2021
BGC Partners, Inc.'s recently launched Corant Global Limited, the new name for BGC Insurance (BGCI), has today announced the appointment of Steven Beard as Executive Director, effective immediately. In his new role, Beard takes on an array of responsibilities across the group with functions including finance, operations, IT, infrastructure, and digital ... Read the full article
AIG’s Duperreault to step down from Exec Chair role by 2022
15th February 2021
Global insurer American International Group (AIG) has announced that Peter S. Zaffino is set to take over the role of Chief Executive Officer (CEO) from Brian Duperreault, who will instead serve as Executive Chairman of the Board until the end of this year. Duperreault will hold this role through to December ... Read the full article
Compre partners with Apollo to launch Lloyd’s legacy Syndicate 1994
15th February 2021
Legacy group Compre has entered into a strategic partnership with independent specialist re/insurer, Apollo Syndicate Management, to launch a new Lloyd's of London legacy business focussed Syndicate 1994, which has received approval from The Council of Lloyd's. Syndicate 1994 will have the ability to execute the full range of legacy transactions ... Read the full article
Solvency II proposals will create “winners and losers,” says AM Best
15th February 2021
Analysts at AM Best believe that new Solvency II proposals put forward by the European Insurance and Occupational Pensions Authority (EIOPA) will give rise to both “winners and losers” in the European re/insurance market. The proposals are EIOPA’s response to the European Commission’s request for advice arising from its mandatory review ... Read the full article
LMG adds Rob Kuchinski to Board of Directors
15th February 2021
The London Market Group has appointed Rob Kuchinski, Head of Commercial Insurance at Zurich UK, as a member of its board. He will replace Patrick Tiernan, Managing Director UK Commercial Lines & Global Corporate & Specialty at Aviva representing the International Underwriting Association. Matthew Moore, Chair of the London Market Group commented ... Read the full article
COVID losses likely to exceed Lloyd’s estimate, says Brit
12th February 2021
Specialty insurer and reinsurer Brit has suggested that the COVID-19 pandemic could “significantly exceed” the $107 billion claims estimate predicted by Lloyd’s last year. The comments contrast with the view of some other analysts, such as those at Berenberg, who recently reduced their industry loss estimate from $50-70 billion to ... Read the full article
Marsh promotes Ankur Kacker to UK Digital Asset Leader
12th February 2021
Global insurance brokerage Marsh has named Ankur Kacker as UK Digital Asset Leader in the Financial & Professional (FINPRO) Practice of Marsh JLT Specialty, based in London. In his new role, Kacker will report to Philip Turner, Specie Practice Leader and takes on responsibility for the development of new insurance solutions ... Read the full article
SRG acquires trade credit specialist, The Channel Partnership
12th February 2021
Insurance intermediary, Specialist Risk Group (SRG), has today announced the acquisition of trade credit specialist, The Channel Partnership. The Channel Partnership, founded in 1992, provides trade credit risk advice to clients from its base in Bristol, UK. Following the acquisition, senior team and staff will join SRG’s Retail business, Specialist Risk Insurance ... Read the full article
Transverse partners with AmRisc
12th February 2021
Transverse Insurance Group has partnered with AmRisc LLC, a subsidiary of Truist Insurance Holdings. Transverse will participate in AmRisc’s national program of E&S commercial property exposure which in aggregate constitutes over $1 billion of premium. Ethan Allen, Chief Underwriting Officer at Transverse said: “Our partnership with AmRisc is a great validation of ... Read the full article
Chubb hires two for North America Financial Lines
12th February 2021
Global re/insurer Chubb has announced two new leadership appointments for its North America Financial Lines division. Michael Mollica, Executive Vice President, has been appointed to lead Chubb's Private/Not-For-Profit Management Liability business within the North America Financial Lines. Mollica will be succeeding Leigh Anne Sherman, who has been appointed Division President of ... Read the full article
Optio enters specialty marine market with senior hire
12th February 2021
Specialty MGA Optio Group has appointed Angus Bailey to lead its expansion into the marine specialty market. With an initial focus on Marine War and Kidnap and Ransom risks (K&R), Bailey will be responsible for developing Optio’s new marine specialty proposition. He previously led Seacurus, a trading name of Castel Underwriting Agencies ... Read the full article
Sompo International profits fall on pandemic hit
12th February 2021
Sompo International’s profits decreased by $228 million over the 3Q FY2020 period, largely due to the negative impact of COVID-19 on the business’s results. The Sompo Holdings subsidiary recorded adjusted profit of just $46 million for the period, after sustaining an underwriting loss of $178 million from COVID-19 and natural disasters. Investments ... Read the full article
AXA XL appoints Matthew O’Malley to US Country Manager
12th February 2021
AXA XL, the property & casualty and specialty risk division of AXA, has appointed Matthew O'Malley as its US Country Manager. O’Malley will report to Joe Tocco, Chief Executive Officer of AXA XL's Americas region. With over 25 years of experience in the insurance industry, O’Malley has held numerous underwriting and management ... Read the full article
COVID forces MS Amlin to £209mn loss
12th February 2021
Japanese insurer MS&AD Insurance Group Holdings has reported that its MS Amlin subsidiary fell to a £209 million net loss in the FY2020 3Q period. The loss was mainly attributed to the COVID-19 pandemic, which caused MS Amlin to post an underwriting loss of £235 million for the period. This was a ... Read the full article
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