Reinsurance News
Gen Re supports launch of new Chinese life insurance product
31st August 2021
Gen Re, the global reinsurance subsidiary of Berkshire Hathaway, has backed the launch of a new life insurance product by Fanhua Inc. in China. The product, which is also backed by Dingcheng Life Insurance Co., Ltd, is a customized whole-life insurance solution that targets at mid-and-high net worth individuals, and is ... Read the full article
Hurricane Ida slams Louisiana as Cat 4 storm with 150mph winds
30th August 2021
Hurricane Ida roared ashore in Louisiana yesterday, with sustained winds of 150 mph and higher gusts after the hurricane rapidly intensified on approach to land. Ida remains a hurricane at this time and is now soaking the state, while still causing damage. Hurricane Ida's winds gained 65 mph in strength in ... Read the full article
Insured loss from flooding in Germany now estimated at €7 billion by the GDV
27th August 2021
Jörg Asmussen, General Manager of the German Insurance Association (GDV) has said that it is now expecting insurance and reinsurance industry losses of around €7 billion (USD 8.3 billion) for the July flooding that devastated parts of the country. The new estimate from the GDV comes as the extent of the ... Read the full article
Chubb promotes Barnett to EVP, head of North America Construction Surety
27th August 2021
Global insurance carrier Chubb has appointed Richard Barnett Executive Vice President, head of North America Construction Surety. Barnett will be responsible for the underwriting, strategy and product management of construction surety products and services offered through Chubb's global large accounts segment. He will report to Stephen Haney, Vice President, Chubb Group, and ... Read the full article
QBE International Markets announces changes to Miami team
27th August 2021
Global insurer QBE’s International Markets division has appointed new additions to its Miami team. Juan David Mejia has joined as Vice President of Property Underwriting and will be based in QBE International’s regional Latin American hub in Miami. Mejia joins from Swiss Re where he was Senior Property Underwriter, Latin America. He brings ... Read the full article
P&C premiums up 8.3% over Q2, finds CIAB survey
27th August 2021
A new market survey by the Council of Insurance Agents & Brokers (CIAB) has found that property and casualty (P&C) rates increased for the 15th consecutive quarter in Q2 2021 at 8.3%, down from 10% in the previous quarter. Both medium and large accounts experienced the highest increases, at 9.4% and ... Read the full article
R&Q gains final approval for Sentry IBT deal
27th August 2021
Non-life legacy and run-off acquisition and management, programme services and investments specialist Randall & Quilter Investment Holdings Ltd. has received final approval from the Oklahoma District Court for its insurance business transfer (IBT) deal involving Sentry Insurance Company. Under the terms of the IBT, a portfolio of Sentry reinsurance policies will ... Read the full article
BHSI hires Constanza Gállegos as Country Manager, Spain
27th August 2021
The insurance arm of Warren Buffett's global insurance and reinsurance company, Berkshire Hathaway Specialty Insurance (BHSI) has appointed Constanza Gállegos to its leadership team in Europe as Country Manager, Spain. Gállegos has just under 24 years of experience in the European insurance industry. Most recently, she was Head of Distribution, Europe, at ... Read the full article
WTW agrees to acquire Leaderim
27th August 2021
Willis Towers Watson has entered into an initial, non-binding agreement to acquire Leaderim, an insurance broking and consultancy business in Israel. Leaderim offers a broad range of commercial insurance solutions to the Israeli market and has significant experience in creating multinational risk programs, reflecting the large concentration of global companies operating ... Read the full article
Marsh names new Head of Specific Risks for UK Private Equity and M&A Practice
27th August 2021
Insurance broker and risk advisor, Marsh has appointed Stefan Farahani as Head of Specific Risks in the UK Private Equity and Mergers & Acquisitions Practice. In this newly created role, Farahani will be based in London, reporting to Alastair Lowry and Leo Flindall, Co-Heads, UK Transactional Risk, Marsh Specialty. He joins Marsh ... Read the full article
More price rises needed to offset Lloyd’s losses: analysts
27th August 2021
Analysts at insight and consultancy firm Insurance DataLab have stressed that, despite substantial rate increases over recent months, further price rises will be needed to offset losses within the Lloyd’s market. Lloyd’s premiums have increased by more than 50% year-on-year in every quarter since the start of the pandemic, the firm ... Read the full article
AXA XL appoints marine risk control expert Jarek Klimczak
27th August 2021
AXA XL's Marine insurance business has enhanced its Marine risk control expertise in the US with the addition of Senior Risk Consultant Jarek Klimczak. Klimczak previously supported the growth of AXA XL's Cargo and Bluewater Hull books in Asia and Australia. He has more than 32 years of maritime, logistics, Insurance, and ... Read the full article
M&A’s drop in first half of 2021: Clyde & Co
26th August 2021
Mergers and acquisitions (M&A) in the global insurance industry have dropped back slightly in the first half of 2021 with 197 completed deals worldwide, according to Clyde & Co’s Insurance Growth Report. The report also noted that M&A’s were down from 206 in the second half of 2020 and 201 at ... Read the full article
Insurers face $330mn Storm Grace loss across Mexico & Caribbean: KCC
26th August 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that insured losses from Tropical Storm Grace will be $300 million in Mexico and $30 million in the Caribbean, for a total of $330 million. This estimate includes the privately insured damage to residential, commercial, and industrial properties. In the Caribbean, Grace ... Read the full article
Aon announces regional senior leadership changes
26th August 2021
Aon plc has announced new regional leadership roles within its Reinsurance Solutions to further strengthen the team and enhance its local reach. Tim Ronda, Global Geographic Leader, will oversee Reinsurance Solutions’ regional capabilities worldwide to drive scale while focusing on unique regional trends and client needs. George Attard has been appointed Chief ... Read the full article
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