Reinsurance News
AIG Life & Retirement announces two senior promotions
17th August 2021
AIG Life & Retirement, a division of global insurer AIG, has appointed Bryan Pinsky as President, Individual Retirement along with Tim Heslin who has been appointed as President, US Life Insurance. Pinsky and Heslin will contine to report directly to Todd Solash, Chief Executive Officer, Individual Retirement and Life Insurance. Pinsky joined ... Read the full article
Marsh & Citi develop risk structure to boost delivery of COVAX vaccines
17th August 2021
Insurance broker Marsh has collaborated with global bank Citi to create an innovative risk mitigation structure designed to help the Vaccine Alliance (Gavi) pre-purchase vaccines in bulk with greater confidence, and facilitate rapid and equitable distribution around the world. Developed on behalf of Gavi, the risk mitigation structure will cover the ... Read the full article
Oneglobal hires CEO for new Netherlands office
17th August 2021
Oneglobal Broking has established an office within the Netherlands, along with the appointment of Alex van der Wyck as Chief Executive Officer (CEO). van der Wyck is a distinguished career insurance broker having formerly worked at Aon as Senior Executive for the Specialty Broking team EMEA. Prior to his new position, he ... Read the full article
Swiss Re reveals changes to reinsurance leadership
17th August 2021
Global reinsurance giant Swiss Re has announced the appointment of Jason Richards as Country President and Chief Executive Officer (CEO) UK & Ireland, as Julie Stephenson takes on the role of Global Head of Casualty. Richards takes on his new role from January 1st, 2022, and will be responsible for driving ... Read the full article
GIC Re transfers Dubai office to GIFT City, India
17th August 2021
State owned enterprise, General Insurance Corporation of India (GIC Re), has put its Dubai branch into run off mode after failing to renew its license from the Dubai authorities. The reinsurer will now run the Dubai business from GIFT City, India. GIC Re stated: “During the quarter ended June 21, GIC Re ... Read the full article
Europe’s major reinsurers in good shape after a more profitable H1: Fitch
16th August 2021
Favourable price movements for property and casualty (P&C) business and elevated demand for cover saw Europe's largest reinsurance companies substantially grow their premiums through the first half of 2021, while underwriting margins improved on the prior year period. As noted by Fitch in its recent note on European reinsurers during H1 ... Read the full article
DARAG signs Loss Portfolio Agreement with Insr Norway
16th August 2021
Legacy acquirer DARAG's German insurance carrier, DARAG Deutschland AG, has signed a Loss Portfolio Transfer (LPT) followed by a Portfolio Transfer (PTA) with Insr Insurance Group ASA (Insr). Insr is an insurance group listed on the Oslo Stock Exchange and all of its remaining insurance business will form part of this proposed ... Read the full article
Gallagher acquires majority stake in Brokers’ House
16th August 2021
Insurance broker Gallagher has acquired a majority stake in Brokers’ House, a specialty broker based in Istanbul. This acquisition will be Gallagher’s first direct presence in Turkey and will give the company a footprint in a growing strategic insurance hub between Asia and Europe. This move will see Brokers’ House become part ... Read the full article
RenRe partners with First Street Foundation to tackle flood risk
16th August 2021
Global reinsurer RenaissanceRe (RenRe) has entered into a partnership with First Street Foundation to enhance data and modelling capabilities on the critical issue of flood risk. RenRe will license the First Street Foundation’s flood maps and leverage its trusted, peer-reviewed property-level flood risk data to evaluate how a changing climate could ... Read the full article
Willis Towers Watson announces Carl Hess as John Haley’s successor
16th August 2021
Global insurance and reinsurance broker, Willis Towers Watson (WTW), has announced that Carl Hess will succeed John Haley as its President and Chief Executive Officer (CEO). Hess, who currently serves as WTW's Head of Investment, Risk and Reinsurance, takes on the role of President immediately, and will succeed Haley as CEO ... Read the full article
GIC Re’s combined ratio hits 123% in Q2
16th August 2021
GIC Re has announced a combined ratio of 123.36% for the second quarter of 2021, a considerable slide from the 112.16% previously registered in Q2 2020. Adjusted Combined Ratio is 112.35% against 105.88% for the prior year period Gross Premium Income stands at $192.6 million for second quarter, down from the $214.1 ... Read the full article
CEO Case says Aon has emerged stronger from failed WTW merger: report
16th August 2021
As global insurance and reinsurance broker Aon looks forward after its failed merger with rival Willis Towers Watson (WTW), Chief Executive Officer (CEO) Greg Case has told the Financial Times that the firm has emerged stronger. Aon and WTW decided to terminate their proposed $30 billion combination last month after ... Read the full article
MS Amlin Underwriting adds Julie Hopes to board
16th August 2021
Lloyd’s Global Specialty re/insurer MS Amlin Underwriting has announced the appointment of Julie Hopes to its board as a notified independent Non-Executive Director (iNED). Hopes will also take over as Chair of the Risk and Solvency Committee later this year, subject to regulatory approval, assuming the role from Gilles Bonvarlet who ... Read the full article
Fidelis hires Victor Riega as head of sustainability
16th August 2021
Fidelis Insurance Holdings, the specialty insurance and reinsurance firm launched by Richard Brindle, has appointed Victor Riega as its first head of sustainability. Riega joins Fidelis from Standard Chartered where he was a Senior Sustainability Manager. Prior to Standard Chartered, he worked at Aviva where he led their approach to human rights, ... Read the full article
Brookfield Reinsurance secures Q2 net income of $2mn
16th August 2021
Brookfield Reinsurance has announced a second quarter net income of $2 million, up from the $1 million loss reported for the prior year quarter. The increase in net income is attributed to additional assets under management and stronger investment returns. At quarter end, The group held $1.1 billion in excess capital, which ... Read the full article
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