Reinsurance News
Olympics crowd ban could cost reinsurers up to $400m: Fitch
12th July 2021
Japan’s decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector between $300 million and $400 million due to payouts for ticket and hospitality refunds, according to Fitch Ratings. However, the rating agency notes that this total is only 10%–15% of the amount reinsurers would ... Read the full article
Liberty Mutual makes $2.30bn move for State Auto Group
12th July 2021
Liberty Mutual is preparing to acquire super-regional insurance holding company State Auto Group in a cash deal that values the company at roughly $2.30 billion, or $52 per share. The acquisition will significantly expand Liberty Mutual's position in the personal lines and small commercial insurance space. Through the deal, Liberty Mutual will ... Read the full article
Beazley adds HSBC’s Dehmann as COO
12th July 2021
Specialist re/insurer Beazley has appointed 20-year industry veteren Troy Dehmann to serve as Chief Operating Officer (COO). His appointment follows former COO Ian Fantozzi’s transition to lead Beazley’s recently established digital business unit. Dehmann most recently served in a similar role for Finance Operations and Core Finance at HSBC. Before that he held ... Read the full article
Aon warns of $4.5bn insured loss from June storms in Europe
12th July 2021
Re/insurance broker Aon has estimated that total insured losses from the prolonged stretch of severe weather that impacted Europe between June 17th and 25th could exceed $3.4bn, with overall losses reaching even higher. And looking at the larger period of storm outbreaks up to June 30th, insured losses could reach $4.5 ... Read the full article
KBW explores potential consequences of Aon / WTW deal break
12th July 2021
Analysts at KBW have modelled the potential impact on Aon and Willis Towers Watson (WTW) if their pending merger deal were to collapse. The firm believes that the brokers will ultimately end up selling more businesses to satisfy ongoing regulatory concerns, but the deal is currently facing significant roadblocks, including Read the full article
Miller adds Seema Pandey to marine team
12th July 2021
Specialist re/insurance broker Miller has announced the appointment of business development specialist Seema Pandey to its marine team. She brings over 16 years of industry experience to Miller, joining from Mar Risk Services where she most recently led its marine team and held a position on the Board. Pandey’s hire forms part ... Read the full article
Beazley launches nutraceutical-focused insurance solution
12th July 2021
Specialist insurer Beazley has launched a new insurance product available to companies active at all points of the nutraceutical industry value chain. NutraGuard has been designed as a way for nutraceutical manufacturers and distributors to secure cover for liability, general liability, errors and omissions (E&O), product recall expense, employee benefits liability ... Read the full article
India life industry premiums to hit $98.5bn in 2024: GlobalData
12th July 2021
The life insurance industry in India is projected to grow from INR 5.7 trillion (US $81.4bn) in 2019 to INR 8.0 trillion ($98.5bn) in 2024, in terms of gross written premium (GWP), according to analysts at GlobalData. GlobalData, which has revised its India forecasts in the aftermath of COVID, believes that ... Read the full article
Aon set for further WTW divestments to appease NZ regulators
12th July 2021
Re/insurance broker Aon has been instructed by New Zealand regulators to make further divestments if its proposed mega-merger with rival player Willis Towers Watson is to be approved. Aon was cleared to move ahead with its acquisition of WTW by the European Commission last week, in an agreement that was ... Read the full article
RMS being offered for sale by owner DMGT
12th July 2021
RMS, one of the leading catastrophe risk modelling companies serving the insurance and reinsurance industry, is being offered for sale by its ultimate owner DMGT (Daily Mail and General Trust plc). DMGT said this morning in announcing a possible reorganisation and acquisition of all of its shares by its main holder, ... Read the full article
AM Best assigns positive credit ratings to Spinnaker
12th July 2021
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Spinnaker Specialty Insurance Company (Spinnaker Specialty) (headquartered in Bedminster, NJ). The outlook assigned to these Credit Ratings (ratings) is stable. AM Best says the ratings reflect Spinnaker Specialty’s balance sheet strength, ... Read the full article
Net-Zero Insurance Alliance (NZIA) launched at G20 Climate Summit
12th July 2021
Eight of the world’s largest insurance and reinsurance companies have launched the Net-Zero Insurance Alliance (NZIA) at the G20 Climate Summit in Venice yesterday, committing to transition their underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050. The United Nations Environment Programme Finance Initiative (UNEP FI) called it a "historic ... Read the full article
EC approval a “major step” towards completion: Aon & WTW
9th July 2021
A statement from Aon and Willis Towers Watson (WTW) describes today’s regulatory approval from the European Commission (EC) as a “major step” towards the completion of the brokers’ pending merger. The approval was described as conditional on full compliance with a substantial set of commitments offered by Aon, including the ... Read the full article
BMS Re acquires Trean Intermediaries
9th July 2021
The US reinsurance arm of specialist broker BMS has acquired Trean Intermediaries (Trean), the US-based independent reinsurance broker and services company. Trean specialises in workers’ compensation, property and casualty, accident and health, personal auto, public entity, and professional liability lines for insurer and MGA clients. The acquisition has been made to strengthen ... Read the full article
The Hartford promotes Tony Paschali
9th July 2021
The Hartford has appointed Tony Paschali as head of the Southeast Division for the company’s Middle and Large Commercial Insurance business. Paschali will lead the sales and underwriting operations for the company’s independent agents, brokers and customers across 12 Southeastern states from Delaware to Florida. He will report to Tracey Ant, head ... Read the full article
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