Reinsurance News
Beazley reports increase in ransomware severity, cost
24th December 2020
Specialist insurer Beazley has reported an increase in the severity and cost of ransomware attacks this year compared to 2019. Consequently, Beazley considers ransomware the biggest cyber threat currently facing organisations. According to the latest Beazley Breach Insights report, the total cost of ransom payments doubled year-on-year through the first six months of ... Read the full article
TigerRisk hires Daniel Eldredge as Partner and General Counsel
24th December 2020
Re/insurance broker TigerRisk has announced the appointment of Daniel J. Eldredge as Partner and General Counsel. Eldredge joins TigerRisk from Aon where he was Chief Counsel, Corporate and Americas, and served on the Global Executive Committee for the company’s Reinsurance Solutions business, whilst also providing legal support and counsel to Aon ... Read the full article
BMA leaders appointed to IAIS committee positions
24th December 2020
The Bermuda Monetary Authority (BMA) has announced that two of its senior staff members have been appointed to International Association of Insurance Supervisors (IAIS) committee leadership positions. Firstly, BMA Chief Actuary, Ricardo Garcia, has been appointed Vice-Chair of the IAIS Policy Development Committee (PDC), succeeding BMA Deputy Chief Executive Officer, Craig ... Read the full article
R&Q to acquire the Vibe Group
24th December 2020
Randall & Quilter II Holdings Limited, a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., has reached an agreement to acquire the entire issued share capital of the Vibe Group. The agreement includes the acquisition of Vibe Services Management Limited, Vibe Corporate Member Limited, and Vibe Syndicate Management Limited. The ... Read the full article
Miller bolsters A&H capabilities with Claire McDonagh hire
24th December 2020
Specialist re/insurance broker Miller has added Claire McDonagh to help support growth and strengthen its team’s client service offering. It's hoped McDonagh's knowledge of products and markets will help strengthen Miller’s position in the Accident and Health space and ensure that clients have access to the best levels of coverage and ... Read the full article
GlobalData projects APAC life insurance premiums to grow in 2023
23rd December 2020
GlobalData has released new data that predicts life insurance written premiums in the Asia-Pacific region will grow in 2023. Written premium is set to rise from $1.2 trillion in 2019 to $1.5 trillion. The insight report calculates life insurance in the region will grow at a compound annual growth rate (CAGR) of ... Read the full article
Chubb enhances D&O, fiduciary insurance offerings
23rd December 2020
Global insurer Chubb has announced enhancements to its Directors & Officers and entity securities liability as well as its fiduciary liability primary insurance offerings. Improvements are aimed at helping companies dealing with a range of management liability risks. Chubb says the move reinforces its commitment to providing solutions that address multiple exposures, ... Read the full article
Lloyd’s announces changes to Claims Scheme amid COVID-19
23rd December 2020
Lloyd’s of London has announced changes to the Claims Scheme as part of its response to challenging market operations caused by COVID-19. Lloyd’s, the oldest insurance market in the world, announced the review in April. The changes, which are effective immediately, amend the Claims Scheme requirements with an aim of empowering ... Read the full article
Cohen & Company’s acquisition vehicle completes $250mn IPO
23rd December 2020
INSU Acquisition Corp. III, a blank cheque company sponsored by fixed income financial services specialist Cohen & Company, has completed its initial public offering (IPO), raising $250 million in the process. INSU Acquisition Corp. III was formed for the purpose of acquiring or merging with one or more businesses or entities in ... Read the full article
Coface partners with Italian government to support trade credit
23rd December 2020
The Italian government has set up a reinsurance programme designed to support the guarantees provided by credit insurers in the field of supplier credits. The scheme has been formalised through the signature of a reinsurance treaty between Coface and SACE S.p.A, the state export credit agency that covers the 2020 guarantees ... Read the full article
2021 to be the busiest year yet for bulk annuities: Mercer
23rd December 2020
Mercer, the global consulting subsidiary of broking and advisory giant Marsh & McLennan, is expecting a continued growth of risk transfers during 2021, with close to £60 billion of bulk annuities, longevity swaps and new risk transfer solutions projected. 2020 risk transfers are expected to reach £50 billion, demonstrating the industry’s ... Read the full article
Thomas Miller Americas hires Noreen Arralde as senior claims director
23rd December 2020
Global insurance provider Thomas Miller has appointed Noreen Arralde as senior claims director in its New Jersey office. Arralde rejoins Thomas Miller from another P&I provider, where she spent two years, serving as a Vice President, covering the New York metropolitan area. She previously worked at Thomas Miller Americas between 2012 and ... Read the full article
Sompo acquires aviation insurer W. Brown
23rd December 2020
Bermuda-based P&C re/insurer Sompo International has acquired W. Brown & Associates Insurance Services (W. Brown), a general aviation insurer. W. Brown has been a managing general underwriter (MGU) for Sompo International (SI) since 2016. Following the acquisition, the W. Brown operations will remain intact and it will become a wholly owned subsidiary ... Read the full article
Stable APAC outlook underpinned by resilient growth: Moody’s
23rd December 2020
Moody’s Japan says that its stable outlook for the Asia Pacific re/insurance sector is underpinned by generally strong capitalisation, steady product margins and resilient premium growth. While the pandemic has temporarily disrupted policy sales, Moody’s believes that insurers' premium base is supported by long-duration existing policies. Analsts added that new sales should ... Read the full article
Digital platform growth an opportunity to close protection gaps: Swiss Re
22nd December 2020
The growing use of e-commerce and digital wallet apps in emerging markets such as India, Indonesia and Malaysia represents an opportunity for re/insurers to make progress in closing protection gaps, Swiss Re says. A new survey by the Swiss Re Institute found that supportive government policies and a COVID-enforced spike in ... Read the full article
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