Reinsurance News
McGill and Partners appoints Peter Chesman as Partner
2nd July 2021
Specialist re/insurance broker McGill and Partners has appointed Peter Chesman as Partner within its UK-based Structured Solutions team. Chesman brings 17 years’ experience to the role, with 15 of those spent at Aon. He’s expected to help focus on alternative risk financing and support risk transfer strategies for large complex clients. “Peter brings years of ... Read the full article
Commercial property rates up 9.6% in Q2: MarketScout
2nd July 2021
Data from MarketScout shows that commercial property rates increased by 9.6% over the second quarter of 2021, as pricing continued to increase despite moderation in some lines of business. Other lines with significant rate increases over Q2 included business interruption up 7%, umbrella/excess up 11.6%, commercial auto up 9%, and D&O ... Read the full article
No question you’ll see more life reinsurers in Bermuda: Brad Adderley, Appleby
2nd July 2021
While the emergence of property and casualty (P&C) startups in Bermuda is likely to be muted in the months ahead, the influx of life reinsurers is expected to continue and will only strengthen the Bermuda marketplace, according to Brad Adderley, Partner at global law firm Appleby. An expectation of significant rate ... Read the full article
ABI announces changes to Board of Directors
2nd July 2021
The Association of British Insurers (ABI) has announced changes to its Board of Directors to strengthen its focus on improving trust. The association will be recruiting a new independent Chair and an independent non-executive director (NED). The ABI will also create a new Board-level Reputation and Customers Committee in order provide more ... Read the full article
Actuaries forecast €2.5bn+ loss following European storms
2nd July 2021
Actuaries from Meyerthole Siems Kohlruss (MSK) are forecasting that insurance industry losses from the severe weather that impacted parts of Europe over the last ten days could exceed €2.5 billion. The estimate follows analysis from Aon’s Impact Forecasting unit, which put the cost of the storms in the region of hundreds ... Read the full article
New Zealand again extends Aon / WTW merger decision date
2nd July 2021
The New Zealand (NZ) Commerce Commission's ongoing investigation into the proposed $30 billion combination of Aon and Willis Towers Watson (WTW) has been extended once more, with a conclusion now expected by August 20th, 2021. This is the second time New Zealand’s Commerce Commission has extended its deadline after launching an ... Read the full article
LiquidX gains brokerage license in Singapore
2nd July 2021
LiquidX, a global fintech solutions provider for working capital, trade finance, and insurance, has been granted approval by the Monetary Authority of Singapore (MAS) to offer insurance brokerage services in the country. The firm's Singapore entity, LiquidX Insurance Services (Singapore) Pte. Ltd. (LISS), can help banks, asset managers and funds, and ... Read the full article
MS Amlin hires James Maxwell as interim CRO
2nd July 2021
Lloyd’s global specialty re/insurer MS Amlin Underwriting has appointed James Maxwell as interim Chief Risk Officer. Maxwell will take up the role this month following the departure of Vishal Desai, who is leaving the company for personal reasons. Maxwell brings over 25 years of experience in financial, operational and enterprise risk management. He ... Read the full article
Suncorp completes unchanged cat reinsurance program for FY22
2nd July 2021
Australian insurer Suncorp has successfully renewed its reinsurance program for 2022, securing an unchanged upper limit of $6.5 billion covering home, motor, and commercial property portfolios across Australia and New Zealand. The structure of Suncorp's FY22 reinsurance program remains unchanged from the company's FY21 program, as the Group's maximum event retention ... Read the full article
UK players reported highest top-line decline in 2020, says GlobalData
2nd July 2021
The top 20 global public insurance companies reported aggregate revenue of $1,923.9 billion in 2020, a year-over-year decline of around 5%, according to data and analytics firm GlobalData. 11 firms reported a drop in revenue and the most notable were UK-based insurers Prudential, Aviva and Legal & General. Most of the top ... Read the full article
Lockton launches Nordic employee benefit practice with senior hires
2nd July 2021
Reinsurance broker Lockton has launched its employee benefit practice in the Nordic region, following a number of senior hires in Denmark. To bring its existing global employee benefit offering to a new client base in the region, Lockton has hired senior consultants from Penfor and Skinnerup Consulting, two of Denmark's most ... Read the full article
Zurich hires Frank Verkerk as CPO
2nd July 2021
Global insurer Zurich has appointed Frank Verkerk to the new role of Group Chief Platform Officer. He joins the company next month from ABN Amro, where he was Chief Digital Officer and responsible for digital transformation. In his new role, Verkerk will focus on enabling open platforms with third parties for Zurich ... Read the full article
DARAG completes sale of active Italian business to NOBIS
2nd July 2021
Legacy acquirer DARAG Group has completed the sale of its non-legacy Italian business, DARAG Italia, to NOBIS Compagnia di Assicurazioni. The sale, first announced in October 2020, will help DARAG to focus exclusively on providing legacy solutions, as it looks to streamline its operations, the firm said. The relevant policies, distribution ... Read the full article
Prudential Financial sells Taiwan business to Taishin Financial
2nd July 2021
US insurance and investment firm Prudential Financial has completed the sale of its Taiwan based life insurance business to Taishin Financial Holding Co., Ltd., following a successful regulatory review. The sale of Prudential Life Insurance Company of Taiwan Inc was first announced back in August 2020, and saw the locally based Taishin ... Read the full article
Vantage CEO Hendrick to serve as interim Head of Insurance as Kuhn departs
1st July 2021
Vantage Risk Ltd., the recently launched Bermudian reinsurer, has announced that Jack Kuhn, Chief Executive Officer (CEO) of its insurance division, is stepping down from his role. Effective July 2nd, 2021, Vantage CEO Greg Hendrick will serve as interim Head of Insurance while continuing to lead the firm. Commenting on Kuhn's departure, ... Read the full article
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