Reinsurance News
COVID-induced premium drop hits P&C re/insurers: AM Best
17th December 2020
AM Best has reported a reduction in property and casualty (P&C) re/insurance premiums this year due to the COVID-19 pandemic. The drop in premiums runs counter to the overall industry trend, which had seen premium volume rise for most of the 33 P&C lines through to the end of 2019. But stay-at-home ... Read the full article
Global Atlantic in $8.5bn reinsurance deal with Unum
17th December 2020
Life and annuity re/insurance firm Global Atlantic has agreed to reinsure a portion of Unum Group's Closed Individual Disability Insurance Block (IDI) business through a coinsurance arrangement. The block of business in question is backed by $8.5 billion in assets and approximately $7.1 billion in reserves. Unum is a Fortune 500 insurance ... Read the full article
Coface extends reinsurance scheme with French government
17th December 2020
Credit insurer Coface is working with the French government to extend its CAP Relais reinsurance scheme until 30 June 2021. The programme covers the outstanding inter-company loans of French policyholders, on both their domestic and export markets. As part of this agreement, Coface will maintain the total amount of its outstanding loans. This ... Read the full article
MS Amlin adds Margot Cronin to non-exec board role
17th December 2020
Lloyd’s re/insurer MS Amlin Underwriting has appointed Margot Cronin to its board, effective from January 1. Cronin will join as a notified independent non-executive director and brings over 30 years’ experience to the role. She spent the last 18 years of her executive career with Aviva in several senior, group and regional ... Read the full article
Aon sets up special purpose acquisition team
17th December 2020
Re/insurance broker Aon has announced the formation of a new Special Purpose Acquisition Company (SPAC) task force. The leadership team behind the new task force will consist of Kristin Kraeger as national SPAC and IPO leader, Tim Fletcher as western region SPAC and IPO, Uri Dallal as eastern region SPAC and ... Read the full article
MNK Re adds Bragg, Zarate to international property team
17th December 2020
Specialty Lloyd’s broker MNK Re has added Adam Bragg and Andrea Zarate to its international property team. Bragg will serve as managing director of its international facultative property division and joins from Gallagher Specialty, where he was the head of their Latin American property team. Zarate joins from Lucy A. Raymond and will ... Read the full article
Lloyd’s underlines sustainability, inclusivity targets in ESG report
17th December 2020
Lloyd’s has detailed a number of Environmental, Social and Governance commitments it says will help integrate sustainability and inclusivity into the speciality re/insurancemarketplace’s business activities. Lloyd’s will create a cultural toolkit and set of regularly measured targets, including a phase one target of 35% female representation in leadership positions across the ... Read the full article
L&G agrees £1.1bn bulk annuity deal with Maersk
17th December 2020
Legal & General has agreed a £1.1 billion bulk annuity transaction with the Trustee of the Maersk Retirement Benefit Scheme. This deal secures the benefits of around 1,900 deferred members and 3,000 retirees. In recent years the Trustee has taken a number of steps to de-risk the Scheme including fully hedging its ... Read the full article
International Re adds Nate Reznicek as head of US distribution
17th December 2020
Specialist captive insurance and reinsurance MGU International Re has appointed Nate Reznicek as head of US distribution. Reznicek most recently served as Director of Operations at CIC Services, where he led the captive practice and serves on a number of industry boards and committees. Commenting on his appointment, Reznicek said, “I was immediately ... Read the full article
AXIS Insurance bolsters US E&S property team with four senior hires
17th December 2020
Specialty insurer AXIS Insurance has named four senior underwriters within its US Excess and Surplus Property team. Carey Prewitt, Quinn McAleenan, and Bryan Paterson have all joined AXIS as Vice Presidents, and Naomi Wiggins has joined as Assistant Vice President. They will be tasked with broadening relationships with distribution partners, expanding general ... Read the full article
Applied Underwriters forms new European FL enterprise
17th December 2020
Applied Underwriters has announced the formation of Applied Financial Lines, a new enterprise that will operate out of Paris and Cologne. It will underwrite for several specialty lines in the European Union and in the Middle East, including professional indemnity and Directors & Officers. Applied Financial Lines will work with a wholesale ... Read the full article
SCOR chooses Benoît Ribadeau-Dumas to succeed Kessler as CEO
16th December 2020
French global reinsurance company SCOR has announced that its next Chief Executive Officer (CEO) has been chosen, after the Board of the reinsurer voted unanimously for political insider Benoît Ribadeau-Dumas to succeed incumbent Denis Kessler. The search for its next CEO has been underway for some time, with the expectation ... Read the full article
Wave of new capital both defensive & offensive: Prospectus 2021
16th December 2020
A flurry of additional capital has entered the reinsurance market in recent months and while it remains to be seen what influence it has at January 1st, it's likely a mixture of defensive and offensive plays, according to Greg Hagood, Co-Founder of Nephila Capital. For both existing and new companies, ... Read the full article
AXA XL appoints Rodrigues as Country Manager for Canada
16th December 2020
AXA XL has announced the appointment of Renato Rodrigues as Country Manager for Canada, taking over from interim Country Manager, Glen Hopkinson. Rodrigues takes on this new role following seven years of serving as Country Manager for AXA XL Brazil and most recently, as the company's regional leader for insurance in ... Read the full article
BHSI promotes Jill Salmon to Head of US Professional Lines
16th December 2020
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Jill Salmon to Head of Professional Lines for the US. In her new role, she will oversee the company’s Lawyers, Architects & Engineers, Miscellaneous E&O and Cyber Liability insurance portfolios. With nearly 25 years of industry experience, primary focusing in professional lines, Salmon joined BHSI ... Read the full article
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