Reinsurance News
Alternative Risk Strategies creates cannabis insurance solution
23rd June 2021
Alternative Risk Strategies (ARS) has created a new insurance solution for the cannabis industry. The solution has been specifically designed to meet the most difficult insurance challenges cannabis, hemp and CBD businesses face today. Under current market conditions, cannabis businesses are trying to purchase or renew insurance policies are experiencing an increasingly ... Read the full article
Arch Re looks to strengthen UK motor capabilities with acquisition of Somerset
23rd June 2021
Arch Reinsurance Ltd., the specialty property and casualty reinsurance subsidiary of Bermuda-based Arch Capital Group Ltd., is looking to acquire Somerset Bridge Group Limited, Southern Rock Holdings Limited and affiliates (Somerset). The proposed transaction, which is subject to regulatory approval, includes Somerset's motor managing general agent, distribution capabilities via direct and ... Read the full article
European insurers primed for more M&A: Moody’s CFO Survey
23rd June 2021
European insurers appear to be emerging from the pandemic with a stronger appetite for mergers and acquisitions (M&A), according to a survey of Chief Financial Officers conducted by Moody’s. Respondents seemed to indicate that mergers and acquisitions are increasingly being seen as a means of adapting business models to sluggish long-term ... Read the full article
Hiscox adds three Non Exec Director’s to boards of UK entities
23rd June 2021
Specialist global insurer Hiscox has bolstered the boards of two UK legal entities, adding three new Independent Non Executive Directors. James Illingworth will sit on the Board of Hiscox Syndicates Ltd (HSL), which oversees the insurer’s globally traded specialty (re) insurance lines, while Mark Cliff and Jane Hayes will both join ... Read the full article
TigerRisk names James Loggie as partner of Trade Credit, Surety and Political Risk
23rd June 2021
Global insurance and reinsurance brokerage, TigerRisk Partners has appointed James Loggie as partner of its global Trade Credit, Surety and Political Risk business. Based in London, Loggie will help drive TigerRisk’s aspirations to become the global leader in credit and related lines. Loggie will take up his appointment next year after completing ... Read the full article
Mosaic begins writing professional liability through London office
23rd June 2021
Newly established specialty insurer Mosaic begun underwriting professional liability coverage through its London office. Mosaic offers professional indemnity and D&O coverage for a range of service providers, including lawyers, specialist engineers in target industries like oil and gas, marine and aviation. The firm’s London-based professional liability team includes 20-year veteran of Lloyd’s ... Read the full article
United (UPC Insurance) and HCI in new quota share reinsurance deal
23rd June 2021
United Insurance Holdings Corp. (UPC Insurance) and Florida-based insurtech HCI Group, Inc. have entered into a new quota share reinsurance agreement, following the completion of a renewal rights deal earlier this year. Back in January, UPC Insurance transferred all of its personal lines insurance business in the states of Connecticut, ... Read the full article
Combined Aon/WTW would be world’s largest outsourced investment firm: Bloomberg
23rd June 2021
Reports from Bloomberg highlight how the proposed $30 billion merger of insurance brokerage giants Aon and Willis Towers Watson (WTW) would create the world’s largest outsourced investment management firm. Some critics of the proposed deal have warned that the combined entity would dominate outsourced investment services, noting concerns that the large ... Read the full article
Lockton Re bolsters Non Marine Retro & Property Specialty Division, London
23rd June 2021
Lockton Re, the reinsurance arm of the global brokerage, has appointed Jeremy England Lee to its Non Marine Retrocession and Property Specialty Division in London. England Lee brings over forty years of industry experience starting his career in 1978 at Lloyd’s D.E. Harman Syndicate. He then moved to Bowring which later became ... Read the full article
Swiss Re cuts stake in Phoenix Group to 6.6%
23rd June 2021
Reinsurance giant Swiss Re has successfully reduced its shareholding in Phoenix Group Holdings plc by roughly 6.6% by selling 66,199,917 shares in the firm for £437 million. Swiss Re acquired a stake in the company last year through the sale of its ReAssure Group plc subsidiary to Phoenix. The sale was ... Read the full article
Aston Lark acquires broker Premier for £2mn
23rd June 2021
Aston Lark has acquired Bolton-based brokerage Premier Insurance Consultants, bringing its total number of acquisitions in 2021 to 15. Premier Insurance was established in 1990 and currently has a GWP of over £2 million, with eight employees. It is a specialist commercial insurance broker that has developed a particular niche in the ... Read the full article
RSIS names Chiguye as Regional Head for Southern Africa
22nd June 2021
Reinsurance Solutions Intermediary Services (RSIS), the recently launched subsidiary of African reinsurance broking group Reinsurance Solutions Group, has announced the appointment of Blessing Chiguye as Regional Head for Southern Africa. Launched in August 2020, RSIS provides niche reinsurance and insurance solutions to clients operating in Southern Africa, with a focus ... Read the full article
LMA reveals new model for Delegated Authority business
22nd June 2021
The Lloyd’s Market Association (LMA) has revealed its new model and vision for Delegated Authority business, a project that’s been in the making for the past six-months. The key components of the new model will enable the transparency of distribution activities at costs in a way that benefits the market, distribution ... Read the full article
Resolution Life hires Swiss Re’s Nardeep Sangha as CEO, New Markets
22nd June 2021
Resolution Life, a long-term manager of legacy life insurance portfolios, has appointed Nardeep Sangha as Chief Executive Officer (CEO) of New Markets. Sangha assumes responsibility for sourcing new opportunities in reinsurance and life, with a particular focus on new risk markets and broader geographies including both Asia and Europe. He joins from ... Read the full article
Major industrial fire in Korea set to hurt market while insurers avoid big costs
22nd June 2021
Korea’s fire insurance industry could be left reeling from a $360 million dent in profitability after a logistics centre yesterday was engulfed in flames, according to reports from The Korea Times. Interestingly however, the same report describes how all four of the insurers involved look set to avoid paying any considerable ... Read the full article
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