Reinsurance News
Australia’s CommBank sells general insurance arm to Hollard Group
22nd June 2021
Commonwealth Bank of Australia (CBA) has entered into an agreement to sell its Australian general insurance business (CommInsure General Insurance) to the Hollard Group (Hollard). The transaction includes $625 million of upfront consideration, together with deferred payments and additional investment from Hollard. CBA will also continue to earn income on the distribution ... Read the full article
“Cyber market needs to catch up fast”: Verisk’s Bethany Vohlers
22nd June 2021
Recent attacks on the Colonial Pipeline and on the meat processor JCS have highlighted the ongoing threat of cyber attacks to national infrastructure and the global supply chain, and shown that there is an urgent need for the cyber market to “catch up” with the risk. This is according to Bethany ... Read the full article
Gallagher Re secures $93m for Arch MI’s Bellemeade in single transaction
22nd June 2021
Reinsurance broker Gallagher Re has partnered with Arch Mortgage Insurance Company (Arch MI) in raising and placing traditional reinsurance capacity for special purpose reinsurer Bellemeade Re 2021-2. In this second Bellemeade transaction of 2021, Gallagher Re obtained $93.2 million of indemnity reinsurance for Arch MI, on a pool representing approximately $36 ... Read the full article
Ryan Specialty plans IPO as 2020 revenue tops $1bn
22nd June 2021
Ryan Specialty Group Holdings, Inc. (RSG) has announced plans for an initial public offering (IPO) of an undisclosed number of shares of its Class A common stock, as the company reports $1 billion of revenue and impressive organic growth for 2020. This is the very first time there has been public ... Read the full article
Howden names Matt Bacon CEO of new Australian broking business
22nd June 2021
International insurance broker Howden has appointed Matt Bacon to serve as Chief Executive Officer of Howden Australia, a new entrant into the country’s broker market. Bacon joins alongside Stuart McKellar, appointed Head of Commercial & Affinity, and Nick Chubb, who has been appointed Head of Financial Lines. Bacon joins from Marsh, where ... Read the full article
AXA reaches agreement with Generali over sale of Malaysian insurance operations
22nd June 2021
Global insurer AXA has reached an agreement with carrier Generali to sell its insurance operations in Malaysia, which includes its 49.99% holding in AXA Affin General Insurance (AAGI) and 49% holding in AXA Affin Life Insurance (AALI), for total cash proceeds of €140 million. Generali has agreed to purchase the majority ... Read the full article
Aon releases Impact Forecasting Florida hurricane model
22nd June 2021
Re/insurance broker Aon has released its new Impact Forecasting Florida hurricane model, which incorporates the latest research and technology to provide insurers with an additional view of risk when submitting Florida rate filings. The Florida Commission on Hurricane Loss Projection Methodology has approved the model for ratemaking in the state. In developing ... Read the full article
Liberty Mutual announces leadership changes
22nd June 2021
U.S primary insurer Liberty Mutual Insurance has made four key executive leadership appointments. Tim Sweeney has been appointed as President, Liberty Mutual, overseeing Global Risk Solutions, Global Retail Markets and Liberty Mutual Investments, the company's three business units. Sweeney, who was previously President, Global Retail Markets will report to Chairman and Chief ... Read the full article
DoJ suit may prolong international decisions on Aon & WTW merger
21st June 2021
The decision by the U.S. Department of Justice (DoJ) to try to block the proposed combination of re/insurance brokers Aon and Willis Towers Watson (WTW), suggests that regulators in other jurisdictions are now likely to fall in behind the DoJ's timeline, according to reports. Last week's announcement from the U.S. ... Read the full article
Langhorne Re CEO Pestcoe retires, Andrew Markus steps up to lead
21st June 2021
Langhorne Re, a global reinsurer with a focus on large in-force life and annuity blocks, has announced the retirement of its Chairman and Chief Executive Officer Marvin Pestcoe. As a result, Andrew Markus has been promoted to succeed him as CEO. As part of the transition, Pestcoe is set to remain remain ... Read the full article
AJ Gallagher acquires Excess Underwriting Company in Ontario
21st June 2021
Global insurance broker Arthur J. Gallagher & Co. has the acquisition of Markham, Ontario-based Excess Underwriting Company. Founded in 2008, Excess Underwriting Company is a property and casualty managing general agency (MGA) and Lloyd's broker serving insurance brokers and their clients across Canada. The team specializes in commercial and residential property and ... Read the full article
BRP names Naimish Patel President of Homeowners Insurance Group
21st June 2021
Independent insurance distribution firm BRP has announced the appointment of Naimish Patel as President of its newly established Homeowners Insurance Group, which now sits within Millennial Specialty Insurance. Patel reports to Jim Roche, Founder and Managing Partner of MSI, and will build and lead a new team dedicated to scaling a ... Read the full article
Insurance Europe outlines “vital” need to remove key re/insurance access barriers
21st June 2021
Insurance Europe has underlined the importance of removing market access barriers between European re/insurers and the countries Argentina, Brazil, Canada, India and Indonesia. The governing body believes this action is needed to help reduce protection gaps and avoid dangerous concentrations of risk in these jurisdictions. Furthermore, avoiding a build-up of climate-related risks ... Read the full article
CFC Syndicate 1988 begins trading
21st June 2021
Specialist insurer CFC has announced that CFC Syndicate 1988 has incepted and begun trading. The syndicate has worked with Aon Capital Advisory to attract third-party capital support including a large pension fund, an ILS manager, and reinsurers located in Bermuda, Cayman and Japan. As previously announced, CFC Syndicate 1988 is writing approximately ... Read the full article
Tigerlab adds Daniel Malmvärn as Chief Commercial Officer
21st June 2021
Tigerlab, a software provider for underwriting agencies, has added Daniel Malmvärn as its new Chief Commercial Officer. Malmvärn joined last Monday and will be responsible for the firm’s commercial strategy and development. These are expected to be achieved through marketing, sales, product development and customer service activities. He has 18 years of experience ... Read the full article
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