Reinsurance News
Covéa interested in acquiring AXA XL Re: report
28th June 2021
French insurer Covéa has reportedly not given up on its plans to diversify into the reinsurance industry and is looking at the acquisition of AXA Group's non-life reinsurance operations, AXA XL Re. The news comes more than a year after Covéa's acquisition of Bermuda-based reinsurer PartnerRe was called off amid ... Read the full article
Pandemic BI dispute exposes insurer expectation mismatch: Moody’s
28th June 2021
Recent disputes between insurers and policyholders over the scope of coronavirus-related business interruption (BI) policies have highlighted the dangers of a mismatch between insurers' expectations and those of their customers, says Moody’s. The rating agency is predicting that EMEA insurers will need to focus on product innovation and risk prevention in ... Read the full article
wefox hires David Stachon as COO
28th June 2021
Berlin-based insurtech firm wefox Group has appointed Dr David Stachon as the Chief Operating Officer (COO). Stachon joins from Cosmos Direkt, where he was CEO and will take up his new position next month and will focus on driving the company’s global growth strategy. He started his career with McKinsey, where he ... Read the full article
Corporate tax minimum would be negative for re/insurers: industry snapshot
25th June 2021
57% of industry participants we approached feel the introduction of a global minimum corporate tax rate would negatively impact the insurance and reinsurance landscape. Important to note are the limitations of our approach, which was one designed to capture the industry’s opinion quickly and at low resolution. As a result, we cannot ... Read the full article
Alesco bolsters energy team with two specialists from Ed Broking
25th June 2021
Alesco Risk Management Services has added Jon Parker as Executive Director to head up the power team within its Specialty energy practice. Parker has over 30 years’ experience in the sector and he has spent much of his career working for clients in the US and Latin America and joins from ... Read the full article
Ascot expands US FAC team
25th June 2021
Bermuda-domiciled specialty re/insurer Ascot has expanded its US facultative reinsurance capabilities with the appointment of Anthony Kashuba as Executive Vice President and Steve Robinson as Senior Vice President. Kashuba will help oversee Ascot’s overall North America Casualty FAC product suite and facilitate new and expanded solutions across the Casualty product spectrum. Based ... Read the full article
Root “impressed” with efficiency of Tremor reinsurance placement
25th June 2021
Isaac Espinoza, Vice President of Reinsurance at auto and property tech-driven insurer Root, has said he was “impressed” by the efficiency of the Tremor Technologies trading platform, through which it successfully placed its June property cat reinsurance program. Speaking to Reinsurance News, Tremor CEO and Founder Sean Bourgeois noted that Root ... Read the full article
Fitch turns positive on Enstar
25th June 2021
Fitch Ratings has affirmed Legacy specialist Enstar’s Long-Term Issuer Default Rating (IDR) at 'BBB', senior unsecured notes at 'BBB-' and preference shares at 'BB+'. The rating outlook has been revised to positive from stable, reflecting what Fitch considers to be very strong and growing capitalisation with continued reasonable financial leverage. Fitch also ... Read the full article
Fidelis provides credit default insurance to German mortgage firm
25th June 2021
Fidelis Insurance Ireland DAC, a local subsidiary of the specialty re/insurer, has provided a B2B credit default insurance solution for German mortgage company Wüstenrot Bausparkasse AG. Formed in 1999 from the merger of the two traditional companies Wüstenrot and Württembergische, the W&W Group develops and brokers protection, home ownership, risk protection ... Read the full article
SiriusPoint invests in RV rental, outdoor travel agent Outdoorsy
25th June 2021
Specialty re/insurer SiriusPoint has invested in RV rental and outdoor travel marketplace Outdoorsy, helping the startup raise $120 million in equity and debt financing. With the reopening of the US economy and the international markets the company serves, it’s hoped that additional capital will help the company scale. Outdoorsy also plans to ... Read the full article
ICA denied special leave to appeal COVID-19 BI ruling
25th June 2021
The Insurance Council of Australia (ICA) has acknowledged the High Court’s decision to deny special leave to appeal the NSW Court of Appeal’s judgment regarding its interpretation of pandemic exclusions in some business interruption policies. Its decision to contest the ruling that landed in favour of Covid-19-impacted businesses was first ... Read the full article
Aon appoints Daneshvar to Securities team as MD
25th June 2021
Re/insurance broker Aon has added Sourna Daneshvar to its Aon Securities team as Managing Director. Daneshvar brings over 20 year's experience and will be based in Chicago, where this new role will see him focused on expanding Aon Securities’ capabilities in raising capital and product innovation. He joins global banking organisation Citibank, where ... Read the full article
Regulatory revision to propel China reinsurance growth: GlobalData
25th June 2021
Data and analytics firm GlobalData is projecting that China’s reinsurance market will grow at a compound annual growth rate (CAGR) of 6.8% from 2019 to 2024, on the back of proposed revisions to its reinsurance regulatory regime. The China Banking and Insurance Regulatory Commission (CBIRC) has put forward new rules that ... Read the full article
Miller adds delegated underwriting specialist Mebarki to Paris team
25th June 2021
Specialist re/insurance broker Miller has announced the addition of Safi Mebarki to its Paris team, effective July 5th. A key aspect of Mebarki’s role will be sourcing capacity for MGA, broker, and insurtech clients, whether through an insurer directly or through a reinsurance solution. He will also support the Paris and London ... Read the full article
AND-E UK partners with Flock for commercial fleet insurance
25th June 2021
AND-E UK (AND-E), part of Aioi Nissay Dowa Europe, has partnered with insurtech company Flock to change how commercial fleet insurance is priced and distributed. Both firms have been working together over the past six months to develop two connected motor fleet insurance products which are now available across the UK. Fleet ... Read the full article
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