Reinsurance News
AIR’s Scott Stransky to lead MMC’s Cyber Risk Analytics Center of Excellence
18th June 2021
Scott Stransky, formerly of catastrophe risk modeller AIR Worldwide, has joined global brokerage Marsh McLennan (MMC) to lead its new Cyber Risk Analytics Center of Excellence. Stransky leaves AIR after 14 years of service, having joined in 2007 as an analyst. Most recently, he led the Cyber Modelling group, which is ... Read the full article
AM Best upgrades credit rating of China Reinsurance Company, HK
18th June 2021
Rating agency AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of China Reinsurance Company, Hong Kong (China Re). This comes after China Life Reinsurance Company (China Re Life) provided a ... Read the full article
New Zealand’s EQC says hazard data key to reinsurance confidence
18th June 2021
New Zealand’s Earthquake Commission (EQC) has said that ongoing investment in natural hazard science, including the geological hazard monitoring service GeoNet, is key to maintaining the confidence of international reinsurance markets in providing coverage for the country. Fraser Gardiner, Chief Financial Officer at the EQC, noted that the GeoNet platform not ... Read the full article
Lloyd’s Central Fund cover will enable faster market growth
17th June 2021
Lloyd's of London Chief Financial Officer (CFO) Burkhard Keese has explained that the primary motivation behind the £650 million reinsurance cover that Lloyd's has purchased for its Central Fund is to facilitate the rapid pace of growth that the market has achieved recently, and is continuing to target. In a press ... Read the full article
Aon appoints GC’s Schwebach as senior MD within Reinsurance Solutions
17th June 2021
Re/insurance broker Aon has named Eric Schwebach Senior Managing Director of its Reinsurance Solutions unit, focusing on the management of major clients as well as the generation of new business. He reports to Trevor Dorr, Executive Managing Director of Reinsurance Solutions. Based in Minneapolis, he joins from rival broker Guy Carpenter, where he ... Read the full article
Allstate announces $213mn in cat losses for May
17th June 2021
US primary insurer Allstate is braced for estimated pre-tax catastrophe losses of $213 million for May. Cat losses for April and May totaled $598 million, after-tax. In May, Allstate says losses consisted of seven events, at an estimated cost of $193 million, plus unfavorable prior period reserve estimates. Two large hail events, primarily ... Read the full article
Further divestitures more likely than Aon/WTW deal collapse, say analysts
17th June 2021
As the U.S. Department of Justice (DOJ) sues to block the combination of global re/insurance brokers Aon and Willis Towers Watson (WTW), analysts at KBW view additional divestitures as a more likely outcome than the deal falling apart completely. Previous reports that the DOJ was likely to approve the $30 ... Read the full article
AM Best removes Starstone units from under review status
17th June 2021
Rating agency AM Best has decided to remove StarStone Insurance Bermuda Limited (SIBL) (Bermuda) and StarStone Insurance SE (SISE) (Liechtenstein) from their under review with negative implications status. At the same time, it affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of ... Read the full article
L&G inks £130mn pension buy-in with QinetiQ scheme
17th June 2021
Legal & General has completed a £130m buy-in transaction with the QinetiQ pension scheme, covering the benefits for over 390 new retirees since a previous buy-in in April 2019. The deal marks the scheme’s first buy-in transaction with L&G and, as part of the agreement, an umbrella contract was established which ... Read the full article
Neptune Flood hits $20bn milestone for insured property value
17th June 2021
Neptune Flood, an insurtech firm focused on the flood market, has surpassed $20 billion in total insured property value, the company has confirmed. Trevor Burgess, CEO of Neptune Flood noted that the insurtech managed to reach this milestone in under four years since launching. With over 70,000 clients and 6,000 active insurance ... Read the full article
UFG names Dominique Siméon as senior underwriter
17th June 2021
UFG Insurance has appointed Dominique Siméon as senior reinsurance underwriter, also becoming one of eight employees named assistant vice president during the company’s May 2021 board meeting. In her new role, she will underwrite treaty reinsurance with a focus on mortgage, surety, and credit reinsurance. Siméon’s began with Odyssey Re in Europe ... Read the full article
Miller hires Farris Mellor as Credit and Political Risk Insurance Specialist
17th June 2021
Miller Insurance Services has appointed Farris Mellor as Credit and Political Risk Insurance Specialist in London. Mellor brings years of experience and knowledge within the banking sector and insurance solutions for financial institutions. Prior to joining Miller, Mellor spent time working on the Primary Bond Syndicate desk at Daiwa SMBC, and then ... Read the full article
Abacai Group announces six leadership hires
17th June 2021
Abacai Group, a new insurtech firm created by specialist private capital provider Sun Capital Partners and former Aviva CEO Mark Wilson, has made six senior leadership appointments. The new leadership team, who will head up Abacai Technologies, will help deliver industry-leading expertise across four key verticals, which include pricing, technology, artificial ... Read the full article
Zurich expands precision ag services through John Deere connection
17th June 2021
Zurich North America’s crop insurance business has connected to farm data management software John Deere Operations Center, through John Deere's API Services. The connection expands Rural Community Insurance Services’ (RCIS) existing precision agriculture offerings and allows its insureds to electronically connect their field data to RCIS systems for a more seamless, ... Read the full article
Oneglobal names QBE’s Plumridge Group COO
17th June 2021
Client-centric broker Oneglobal has named Simon Plumridge Group Chief Operating Officer, reporting to Group Chief Executive Officer Mike Reynolds. Plumridge’s appointment is effective July 1 and sees him join from QBE, having served as global head of multinational. He has more than 30 years of underwriting, operations and distribution experience and a ... Read the full article
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