Reinsurance News
Intact gains approvals for RSA acquisition
20th January 2021
Canadian property and casualty insurer Intact gained shareholder approval for its proposed joint-takeover of UK insurer RSA. The company also received unconditional approval for the Acquisition from the Canadian Competition Bureau. A majority of RSA shareholders likewise voted to approve the acquisition. Back in November, Intact announced the successful completion of a ... Read the full article
ACORD launches accounting platform
20th January 2021
International standard-setting body for the insurance sector ACORD has announced that its subsidiary, ACORD Solutions Group (ASG), has implemented its ADEPT platform to perform automated, real-time premium accounting reconciliation between insurers and brokers. The platform was developed through working closely with some of the industry's largest stakeholders, with the first data ... Read the full article
Record Q4 drives annual ILS issuance to $16.4bn
19th January 2021
In each quarter of 2020, although most notably in Q1 and Q4, catastrophe bond and ILS issuance remained above average. Combined with the previous three quarters, the record-breaking level of both transactions and issuance in Q4 drove annual issuance to $16.4 billion, which, as shown by the Artemis Deal Directory, is ... Read the full article
Donegal Insurance names WTW’s Jeffery Hay as SVP and CUO
19th January 2021
The Donegal Insurance Group has named Jeffery Hay, previously of re/insurance broker Willis Towers Watson (WTW), as Senior Vice President (SVP) and Chief Underwriting Officer (CUO). Hay is expected to play a vital underwriting oversight role at the company as it looks to expand its capabilities to maximise the value it ... Read the full article
L&G secures £544mn bulk annuity transaction with Evonik
19th January 2021
Legal & General has agreed a £544 million full buy-in of four pension schemes sponsored by Evonik UK Holdings. The deal secures the benefits of over 3,600 UK defined benefit pension scheme members and facilitates the merger of the four schemes as part of the de-risking process. L&G has an existing relationship ... Read the full article
Hamilton appoints Clay Rhoades to lead MGA efforts in US
19th January 2021
Bermuda-based re/insurer Hamilton has today announced the appointment of Clay Rhoades as President, Hamilton Managing General Agency Americas. Rhoades will report to Hamilton Chief Executive Officer Pina Albo and joins her group executive team. He arrives from Kinsale Insurance where he served as SVP of Commercial Property/Inland Marine. Before that he spent time as ... Read the full article
Stable launches collateralised insurer in Bermuda
19th January 2021
Commodity risk insurtech Stable has launched a collateralised insurer to help protect global food and farming businesses from volatile commodity prices. Stable leverages its proprietary data science platform to address the $5 trillion of untraded or illiquid agricultural commodities that cannot be hedged. Stable’s index-based solution has over 3,000 commodities in over ... Read the full article
AXIS announces Q4 losses of up to $205mn from COVID-19 and cats
19th January 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has announced a preliminary Q4 2020 net claims estimate of between $195 million to $205 million, pre-tax, for catastrophes and weather-related events. Of this range, AXIS states that a significant $125 million, pre-tax, relates to the COVID-19 pandemic, while an additional $70 million ... Read the full article
Marsh & McLennan pledges carbon neutrality in 2021
19th January 2021
Global insurance and reinsurance broker Marsh & McLennan has announced two new commitments in its effort to combat climate change. The company has made a pledge to be carbon neutral in 2021 through the reduction of greenhouse gas emissions in its own operations and the purchase of verifiable offsets, whilst also ... Read the full article
Dominic Peters hired as underwriter for Syndicate 1729
19th January 2021
Dale Underwriting Partners has appointed Dominic Peters as an active underwriter for Syndicate 1729. He will join on 18 January as his role is subject to regulatory approval. Duncan Dale, who has served as active underwriter since 2014 and remains chief executive said: “Dom is a great addition to our talented team. ... Read the full article
AXA XL’s Elaine Scully named Hamilton Re SVP, head of casualty
19th January 2021
Bermuda-based re/insurer Hamilton has announced the appointment of Elaine Scully as Senior Vice President, Head of Casualty Insurance within Hamilton Re. Scully reports to Tim Duffin, Hamilton Re Chief Underwriting Officer and will be based in Bermuda. She is due to join in mid-February. “We're committed to the excess casualty insurance space in ... Read the full article
Industry split over Supreme Court BI ruling
19th January 2021
With the re/insurance industry still coming to terms with the UK Supreme Court's recent business interruption ruling, we polled our industry contacts and had 270 responses on whether or not they agreed with the outcome. Despite a slim majority siding with the decision to uphold the original High Court ruling, responses ... Read the full article
Marsh UK appoints Tom Colraine as Chairman
19th January 2021
Marsh UK, a division of global insurance brokerage Marsh, has appointed Tom Colraine, who has been a non-executive director of the business since 2018, as Chairman, succeeding Jane Barker. Colraine has experience as a non-executive director, including as Chair of Hastings Group Holdings and the Compre Group, as well as chairing ... Read the full article
National Western Life enters into annuity reinsurance transaction with Prosperity
19th January 2021
National Western Life Insurance Company (NWLIC), part of National Western Life Group, Inc., has completed an annuity reinsurance transaction with Bermuda domiciled reinsurer, Prosperity Life Assurance Limited, effective December 31st, 2020. Prosperity, which is rated A- (Excellent) by A.M. Best, is an emerging provider of bespoke and innovative reinsurance solutions to ... Read the full article
Corant Global launches as holding company for BGC’s insurance interests
19th January 2021
Corant Global Limited, the new name for BGC Insurance (BGCI), has launched today and will become the holding company for all the insurance interests of global brokerage and financial technology firm, BGC Partners, Inc. Corant will comprise of insurance and reinsurance broking operations Ed, Besso, Piiq Risk Partners and Junge, alongside ... Read the full article
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