Reinsurance News
Arch Insurance Intl. promotes Kirsten Valder & Jason Kittinger
10th June 2021
Arch Insurance International, which includes Arch's insurance operations in Europe, Bermuda and Australia, has promoted Kirsten Valder to Chief Administrative Officer and Jason Kittinger to Chief Operating Officer (COO), effective June 30th, 2021. The promotions of both Valder and Kittinger form part of the company's long-term succession planning. Dennis Brand, current ... Read the full article
WTW reports uptick in commercial insurance rates through Q1
10th June 2021
US commercial insurance prices increased again during the first quarter of 2021, according to the latest Commercial Lines Insurance Pricing Survey (CLIPS) by broker Willis Towers Watson (WTW). The survey compared prices charged on policies underwritten during the first quarter of 2021 to those charged for the same coverage and quarter ... Read the full article
AXA in €300mn settlement offer to 15,000 restaurant clients over COVID claims
10th June 2021
AXA France has today announced a settlement offer of €300 million, gross of tax and before reinsurance, to 15,000 restaurant owners who hold non-damage business interruption (BI) policies. The settlement applies to the 15,000 restaurant owners who hold AXA France's "standard policy" with extended cover for BI losses linked to administrative ... Read the full article
Ariel Re adopts Allphins’ risk platform
10th June 2021
Bermudian reinsurer Ariel Re has partnered with Allphins to use its platform to help with exposure and risk management. Ariel Re’s adoption of the Allphins platform will enable the reinsurer to generate more accurate exposure figures faster and produce in-depth analysis over their Marine and Energy book of business. Allphins uses machine ... Read the full article
Grim prospects for US cyber market: AM Best
9th June 2021
A new AM Best report has argued that prospects for the US cyber insurance market are "grim," due to the significantly worsening risk hazard environment and issues such as ransomware, business interruption and aggregation. Analysts noted that cyber insurance, which began as a diversifying secondary line, is now a primary component ... Read the full article
Nicholas Garside named CUO at LSM Bermuda
9th June 2021
Liberty Specialty Markets Bermuda (LSM Bermuda), part of Liberty Mutual Insurance, has appointed Nicholas Garside to the position of Chief Underwriting Officer (CUO). In this newly created role, he will report to LSM Bermuda President Steve Horton. Garside – who previously led LSM Bermuda’s property unit – will provide strategic direction and ... Read the full article
Amwins acquires Maryland-based General Agent, MTDA
9th June 2021
Amwins has announced the acquisition of CBIZ M.T. Donahoe & Associates, LLC, (MTDA), which will join its Group Benefits division, further complementing the services of Amwins Connect Administrators. MTDA is a Maryland-based general agent focused on employee and individual benefits and services. Following the acquisition, of which the terms were not disclosed, ... Read the full article
Now Health announces new program with Starr
9th June 2021
Private medical insurer Now Health International Group has partnered with Starr Insurance Companies on a program designed to help drive forward its growth plans in Europe. The partnership combines Now Health’s global presence and experience in providing health insurance solutions with Starr’s long-standing knowledge and ability to deliver customised solutions. The program ... Read the full article
Alliant closes merger with personal lines insurer Confie
9th June 2021
Alliant Insurance Services, the specialty insurance brokerage firm, has completed its merger agreement with US personal lines distributer Confie. Announced in April 2021, the deal brings Confie’s personal insurance brands, more than 3,500 employees, and in excess of 1 million customers under the Alliant banner. Confie was founded in 2008 and ... Read the full article
State Street appoints Knight to lead global insurance
9th June 2021
State Street Corporation has appointed Jason Knight to lead its insurance business as global head. Knight will be responsible for creating and executing the segment’s worldwide strategy and will work closely with senior leadership in sales, product, as well as State Street’s other business lines. He joins from BNY Mellon, where he ... Read the full article
Claims inflationary trends in ‘new territory’, says Xactware’s Mike Fulton
9th June 2021
With the 2021 Atlantic hurricane season now officially underway, the market is in "new territory" with respect to inflationary pressures and the rise in material prices and labour costs, according to Mike Fulton, President of Xactware. As inflation becomes increasingly apparent in the wider economy, the latest in our sister ... Read the full article
Safety National hires Tim O’Grady as VP, Underwriting
9th June 2021
Safety National, a multi-line specialty re/insurer and member of the Tokio Marine Group, has appointed Tim O’Grady as Vice President, Underwriting for its casualty division. O’Grady brings just under 30 years of industry experience, with a large account underwriting background. He has previously served in various underwriting leadership positions managing regional underwriting ... Read the full article
IVANS Index shows average premium renewal rates up in May
9th June 2021
IVANS, a division of Applied Systems, has announced the May results of its insurance premium renewal rate index, revealing an increase in average premium renewal rate, except Workers’ Compensation, which remained negative. Released monthly, IVANS Index is a data-driven report of current conditions and trends for premium rate renewal change of ... Read the full article
Lockton Re hires Ollie Jones as Broker, Marine & Energy
9th June 2021
Lockton Re, the reinsurance arm of global brokerage Lockton, has appointed Ollie Jones as a Broker, and will be based in the London office as part of the Marine & Energy Division. Jones will join from Guy Carpenter where he was most recently Vice President in the Global Marine & Energy ... Read the full article
RMS’ new NA hurricane models certified by Florida Commission
9th June 2021
Catastrophe risk modeling firm RMS has announced the approval of its North Atlantic Hurricane Models by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM). The certification applies to Version 21.0 hurricane models available on RiskLink 21.0 and the Risk Modeler application on its open cloud platform RMS Risk Intelligence. Enhancements to ... Read the full article
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