Reinsurance News
“Significant traction” for parametric solutions to pandemic: Artemis Live
2nd June 2021
Industry experts, speaking as part of the latest Artemis Live webcast, have said they believe there is "significant traction" for re/insurance solutions to leverage technology and hedge pandemic risk using parametric triggers. Last week's webcast, entitled “Hedging the Next Pandemic with Parametric Capital ... Read the full article
TigerRisk hires Bonner to lead Trade Credit, Surety, and Political Risk business
2nd June 2021
TigerRisk Partners has appointed Phil Bonner to lead its newly created global Trade Credit, Surety, and Political Risk business. Bonner will be based in London reporting to James Few, TigerRisk International's Chief Executive Officer. He will take up his appointment in June next year. Bringing over 30 years’ experience, he joins from ... Read the full article
QBE Re names GC’s Jamie Cook as Global Head of Client Management
2nd June 2021
Jamie Cook, formerly of reinsurance broker Guy Carpenter, has joined QBE Insurance as the new Global Head of Client Management, QBE Re, effective June 2021. Cook joins the reinsurer after spending three years with Guy Carpenter, most recently as Managing Director, Global Account Segment and Regional Sales Leader, EMEA. Previously, he spent ... Read the full article
US insurers braced for ‘above average’ hurricane season, reports Fitch
2nd June 2021
US property and casualty re/insurers are reportedly braced for large potential catastrophe losses as another above-average hurricane season approaches, according to a new Fitch Ratings report. Fitch notes how both P/C insurers and global reinsurers are largely well capitalised following the global pandemic last year, and generally well positioned to withstand ... Read the full article
Aon/WTW deal entering critical stage as US DOJ refuses to show its hand: reports
2nd June 2021
Reports emerging from specialist publisher The Capitol Forum describe The US Department of Justice (DOJ) as having adopted a dual-track strategy for its review of Aon's proposed acquisition of rival broker Willis Towers Watson. By simultaneously engaging in settlement talks and ensuring trial preparations are underway should it decide to mount ... Read the full article
Guy Carpenter names Brit’s David Arthur as Head Actuary, UK Non-Specialty
2nd June 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has announced the hiring of David Arthur as Head Actuary for its UK Non-Specialty business, including Global Casualty, Accident & Health, UK Property and UK Motor. Effective October 2021, Arthur takes on responsibility for the oversight of all actuarial activities undertaken within ... Read the full article
RGA to reinsure $1.8bn of statutory reserves from Dai-ichi Life
2nd June 2021
Life and health reinsurer, Reinsurance Group of America, has reached an agreement with The Dai-ichi Life Insurance Company to reinsure 200 billion JPY ($1.8 billion) of statutory reserves through coinsurance. The transaction took place at the end of March with additional terms of the transaction not currently being disclosed. Larry Carson, Executive ... Read the full article
Howden launches ESG-focused insurer, Parhelion
2nd June 2021
Global insurance broker Howden has announced the launch of Parhelion, a highly rated environmental, social and governance (ESG) focused, fully sustainable insurance carrier which aims to commence underwriting from January 1st, 2022. The new insurer is targeting a capital raise of USD 500 million and is being advised by Howden Capital ... Read the full article
Tryg and Intact complete RSA acquisition
2nd June 2021
Intact Financial Corporation and Scandinavian insurer Tryg have completed the acquisition of RSA Insurance Group. Tryg and Intact will now be able to initiate the separation of the RSA business, providing Tryg with sole legal ownership of Trygg-Hansa in Sweden and Codan in Norway whilst Intact continues to co-own Codan's Danish ... Read the full article
Tencent-controlled FuSure’s initial focus to be health reinsurance
2nd June 2021
Start-up reinsurer FuSure Reinsurance Company Limited, a joint venture controlled by Chinese technology conglomerate, Tencent Holdings Ltd., will have an initial focus on health reinsurance business in Greater China. It was announced yesterday that Tencent-backed FuSure had received a license to provide reinsurance services in Hong Kong. The new reinsurer is ... Read the full article
WTW expands broker network in Spain
2nd June 2021
Willis Towers Watson has expanded its broker network in Spain with the addition of two new outfits. The two firms WTW's ‘Networks’ unit has incorporated include Azetek Asesores de Seguros in Vitoria and Correduría Segurcisa in Cádiz. The unit now has four associates in the Basque Country and 11 in Andalusia. There are ... Read the full article
L&G inks two PRT deals with TUI pension trust
2nd June 2021
Legal & General has agreed two pension risk transfer (PRT) transactions with the TUI GROUP UK Pension Trust, including a £610 million partial buy-in for the BAL section and a £184 million full buy-in for the TAPS section. This deal marks the first PRT transaction between the two parties, with L&G ... Read the full article
Vesttoo appoints Robert Schumaker VP of Capital Markets
2nd June 2021
Alternative reinsurance platform Vesttoo has announced the appointment of Robert Schumaker as Vice President of Capital Markets. Schumaker is a former Managing Director at State Street Bank and Vice President at Credit Suisse. In this new role he lead Vesttoo's ILP Program, which offers asset managers and pension schemes the opportunity to ... Read the full article
Himalayan Reinsurance receives operating license in Nepal
2nd June 2021
The Insurance Board, Nepal’s insurance sector regulatory authority, has given Himalayan Reinsurance an operating license, allowing them to conduct business within the country. This makes it the second reinsurer in Nepal, along with Nepal Reinsurance, after it was deemed fit to do so by Chairman of the Insurance Board, Surya Prasad ... Read the full article
Property cat rates up by 5-10% at June 1 reinsurance renewals: HX
1st June 2021
Risk-adjusted property catastrophe reinsurance rates increased by 5-10% on average at the June 1st, 2021 renewals as price momentum decelerated year-on-year, according to HX, the digital, analytics, and advisory unit of Howden Group Holdings. According to data available in financial and underwriting data platform, NOVA, reinsurance rate momentum remained at the ... Read the full article
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