Reinsurance News
National Lloyds rebrands after ReAlign acquisition
8th January 2021
National Lloyds Insurance Company has announced that it has rebranded as National Summit Insurance Company following its acquisition by ReAlign Insurance Holdings, Inc. back in July 2020. The rebranding also follows the conversion of National Lloyds from a Texas Lloyds Plan company into a capital stock insurance company. The company, now ... Read the full article
AbsoluteClimo, AKR Zell announce strategic partnership
8th January 2021
AbsoluteClimo and AKR Zell have announced a strategic partnership that will see the two firms provide the Insurance-linked securities (ILS) and re/insurance industry with climate-driven risk services. The partnership will have an emphasis on providing independent views of risk and addressing climate- related gaps unfulfilled by traditional industry tools. AKR Zell’s reinsurance ... Read the full article
Legeis Capital launches, names Michael Morrissey chair
8th January 2021
Legeis Capital, a newly introduced company that provides re/insurers with efficient access to higher-returning investment assets, has named Michael Morrissey chairman of its board. Legeis Capital has been established to provide a capital-efficient form of investment to re/insurance firms and focuses on lower risk mechanisms to access the returns of asset ... Read the full article
Pen Underwriting & Zurich in specialist fleet capacity deal
8th January 2021
Multi-territory managing general agent Pen Underwriting has announced a new UK capacity deal with Zurich in the specialist area of hazardous industries and tanker transportation. The agreement will see Zurich provide capacity for in excess of £165m in premium over the next five years for Pen’s Hazardous Goods and Environmental Industries’ ... Read the full article
AXA XL bolsters Risk Management team
8th January 2021
AXA XL, the property & casualty and specialty risk division of AXA, has appointed Jason Mandik Vice President, Head of the Chicago-based US Risk Management team. In addition, Sandra Clarke has been named Vice President, National Practice Leader for Temporary Staffing and Jessica Carpita as Senior Casualty Underwriter, US Risk Management. Mandik joined ... Read the full article
Casualty renewals varied widely at 1/1, brokers report
8th January 2021
Re/insurance brokers have reported that casualty renewals varied widely at January 1, depending on individual circumstances including loss experience, covered lines and industry classes written. Casualty pricing at 1/1 was heavily influenced by social inflation, the low interest rate environment and communicable disease, as well as the ample capacity that was ... Read the full article
Aston Lark acquires Lloyd’s broker CRS Yachts
8th January 2021
Aston Lark, a chartered insurance broker backed by Goldman Sachs, has announced the acquisition of Lloyd’s broker CRS Yachts. CRS Yachts is based in London and offers a bespoke service focussed solely on serving superyacht owners. The company will maintain its existing brand but will play an active and significant role in ... Read the full article
Chinese P&C re/insurers turn underwriting loss in 2020: reports
8th January 2021
Chinese property and casualty (P&C) re/insurers generated an underwriting loss of 7.608 billion yuan (USD 1.18 billion) over the first 11 months of 2020, according to reports from regional publication Securities Daily. This represents a decrease of 10.889 billion yuan from the 3.291 billion yuan (USD 510 million) that the sector ... Read the full article
Markel hires Trevor Gandy to lead talent, diversity & inclusion initiatives
8th January 2021
Markel Corporation has announced the appointment of Trevor Gandy as Managing Director for Talent, Diversity and Inclusion, effective January 1, 2021. In this new role, Gandy will further shape the company's diversity, equity, and inclusion strategy for its global workforce. He will work closely with Markel’s human resources leadership team and its ... Read the full article
Reinsurance T&Cs improving, margins to follow: Jefferies
7th January 2021
Analysts at Jefferies have reported a marked improvement in terms and conditions (T&Cs) at the recent January 1 2020 reinsurance renewals, which it believes will ultimately lead to a knock-on improvement in margins. Jefferies noted that the tightening of T&Cs is perhaps unsurprising given that terms are usually the last thing ... Read the full article
Kemper adds Ismat Aziz as Chief HR, Administrative Officer
7th January 2021
US insurer Kemper has added Ismat Aziz as Chief Human Resources Officer (CHRO) and Chief Administrative Officer. Aziz will report to Joseph Lacher, Jr., Kemper President and CEO, and will be based at Kemper’s headquarters office in Chicago. She has over 25 years of HR experience, most recently serving at US Bank ... Read the full article
BevCap sets up NC captive for medical stop loss program
7th January 2021
Alternative risk program manager BevCap Management has announced the formation of HatterasRe, a North Carolina-domiciled captive insurer. HatterasRe will act as an on-shore captive option for BevCap Health’s medical stop loss program. “I am delighted HatterasRe, LTD made the decision to domicile in North Carolina and I welcome them to our vibrant ... Read the full article
Applied Underwriters expands FL unit
7th January 2021
Applied Underwriters has formed a US based division of its Applied Financial Lines business unit. The division will provide a variety of Directors & Officers coverages in the US under the direction of newly named division President, Stephen McGill. Applied Financial Lines' US operation will be headquartered in New York City. This news ... Read the full article
RGA reshuffles Board of Directors
7th January 2021
Reinsurance Group of America has added Shundrawn A. Thomas to its Board of Directors. Prior to his current role, Thomas served as President and Chief Executive of Northern Trust Securities, a wholly owned subsidiary of Northern Trust Corporation. Before becoming Northern Trust Asset Management President, he served as Executive Vice President, Head ... Read the full article
The US Capitol riots and the re/insurance industry: Tom Johansmeyer, PCS
7th January 2021
We interviewed Tom Johansmeyer, Head of PCS, today, to gain some background colour and a view on the rioting and civil disturbance seen at the US Capitol buildings on January 6th 2021. While the rioting and disturbances seen at the US Capitol yesterday aren't expected to have any significant financial implications ... Read the full article
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