Reinsurance News
FCA measures to combat loyalty penalties in home, motor markets
1st June 2021
The FCA has implemented a package designed to improve competition and protect home and motor insurance customers from loyalty penalties. The package will ensure renewal quotes for home and motor insurance consumers are not more expensive than they would be for new customers. This move follows an FCA market study in September ... Read the full article
Tencent backed FuSure gets reinsurance license in Hong Kong
1st June 2021
FuSure Reinsurance Company Limited, a joint venture controlled by Chinese multinational technology conglomerate holding company, Tencent Holdings Ltd., has obtained a license to provide reinsurance services in Hong Kong. Established on May 25th, 2020 with HK 1 billion (approx. USD 129mn) of capital, FuSure Reinsurance is now able to underwrite general ... Read the full article
Apollo’s ibott division partners with Israeli insurtech CI
1st June 2021
Apollo's sharing economy initiative ibott (Insuring Businesses of Tomorrow, Today) is partnering with Israeli insurtech CI in an effort to reduce fleet and rider insurance costs and turn insurance into a revenue source by offering on-demand cover. CI is an Israeli insurtech founded in 2019 that specializes in connected insurance solutions ... Read the full article
Verisk & APCIA weigh P&C insurance impact after “turbulent year”
28th May 2021
A new report by data analytics provider Verisk and the American Property Casualty Insurance Association (APCIA) has looked at the overall impact to property and casualty (P&C) insurer following a year marked by a global pandemic and unprecedented catastrophic events. The “turbulent year” saw private US P&C insurers’ net income after ... Read the full article
Swiss Re hires Hermant from AIG for iptiQ APAC role
28th May 2021
Global reinsurer Swiss Re has appointed Simon Hermant to a Vice President role at iptiQ, its digital life and health insurance platform and B2B2C provider of bespoke insurance solutions. Hermant joins from AIG, where he most recently served as Head of Portfolio Management for Accident & Health, Travel and Warranty in ... Read the full article
Howden Specialty names Hegelbach as Divisional Director
28th May 2021
Howden Specialty has appointed Severin Hegelbach to the newly created role of Divisional Director. He will lead a renewable energy advisory service, focused on providing in-depth risk advice for clients, sponsors, lenders, investors, retail and other partners. Hegelbach joins from Willis Tower Watson (WTW), where he was Divisional Director in the Financial ... Read the full article
Fitch Ratings turns positive on AXA off improving XL performance
28th May 2021
Fitch Ratings has revised its outlook on AXA and its core insurance subsidiaries' Insurer Financial Strength (IFS) Ratings, changing AXA's Long-Term Issuer Default Rating (IDR) to Positive from Stable. Fitch’s revision is driven primarily by an expectation for the AXA group to secure a property and casualty combined ratio sustainably below ... Read the full article
Swiss Re sells remaining stake in New China Life: reports
28th May 2021
Reports today from media company Caixin suggest that Swiss Re may have sold its remaining stake in Beijing-based life insurer New China Life Insurance Co. Swiss Re bought 152.9 million shares in New China Life in 2013, but then sold almost half of these a few years ago in a deal ... Read the full article
More than half of US mortgage reinsurance backed by Bermuda market: ABIR
28th May 2021
More than half of US mortgage reinsurance is backed by the Bermuda reinsurance market, according to new analysis by the Association of Bermuda Insurers & Reinsurers (ABIR). Reinsurance companies on the island provided increased capacity to US monoline private mortgage insurers in recent years, upping their share of reinsurance support from ... Read the full article
Hamilton appoints Kevin Price to lead US E&S’ Allied Medical
28th May 2021
Bermudian re/insurer Hamilton Insurance Group has appointed Kevin Price as Head of Allied Medical for its US excess and surplus business. Price will report to Clay Rhoades, President, US E&S, and joins from RCM&D. This newly created role will see him take responsibility for building out the US-based book of Allied Medical ... Read the full article
Obsidian hires new Head of Business Development
28th May 2021
Obsidian Insurance Holdings has appointed Jessica Ferguson as Head of Business Development. Prior to joining Obsidian, she was with Liberty Mutual Insurance for over two years as Wholesale Distribution Executive, East Coast. Before Liberty Mutual she was Vice President, Program Broker with JLT Re. She spent just under nine years with AIG, most ... Read the full article
UPC restructures reinsurance program at renewal
28th May 2021
Florida head-quartred insurer United Insurance Holdings (UPC Insurance) has renewed its core catastrophe reinsurance program for 2021/22. For this year, the insurer's core catastrophe program includes $2.85 billion of first event reinsurance limit on a fully cascading basis, except for the Florida Hurricane Catastrophe Fund layer. In addition to the Core CAT ... Read the full article
Helios reports drop in 2020 profit off Covid-driven market pressures
28th May 2021
Lloyd’s of London investment and underwriting vehicle Helios has announced a £336,000 profit for 2020, down from the £2.4 million reported in 2019. Helios says profitability has been significantly impacted by poor underwriting conditions and by the impact of COVID-19 losses. In its wake, the expectation of improved underwriting margins has allowed ... Read the full article
French regulator dismisses market abuse claims against SCOR’s Kessler
28th May 2021
The French financial regulator has concluded that there is insufficient evidence to support claims of market abuse made by Covéa against Denis Kessler, Chairman and CEO of SCOR. The French Financial markets authority informed the French Financial prosecution office that the information it has gathered does not support the charges made ... Read the full article
Aviva inks £190mn bulk annuity deal
28th May 2021
London headquartered insurer Aviva has completed a £190 million bulk purchase annuity buy-in transaction with the Trustees of the Wyeth Group Pension and Life Assurance Scheme. The sponsoring employer, John Wyeth & Brother Limited, is part of the Pfizer Group, one of the world’s largest biopharmaceutical companies. Aviva will insure the defined ... Read the full article
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