Reinsurance News
Ardonagh unveils NA Reinsurance team led by ex-RFIB CEO Foden-Pattinson
7th January 2021
Ardonagh Specialty, the holding company and growth platform for The Ardonagh Group's portfolio of specialist, reinsurance and wholesale broking brands, has announced the appointment of a North America Reinsurance team. The new team is set to operate via Equinox (Re)insurance Intermediaries which is licensed in Connecticut, and will be led by ... Read the full article
New York Life acquires Cigna businesses
7th January 2021
US domiciled mutual life insurer New York Life has completed its $6.3 billion acquisition of health insurer Cigna’s life, accident, and disability insurance business. The acquisition, which was first announced in 2019, adds approximately 3,000 employees and over nine million customers to New York Life’s portfolio. The new business will be ... Read the full article
I–RE enters partnership with Cimarron Insurance
7th January 2021
Specialist captive re/insurance MGU, International Re (I–RE), has announced a new strategic capacity partnership with Cimarron Insurance, a niche specialist admitted insurer. The partnership will underwrite a range of admitted property and casualty lines of business, rolling out over the next 12 months. Cimarron specialises in providing individual business owners, owner operators ... Read the full article
Global insured nat cat losses up 44% in 2020 to $82bn: Munich Re
7th January 2021
A record hurricane season, historic wildfires in the western U.S. and a series of events in other parts of the world saw global, re/insured losses from natural disasters increase to $82 billion in 2020, which is approximately 44% higher than in the previous year, reports Munich Re. Economic losses from natural ... Read the full article
Marco acquires Allianz’ British Reserve Insurance Company
7th January 2021
European P&C Legacy specialist Marco has completed its acquisition of Allianz-owned UK non-life insurer British Reserve Insurance Company (BRIC). The transaction has received all required regulatory approvals. BRIC is an authorised UK non-life insurance carrier and has been purchased to help enable Marco to provide reinsurance solutions, as well to offer finality by ... Read the full article
Optio establishes European office in Malta
7th January 2021
Specialty MGA and Lloyd’s broker Optio has established a European office in Malta after receiving the necessary regulatory approvals. Optio Europe has been launched to serve as the growth engine for the company’s underwriting and broking portfolios across the region. Optio Europe’s Malta-based team comprises Martin Rimmer as director and general manager ... Read the full article
RGAX launches cloud-based underwriting engine UWPal
7th January 2021
RGAX, a subsidiary of life and health reinsurer RGA, has launched a new cloud-based underwriting engine called UWPal. The Software as a Service (SaaS) engine is designed to allow a firm’s underwriting rules to be regularly and efficiently optimised to improve performance and incorporate the latest medical insights. UWPal leverages Pandora, the ... Read the full article
Alliant acquires BridgePoint Risk Management
7th January 2021
Alliant has announced the acquisition of BridgePoint Risk Management, a national provider of personal and commercial risk management solutions. BridgePoint is known for providing customised commercial and personal risk management solutions to individuals, families, and business owners nationwide. The company has offices in Ohio, Connecticut, Arizona, and Florida. “BridgePoint and its talented team ... Read the full article
Berkshire Hathaway (BHSI) adds Brady Head to Executive leadership
7th January 2021
Berkshire Hathaway Specialty Insurance (BHSI), a division of Warren Buffett's Berkshire Hathaway, has appointed Brady Head as Senior Vice President (SVP), Product Line Officer for D&O Liability Insurance in North America. Head joins the company after 27 years with global insurer and reinsurer AIG, where he most recently served as Head ... Read the full article
Commercial property rates up 9% in Q4: MarketScout
7th January 2021
New data from MarketScout shows that commercial property insurance rates increased by 9% over the fourth quarter of 2020. Despite significant challenges over the year, the re/insurance industry continued to function efficiently, MarketScout noted, with the Q4 composite rate up 7.1%, and up 6.25% in Q3. The biggest rate increases by line ... Read the full article
Denis Haenzi departs Echo Re
7th January 2021
Zurich-based Echo Reinsurance Limited (Echo Re) has announced that Denis Haenzi is retiring this month after more than 10 years at the company. During his tenure, Haenzi played a major role in the MENA Underwriting team at Echo Re. In this role, he actively supervised the French-speaking African markets, including Maghreb. He also ... Read the full article
QBE Syndicate 386’s Harries to retire, Cécile Fresneau named successor
7th January 2021
QBE Syndicate 386 active underwriter and head of financial lines David Harries is set to retire from his role after 34 years with the liability insurer. Harries has spent the last seven years in his current position and will be supporting the handover of the role to Cécile Fresneau over the first ... Read the full article
Thai Re launches IBM blockchain-powered reinsurance smart contract platform
7th January 2021
Technology-driven professional non-life reinsurer Thai Re has launched a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud. Called 'Insurer Network', it has been established to help allow Thailand’s insurance industry to gain efficiency and speed in processing the reinsurance contracts. Expected benefits include a reduction of forgery risk ... Read the full article
COVID-19 a catalyst for US property rates at 1/1: Willis Re
6th January 2021
Willis Re has reported that COVID-19 was a catalyst for further rate increases at the January 1 reinsurance renewals for US property re/insurers, building on pricing momentum already gained through 2019. Terms and conditions also tightened, however placements were completed at rates lower than anticipated as capital raises, start-up reinsurers and ... Read the full article
Hudson acquires renewal rights, professional lines team from Validus
6th January 2021
Hudson Insurance Group has secured an agreement with Validus Specialty Underwriting Services to transfer the renewal rights of a portfolio of Miscellaneous Professional Liability, Financial Institutions Liability and Management Liability policies. The agreement also includes the transfer of ten employees to Hudson. The new team is led by senior vice president Catherine Cossu, ... Read the full article
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