Reinsurance News
Admiral Group completes CEO succession
14th December 2020
Insurer Admiral Group has completed a successful handover of duties to the Group CEO Designate, Milena Mondinide Focatiis. This appointment follows the retirement of current Admiral Group CEO, David Stevens who will step down from his position and as a director of Admiral Group on 31st December. He will continue to work ... Read the full article
Aviva to sell Vietnam business to Manulife
14th December 2020
London-headquartered insurer Aviva has agreed to sell its life insurance business in Vietnam to Manulife. Aviva Vietnam will be sold for an all cash consideration in a transaction that’s expected to increase the company’s IFRS Net Asset Value and Solvency II surplus by around £100 million. As part of the deal, Manulife ... Read the full article
RMS raises 2020 US wildfire loss estimate to between $7bn-$13bn
14th December 2020
Catastrophe risk modeller RMS has raised its US wildfire loss estimate to between $7 billion and $13 billion, two thirds higher than the previous figure. RMS had earlier this year placed US wildfire’s impact on the global re/insurance industry at between $4 billion and $8 billion. This latest estimate accounts for damage ... Read the full article
Embroker launches online service for brokers
14th December 2020
Insurance brokerage Embroker has launched Embroker Access, a new online service that allows retail and wholesale brokers to offer its digital insurance products. The company also announced that its instant management liability package, previously only offered to technology companies, is now available to all private businesses. Matt Miller, Founder & CEO of ... Read the full article
Gen Re to develop mental health product in South Africa
14th December 2020
Berkshire Hathaway's global reinsurance subsidiary, Gen Re, has announced plans to develop an insurance product for managing mental health issues, beginning in South Africa. Gen Re, which operates in South Africa as General Reinsurance Africa Ltd., notes that mental health conditions are on of the leading causes of disability in the ... Read the full article
Swiss Re partnerships tackle aversion to insurance buying: Mumenthaler
11th December 2020
According to CEO Christian Mumenthaler, Swiss Re’s new partnerships with industrial partners such as Daimler and Ikea aim to overcome people’s natural aversion to buying insurance policies. Speaking in an interview with German publication Handelsblatt, Mumenthaler explained that packaging insurance in with products sold by other companies helps consumers to avoid ... Read the full article
Everest Re CEO Juan Andrade appointed to USAA board of directors
11th December 2020
Juan C. Andrade, the President and Chief Executive Officer (CEO) of Bermuda-based reinsurer Everest Re Group, Ltd., has been appointed to serve on the board of USAA's Risk and Compliance and Member and Technology committees. Andrade brings over 25 years of insurance and reinsurance industry experience to the firm, having served ... Read the full article
October Queensland hailstorms to drive AUD 1.2bn industry loss: PERILS
11th December 2020
Catastrophe insurance data provider PERILS has estimated that the South East Queensland hailstorms that occurred on October 31, 2020, will drive industry losses in the region of AUD 1.23 billion (USD 930 million). PERILS’ initial estimate of the insured property and motor market loss is based on data collected from the ... Read the full article
Aspen appoints Richard Lightowler to non exec board role
11th December 2020
Aspen Insurance, an arm of Bermudian re/insurer Aspen Insurance Holdings, has appointed Richard Lightowler to its board as a non executive director. Lightowler currently operates in a similar role at Oakley Capital Investments and Hansa Investment Company. He has over 25 years’ experience in public accounting and was previously a partner with ... Read the full article
Ex-Argo CEO Mark Watson in $450,000 settlement with SEC
11th December 2020
Former Argo Chief Executive Mark Watson has agreed a $450,000 settlement with The Securities and Exchange Commision (SEC) after the specialty insurer was found to have bankrolled undisclosed executive perks and personal benefits that totalled an estimated cost of $5.3 million. The San Antonio Express News has reported that the SEC ... Read the full article
MetLife agrees $3.9bn sale of US P&C business to Zurich
11th December 2020
Life insurer MetLife has reached an agreement with Zurich, via its subsidiary Farmers Group, over the $3.94 billion sale of its US property and casualty business. This deal, initially reported in November, will see Farmers Group jointly acquire MetLife Auto & Home with the Farmers Exchanges, a group of three ... Read the full article
Lloyd’s insurers to retain more business as pricing improves: analysts
11th December 2020
Analysts at RBC Capital Markets predict that Lloyd’s insurers are likely to retain more business on their own balance sheets as pricing in the market continues to improve. There had been a clear trend of passing more business on to reinsurers as profitability in the Lloyd’s and London markets deteriorated, RBC ... Read the full article
Argo adds five underwriters to environmental unit
11th December 2020
Argo Environmental, a member of Argo Group International Holdings, has appointed five new underwriters to bolster its US Environmental staff. The new hires include Joy Christie as vice president, Phillip Martell as assistant vice president, Jeff Chao as senior underwriter, Brandon Turner as underwriter, and Yuriy Cherepnya as underwriter. All join Argo ... Read the full article
Chubb creates new digital team for Continental Europe, UK&I
11th December 2020
Global re/insurer Chubb has formed a new digital team for Continental Europe and the United Kingdom & Ireland. The team will help develop and execute Chubb's efforts to broaden its digital product and service offerings, while also creating new channels for product distribution. The new team will be led by Santiago Sanchez as ... Read the full article
777 Re completes two new reinsurance transactions
11th December 2020
Bermuda-based reinsurer 777 Re has announced the completion of two reinsurance transactions with US based insurance companies. Under the agreements, the direct writers will continue to service and administer the policies. The transactions will cover a quota share of newly written fixed index annuity (FIA) policies. 777 Re says principal protection and growth ... Read the full article
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