Reinsurance News
Bigger focus on future of claims needed: Verisk’s Della Rocca
14th December 2020
With the re/insurance industry still reeling from the shock of COVID-19, data analytics provider Verisk Analytics says a focus on the future of claims is essential in order to adapt well to the pandemic. This is the view of Richard Della Rocca, President of ISO Claims Analytics, Verisk Analytics, who in ... Read the full article
Aon buys 49% stake in Indian broker Anviti
14th December 2020
Global re/insurance broker Aon has acquired a 49% equity stake in Anviti, an India-based provider of reinsurance, insurance broking & risk management insurance services. It's hoped this strategic investment will enable Anviti, a company promoted by institutional investor Catamaran Ventures, to bolster its operations in the country while leveraging support from ... Read the full article
AmTrust Intl. bolsters speciality team with two senior underwriters
14th December 2020
AmTrust International, a subsidiary of the insurer AmTrust Financial Services, has bolstered its speciality team with two senior underwriting appointments. Dean Kiernan joins the professional indemnity team as a senior underwriter, while Donna Stroulger joins as an underwriter in the property team. Kiernan brings 30 years of technical, operational and sales experience ... Read the full article
RGA in £5bn longevity swap for Barclays pension scheme
14th December 2020
Reinsurance Group of America (RGA) has completed a £5 billion longevity swap transaction with the Trustee of the Barclays Bank UK Retirement Fund (UKRF). RGA and Barclays expect the deal to help protect the UKRF from the financial risk of an unexpected increase to life expectancy for current pensioners. “RGA is delighted ... Read the full article
AM Best expects “more measured” use of alternative capital
14th December 2020
Analysts at AM Best are confident that third-party capital will continue to play an important role in the re/insurance industry, but they anticipate that the use of alternative capital structures will be “more measured” in future. As part of its Global Reinsurance Market Outlook, the rating agency noted that the catastrophic ... Read the full article
CRC makes US senior appointments
14th December 2020
Specialty insurer, CRC Group has appointed Garrett Koehn and Brent Tredway as Co-Presidents of its Brokerage Division. Koehn and Tredway will assume national leadership roles as Co-Presidents of CRC Group’s Brokerage Division but divide primary responsibilities. Koehn, who is San Francisco-based, will lead the company’s efforts around engagement with national customers and ... Read the full article
UK & Brazil to further equalise re/insurance sectors
14th December 2020
As part of a series of new economic agreements, the UK and Brazil have agreed to further equalise the treatment of foreign and domestic financial companies in Brazil. In particular, this will relate to the re/insurance sector and is expected to support UK re/insurers operating or looking to operate in Brazil. The ... Read the full article
AIG Life & Retirement promotes Todd Solash to expanded CEO role
14th December 2020
AIG Life & Retirement, a division of global insurer AIG, has appointed its Chief Executive Officer of Individual Retirement business Todd Solash to an expanded role. Solash will now also be responsible for driving the division’s strategic agenda and ensuring continued innovation. He joined AIG in 2017 from AXA US, where he ... Read the full article
Prudential backs new venture fund PruVen Capital
14th December 2020
PruVen Capital, a global, multistage venture firm backed by Prudential Financial, has launched its first fund with $300 million in capital to invest in technology startups that are still in development. The firm has a focus on startups in North America, Europe, Japan, Singapore and Australia. Led by Ramneek Gupta, PruVen Capital ... Read the full article
BMS adds David Overton as director within LatAm FL division
14th December 2020
Specialist re/insurance broker BMS Group has added David Overton as a Director within its Latin America & Caribbean’s Financial Lines division. Effective immediately, Overton will be based in Miami and reports to Daniel Court, Director. Overton brings over 21 years’ experience placing and underwriting complex risks and has worked as a broker ... Read the full article
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
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