Reinsurance News
TMK adds Valerie Gordon-Walker as Independent Non-Exec Director
10th August 2020
Tokio Marine Kiln has announced the appointment of Valerie Gordon-Walker as an Independent Non-Executive Director to the TMK Syndicates (TMKS) Board. Gordon-Walker is a former Managing Director, Executive Committee Member and Group Head of People within a wide range of industries. She also has significant regulatory experience having acted as a Senior ... Read the full article
Enstar earnings rebound on investment gains
10th August 2020
Legacy acquirer Enstar Group has reported a more than threefold increase in net earnings for the second quarter of the year, primarily driven by strong investments performance. Enstar reported net earnings of $798.6 million in Q2 2020, compared to $231.8 million for the same period last year. The increase was mainly due ... Read the full article
MS Amlin partners with Socotra and Mendis for SME initiative
10th August 2020
Re/insurer MS Amlin, a subsidiary of global insurance group MS&AD, has partnered with Socotra and Mendis for its new digital Small and Medium Enterprise (SME) insurance initiative. The new SME insurance platform will employ a digital-first distribution approach and will emphasise the re/insurer’s commitment to SMEs in Europe. The product will first ... Read the full article
Isaias to drive $4bn industry loss in US, $200mn in Caribbean: KCC
10th August 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that Hurricane Isaias will drive an insured loss of $4 billion in the United States and $200 million in the Caribbean. The estimate includes the privately insured wind and storm surge damage to residential, commercial, and industrial properties and automobiles, but ... Read the full article
Majesco to be acquired by Thoma Bravo
10th August 2020
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has signed an amended definitive agreement to be acquired by Thoma Bravo in a transaction valuing the company at $729 million. This figure represents an increase from the initial $594 million valuation when the ... Read the full article
Guy Carpenter puts insured Beirut port losses at $250mn
10th August 2020
Reinsurance broker Guy Carpenter has estimated that the insured bill for combined hull, cargo and port facility losses from the recent Beirut explosion should be within $250 million. The estimate comes after the Governor of Beirut said that the economic impacts of the blast would be in the region of ... Read the full article
Arthur J Gallagher announces acquisition of Insight
10th August 2020
Global insurance broker, Arthur J Gallagher & co. (AJG), has announced the acquisition of Insight Insurance & Risk Management Ltd. Insight is a retail insurance broker that was founded in 2013. They serve clients throughout Western Canada and has a diverse client base and offers particular expertise in serving the construction, ... Read the full article
AIG lead underwriter on India plane crash reinsurance
10th August 2020
AIG has been named as the lead underwriter for the reinsurance program covering a recent plane crash in the southern Indian state of Kerala, according to sources at SME Times. The publication reported that a consortium led by New India Assurance Company are the primary insurers of the crashed Air India ... Read the full article
L&G expects pension risk transfer activity to continue apace
10th August 2020
Legal & General Retirement Institutional has announced that despite COVID-19, 2020 is expected to be the second largest year on record for the pension risk transfer (PRT) market. UK PRT is expected to transact £20bn to £25bn, which demonstrates the resilience of this marketplace. Since L&G’s market entry in 2015, their US ... Read the full article
Chubb hires new Deputy General Counsel for Global Corporate Affairs
10th August 2020
Chubb has announced that Gina Rebollar has been appointed as Deputy General Counsel, Global Corporate Affairs, effective immediately. In her new role, Rebollar will lead the company's global corporate affairs team with responsibility for legal matters related to global corporate, corporate finance, mergers and acquisitions, asset management and intellectual property. She will ... Read the full article
R&Q to merge Sandell Re with MGA Tradesman Program Managers
10th August 2020
Randall & Quilter Investment Holdings plans to merge its wholly owned subsidiary, Sandell Re, with Tradesman Program Managers in return for a 35% interest in the combined entity. The initial book value of R&Q’s interest in the combined business will be $43.4 million, which is equal to the estimated book value ... Read the full article
Favourable market conditions to sustain well into 2021: Benchimol, AXIS
10th August 2020
Albert Benchimol, CEO of AXIS Capital Holdings Limited, believes that favourable market conditions will continue with the benefits of further rate hardening. The Bermuda-based insurer and reinsurer recently revealed its financial results for the second quarter of 2020, which saw the current market being favourable, despite the drop in its ... Read the full article
Brian Griffith named President of Berkley Aspire
10th August 2020
W. R. Berkley Corporation has announced the appointment of Brian R. Griffith as President of its subsidiary, Berkley Aspire. Effective immediately, Griffith will succeed Miklos F. Kallo, who will continue to support Berkley Aspire throughout the transition and take on certain responsibilities at the corporate level. Griffith joins the company with nearly ... Read the full article
DARAG acquires auto & travel insurer Arisa
10th August 2020
Legacy acquirer, DARAG Group Limited has announced the acquisition of Arisa Assurances SA. Arisa is an automobile and travel insurance company based in Luxembourg and is a subsidiary of ADAC Versicherung AG. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and remains subject to regulatory ... Read the full article
Nat cats & investment volatility weigh on Sompo International profits
10th August 2020
Sompo International has posted a net loss of $146 million for the first quarter of the financial year, mainly due to large natural catastrophe losses, lower investment income, and yen appreciation. The company’s adjusted profit slumped to $49 million in Q1, compared with $82 million over the same period last year. However, ... Read the full article
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