Reinsurance News
Neptune Flood expands products to remaining five US states
30th November 2020
Neptune Flood, an insurtech firm focused on the flood market, has expanded its residential products to the remaining five additional states, Montana, South Dakota, Utah, Vermont, Wyoming, and Washington, DC. The expansion completes the company's nationwide rollout of all residential, commercial and RCBAP flood insurance products. The insurer also completed its proprietary ... Read the full article
HDI Global renews underwriting partnership with AMANIKI
30th November 2020
Global re/insurer, HDI Global Specialty SE has renewed its underwriting agency agreement with German M&A insurance specialist MGA, AMANIKI. Under the terms of the agreement, AMANIKI will be moving from a co-insurance panel of capacity providers to a 100% exclusive binder with HDI Global Specialty. The Frankfurt based MGA was formed in ... Read the full article
Legacy specialist Compre to be acquired by Cinven and BCI
30th November 2020
Private equity firm Cinven and British Columbia Investment Management Corporation (BCI) have reached an agreement to purchase legacy acquirer, Compre, from existing shareholders CBPE Capital LLP, Hudson Structured Management Limited, and Compre's management. Following the transaction, Cinven and BCI will become majority shareholders alongside Compre's management team, led by Chief Executive ... Read the full article
Obsidian hires CUO Andrew Aldorisio from SCOR
30th November 2020
Obsidian Insurance Holdings, Inc., a program fronting insurance holding company recently launched by Genstar Capital and insurance industry executives, has appointed Andrew Aldorisio as its Chief Underwriting Officer (CUO). Most recently, Aldorisio served as Vice President, Program Business at SCOR, where he managed casualty and professional lines programs and led ... Read the full article
Uncertainty diminishing ahead of “complex” 1/1 renewals: GC
30th November 2020
Guy Carpenter (GC), the reinsurance arm of global brokerage Marsh, has warned that the upcoming January 2021 renewals will be uniquely “complex” due to the manifold challenges in the market this year. However, the broker added that re/insurers seem “ready to respond” to these complexities, and noted that some areas of ... Read the full article
Aviva wraps up £875mn buy-in deal with staff pension scheme
30th November 2020
The Aviva Staff Pension Scheme has completed a £875 million buy-in with Aviva Life & Pensions UK that covers the liabilities of roughly 2,800 members. Advised by Hymans Robertson, this is the second buy-in with Aviva following a £1.7bn deal in 2019 and a £5bn longevity swap in 2014. This latest ... Read the full article
Zurich makes appointments to life executive team
30th November 2020
Global insurer Zurich has appointed Louise Colley to lead its individual protection business and join its life executive team as Head of Retail Protection on the 1st of December. Colley has over 15 years of experience in insurance, and joins from Aviva where she held multiple roles including Managing Director (Protection) ... Read the full article
Lloyd’s syndicate Ki binds first risk with AmWINS’ THB
30th November 2020
Ki, the fully digital and algorithmically-driven Lloyd’s of London syndicate, has revealed that it has now bound its first risk with THB, the international broking arm of AmWINS Group, Inc. The risk was bound by the Brit and Google Cloud backed Ki on its fully-aligned Lloyd's Syndicate 1618, with Ki's line ... Read the full article
Swiss Re targets nat cat portfolio growth with ILS fund launch
30th November 2020
Reinsurance giant Swiss Re is looking to expand its risk-sharing platform and strengthen its strategic partnership with third-party capital providers with the launch of a new standalone fund company, which enables investors to access the firm's natural catastrophe business. Swiss Re Insurance-Linked Investment Management Ltd (SRILIM), a subsidiary of Swiss Re, ... Read the full article
VIG to acquire Aegon’s Central and Eastern European operations
30th November 2020
Aegon, a provider of life insurance, pensions and asset management, has reached an agreement to sell its Central and Eastern European operations to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) for €830 million. The net proceeds represent a multiple of 2.6 times the book value on June 30th, 2020, and ... Read the full article
We need to learn to adapt, says Flood Re’s Andy Bord
30th November 2020
Andy Bord, Chief Executive Officer of Flood Re, the UK government backed flood insurer, has called for a review on how policies and flood models are managed. He believes that a more all-encompassing approach to flood risk management will become more effective flood defences and into the wider built environment. Controlling flood ... Read the full article
AXA agrees to sell insurance operations in the Gulf region
30th November 2020
Global insurer AXA has entered into an agreement to sell its insurance operations in the Gulf region, which includes its shareholding in AXA Gulf, AXA Cooperative Insurance Company, and AXA Green Crescent Insurance Company, to Gulf Insurance Group (GIG). Under the terms of the arrangement, AXA will sell its stake in ... Read the full article
Above normal fire conditions forecast for Australian summer
30th November 2020
The Bushfire and Natural Hazards Cooperative Research Centre (CRC) is forecasting above normal fire conditions for large parts of Australia this summer, following heightened rainfall in recent months. A new report by the CRC notes that the landscape of weather conditions will be “vastly different” this year, as Australia’s climate is ... Read the full article
Australian BI verdict to drive uncertainty for insurers: AM Best
30th November 2020
AM Best has warned that pandemic business interruption (BI) coverage will continue to represent a significant source of uncertainty for Australian commercial insurers following the verdict of legal test case in the country. The New South Wales Court of Appeal sided unanimously against the arguments made by insurers in its ruling. The ... Read the full article
It’s on the market to fix coverage & contract interpretation issues: Kitson, Convex Re
27th November 2020
The pandemic has shone a light on the broadening of terms and conditions (T&Cs) and increased ambiguity of policy wordings that occurred throughout the soft market, and with litigation expected to persist, it's on the re/insurance market to fix the issue, said Heather Kitson, Deputy Chief Executive Officer (CEO) at ... Read the full article
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