Reinsurance News
Government can’t continue as “insurer of last resort”: CII
26th November 2020
A survey conducted by the Chartered Insurance Institute has found that 54% of its members do not feel it is economically sustainable for the government to “step in as an insurer of last resort.” The survey included 476 CII members and was conducted in October. “Ultimately, no government can save every business,” said ... Read the full article
Zywave confirms acquisition of Insurance Technologies Corporation
26th November 2020
Zywave, a provider of front office distribution SaaS solutions has signed a definitive agreement to acquire Insurance Technologies Corporation (ITC). The company, which is backed by Clearlake Capital Group and Aurora Capital Partners plans to align and integrate ITC's products within its Sales Cloud offering. This would include multiple front-of-office software solutions ... Read the full article
Aviva sees new business sales spike in 9M thanks to higher bulk annuity sales
26th November 2020
London-headquartered insurer Aviva saw UK & Ireland Life new business sales increase 40% to £9.2 billion over the first nine months of 2020, driven by £5 billion of bulk purchase annuity sales, up from £2.1 billion in the same period last year. In UK Savings and Retirement, net fund flows increased 20% ... Read the full article
Gallagher Re names Director of Brazilian operations
26th November 2020
Specialist reinsurance broker Gallagher Re has announced the appointment of Thiago Navega as Director of its Brazilian operations. The appointment is expected to bolster the broker’s growing presence in the Latin America region, particularly in the global energy sector. Navega will be based in Gallagher Re’s Rio de Janeiro office, reporting to ... Read the full article
Gallagher hires Regional Managing Director for UK Midlands
26th November 2020
Insurance broker Gallagher has announced that Gareth Parry-Jones has been appointed Regional Managing Director of the Midlands, UK. In his new role, Parry-Jones is responsible for leading over 200 colleagues across branches in Birmingham, Coventry and Leicester. He will report into Peter Matthews, Managing Director of the North in Gallagher’s UK Retail ... Read the full article
AGCS names Karina Suarez as Chief Actuary
26th November 2020
Allianz Global Corporate & Specialty (AGCS), Allianz’s specialist carrier for corporate insurance business, has announced the appointments of Karina Suarez as Chief Actuary and Christian Kortebein as Chief Pricing Actuary. Suarez Rodriguez took up her new Munich-based role earlier this month, reporting to AGCS Chief Financial Officer Claire-Marie Coste-Lepoutre. She succeeds Christian ... Read the full article
Need for creativity high amid challenging investment landscape: Prospectus 2021
26th November 2020
Although news around a potential COVID-19 vaccine is a positive step, the investment landscape remains extremely challenging for global re/insurers and there's a continued need for creativity and innovation, according to industry experts. On day two of Prospectus 2021, the audience heard from three very experienced investors whose firms ... Read the full article
UKEF signs agreement with Etihad Credit
26th November 2020
UK Export Finance (UKEF) has signed a cooperation agreement with Etihad Credit Insurance (ECI), its counterpart in the United Arab Emirates, in a bid to strengthen trade co-operation and boost investment between the UK and UAE. The agreement provides a general outlook for reinsurance underwriting between UKEF and ECI that will ... Read the full article
Fitch Ratings expects fewer COVID-19 related claims
26th November 2020
A recent report from Fitch Ratings shows the rating agency is expecting Tokio Marine Holdings, MS&AD Insurance Group Holdings and SOMPO Holdings to reserve fewer COVID-19 related claims. This is due to their overseas subsidiaries tightening underwriting and narrowing policy wording in regards to any event cancellation and business interruption. Major European ... Read the full article
Global Parametrics’ new Water Balance Index deployed in India, Tanzania
26th November 2020
Parametric and index-based disaster risk transfer firm Global Parametrics has structured two risk transfer solutions designed to enable partners to provide drought and excess rainfall protection for smallholder farmers in India and Tanzania. The company leveraged a new multi-scalar meteorological index that uses monthly cumulative rainfall and potential evapotranspiration to estimate ... Read the full article
Lloyd’s post-brexit hub gets final High Court approval
25th November 2020
Lloyd’s of London has received final approval from the High Court of England and Wales to transfer European Economic Area policies to its Belgium-based subsidiary. The establishment of Lloyd's Europe was first announced in the wake of Britain’s vote to leave the EU, driven by an absence of clarity around the consequences ... Read the full article
General Motors launches OnStar Insurance Services
25th November 2020
General Motors has launched its new insurance agency, OnStar Insurance Services, which will be the exclusive agent for its own OnStar Insurance company. OnStar Insurance Services has been created to achieve a better understanding of the vehicles GM produces, in order to offer a personalised digital insurance experience for drivers. Andrew Rose, ... Read the full article
Aston Lark-backed MGA Spring Partners launches, acquires Neon Sapphire
25th November 2020
Spring Partners, a joint venture from broker Aston Lark, has announced its formation as a Managing General Agent platform. Spring Partners, led by CEO Jeremy Miles and Chairman Russell Kilpatrick, has been created to invest in and create new MGAs. “We are excited to be launching Spring Partners, aligning quality capacity with ... Read the full article
RSG consolidates underwriting management businesses
25th November 2020
RSG Underwriting Managers, has consolidated two of its current managing underwriting manager businesses, Trident Marine Managers and Global Special Risks (GSR). Both managing general underwriting companies will keep their name brands and will fall under the newly created Marine and Traditional Energy Practice run by Jorge Pecci, RSG Underwriting Managers Marine ... Read the full article
Munich Re’s HSB Canada releases Sensor System program
25th November 2020
Munich Re’s HSB Canada has introduced Sensor Systems, a solution created for insurers to reduce common property claims. The program aims to monitor, predict and alert customers to risks such as water leaks, pipe freezing and critical temperature changes. John Mulvihill, president and chief executive officer of HSB Canada commented: “Water is ... Read the full article
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