Reinsurance News
UK property insurers need to map the long-term impact of climate change: JBA
9th April 2021
Analysts at flood science specialist, JBA Risk Management, have warned that UK property insurers need to start planning how they will map the long-term impacts of climate change on their books. The warning comes ahead of the confirmation this June of the Prudential Regulatory Authority’s (PRA) detailed reporting requirements on insurers’ ... Read the full article
Jupiter hires new Head of Business Development and Partnerships
9th April 2021
Jupiter, a provider of predictive data and analytics for climate risk and resilience, has appointed Marc Lehmann as Head of Business Development and Partnerships, UK & Europe. In his new role, Lehmann will lead Jupiter’s ongoing expansion in UK & European markets. Prior to joining Jupiter, he served as Director within the ... Read the full article
Foreign insurers show strong progress in China: RBC Capital Markets
9th April 2021
European re/insurers have made “significant progress” in China following regulations to open up the Chinese market in 2019, according to analysts at RBC Capital Markets. Although this progress has largely been overlooked due to the pandemic, RBC notes that several insurers, including AXA and Allianz, have taken actions to seize early ... Read the full article
Hong Kong introduces GWS regulatory framework
9th April 2021
Hong Kong’s Insurance Authority (IA) has officially rolled out its new group-wide supervision framework (GWS) and regulatory regime for insurance-linked securities (ILS) business. Analysts at Moody’s have previously said the use of GWS is expected to help strengthen insurance groups’ capital and risk management, enhance their public disclosure and reduce ... Read the full article
ASR hires Zouheb Azam as Head of Political Violence & Terrorism
9th April 2021
Africa Specialty Risks (ASR), the Pan-African focused reinsurance group, has appointed Zouheb Azam as Head of Political Violence & Terrorism Underwriting. His appointment comes after the recent arrival of the group’s first actuarial hire, Peter Way, who joined earlier this month. Azam brings just under 12 years’ experience across Political Violence and ... Read the full article
Gallagher Re’s Bell highlights 1/1 challenges for aviation re/insurers
8th April 2021
The 1/1 renewals was a challenge for both direct insurers and reinsurers in the aviation space, with the two Boeing loss movements of the past year constituting the greatest single change in deterioration compared to any other renewal date, according to Gallagher Re's head of aviation, speciality, David Bell. Bell says ... Read the full article
GFIA warns Canadian regulator not to undermine global risk diversification
8th April 2021
The Global Federation of Insurance Associations (GFIA) has warned Canada’s regulator, the Office of the Superintendent of Financial Institutions (OSFI), against introducing measures that it says could “undermine the fundamental principle of global risk diversification.” In response to a draft of revised guidelines for property and casualty exposures by the OSFI, ... Read the full article
Owners of festival cancel due to lack of government-backed insurance scheme
8th April 2021
The owners of Manchester-based festival Bluedot have released a statement that claims without any government-backed insurance scheme, the financial risks were too high for the festival to go ahead this summer. This statement comes after a recent YouGov survey showed that half of the UK population want to go to a ... Read the full article
Star Insurance acquired by The Hilb Group
8th April 2021
The Hilb Group, LLC (THG) has announced the acquisition of Indiana-based Star Insurance Agency, effective March 1, 2021. Star Insurance Agency is a full-service agency with personal and commercial insurance offerings, including both P&C and employee benefits. As a part of the transaction, Star leaders Leslee Robinson and Billy Davenport, and the ... Read the full article
CRESTA records decrease in major cat losses
8th April 2021
CRESTA, the insurance industry organisation that provides a global standard for risk accumulation zones and industry losses, has found that major insurance losses from catastrophes were well below average in 2020. CLIX, the CRESTA Industry Loss Index, provides industry loss data on international catastrophe events (excluding US) which have generated industry ... Read the full article
Gallagher adds WTW’s Alex Ross as public sector account director
8th April 2021
International insurance broker Gallagher has announced the appointment of Alex Ross as account director in the firm’s public sector team. Ross will report to Mark Whittingham, who leads the public sector team in Gallagher’s Southampton office, as part of a team supporting a portfolio of clients which includes blue-light organisations, local ... Read the full article
Tremor adds former PartnerRe CEO Clarke to Board of Directors
8th April 2021
Programmatic re/insurance risk transfer marketplace, Tremor Technologies, has announced the addition of former PartnerRe President and Chief Executive Officer (CEO), Emmanuel Clark, to its Board of Directors. Clarke has had a long and successful career in the reinsurance sector, having spent more than 25 years with Bermuda-based PartnerRe before leaving ... Read the full article
Starr, Liberty Mutual raise $100m for Bitcoin-focused NYDIG as TransRe’s Sapnar joins
8th April 2021
Starr Insurance and Liberty Mutual are among a number of leading property and casualty (P&C) insurers that have helped NYDIG, provider of technology and investment solutions for Bitcoin, raise $100 million in additional growth capital. These companies join existing investors such as New York Life and MassMutual. Concurrently, NYDIG has announced the ... Read the full article
Great American Risk Solutions promotes DeSoto to Divisional President
8th April 2021
Great American Insurance Group has promoted Brian DeSoto to Divisional President of its Great American Risk Solutions Division. DeSoto began his career in law, specialising in bankruptcy and commercial litigation, and has been at Great American Group for over 12 years, joining in 2008 as Divisional Assistant Vice President, Corporate Claims. In ... Read the full article
Aston Lark acquires DNA Insurance Services
8th April 2021
Aston Lark, the chartered insurance broker backed by Goldman Sachs, has acquired DNA Insurance Services to further strengthen its motor trade expertise. DNA Insurance was established in 2003, with offices in Romford and Southampton. The motor trade specialist also covers additional services across business insurance and private client home and car insurance. Peter ... Read the full article
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