Reinsurance News
1347 PIH reinsurance unit secures first contract
24th November 2020
1347 Property Insurance Holdings, Inc has announced that its recently established reinsurance subsidiary, Fundamental Global Reinsurance, Ltd. (FGRe), has entered into its first reinsurance contract. Earlier this year, 1347 PIH announced plans to change its name to Fundamental Global Financial Corporation as well as forming its own reinsurance subsidiary. The proposed rebrand ... Read the full article
Phoenix confirms buyer interest in European operations
24th November 2020
Life consolidator Phoenix Group appears to be in the process of weighing up a potential sale within its European business. The company has confirmed recent expressions of interest from third parties within the European life insurance market and says it is “assessing a range of strategic options to maximise value for ... Read the full article
Swiss Re’s Magnum solution adopted by FWD Fuji Life
24th November 2020
Swiss Re has announced that its automated underwriting solution, Magnum, has been adopted by Japanese life insurer FWD Fuji Life Insurance Co. FWD Fuji Life is the first life insurer in Japan to adopt the solution, which it believes will enable a faster, paperless customer experience. Using Magnum, customers will be able ... Read the full article
Greenlight Re targets London market growth with new UK entity
24th November 2020
Hedge fund-backed, specialist property and casualty reinsurance company, Greenlight Capital Re, Ltd., has launched a UK marketing entity, called Greenlight Re Marketing (UK) Limited. The company states that the launch is a reflection of its desire to increase its presence in the London market. Alongside the launch, Greenlight Re has announced the ... Read the full article
Sompo Int. adds AXA XL’s Paul Shedden to Insurance Executive Leadership Team
24th November 2020
Bermuda-based, global specialty provider of property and casualty insurance and reinsurance, Sompo International Holdings, Ltd., has announced the hiring of Paul Shedden from AXA XL as Head of Portfolio Design, Pricing and Analytics for Global Insurance. In his new role, Shedden will be based in London and will report to Chris ... Read the full article
Markel adds Mark Besca to Board of Directors
24th November 2020
Financial holding company Markel Corporation has announced the appointment of Mark M. Besca to its board of directors. Besca served as a consultant to Ernst & Young, having retired from the company in June 2020 after a 42-year career with the multinational professional services firm. From 2009 to 2011, he served as ... Read the full article
1347 PIH posts Q3 loss, updates on rebrand
24th November 2020
1347 Property Insurance Holdings has released its financial results for the third quarter of 2020, which show a net loss attributable to common shareholders of $9.9 million. The holdings company’s loss is due to the change in fair value of the company’s investment in the common stock of FedNat Holding Company. Its ... Read the full article
Universal Insurance Holdings hires Matthew J. Palmieri as president
24th November 2020
Universal Insurance Holdings has announced that Matthew J. Palmieri has been appointed as President of Universal Property and Casualty Insurance Company. Palmieri previously served as President of Blue Atlantic Reinsurance Corporation, a wholly-owned reinsurance intermediary subsidiary of Universal Insurance Holdings. He began his career with UVE in 2006, working beside Jon W. ... Read the full article
BHSI makes two promotions within exec, professional lines claims group
24th November 2020
Berkshire Hathaway Specialty Insurance (BHSI) has announced two promotions within its Executive & Professional Lines Claims group. Shelby Rootenberg has been named Senior Vice President, Head of U.S. Commercial Lines (Public) and Financial Institutions Claims. Rootenberg came to BHSI in 2014 as Assistant Vice President and Head of Financial Lines Claims. Prior ... Read the full article
Aviva sells shares in Italian life venture to UBI Banca
24th November 2020
London-headquartered insurer Aviva has agreed to sell its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A, to its partner UBI Banca. Aviva previously announced a commitment to refocus its portfolio, and this transaction represents just that. On completion, Aviva will receive €400 million in cash consideration. The ... Read the full article
Howden set to acquire cyber, tech-focused broker Safeonline
24th November 2020
Insurance broker Howden has agreed to acquire specialist broker and Lloyd’s coverholder Safeonline. The deal will see a team of cyber insurance specialists join Howden’s cyber division and is intended to add resources and expertise to the company's presence in the marketplace. Chris Cotterell, Chief Executive Officer of Safeonline will join Howden ... Read the full article
Swiss Re CorSo names Tina Baacke as Global Head Risk Engineering Services
24th November 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurance giant Swiss Re, has announced that Tina Baacke is set to succeed Martin Schürz as Global Head Risk Engineering Services, effective January 1st, 2021. In her new role, Baacke takes on responsibility for leading a global team of ... Read the full article
United (UPC Insurance) secures additional reinsurance protection
24th November 2020
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has expanded its current quota share reinsurance programme for United Property & Casualty Insurance Company (UPC) and Family Security Insurance Company (FSIC), effective December 31st, 2020. For both UPC and FSIC, the insurer has expanded its current quota share ... Read the full article
IAG completes $650mn institutional placement following BI hit
24th November 2020
IAG has successfully completed a $650 million fully underwritten institutional placement, as the company looks to compensate for an anticipated $865 million hit from pandemic-related business interruption claims. A NSW Court of Appeal ruled last week that insurers could not decline business interruption claims due to incorrectly worded exclusions for ... Read the full article
51 new Bermudian insurers registered in Oct, says PwC’s Wightman
24th November 2020
With the announcement that 51 new insurers were registered in Bermuda throughout October, PwC’s territory and insurance leader Arthur Wightman has released a statement praising the resilience of the island in 2020. Wightman said Bermuda has overseen the deployment of between $12 billion and $15 billion in new capital over the ... Read the full article
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