Reinsurance News
AXA XL reorganises reinsurance under new entity
6th April 2021
AXA XL has moved to consolidate its reinsurance operations under the newly-formed AXA XL Re entity, in an effort to more easily bifurcate and evaluate the performance of its insurance and reinsurance business segments. AXA XL Re's business will predominantly consist of renewing reinsurance policies previously underwritten by XL Bermuda Ltd. The ... Read the full article
Aeolus names Lancashire’s Andy Richardson as a Portfolio Manager
6th April 2021
Andy Richardson, currently Head of Property Treaty at Lancashire Insurance Company Limited, has been announced as a Portfolio Manager at Aeolus Capital Management Ltd. Richardson will assume his new role following Bermuda immigration approval and after fulfilling his obligations with Lancashire. Before joining Lancashire, he served as a broker at reinsurance brokerage ... Read the full article
Aviva wraps up €453m sale of Italian life venture to UBI Banca
6th April 2021
Aviva has announced the completion of its previously announced 80% shareholding in Italian life insurance joint venture to its partner UBI Banca. Aviva received €453 million in cash consideration, a figure which includes €40 million received for the replacement of a subordinated loan provided by Aviva Italia Holding S.p.A. to Aviva ... Read the full article
Marsh (MMA) acquires Montana-based PayneWest Insurance
6th April 2021
Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, has announced the acquisition of PayneWest Insurance, a Missoula, Montana-based independent agency. PayneWest, which was founded almost 30 years ago, provides business insurance, surety, employee benefits, and personal insurance services to firms and individuals across the Northwest through ... Read the full article
Helios syndicates improve mid-point forecasts
6th April 2021
Helios, the unique investment vehicle which acquires and consolidates private underwriting capacity at Lloyd's, has announced improved mid-point forecasts for its Lloyd’s syndicates. The current mid-point forecasts are for Helios’ portfolio of syndicate capacity for the 2018 and 2019 years of account based on fourth quarter 2020 estimates. These latest forecasts show ... Read the full article
Oil Insurance reports $66.9mn underwriting profit
6th April 2021
Bermuda based insurer Oil Insurance has reported a $66.9 million underwriting profit for 2020, compared with an underwriting gain of $364 million in the prior year. After factoring in net investment gains and administrative expenses, Oil’s net profit for the year was $466.5 million, under half of 2019's profit of $1.034 ... Read the full article
Ledger Investing adds ex-AIG CEO Peter Hancock to board
1st April 2021
Ledger Investing, the insurtech and insurance-linked securities (ILS) focused venture-backed company, has announced the addition of industry veteran Peter Hancock to its board of directors. Hancock, previously the President and Chief Executive Officer (CEO) of AIG, has had a distinguished career in banking, insurance, and capital markets. Prior to his time with ... Read the full article
Munich Re partners with Spectrum Labs for AI safety systems
1st April 2021
Global reinsurer Munich Re has entered into a partnership with Spectrum Labs in order to set a new industry standard for AI-based Trust & Safety systems. Spectrum Labs provides patent-pending technology to consumer internet brands to help identify toxic behaviour online. The partnership will help protect its customers and manage their risk ... Read the full article
K2 announces acquisition of insurtech Loss Run Pro
1st April 2021
K2 Insurance Services has announced its acquisition of Montana-based insurtech Loss Run Pro (LRP). LRP was founded in early 2020 by Reghan Brandt and focuses on harnessing technology to solve issues across the insurance placement process. K2 considers this a quality acquisition offering growth opportunities throughout the US. Regarding the effectiveness of LRP ... Read the full article
NA reinsurers report deterioration in underwriting results: Fitch
1st April 2021
All North American reinsurers analysed by Fitch Ratings have reported deterioration in underwriting results, leading to underwriting losses. The overall segment reported a combined ratio of 105.4% in 2020, up nearly 9 percentage points from the prior year, with COVID-19 losses as the primary difference. The losses added 7.4 percentage points to ... Read the full article
Sompo International adds Goddard to distribution & development team
1st April 2021
Bermuda-based specialty P&C re/insurer Sompo International Holdings has added Maxine Goddard to its International Insurance Strategic Distribution and Development team as Senior Vice President, effective April 1, 2021. Goddard previously spent 20 years with Zurich Insurance, most recently as Director, Senior Commercial Operations Business Partner. The Business Development team at Sompo International ... Read the full article
Lockton US hires new Executive Risk Claims leader
1st April 2021
Global re/insurance broker Lockton has appointed Sarah Downey to lead Executive Risk Claims. Downey most recently served as Managing Director, U.S. D&O Product Leader and Digital Asset Risk Transfer Leader for Marsh’s FINPRO Practice. She also served as a senior claims advocate for complex claims at Marsh. Downey joined Marsh in 2014 and ... Read the full article
Zurich announces climate change targets
1st April 2021
Global insurer Zurich has announced it will be setting new targets for its investments and operations in an effort to accelerate the transition to a net-zero emission economy. It has also pledged to help finance the transition and will require companies it invests in to set targets aligned with the Paris Agreement. The group ... Read the full article
BMS hires Bruce Murdock as Managing Director
1st April 2021
BMS, the independent specialist insurance and reinsurance broker, has appointed Bruce Murdock as Managing Director at BMS Capital Advisory. Murdock will report to Romulo Braga, CEO at BMS Capital Advisory and brings over 30 years’ experience in the insurance and financial services industry. He joins BMS from Lockton Capital Markets, where he ... Read the full article
First-quarter catastrophe bond & ILS issuance robust again at $4.63bn: Report
1st April 2021
Data from Artemis' Q1 2020 catastrophe bond and insurance-linked securities (ILS) market report shows that issuance hit a huge $4.63 billion in the period, making it the second most active first quarter in the market's history. The latest quarterly report on the catastrophe bond and related ILS market, 'Upsizing ... Read the full article
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