Reinsurance News
WTW launches cyber solution for Power & Utilities industry
24th March 2021
Global re/insurance broker Willis Towers Watson has launched a new type of cyber insurance cover designed specifically for Power & Utilities companies. WTW says CyNat has been developed to specifically cover the key industry exposures rather than trying to modify pre-existing generic cyber products. The solution includes crisis management costs, business interruption ... Read the full article
Transatlantic Holdings’ CEO departure unlikely to impact ratings: S&P
24th March 2021
S&P Global Ratings has announced that Transatlantic Holdings' Chief Executive Officer Mike Sapnar's departure is unlikely to have any impact on its stable ratings. Ken Brandt, currently TransRe's co-President of global underwriting, will succeed Sapnar as President and CEO. Brandt has been a member of TransRe's senior leadership team since 2006. In ... Read the full article
Constellation to acquire Ohio National in $1bn transaction
23rd March 2021
US insurance holding company Constellation has entered into an agreement to acquire Ohio National Mutual Holdings and its subsidiary Ohio National Financial Services for a total consideration of $1 billion. The transaction sees Constellation fund cash payments or policy benefits, in the aggregate amount of $500 million, to be paid or ... Read the full article
QOMPLX acquires cybersecurity firm Hyperion Gray
23rd March 2021
Risk analytics provider QOMPLX has closed an acquisition of cybersecurity intelligence firm Hyperion Gray. Hyperion Gray’s team of software engineers, data scientists, and offensive security experts have now joined the QOMPLX team as members of its cybersecurity and analytics teams. “Hyperion Gray’s unique approach to cybersecurity and intelligence furthers QOMPLX’s work for ... Read the full article
Corant appoints RFIB’s Kevin Stratton to lead new Bermuda operation
23rd March 2021
Global brokerage and financial technology firm Corant Global has added Kevin Stratton to lead the group’s new reinsurance operation in Bermuda. Stratton has more than 30 years of speciality expertise and joins from RFIB, where he served as managing director and led all specialty non-marine classes. Previously he served as Chief Executive ... Read the full article
Major re/insurance players commit $2mn to Oasis Loss Modelling Framework
23rd March 2021
A number of the world’s biggest players in re/insurance have committed additional funds to support the development of open source catastrophe modelling platform Oasis. Companies include Aon, Allianz, AXA, Chubb, Guy Carpenter, Hannover Re, Lloyd’s, RenaissanceRe, Swiss Re, SCOR, Willis Re and the Insurance Development Forum. The supporting international re/insurers and brokers ... Read the full article
Shelby Weldon joins BILTIR as Exec Director
23rd March 2021
Bermuda International Long Term Insurers and Reinsurers (BILTIR) has announced the appointment of veteran financial services professional Shelby Weldon as Executive Director. Weldon previously spent 15 years at the Bermuda Monetary Authority (BMA), where he served as Director of Compliance and Director of Licensing and Authorisations. He has also worked as Inspector ... Read the full article
ICA registers 11,700 claims from NSW floods
23rd March 2021
Data from the Insurance Council of Australia (ICA) shows that, so far, policyholders have lodged 11,700 insurance claims associated with the devastating storms and flooding in New South Wales (NSW). The ICA noted that further claims have been lodged since those numbers were collected this morning and more are expected in ... Read the full article
SRG adds team of 16 from AFL Insurance Brokers
23rd March 2021
Specialist Risk Group have added a team of 16 from AFL Insurance Brokers, led by Jonathan Bines, aimed at further expanding its specialist re/insurance broking activities. Bines previously held leadership positions at JLT and Integro and has been Chief Executive Officer at AFL since 2019. The incoming team includes Chris Cavani, David ... Read the full article
The Hartford Board unanimously rejects Chubb acquisition offer
23rd March 2021
After consultation with its financial and legal advisors, The Hartford has announced that its Board of Directors has unanimously rejected re/insurer Chubb's approximately $23.24 billion acquisition offer. Following reports in the media that Chubb had approached carrier The Hartford over a potential acquisition, Chubb later confirmed it had made ... Read the full article
£472m paid out for BI test case claims so far, says FCA
23rd March 2021
New data from the Financial Conduct Authority (FCA) shows that to date around £472 million has been paid out for claims related to the COVID-19 business interruption (BI) test case in the UK. Re/insurers recently submitted their first data concerning progress with BI claims, relating only to claims and complaints on ... Read the full article
Hamilton sponsors inaugural 144A cat bond
23rd March 2021
Bermuda-based re/insurer Hamilton has sponsored its first 144A industry loss index-triggered catastrophe bond via the issuance of Series 2020-1 Class A Principal-at-Risk Variable Rate Notes by Easton Re. Easton Re was formed in Singapore and is the first index-based transaction approved for issuance by the country’s Monetary Authority. The risk period for ... Read the full article
Lloyd’s launches new parametric earthquake solution in New Zealand
23rd March 2021
Lloyd’s has announced the launch of a new parametric earthquake insurance policy in New Zealand designed to automatically pay customers within five days following a strong earthquake. The product has been developed in partnership with insurance start-up Bounce and leverages cutting-edge technology and real-time GeoNet data to track Peak Ground Velocity ... Read the full article
S&P highlights the pandemic’s impacts on German insurers
23rd March 2021
S&P Global Ratings analysts have highlighted how the COVID-19 related recession is heightening some of the difficulties the German insurance sector already faced prior to the pandemic. The main impact relates to investment volatility and lower-for-longer investment yields and is seen as hurting all lines of business, but analysts expect life ... Read the full article
Greensill collapse does not ‘crystallise any exposure for TMNF,’ says Tokio Marine
23rd March 2021
Japanese insurance giant Tokio Marine has said that the insolvency of financial services company, Greensill Capital, does not result in any exposure to the Australian branch of Tokio Marine & Nichido Fire Insurance Co., Ltd (TMNF). Greensill, a specialist in supply-chain finance, filed for administration earlier this month after warning that ... Read the full article
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