Reinsurance News
Optio CEO Kevin Hastings to step down
3rd March 2021
Specialty managing general agent Optio Group has announced the departure of Chief Executive Officer Kevin Hastings after a decade with the firm. Hastings will take a non-executive role on the Optio group board and his executive duties and responsibilities will be assumed by executive chairman Matthew Fosh, as well as other ... Read the full article
Hiscox falls to 2020 loss on COVID-19 reserves
3rd March 2021
COVID-19 reserves of $475 million, net of reinsurance, has pushed insurer and reinsurer Hiscox to a loss of $268.5 million for full-year 2020, against income of more than $53 million in 2019. The majority of the company's pandemic claims relate to event cancellation business, with the second largest chunk concerning business ... Read the full article
Brit creates US MGA via combination of BGSU platform & Ambridge
3rd March 2021
Insurer and reinsurer Brit Ltd has announced plans to combine its Brit Global Specialty USA (BGSU) platform and Ambridge, to create a leading U.S. MGA. The combined entity will operate as Ambridge Partners LLC and creates an MGA managing more than $450 million in premium in the U.S. and over $100 ... Read the full article
COVID “occurrence” ruling could confuse reinsurance response: GC
3rd March 2021
Analysts at Guy Carpenter (GC) have argued that the definition of a COVID “occurrence” under the recent ruling by the UK Supreme Court could “confuse the conversation around reinsurance responses to COVID losses.” In January, the legal verdict on the FCA’s pandemic business interruption (BI) test case was that some forms ... Read the full article
Aston Lark acquires Scottish broker Bruce Stevenson
3rd March 2021
Aston Lark, a chartered insurance broker backed by Goldman Sachs, has acquired Bruce Stevenson, a Scotland-based insurance broker. Bruce Stevenson was established almost 40 years ago and is the largest independent insurance broker in Scotland. The company provided specialist products and services to both commercial and private clients across the UK, with ... Read the full article
Run-off market set to thrive in 2021: GILC
3rd March 2021
Insurance and legal professionals expect to see an increasing number of run-off deals in 2021, according to a new report by Global Insurance Law Connect (GILC), a network of re/insurance law firms. GILC looked at the drivers of legacy business in both mature and emerging insurance markets, helped by member firms ... Read the full article
Beazley CEO Horton to depart, move to QBE Insurance as Group CEO
3rd March 2021
Beazley plc, the specialty insurance and reinsurance company, has announced this morning that its CEO Andrew Horton has revealed his intention to step down and depart the firm, for a move to become Group CEO of QBE Insurance Group Limited in Australia. Horton will remain in his post with Beazley until ... Read the full article
Swiss Re’s Haegeli calls for more “long-term vision” in response to COVID
2nd March 2021
Jerome Jean Haegeli, Group Chief Economist at Swiss Re, has argued that the COVID-19 pandemic has exposed the need for “more long-term vision” from both governments and corporations around the world. Haegeli called the crisis a “wake-up call” that has brought to light fundamental deficits in sustainable and resilience-driven ways of ... Read the full article
Munich Re, AGCS & Google Cloud partner on cyber insurance solution
2nd March 2021
Munich Re, Allianz Global Corporate and Specialty (AGCS) and Google Cloud have announced a collaboration designed to provide customers with increased cloud security and potentially bring down costs. The Risk Protection Program builds on Google Cloud's engineered-in security toolset and consists of two parts. First, a diagnostic tool called Risk Manager enables ... Read the full article
AIG adds Jasco CEO James Cole to Board
2nd March 2021
Global insurer and reinsurer AIG has announced the addition of James Cole to its Board of Directors, effective March 15th. Cole is Chairman and Chief Executive Officer (CE) of The Jasco Group, a New York City-based investment management firm. Previously, he spent approximately 15 years with the law firm Wachtell, Lipton, Rosen ... Read the full article
Howden adds Chris Davies to co-lead financial, risk advisers division
2nd March 2021
Insurance broker Howden has appointed Chris Davies to co-lead its financial and risk advisers division alongside executive director, Iain Middle. It’s hoped Davies’ appointment as executive director will strengthen the team’s leadership while adding specialist expertise and extensive first-hand experience of the issues clients are facing in the financial advisory market. He ... Read the full article
CoreLogic income grows on strong Q4 result
2nd March 2021
Property information and analytics provider CoreLogic has reported that its revenue increased by 14% to $1.642 billion for 2020, driven by housing market activity and share gains, operating leverage and cost savings. And revenues were up approximately 20% when normalizing for $69 million of revenues attributable to non-core default technology units ... Read the full article
Acrisure Re adds Ben Canagaretna to MD role
2nd March 2021
Acrisure Re has announced the appointment of Ben Canagaretna as managing director of the London corporate advisory and solutions business. Canagaretna will be based in London and will report to Acrisure Re Chief Executive Officer, Jason Howard. In his new role, Canagaretna will build upon Acrisure Re’s existing capabilities to provide corporate ... Read the full article
Swiss Re targets advanced flood risk management with ICEYE partnership
2nd March 2021
Global reinsurer Swiss Re has advanced its natural catastrophe services via a new strategic partnership with ICEYE, the world's largest commercial synthetic-aperture Radar (SAR) satellite operator and flood monitoring provider. Building on ICEYE's technology, the new partnership aims to advance flood risk management, assist disaster response and speed up claims payments ... Read the full article
Atrium’s underwriting profit shrinks 31%
2nd March 2021
Atrium Underwriters Limited (Atrium), the managing agent for Lloyd’s Syndicate 609, has reported a 31% decrease in underwriting profit to £33 million for 2020. Total comprehensive income similarly decreased by 24%, from £72 million to £55 million. In contrast, Atrium increased its gross written premiums by 7% from £590 million to £633 ... Read the full article
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