Reinsurance News
Sandra Lee to join BMS from Aon to lead operations in Asia
30th June 2020
Independent specialist insurance and reinsurance broker, BMS Group, has named Sandra Lee as the Head of its operations in Asia, subject to regulatory approvals. Currently, Lee is based in Hong Kong and she is set to join BMS upon completion of her current contractual obligations with rival re/insurance brokerage Aon. Lee has ... Read the full article
Dirk Herrenpoth takes CUO role at NewRe
30th June 2020
NewRe, a wholly owned subsidiary of Munich Re, has announced the appointment of Dirk Herrenpoth as the new Chief Underwriting Officer (CUO) for its non-life business. Effective from July 1, 2020, he will take over the position from Artur Klinger, who is leaving NewRe after 12 years to become Head ... Read the full article
Brit Global Specialty USA hires Terrorism VP from Validus
30th June 2020
Brit Global Specialty USA (BGSU), a division of global specialty re/insurer Brit Ltd, has announced the appointment of Andrew Umphress as Vice President, Terrorism. Umphress joins from Validus Specialty where he was most recently Assistant Vice President, War and Terrorism. He previously held a number of underwriting roles during his time at ... Read the full article
Assurant gets more multi-year coverage at reinsurance renewal
30th June 2020
US specialty insurance group Assurant, Inc. has shrunk the size of its overall reinsurance tower limit by $230 million for 2020 as it exited underperforming businesses. The U.S. Program of Assurant's 2020 property catastrophe reinsurance program provides $930 million of coverage in excess of a $80 million retention per-event with a ... Read the full article
Longevity swaps still on track for record year: Willis Towers Watson
30th June 2020
Pensions risks transactions have kept pace through lockdown, meaning 2020 is still on track to be a record year for longevity swaps, according to re/insurance broker Willis Towers Watson. Analysts believe there remains significant appetite for reinsurers to take on new longevity swaps, reflecting the expected decline in business being directed ... Read the full article
Mike Keating to replace Peter Staddon as Managing Director of MGAA
30th June 2020
The Managing General Agents' Association (MGAA) has announced that Mike Keating is set to join its ranks in September 2020 as its new Managing Director. In his new role, Keating will take on responsibility for the continued growth of the MGAA's membership and also for increasing engagement levels with both insurers ... Read the full article
Chinese rural market a sea of untapped demand: Swiss Re
29th June 2020
With China set to vastly increase its investment in rural infrastructure over the coming years, this section of the population presents a “Blue Ocean” opportunity for re/insurers to capitalise on untapped demand and still limited competition. This is according to Swiss Re Institute, which noted in a new report that the ... Read the full article
B.P. Marsh secures 30% stake in Sage Program Underwriters
29th June 2020
Specialist private equity investor B.P. Marsh and Partners has agreed to subscribe for a 30% Cumulative Preferred Ordinary shareholding in SAGE Program Underwriters, for an equity consideration of $250,000. Based in Oregon and established in 2019 by Chief Executive Officer Chuck Holdren, SAGE provides specialist insurance products to niche industries, initially ... Read the full article
ManhattanLife to acquire Standard Life and Casualty Insurance Company
29th June 2020
ManhattanLife has announced that it plans to grow its national presence via the acquisition of Standard Life and Casualty Insurance Company. Incorporated in 1946, Standard Life and Casualty offers a portfolio that includes Specialty Life, Health, Accident and Disability. Standard Life has been owned and managed by John Piercey, his son Brad ... Read the full article
Wimbledon will not buy pandemic cover for 2021, says CEO
29th June 2020
Wimbledon CEO Richard Lewis has said that the tennis tournament will not be insured against pandemic in 2021, due to the challenge of securing coverage in the current climate. The Championships have been praised for being among the few major sporting events with the foresight to consistently purchase pandemic insurance. It has ... Read the full article
Influx of capacity could halt reinsurance pricing momentum: Fitch
29th June 2020
Analysts at Fitch Ratings have reported that favourable reinsurance pricing trends are set to continue into 2021, but warned that the large influx of underwriting capacity from recent capital raises could halt this momentum. Fitch noted a significantly harder pricing environment at the June renewals, and attributed the dynamic to years ... Read the full article
Health insurtech Oscar closes $225m funding round
29th June 2020
Direct-to-consumer health insurer Oscar has announced the closing of a $225 million funding round. Oscar notes how this latest funding will help ensure continued growth off its $2 billion revenue base and puts the company on a path to advance its mission of making health care simple. "Transforming the health insurance experience ... Read the full article
Cohen & Co’s Insurance Acquisition Corp. to combine with Shift Technologies
29th June 2020
Insurance Acquisition Corp., a subsidiary of Cohen & Company Inc., has entered into a definitive merger agreement with automotive e-commerce firm, Shift Technologies Inc. In relation to the closing of the transaction, which is expected to occur in the third-quarter of 2020, Insurance Acquisition Corp. plans to change its name to ... Read the full article
Liberty Mutual Re adds Sara Steiner as VP, Director of Assumed Reinsurance
29th June 2020
Liberty Mutual Re, part of Liberty Mutual Insurance Group, has announced the appointment of Sara Steiner as Vice President and Director of Assumed Reinsurance. Steiner is based in LM Re’s office in Stamford, Connecticut and reports to Thomas Greene, LM Re’s Head of Casualty – Reinsurance. She joins with immediate effect and ... Read the full article
Capacity Place launches capacity marketplace for insurance programs
29th June 2020
A new marketplace designed to make it easier for insurance professionals to find relevant trading partners for their insurance programs has launched, and is initially targeting the delegated authority market. London-based Capacity Place is initially targeting MGAs, program administrators, insurtechs, management teams, wholesale brokers, binder brokers insurers, and Lloyd’s underwriters for ... Read the full article
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