Reinsurance News
THB rebrands to Amwins Global Risks
22nd February 2021
Amwins Group, Inc., the independent wholesale distributor of specialty insurance products in the U.S., has announced the rebranding of THB to Amwins Global Risks. THB is Amwins' international broking arm based in London, which joined the company in 2012. Since then, THB has doubled its annual premium placed to more than ... Read the full article
ARPC renews $3.475bn retro reinsurance program for 2021
22nd February 2021
The Australian Reinsurance Pool Corporation (ARPC), Australia's terrorism insurance scheme, has announced the renewal of its retrocession reinsurance program for 2021, which includes the purchase of an additional $25 million layer at the bottom of the program. The renewal of the $3.475 billion retro reinsurance program, combined with ARPC's net assets ... Read the full article
Ensurance secures capacity deal with AXA UK
22nd February 2021
Specialty lines MGA Ensurance has secured a new capacity deal with AXA Insurance UK for its core construction and engineering products. The deal sees AXA replace Swiss Re as the MGA’s main capacity provider and provides ‘AA’ rated capacity. “This is a landmark deal for Ensurance. We have worked hard building our ... Read the full article
Risk Strategies makes two leadership changes
22nd February 2021
US insurance broker and risk management firm, Risk Strategies, has promoted Tracy Hoffman and Matthew Smith to Managing Directors as part of planned leadership successions in both its Managed Health Care and Reinsurance arms. Hoffman is set to take over leadership of the National Heath Care Practice’s Managed Care team. She ... Read the full article
Ethiopia Re & AlHuda CIBE enter agreement to promote Re/Takaful industry
22nd February 2021
AlHuda CIBE and Ethiopia Reinsurance have entered into an agreement in order to promote the takaful and retakaful industry in the East African and Ethiopian insurance market. Zubair Mughal, CEO of AlHuda CIBE, said that Islamic finance is not only the interest of the Muslim population due to a number of ... Read the full article
Pacific Life Re strikes partnership with ThaiRe Life
22nd February 2021
Pacific Life Re and ThaiRe Life Assurance PCL have announced the formation of a new partnership to provide sustainable life reinsurance solutions to Thailand-based life insurance operators. The collaboration is expected to bring Pacific Life Re’s technical and product development expertise together with ThaiRe Life’s insights and standing in the local ... Read the full article
US winter storm Uri insurance industry loss lifted to $18bn by KCC
19th February 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has updated its insurance and reinsurance industry loss for U.S. winter storm Uri, which is currently impacting southern states, to $18 billion. The devastating storm arrived on the country's President’s Day weekend bringing damaging ice in the Northwest and snow across the Midwest ... Read the full article
Kin Insurances reaches $10bn insured property value
19th February 2021
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has surpassed $10 billion in total insured property value. The company saw a 400% increase in direct written premiums in Q4 2020 over the previous year, and enjoyed a 92% renewal acceptance rate. “Kin’s growth is evidence ... Read the full article
US winter storm Uri set to inflict record-breaking, multi billion-dollar industry losses
19th February 2021
Winter storm Uri, currently wreaking havoc across southern US states, looks set to become the largest on record for re/insurers, potentially surpassing the cost of 2017’s hurricane Harvey. Storm Uri landed over the US’ President's Day weekend bringing damaging ice in the Northwest and snow across the Midwest and Northeast. Texas has ... Read the full article
Astaara hires Nick Parkes as marine cyber analyst
19th February 2021
Astaara, a newly launched insurer focusing on cyber threats in the maritime industry, has appointed Nick Parkes as a marine cyber analyst. Parkes previously worked in engineering roles for both a commercial ferry company and a mechanical and electrical contractor. This announcement follows the recent appointments of a former naval captain, who ... Read the full article
Homeowners insurance to show modest underwriting loss: Fitch
19th February 2021
Global rating agency, Fitch Ratings has released a report which suggests that the U.S. P&C industry will to shift to a modest statutory underwriting loss in homeowners’ insurance for 2020 reported results. U.S personal lines underwriters have been faced with unique challenges in the homeowners’ line, with losses rising as a ... Read the full article
Castel Europe builds A&H strength with Arena acquisition
19th February 2021
Castel Underwriting Europe B.V. (Castel Europe), the European subsidiary of Castel Underwriting Agencies Limited, has announced the acquisition of Arena N.V., a Belgium-based specialist accident and health (A&H) MGA, from StarStone Group. Arena has been servicing a range of sports clubs and federations in Belgium for over 25 years providing A&H ... Read the full article
As the world reopens, event cancellation coverage will be an issue: Mumenthaler, Swiss Re
19th February 2021
The significant and unexpected impacts of the global COVID-19 pandemic on the property and casualty (P&C) space suggest that once the world reopens, event cancellation coverage will either be very expensive or excluded altogether, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. In announcing its full-year 2020 ... Read the full article
AIG actively seeking Life & Retirement sale, Athene interested
19th February 2021
Incoming AIG Chief Executive Peter Zaffino says his company is working "purposefully and with a sense of urgency on several fronts" related to a 19.9% sale of its Life and Retirement business. In a Q4 earnings call Zaffino said he was pleased with the level of interest quality of potential partners ... Read the full article
LiquidX hires Alex Bursak as Director and Regional Head, APAC
19th February 2021
Trade finance and trade credit insurance exchange LiquidX has appointed Alex Bursak as Director and Regional Head of Insurance for the Asia Pacific (APAC) region. In his new role, Bursak will be based in Singapore to help with LiquidX’s strategic expansion in Asia, as well as in the broader trade credit ... Read the full article
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