Reinsurance News
ABI says post-brexit reforms to financial regulations could release £95bn
23rd February 2021
A new report commissioned by the Association of British Insurers published in response to the Government’s consultation on Solvency II shows how changes made to the Matching Adjustment and the Risk Margin mechanisms could free up £95 billion for re-investment. The ABI says these changes to the Solvency II regime would ... Read the full article
Aviva sells French business to Aéma Groupe for €3.2bn
23rd February 2021
After months of speculation, London-headquartered insurer Aviva has announced an agreement to sell its French business to mutual insurer Aéma Groupe, for €3.2 billion in cash. In the second-half of last year, reports started to emerge claiming that Aviva was considering the sale of its life and P&C operations in France ... Read the full article
Legacy deal activity to remain at record levels: PwC
23rd February 2021
New data from PwC shows that participants in the legacy re/insurance market expect deal activity to remain “at record highs” this year, with the US and Lloyd’s markets set to be particularly busy. Respondents to PwC’s Global Insurance Run-off Survey reported that predicted growth in the legacy market materialized over 2020, ... Read the full article
Conduit Re off to a strong start after successful IPO, say execs
23rd February 2021
Conduit Re, the newly-launched property and casualty reinsurer, has reported a strong start to business in attractive and improving market conditions at the January 1st, 2021 reinsurance renewals. After completing its successful IPO, which raised net proceeds of $1.057 billion (£790mn) and led to a Financial Strength Rating of ... Read the full article
Aston Lark acquires two health insurance specialists
23rd February 2021
Insurance broker Aston Lark has bolstered its employee benefits and individual health insurance expertise with the acquisition of both Right to Health Ltd and The Health Insurance Specialists. Right to Health is an independent individual health insurance specialists, founded by Gary Marney and Stephen Carroll in 2001. Similarly, The Health Insurance Specialists, ... Read the full article
HDI Global expands its management team
23rd February 2021
Business Insurance provider HDI Global has announced the expansion of its management team, with both appointments reporting to Dr Mukadder Erdönmez, a Member of the HDI Global SE Executive Board. Mark Appleton, currently Director Global and Major Risks at HDI Global will join the management of the Liability Line along with ... Read the full article
Cayman Islands forms 36 new insurers in 2020
23rd February 2021
In 2020 the Cayman Islands formed 36 new insurance companies, making it the largest annual increase since 2017. Accompanying the new licenses were 12 new portfolio insurance company approvals and a new insurance manager. Although Q1 and Q2 2020 figures ... Read the full article
Crum & Forster adds two to expanding eRisk team
23rd February 2021
Crum & Forster has expanded its eRisk team with the addition of Cassie Quaranta as an Executive Underwriter in the Northeast Region, and Vlad Borovskyi as an Underwriter in the Southeast Region. Both appointments will focus on underwriting Cyber Insurance, Technology Errors & Omissions and Miscellaneous Professional Liability (MPL) coverages. Quaranta joins ... Read the full article
Further executive roles unveiled at SiriusPoint
22nd February 2021
As the merger between hedge fund-backed reinsurer Third Point Re and multi-line re/insurer Sirius Group nears completion, further executive and senior underwriting roles have been announced at SiriusPoint Ltd. Expected to close on or about the 26th of February, subject to satisfaction of closing conditions, the planned merger received shareholder ... Read the full article
Brown & Brown appoints Gray Nester as Chief Information Officer
22nd February 2021
Insurance brokerage Brown & Brown has appointed Gray Nester as Chief Information Officer, based in the firm's corporate headquarters located in Florida, effective immediately. With over 20 years of experience in Insurance Technology leadership, Nester has previously served as the CIO for Brown & Brown’s Retail Division. Prior to that, he was ... Read the full article
WTW, Liberty Specialty launch reputational crisis insurance solution
22nd February 2021
Re/insurance broker Willis Towers Watson has launched a solution designed to enable organisations to transfer the financial risk associated with certain types of reputational crises. The broker’s Reputational Crisis Insurance also provides access to a range of non-insurance capabilities, including AI-powered data analysis. The solution has been developed through a partnership with ... Read the full article
BHSI hires Mathias Neumann as Head of Casualty, Germany
22nd February 2021
The insurance arm of Warren Buffett's global insurance and reinsurance company, Berkshire Hathaway Specialty Insurance Company (BHSI) has appointed Mathias Neumann as Head of Casualty in Germany. Prior to this position, Neumann worked for MSIG insurance, where he held the position of Chief Underwriter Casualty & Specialties. Andreas Krause, Country Manager, Germany, ... Read the full article
Lloyd’s reports on inclusivity progress
22nd February 2021
Insurance and reinsurance marketplace Lloyd’s of London says that it has made “notable progress” towards building a more inclusive working environment over 2020. In particular, the results of its 2020 annual culture survey highlight improvements in the experience of women working in the Lloyd’s market over the past 18 months. However, the ... Read the full article
Premia to acquire Armour Re; secures Aquiline-led equity investment
22nd February 2021
Reinsurance run-off group, Premia Holdings Ltd., has agreed to acquire Armour Re Ltd., a Bermuda-based P&C legacy reinsurer and a wholly-owned subsidiary of Armour Group Ltd., in an all-share transaction. Armour Group is an Aquiline Capital Partners LLC portfolio company and in concurrence with the acquisition, an investor group led by ... Read the full article
Heaviest volume of Uri claims from homeowners, commercial property & auto: AM Best
22nd February 2021
AM Best analysts believe the heaviest volume of claims from winter storm Uri will be in the homeowners, commercial property, and auto lines of business. Uri has caused significant disruption across a number of southern US states, especially Texas, which has faced record-low temperatures and had seen several inches of snow ... Read the full article
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