Reinsurance News
Hedge fund investor Elliott calls on NN Group to reset trajectory
12th June 2020
Elliott Advisors (UK) Limited has released a statement criticising the market valuation and management of NN Group N.V., which Elliott holds a 3% stake in. The firm said that NN Group’s underlying value has “been obscured” and is not properly reflected in its current share price, adding that “NN Group itself ... Read the full article
Aon partners with GK8 on digital asset coverage
12th June 2020
GK8, a cyber security company that offers technology for managing and safeguarding digital assets, has announced that its product is now insurable via Aon UK Ltd. The partnership will utilise insurance provided by a panel of insurers led by Arch Underwriting at Lloyd’s Syndicate 2012, and will enable GK8 clients to ... Read the full article
Enstar’s Clarendon agrees LPT & ADC reinsurance agreement with StarStone US
12th June 2020
Clarendon National Insurance Company, a wholly-owned subsidiary of Enstar, is to enter into a loss Portfolio Transfer (LPT) and Adverse Development Cover (ADC) reinsurance arrangement with StarStone US. Enstar announced yesterday the recapitalisation of StarStone US, revealing plans for a push back into the property and casualty (P&C) insurance markets, ... Read the full article
AI insurtech Planck raises $16mn, backed by Nationwide & HDI
12th June 2020
Artificial Intelligence (AI) data platform Planck has announced that it secured $16 million in its series B funding round, bringing its total investment amount to $28 million. The round was led by Team8 Capital, with participation from all existing investors (Viola FinTech, Arbor Ventures, Eight Roads) alongside new strategic investor additions ... Read the full article
Aon warns against over-reaction to short-term COVID-19 mortality data
12th June 2020
Global reinsurance broker Aon says longevity markets are continuing to function effectively despite COVID-19 and has cautioned pension schemes against over-reacting to high short-term UK mortality data when setting their long-term mortality assumptions. Tim Gordon, partner and head of Demographic Horizons in Aon’s Risk Settlement Group, noted how we’re emerging from ... Read the full article
Aspen adds Theresa Froehlich to Board; announces leadership changes
12th June 2020
Bermuda-based insurer and reinsurer Aspen Insurance Holdings Limited has announced the appointment of Theresa Froehlich to its Board as a Non-Executive Director, alongside some additional leadership changes. Froehlich's appointment to the Board is in addition to her roles as Chair of Aspen Insurance UK Limited (AIUK) and non-executive director of AIUK ... Read the full article
Egypt’s FRA suspends new licenses for re/insurance brokers
12th June 2020
The Chairman of Egypt's Financial Regulatory Authority (FRA), Dr. Mohammed Omran, has announced that the Authority's Board of Directors recently approved the suspension of new licenses for insurance and reinsurance brokers. The decision sees the suspension of granting any new licenses for a year, and, comes after a study conducted on ... Read the full article
IVANS releases special COVID-19 index report
11th June 2020
IVANS, a division of Applied Systems, has announced a report exploring the both personal and commercial policy transaction trends since the onset of the COVID-19 outbreak. The report provides a data-driven lens into consumer insurance behavior and industry reaction to the crisis. Analyzing more than 120 million data transactions, IVANS' report measures ... Read the full article
New insurer Astaara targets cyber threats in maritime industry
11th June 2020
Astaara, a new insurance services business, has been launched to protect maritime companies from cyber threats. The new company will offer risk management, underwriting and analytics, and aims to modernise this area of the insurance industry. The business is made up of three elements – Astaara Risk Management, Astaara Underwriting and Astaara ... Read the full article
Zurich adds Belinda Bates as Senior Climate Change Risk Consultant
11th June 2020
Global insurer Zurich has appointed Belinda Bates as Senior Risk Consultant Climate Change in Commercial Insurance. In her new role in Bates will be working with Amar Rahman, Global Natural Hazards Practice Leader, as well as the Underwriting teams, to further develop and deploy Zurich’s Climate Change Resilience Services. Prior to joining ... Read the full article
Sollers to support integration of new rating engine at Amica Mutual
11th June 2020
Business and IT consultancy firm, Sollers Consulting, recently won a tender to implement a new rating engine at the oldest mutual car insurer in the U.S., Amica Mutual. The U.S. insurer is set to decommission its existing legacy rating engine to increase the speed to market of rating changes and to ... Read the full article
Prosperity Life acquires closed-book businesses from National Guardian Life
11th June 2020
National Guardian Life Insurance Company (NGL) has announced an agreement to sell certain closed-block businesses to Prosperity Life Assurance Limited (Prosperity Life). The businesses in question have combined net statutory reserves of approximately $400 million and consist of life, annuity and A&H lines. “This reinsurance transaction with NGL launches Prosperity Life Assurance ... Read the full article
Rich Macrane joins BMS from WTW as EVP, Casualty Fac Leader, US
11th June 2020
Specialist insurance and reinsurance brokerage BMS Group has named Rich Macrane as Executive Vice President (EVP), Casualty Facultative Leader, effective June 22nd, 2020. In his new role, Macrane will be based in the company's Philadelphia office and will report to Pete Chandler, President and Chief Executive Officer (CEO) of BMS' U.S. ... Read the full article
Flood forecasting insurtech Previsico targets US market
11th June 2020
Previsico, a SpinOut insurtech company from Loughborough University that specialises in flood modelling, has announced that it plans to target the US market, backed by funding from Innovate UK. The insurtech launched UK-wide in November 2019 to support insurers, brokers, and customers with live flood warnings, including uniquely for surface water ... Read the full article
Thomas Miller appoints Frank Bergert to lead German business
11th June 2020
Thomas Miller, a provider of insurance, professional and investment services, has announced the appointment of Frank Bergert as Chief Executive of Thomas Miller Hamburg. Bergert succeeds Tobias Braun, who has left the business after eight years to pursue new endeavours in the industry. Frank Bergert has been involved with the business since ... Read the full article
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