Reinsurance News
Allianz to acquire five East African P&C insurers in $100mn deal
29th September 2020
Global insurer Allianz has announced a partnership that will see it acquire controlling stakes in five East African general insurance companies, all of which belong to Jubilee Holdings Limited, the region's largest insurance group. The partnership, which has been finalised but still requires regulatory approval, covers the property & casualty segment in Kenya, ... Read the full article
AXA XL reveals carbon management strategy
29th September 2020
AXA XL, the property & casualty and specialty risk division of AXA, has released details of its carbon management strategy, designed to accelerate the company's contribution to the transition towards a less carbon-intensive economy by 2050. After monitoring its consumption over the past several years and using 2019 as a baseline, ... Read the full article
Starr Insurance hires new head of global aviation
29th September 2020
Starr Insurance Companies has announced the appointment of Andy Trundle as head of global aviation. Trundle will be responsible for supporting the division's growth across all aspects of Starr’s aviation portfolio, including airlines, general aviation, light aviation and aerospace. Trundle has worked for Starr for over three years, having previously served as ... Read the full article
Munich Re’s ERGO in multi-year capacity deal with CLS Risk Solutions
29th September 2020
Munich Re subsidiary ERGO UK has signed a multi-year capacity agreement with property development, investment and transaction Managing General Agent CLS Risk Solutions. ERGO UK has been CLS RS’ primary capacity partner for the last ten years. CLS RS considers the deal a vote in confidence and says it will allow the ... Read the full article
Chubb promotes Jeffrey Updyke to VP role
29th September 2020
Global re/insurer Chubb has named Jeffrey Updyke Vice President, Chubb Group and Division President, Chubb Small Business. Updyke will have executive operating responsibility for Chubb's retail insurance business that serves small commercial clients in the US and Canada. He will oversee all facets of the business including strategy, product and business development, ... Read the full article
Capital buffers proving resilient despite COVID-19: S&P
29th September 2020
Ratings agency, S&P Global Ratings has released a report which shows how insurers' capital buffers are proving resilient, despite the COVID-19 pandemic. It reported that while COVID-19 financial market stresses could have wiped out up to 85% of the global insurance industry's capital buffer at the beginning of 2020, a cushion ... Read the full article
MMC appoints new Chief Information & Human Resources Officers
29th September 2020
Marsh & McLennan Companies, Inc. (MMC) has announced the appointments of Paul Beswick as Senior Vice President (SVP) and Chief Information Officer and Carmen Fernandez as SVP and Chief Human Resources Officer. Taking up their new positions on January 1st, Beswick and Fernandez will report to MMC President and CEO Dan ... Read the full article
FCA measures could stunt UK home & motor profits in late 2021: Fitch Ratings
29th September 2020
Fitch Ratings is currently exploring how UK motor and home insurers could have lower profits in late 2021 and into 2022 following new measures proposed by the Financial Conduct Authority (FCA). Last week, the UK regulator announced a number of interventions designed to tackle high prices for customers who do ... Read the full article
Hyperion X adds Guy Carpenter’s Julian Alovisi as Head of Research
29th September 2020
Hyperion X Analytics, the analytics and advisory specialist unit of the Hyperion Insurance Group, has appointed Julian Alovisi to the newly created role of Head of Research. In this role, Alovisi is set to lead the firm's differentiated research and thought leadership function at a time of great change across the ... Read the full article
Arthur J. Gallagher targeted in ransomware attack
29th September 2020
International insurance brokerage firm Arthur J. Gallagher & Co has confirmed that it was the target of a ransomware attack on September 26th. The firm said the incident impacted a “limited portion” of its internal systems, and does not expect it to have a material impact on its operations or financial ... Read the full article
Pen Underwriting announces key leadership changes
29th September 2020
Multi-territory managing general agent Pen Underwriting has announced a series of newly created roles and leadership appointments. Stewart Gardiner, previously underwriting director of Pen’s Risk Managed Commercial business, has been appointed Technical Underwriting Director. Reporting to Chief Underwriting Officer Jennifer Martin, his role will span all lines of business and all divisions. In ... Read the full article
Chubb appoints Robert Poliseno to COO role
29th September 2020
Global re/insurer Chubb has announced the appointment of Robert Poliseno as Chief Operating Officer, North America Field Operations. Poliseno succeeds Jeffrey Updyke, who has been named head of Chubb's North America Small Business segment. He will oversee delivery of Chubb's full portfolio of personal and commercial insurance products and services to agent ... Read the full article
American Equity, Värde & Agam partnership to launch new Bermuda reinsurer
29th September 2020
A strategic partnership between American Equity Investment Life Holding Company, Värde Partners, and Agam Capital Management, LLC has been announced, which, will see the establishment of a new Bermuda-based reinsurance company. The partnership between American Equity, an issuer of fixed index annuities, Värde, a global alternative investment firm, and Agam, a ... Read the full article
Howden acquires professional indemnity broker St Giles
29th September 2020
Howden Broking Group, an independent insurance and reinsurance broker, has reached an agreement to acquire St Giles Legal & Professional Risks. St Giles is a professional indemnity insurance broker specialising in the UK solicitor space, a market in which Howden is currently a leading provider. The acquisition of St Giles further cements ... Read the full article
UK insurance industry proves its resilience throughout COVID-19: Lloyds Bank
29th September 2020
The UK insurance industry has proved its resilience throughout the COVID-19 pandemic as well as the uncertainty of Brexit, Lloyds Bank has said. The fifth annual Financial Institutions Sentiment Survey released by Lloyds Bank gathers views from major banks, asset and wealth management firms, insurers and intermediaries. As COVID-19 is expected to ... Read the full article
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