Reinsurance News
Ascot strengthens North American operations with two senior hires
29th September 2020
Bermuda domiciled specialty insurer and reinsurer, Ascot Group, has announced two senior hires within in its North American operation, including the addition of Elizabeth Johnson as North America Chief Underwriting Officer (CUO). In her new role, Johnson will work with the firm's North America executive leadership team to develop and execute ... Read the full article
We need to start voicing a picture of a carbon-neutral future: Zurich
29th September 2020
Swiss re/insurer, Zurich Insurance Group has spoken out about climate change and the re/insurance industry's role in creating awareness. Scientists have been warning mankind for decades that humans are causing severe and potentially irreversible changes to the climate, essentially heating the earth ourselves with carbon dioxide and methane. Climate change-induced events that ... Read the full article
IRDAI identifies 3 new Domestic Systemically Important Insurers for 2021
29th September 2020
The Insurance Regulatory and Development Authority of India (IRDAI) has developed a methodology for the identification and supervision of Domestic Systemically Important Insurers (D-SIIs). This has been done through measuring the size of operations in terms of total revenue, including premium underwriting and the value of assets under management. D-SIIs refer to ... Read the full article
ARC partners with insurtech Pula on agric index insurance products
29th September 2020
The African Risk Capacity Limited (ARC Ltd), a commercial subsidiary of African Risk Capacity Group (ARC Group), has signed a partnership agreement with Pula to help provide agriculture index insurance products to the continents' farmers. African farmers are exposed to a range of climate risks including drought, excessive rainfall, pests and ... Read the full article
Long-tail business faces exposure to indirect COVID losses: Hamilton Re’s Brown
28th September 2020
David Brown, Chairman and interim CEO of Bermuda-based reinsurer Hamilton Re, has warned that longer-tailed casualty lines could face exposure to indirect losses arising out of the COVID-19 pandemic. Speaking in an interview with Reinsurance News, Brown noted that there are exposures to claims-made policies in long-tail lines that may only ... Read the full article
Munich Re’s HSB expands small business cyber cover
28th September 2020
Munich Re subsidiary HSB has announced an expansion of its cyber insurance and loss prevention services for small and mid-size businesses. HSB Total Cyber now includes new coverages for computer attacks, data system upgrades, and system failures from unintentional computer outages. HSB Total Cyber is available to US-based SMBs through independent insurance agents ... Read the full article
Protective to acquire F&I insurer Revolos
28th September 2020
Protective Life Corporation (Protective), a wholly owned US subsidiary of Dai-ichi Life Holdings, Inc., has entered into an agreement to acquire the Revolos family of companies. Headquartered in Atlanta, Georgia, Revolos is a Finance & Insurance (F&I) solutions provider. Protective Asset Protection has been providing F&I solutions to the automotive industry for ... Read the full article
Arcadian targeting up to $125m of premium for 2021, says Third Point Re
28th September 2020
Bermudian reinsurer Third Point Re, who recently announced an investment and partnership with new MGA Arcadian Risk Capital, has said Arcadian will be targeting up to $125 million of premium for 2021. Third Point Re has made a significant capital contribution to Arcadian and will own a minority stake in ... Read the full article
UK Treasury commends ABI commitment to omit grants from BI payments
28th September 2020
The Economic Secretary to the Treasury has written to the Director General of the Association of British Insurers (ABI), Huw Evans, after ABI members confirmed they will not make deductions from business interruption insurance claims payments to account for government grant funds. John Glen welcomed the commitment to omit the Coronavirus ... Read the full article
SterlingRisk promotes Geraldine DelPrete to Chief Marketing Officer
28th September 2020
Independent broker SterlingRisk Insurance has announced the promotion of Geraldine DelPrete to Chief Marketing Officer. DelPrete will oversee the strategy for all carriers across all SterlingRisk platforms, including Large Commercial and Select, Programs, Personal Lines, Environmental, Construction, and Aviation. She will also retain the title of President of Programs, with both the Marketing ... Read the full article
AFG completes Lloyd’s market exit with sale of Neon to RiverStone
28th September 2020
American Financial Group, Inc. (AFG) is set to complete its previously announced exit from the Lloyd's of London re/insurance marketplace via the sale of GAI Holding Bermuda and its subsidiaries, which comprises the legal entities that own its Neon business, to RiverStone Holdings Limited. AFG announced at the start of ... Read the full article
Swiss Re partners with university on work loss due to ill-health
28th September 2020
Swiss Re has entered into a two-year Knowledge Transfer Partnership (KTP) with the University of Huddersfield to improve the way the UK insurance industry manages early stage sickness absence. It’s believed that the project could ultimately save the UK economy millions of pounds by reducing work loss due to ill-health. Overseeing the KTP ... Read the full article
Guy Carpenter adds Aon’s Paul Miller to bolster property cat value proposition
28th September 2020
Guy Carpenter, the reinsurance arm of global brokerage Marsh, has appointed Aon's Paul Miller to lead its Property Catastrophe value proposition for UK, Global Specialties and key global clients. Effective September 2021, Miller takes on responsibility for ensuring the delivery of best-in-class solutions to clients and prospects working across the reinsurance ... Read the full article
Riskbook secures £2mn in new funding
28th September 2020
Reinsurance technology provider Riskbook has received a £2 million investment to help further develop its Lloyd’s-recognised digital placement platform. RiskBook was approved by Lloyd’s of London as a recognised electronic placement system for open market reinsurance business earlier this year. The announcement marked the first time that brokers from any firm could ... Read the full article
LV= confirms M&A talks with Royal London
28th September 2020
UK insurer Liverpool Victoria Friendly Society (LV=) has confirmed that it is in talks with The Royal London Mutual Insurance Society Limited regarding a possible takeover of LV=. Sources say that the transaction could be worth between £500 million and £1 billion, with the combined entity able to serve nearly 10 ... Read the full article
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