Reinsurance News
Katie Partington Howarth takes CUO role at AXIS Re
29th January 2021
AXIS Re, the reinsurance business segment of AXIS Capital Holdings Limited, has appointed Katie Partington Howarth as Chief Underwriting Officer (CUO) and Head of its Reinsurance Products Division. In this role, Partington Howarth will be responsible for the global underwriting approach and portfolio management for all lines of business across AXIS ... Read the full article
Charles Taylor acquires Otak’s remaining stake
29th January 2021
Technology solutions provider Charles Taylor has acquired the remaining minority stake in Otak, an insurance technology platform business specialising in delegated authority solutions. With this acquisition, it moves to full ownership of Otak and its product Tide, from owning a controlling majority stake previously. Tide is cloud-based data streamlining solution that was ... Read the full article
Bermudian startups benefitting from clean balance sheets, lack of legacy issues: Fitch
29th January 2021
Fitch Ratings has released a report stating that Bermuda start-ups in 2020 benefited from clean balance sheets and lack of legacy issues or reserves. Analysts believe this could be particularly valuable given the uncertainty around pandemic-related claims and rising social inflation affecting the U.S. casualty business. With these benefits, Fitch sees Bermuda ... Read the full article
Gildenbrook launches ILS fund management
29th January 2021
The Gildenbrook Group has launched an independent alternative fund manager, Gildenbrook Capital Management, which is focused on the insurance-linked securities (ILS) asset class. Gildenbrook Capital Management will offer its services to investors who are looking to access alternative risk premia sourced from the global life and non-life insurance and reinsurance market. The ... Read the full article
Apax Partners acquires PIB Group
29th January 2021
Apax Partners has acquired independent specialist insurance intermediary PIB Group, alongside its management team. Funds advised by The Carlyle Group, PIB’s existing investor since 2015, will re-invest for a minority stake, although the financial terms of the transaction were not disclosed. PIB’s executive management team, led by Chief Executive Officer Brendan McManus ... Read the full article
OTT Risk aims to provide deep business interruption reinsurance capacity
29th January 2021
A new startup called OTT Risk is looking to provide business interruption (BI) reinsurance capacity, via the use of advanced technology and with the support of insurance-linked securities (ILS) structures, in an effort to address coverage gaps that exist around the world. The COVID-19 pandemic and subsequent lockdowns highlighted the significant ... Read the full article
MS AUL names Vishal Desai CRO, Catherine Scullion Chief Actuary
29th January 2021
Speciality Lloyd’s (re)insurer MS Amlin Underwriting has announced the appointment of Vishal Desai as Chief Risk Officer and Catherine Scullion as Chief Actuary. Desai reports to the company's Chief Executive Officer Johan Slabbert and brings over 18 years’ of general insurance industry experience. He joins in May from the Bank of England ... Read the full article
Gallagher reports $153mn Q4 net earnings
29th January 2021
Re/insurance broker Arthur J. Gallagher & Co. has reported fourth quarter net earnings of $153.1 million, up from $105.6 million in the prior year quarter. The company's brokerage segment also saw a rise during the final quarter of 2020, reaching $157.7 million against $118.7 million. For the full year, Gallagher's reported net ... Read the full article
QBE consolidating global reinsurance business in London
29th January 2021
Australian re/insurer QBE is consolidating its global reinsurance underwriting within its London unit under the leadership of QBE Europe's managing director of global reinsurance Stephen Postlewhite. An official statement from the company explains that the move has been made in an effort to take advantage of improved reinsurance market conditions and to enhance ... Read the full article
MassMutual to acquire Great American Life for $3.5bn
29th January 2021
Mutual life insurer MassMutual has announced plans to acquire Great American Life Insurance Company from American Financial Group for $3.5 billion. MassMutual will acquire the annuity business, as well as other subsidiaries and affiliated entities, which primarily offer traditional fixed and fixed indexed annuity products. The transaction is expected to close in ... Read the full article
Selective increases Q4 revenue by 10%
29th January 2021
Selective Insurance has reported total revenue of $798.4 million during the fourth quarter of 2020, representing a 10% increase on the same period in the previous year. Looking at the whole of 2020, Selective’s revenues were similarly up 3% to $2.92 billion. The company also recorded 8% growth in net premiums written ... Read the full article
Reinsurance to play “a larger role” in 2021 rate movements: RPS
29th January 2021
Analysts at Risk Placement Services (RPS), an MGA subsidiary of brokerage Arthur J. Gallagher, believe that reinsurance will “play a larger role in rates, capacity and terms” this year. While the impacts of the 2020 election and COVID-19 on the US economy remain uncertain, RPS is confident that the cost of ... Read the full article
Robert Larocca named Chief Strategic Relations Officer at SterlingRisk
29th January 2021
Independent insurance brokerage SterlingRisk Insurance has announced the appointment of Robert F. Larocca as Chief Strategic Relations Officer. Larocca, who began his career at SterlingRisk in 1999, will retain his title of Executive Vice President and continue to report directly to SterlingRisk CEO David Sterling. “It has been an honor to work ... Read the full article
Aon enhances healthcare platform with EoG’s voice AI technology
29th January 2021
Re/insurance broker Aon has entered into a new partnership with Elements of Genius (EoG), one of the fastest growing privately held Artificial Intelligence (AI) companies in the U.S., to empower Aon's GoodMe platform with dynamic voice chatbots. Under the new collaboration, GoodMe, which is Aon's healthcare services platform, will be powered ... Read the full article
Coverys adds two to Board
29th January 2021
Coverys Managing Agency, a Lloyd’s managing agent, has appointed Sarah Davies as a Non-Executive Director and Chair of Risk & Capital Committee. David Hipkin, who previously served as a Non-Executive Director and Chair of the Risk & Capital Committee at Coverys has also been appointed as Non-Executive Chair of the Board. Davies ... Read the full article
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