Reinsurance News
S&P upgrades L&G Re to reflect reinsurer’s core status
4th February 2021
Since its formation in 2014, Legal & General Reinsurance Co. Ltd. (L&G Re) has become an essential part of the group's reinsurance strategy, leading S&P to upgrade the reinsurer to 'AA-' from 'A+' with a stable outlook. The reinsurance coverage provided by L&G Re to the other members of the Legal ... Read the full article
Zurich names Penny Seach as CUO for EMEA
4th February 2021
Penny Seach, currently Chief Executive Officer (CEO) of General Insurance, Zurich Hong Kong, has been appointed as Chief Underwriting Officer (CUO) of the re/insurer's Europe, Middle East and Africa (MENA) operations, effective March 1st, 2021. In her new role, Seach will be based in Zurich and will report directly to Sierra ... Read the full article
Insurtech Cytora adds AXA XL’s Kelly Lyles to advisory board
4th February 2021
UK insurtech Cytora has appointed Kelly Lyles to its advisory board in an effort to drive its expansion into the commercial insurance market. Lyles previously served at AXA XL as Chief Executive Officer, Country Management. She brings 35 years’ experience in underwriting and general management in global commercial insurance and previously spent ... Read the full article
The Hanover reports higher net income, improved combined ratio in Q4
4th February 2021
The Hanover Insurance Group, Inc. has reported a rise in net income for the fourth-quarter of 2020 to $164.6 million, while operating income also improved in the period, year-on-year, to $112 million. The difference in Q4 net and operating income, which grew by $54.8 million and $31.8 million, respectively, was primarily ... Read the full article
New entrants filled capacity gaps at 1/1 renewals: Lockton Re
4th February 2021
Following somewhat muted rate increases at the January 1 reinsurance renewals, Ross Howard, Global Executive Chairman at Lockton Re, has attributed the suppressed dynamic to new market entrants plugging gaps in capacity. Prices increased at 1/1 on the back of a hardening re/insurance market, but rate increases were generally more modest ... Read the full article
Queensland calls for national reinsurance pool in Australia
4th February 2021
A body representing Queensland’s 77 councils is urging the Federal Government to establish a national reinsurance pool to help reduce the cost of insurance premiums in North Queensland and across northern Australia. The Local Government Association of Queensland has called for this measure in its Federal Budget submission to the Commonwealth, ... Read the full article
Hannover Re reports average price increase of 5.5% at Jan 1st renewals
4th February 2021
Reinsurer Hannover Re has reported an average price increase of 5.5% on renewed business at the January 1st, 2021 renewals, as the firm booked premium growth in traditional property and casualty reinsurance of 8.5%. According to Hannover Re, the pricing trend witnessed at 1/1 was driven by the substantial burden of ... Read the full article
January renewals were in-line with expectations, says RBC
3rd February 2021
Analysts at RBC Capital Markets have maintained that the January 1 reinsurance renewals were “in-line” with expectations, despite reports that pricing increases were more muted than many had hoped. “In all our time looking at and working in the sector, we cannot think of a time when the January reinsurance renewals ... Read the full article
Cyberscout acquired by identity security specialist Sontiq
3rd February 2021
CyberScout, a provider of identity theft resolution, data defense and employee benefits services for the re/insurance industry, is set to be acquired by Sontiq, a portfolio company of The Wicks Group of Companies that specialises in identity security. By acquiring Cyberscout, Sontiq hopes to further expand into the insurance industry with ... Read the full article
Hiscox adds Aimee Nolan to lead London Market cargo underwriting
3rd February 2021
Specialist insurer Hiscox has appointed Aimee Nolan to lead its London Market cargo team as Cargo Line Underwriter. Nolan will be based in London and reports to Mike Southgate, Divisional Director for Marine, Energy and Specialty. She will manage a cargo team of four underwriters with additional support in pricing and exposure ... Read the full article
Gallagher hires Matthew Haine as managing partner
3rd February 2021
Re/insurance broker Gallagher has appointed Matthew Haine as managing partner of its property practice. Haine has over 35 years of experience in broking and joins from Guy Carpenter, where his previous position was senior vice president in its FAC division. Prior to Guy Carpenter, he held senior roles at Benfield and Aon. In ... Read the full article
Zurich North America launches new risk service
3rd February 2021
Zurich North America, a division of Zurich Insurance Group, has launched a new risk services unit in the US intended to provide businesses with advisory services, solutions and tools. In the US it will include the risk engineering team and make services available to both current Zurich customers, as well as ... Read the full article
2020 US M&A activity up 4.32% over previous year
3rd February 2021
There were 676 mergers and acquisition transactions announced in the US throughout 2020, a 4.32% increase over 2019, according to strategic consulting and advisory firm MarshBerry. MarshBerry itself finished the year having participated in 105 M&A deals, a record year for the firm. It's worth noting that the announced 676 transactions essentially ... Read the full article
Antares places Lloyd’s China operation into run-off
3rd February 2021
Antares, the Lloyd’s specialist re/insurance subsidiary of QIC Global, has placed Syndicate 1274’s Lloyd’s China operation into run-off. Antares will cease accepting new/renewal business through the Lloyd’s China platform from March 1. Moving forward, Chinese business will be written out of Antares Singapore. Existing policies will continue to provide cover on existing terms ... Read the full article
Great American’s Mark Lonneman to retire
3rd February 2021
Great American Insurance Group has announced the retirement of Mark Lonneman, divisional president of its Property & Casualty group’s risk solutions division. Lonneman's departure is effective in April and will see him part ways with a company he joined 41 years ago as a casualty underwriter in the agriculture excess and ... Read the full article
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