Reinsurance News
Marco acquires Allianz’ British Reserve Insurance Company
7th January 2021
European P&C Legacy specialist Marco has completed its acquisition of Allianz-owned UK non-life insurer British Reserve Insurance Company (BRIC). The transaction has received all required regulatory approvals. BRIC is an authorised UK non-life insurance carrier and has been purchased to help enable Marco to provide reinsurance solutions, as well to offer finality by ... Read the full article
Optio establishes European office in Malta
7th January 2021
Specialty MGA and Lloyd’s broker Optio has established a European office in Malta after receiving the necessary regulatory approvals. Optio Europe has been launched to serve as the growth engine for the company’s underwriting and broking portfolios across the region. Optio Europe’s Malta-based team comprises Martin Rimmer as director and general manager ... Read the full article
RGAX launches cloud-based underwriting engine UWPal
7th January 2021
RGAX, a subsidiary of life and health reinsurer RGA, has launched a new cloud-based underwriting engine called UWPal. The Software as a Service (SaaS) engine is designed to allow a firm’s underwriting rules to be regularly and efficiently optimised to improve performance and incorporate the latest medical insights. UWPal leverages Pandora, the ... Read the full article
Alliant acquires BridgePoint Risk Management
7th January 2021
Alliant has announced the acquisition of BridgePoint Risk Management, a national provider of personal and commercial risk management solutions. BridgePoint is known for providing customised commercial and personal risk management solutions to individuals, families, and business owners nationwide. The company has offices in Ohio, Connecticut, Arizona, and Florida. “BridgePoint and its talented team ... Read the full article
Berkshire Hathaway (BHSI) adds Brady Head to Executive leadership
7th January 2021
Berkshire Hathaway Specialty Insurance (BHSI), a division of Warren Buffett's Berkshire Hathaway, has appointed Brady Head as Senior Vice President (SVP), Product Line Officer for D&O Liability Insurance in North America. Head joins the company after 27 years with global insurer and reinsurer AIG, where he most recently served as Head ... Read the full article
Commercial property rates up 9% in Q4: MarketScout
7th January 2021
New data from MarketScout shows that commercial property insurance rates increased by 9% over the fourth quarter of 2020. Despite significant challenges over the year, the re/insurance industry continued to function efficiently, MarketScout noted, with the Q4 composite rate up 7.1%, and up 6.25% in Q3. The biggest rate increases by line ... Read the full article
Denis Haenzi departs Echo Re
7th January 2021
Zurich-based Echo Reinsurance Limited (Echo Re) has announced that Denis Haenzi is retiring this month after more than 10 years at the company. During his tenure, Haenzi played a major role in the MENA Underwriting team at Echo Re. In this role, he actively supervised the French-speaking African markets, including Maghreb. He also ... Read the full article
QBE Syndicate 386’s Harries to retire, Cécile Fresneau named successor
7th January 2021
QBE Syndicate 386 active underwriter and head of financial lines David Harries is set to retire from his role after 34 years with the liability insurer. Harries has spent the last seven years in his current position and will be supporting the handover of the role to Cécile Fresneau over the first ... Read the full article
Thai Re launches IBM blockchain-powered reinsurance smart contract platform
7th January 2021
Technology-driven professional non-life reinsurer Thai Re has launched a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud. Called 'Insurer Network', it has been established to help allow Thailand’s insurance industry to gain efficiency and speed in processing the reinsurance contracts. Expected benefits include a reduction of forgery risk ... Read the full article
COVID-19 a catalyst for US property rates at 1/1: Willis Re
6th January 2021
Willis Re has reported that COVID-19 was a catalyst for further rate increases at the January 1 reinsurance renewals for US property re/insurers, building on pricing momentum already gained through 2019. Terms and conditions also tightened, however placements were completed at rates lower than anticipated as capital raises, start-up reinsurers and ... Read the full article
Hudson acquires renewal rights, professional lines team from Validus
6th January 2021
Hudson Insurance Group has secured an agreement with Validus Specialty Underwriting Services to transfer the renewal rights of a portfolio of Miscellaneous Professional Liability, Financial Institutions Liability and Management Liability policies. The agreement also includes the transfer of ten employees to Hudson. The new team is led by senior vice president Catherine Cossu, ... Read the full article
AXIS promotes Shaw to head of North American claims
6th January 2021
Specialty insurer AXIS Insurance, part of re/insurer AXIS Capital Holdings, has promoted Sharon Shaw to Head of North American Claims. Shaw has worked at AXIS for over 11 years where she was most recently Head of North American Property, Casualty and Program Claims, with additional oversight of claims for Accident & ... Read the full article
R&Q completes Inceptum & WMG acquisitions
6th January 2021
Randall & Quilter Investment Holdings Ltd. (R&Q) has completed its acquisitions of Inceptum Insurance Company Limited and The World Marine & General Insurance Company PLC (WMG). R&Q recently received regulatory approval for both acquisitions, which were first announced back in August 2020. Inceptum is part of the Vibe Group of companies ... Read the full article
Zurich NA launches construction weather parametric insurance
6th January 2021
Zurich North America has launched a Construction Weather Parametric Insurance product for project owners and contractors, due to the growth of severe weather events in the US. The insurer's Construction Weather Parametric policy differs from traditional policies such as Builders Risk, as it doesn't require physical loss or damage for a ... Read the full article
Arch hires Tim Watson as Senior Underwriter
6th January 2021
Arch Insurance International, part of Arch Capital Group, has appointed Tim Watson as Senior Underwriter, Credit and Political Risk. He is set to join the company in mid-2021 and will be based in London. Watson will report to Ed Cornish, Head of Credit & Political Risk and will be responsible for underwriting ... Read the full article
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