Reinsurance News
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
UnitedHealth, Ping An, AXA top list of world’s largest insurers by premiums
6th January 2021
When ranked by net premium written (NPW) in 2019, UnitedHealth Group Incorporated remains the world's largest insurance company on the back of year-on-year growth of 6.52%. Based on research data from ratings agency A.M. Best, our directory of the World’s Largest Insurance Companies shows that UnitedHealth Group has maintained ... Read the full article
Inigo hires SCOR’s Karen Graves as COO
6th January 2021
Newly-launched specialty insurer Inigo has announced the appointment of Karen Graves as Chief Operating Officer. Graves brings over years of leadership experience and previously worked at SCOR as Chief Operating Officer. Working in the Lloyd’s and London market for over 30 years, Graves started her career in the compliance arena, moving on ... Read the full article
IRB Brasil announces strategic review
6th January 2021
Brazilian reinsurer IRB Brasil Re has appointed a global business management consulting firm to assist in its strategic review. The announcement comes after AM Best removed its ‘under review with negative implications’ status and will include an in-depth analysis of the current footprint per business line, geography and operating model. The ... Read the full article
Allstate finalises acquisition of National General
6th January 2021
US primary insurer Allstate Corporation has closed its $4 billion acquisition of National General Holdings. The acquisition, which was announced in July last year, sees Allstate expand its personal lines market position. National General offers a range of property-liability solutions through independent agents with a presence in non-standard auto insurance. Additionally, National ... Read the full article
W.R. Berkley gains $105mn from NYC office sale
6th January 2021
Re/insurance holding company W.R. Berkley has announced the sale of one of its real estate investments - an office complex located in New York City. The sale is expected to generate a realized pre-tax net gain of $105 million in the fourth quarter of 2020. It will also result in a $52 ... Read the full article
Nexus acquires marine business from Hiscox MGA
6th January 2021
Independent specialty Managing General Agent Nexus Group has acquired the marine business (HMM) from Hiscox MGA. The purchase was via an asset purchase into Millstream Underwriting, a Nexus Group company specialising in consumer insurance. HMM was originally established in 2012 and underwrites yachts and the marine trades industry. Hiscox will continue to provide underwriting ... Read the full article
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