Reinsurance News
Palomar announces new COO
2nd September 2020
Insurer, Palomar Holdings has announced the promotion of Britt Morries to the role of Chief Operating Officer, effective immediately. Morries will be succeeding Jon Christianson, who has been working under the role of Chief Underwriting Officer since 1st August 2020. He will continue to serve as Chief Technology Officer whilst the ... Read the full article
Genworth & Oceanwide confirm September merger date
2nd September 2020
Mortgage insurer Genworth Financial and China Oceanwide Holdings Group have confirmed that their long-delayed merger agreement is still set to go ahead this month, following approval of Oceanwide’s funding plans. Genworth said that it was satisfied with the funding plans for the $2.7 billion deal, and therefore does not intend to ... Read the full article
Pradip Ghosh named president of Lockton Capital Markets
2nd September 2020
Re/insurance broker Lockton has appointed Pradip Ghosh president of its Lockton Capital Markets unit. Ghosh will work closely with Chief Executive Officer Ken Pierce on direction and oversight as LCM looks to build out its platform. He brings over 20 years' experience in the insurance, financial services, and asset management industries and most recently ... Read the full article
Reinsurer results weakening as COVID claims intensify: Moody’s
2nd September 2020
Analysts at Moody’s consider the earnings of the global reinsurance sector to be weak over the first half of 2020, due to the increase in coronavirus claims. Although investment returns rebounded in the second quarter of the year, COVID-19 claims also increased significantly over this period, Moody’s noted. One bright spot was ... Read the full article
Beat to launch new underwriting vehicle following Bain Capital partnership
2nd September 2020
Beat Capital Partners, an insurance industry-focused long duration investor, is set to enter into a strategic partnership with leading global credit specialist Bain Capital. Due to be completed in late 2020, this long-term strategic partnership will see Bain Capital fund a dedicated underwriting vehicle for Beat. The vehicle will provide capital through Syndicate 4242 ... Read the full article
Hive Aero adds Benjamin Davy as Aviation Underwriter
2nd September 2020
Hive Aero, the London-based managing general agent, has appointed Benjamin Davy as Aviation Underwriter. Based in London, Davy will oversee the underwriting of Aviation Hull and Liabilities. This appointment will see him work closely with Chief Underwriting Officer, Bruce Carman and Class Underwriter Will Gaunt. He brings over 12 years of experience in ... Read the full article
GIC Re appoints director on the board from Bank of India
2nd September 2020
State owned enterprise, General Insurance Corporation of India (GIC Re) has appointed the Managing Director and CEO of Bank of India Atanu Kumar Das as a director on the board. His position will take place with immediate effect. It was reported on newkerala.com that he will continue to serve for three ... Read the full article
ARC Group hires new leadership position
2nd September 2020
African Risk Capacity (ARC) Group has announced that AIbrahima Cheikh Diong will be taking over their leadership, following his unanimous election by the ARC Conference of Parties earlier in June 2020. He will serve as the ARC Group’s Director General in the capacity of United Nations Assistant Secretary General for an ... Read the full article
Meaningful reinsurance rate increases into 2021: Fitch
1st September 2020
Meaningful reinsurance rate increases should be expected into 2021 at the January renewals as overall pricing is inadequate, according to Fitch Ratings. Analysts note how there's also still uncertainty surrounding the pandemic and that there still remains a capacity-constrained dislocated retrocession market. Reinsurers are expected to take advantage of the most favourable market ... Read the full article
Resolution Life’s acquisition of Voya’s individual life business to close in Q4
1st September 2020
Resolution Life Group Holdings Ltd.'s acquisition of the in-force individual life business of Voya Financial, Inc. has been delayed slightly to allow more time to finalise the remaining regulatory reviews of the deal. Announced in December of last year, the transaction was initially expected to close by the end of ... Read the full article
Aston Lark reports 25% revenue growth in 2019
1st September 2020
Aston Lark, the Chartered insurance broker backed by Goldman Sachs, has reported a revenue growth of 25% to £71.6 million in 2019. This is the first set of financial results released since its majority stake acquisition by Goldman Sachs Merchant Banking Division, with Bowmark LLP also re-investing in the newly created ... Read the full article
DARAG Bermuda announces novation agreement
1st September 2020
Legacy acquirer, DARAG has announced the conclusion of a novation agreement with a leading Cayman reinsurer to provide finality for its US liability books, with the transaction value in excess of $40mn. The transaction has been written into DARAG Bermuda Ltd, where they will provide legal, economic and operational finality for ... Read the full article
THB Europe adds Jord Westerloo as facultative broker
1st September 2020
THB, the specialist re/insurance broking operation of US wholesale broking giant AmWINS, has announced the appointment of Jord Westerloo as facultative broker for THB Europe. Westerloo’s appointment follows THB Europe’s engagement in July of a new executive director to lead its treaty offering. He has worked for Aon Re Netherlands since 2016, ... Read the full article
Enstar hires Zachary Wolf as new CFO
1st September 2020
Legacy acquirer, Enstar Group Limited has announced the appointment of Zachary Wolf as Deputy Chief Financial Officer (CFO), joining the company on September 21st, 2020. Wolf will be succeeding current CFO, Guy Bowker, who will be staying in his position until 28th February as he will be overseeing a smooth transition. ... Read the full article
LIIBA CEO Croft welcomes reopening of the underwriting room at Lloyd’s
1st September 2020
Christopher Croft, CEO of broker body LIIBA, has welcomed today's reopening of the Lloyd's underwriting room, describing the tacit knowledge exchange that comes from being together as "crucial" to London's ability to trade risks the rest of the world can’t. Lloyd’s CEO John Neal announced recently that face coverings will ... Read the full article
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