Reinsurance News
Speculation returns that Covéa could bid again for SCOR
13th May 2020
Following French insurer Covéa's decision to pull out of its previously-agreed deal to purchase PartnerRe from Exor, speculation around a potential renewed bid for SCOR has resurfaced. As we reported earlier today, the acquisition of reinsurer PartnerRe by Covéa has been cancelled, after owner EXOR declined to renegotiate the price ... Read the full article
RGAX partners with insurtech Socotra to develop life products
13th May 2020
RGAX, a subsidiary of Reinsurance Group of America, Incorporated (RGA), has partnered with insurtech firm Socotra to help develop new life insurance products. Using Socotra as its policy administration system, RGAX will look to develop new products for its subsidiary, Greenhouse Life Insurance (Greenhouse Life). RGAX first partnered with Socotra in 2017 ... Read the full article
L&G agrees to UK & US pension risk transfer deals with IHS Markit
13th May 2020
UK insurer Legal & General Group plc (L&G) has announced two pension risk transfer (PRT) transactions with IHS Markit, London–based global information provider. The deals include a UK transaction for £37.8 million ($46.7 million), covering around 150 members, and a US transaction for $97.2 million (£78.4 million), covering around 1,200 members. The ... Read the full article
Premium renewal rates up across most lines in April: IVANS
13th May 2020
The April results of the IVANS Index, a division of Applied Systems, show that nearly all lines of business experienced an increase in average premium renewal rate year-over-year. All lines saw an uptick compared with the same period last year, with the exception of Workers’ Compensation, which saw a decrease in ... Read the full article
Ed names Brett Hatton as Divisional Director, Downstream Energy
13th May 2020
Global reinsurance brokerage Ed has bolstered its downstream energy team with the addition of Brett Hatton as Divisional Director, Downstream Energy, effective September 2020. In his new role, Hatton will be based in London and will report to Jon Parker, who leads the broker's downstream energy team. Hatton joins the firm from ... Read the full article
Markel sees increased reinsurance pricing & demand for the foreseeable future: Co-CEO Whitt
13th May 2020
With insurers facing diminishing levels of capital amid the economic fallout from the ongoing COVID-19 coronavirus pandemic, executives at Markel Corporation are anticipating heightened demand for reinsurance protection and increased pricing for the foreseeable future. Unsurprisingly, first-quarter 2020 results announcements from insurers and reinsurers have largely focused on the current crisis. So ... Read the full article
Athene adds Doug Niemann as EVP, Chief Risk Officer
13th May 2020
Retirement services firm Athene Holding has added Doug Niemann as Executive Vice President and Chief Risk Officer. Niemann was formerly Senior Managing Director of Investment Management and Chief Investment Risk Officer for Guardian Life Insurance Company. Effective May 18, Niemann’s appointment sees him replace John Rhodes following his decision to step down ... Read the full article
Cigna appoints Droesch CEO of MEA region
13th May 2020
Global health services company Cigna Corporation has appointed Jerome Droesch as Chief Executive Officer for the Middle East and Africa region, expanding his remit to include all markets across Africa. Droesch has also been appointed Senior Executive Officer and Chairman of the Cigna Insurance Management Services Board in the Dubai International ... Read the full article
Fox Williams adds Pollyanna Deane as senior insurance partner
13th May 2020
Law firm Fox Williams has bolstered its specialist financial services group with the appointment of senior insurance partner Pollyanna Deane. Deane brings over 25 years' industry experience and will add further depth to Fox Williams’ dedicated full-service financial services regulatory team. Fox Williams’ financial service group acts for institutions, entrepreneurial financial services ... Read the full article
Arch Intl. promotes Williams to Chief Strategy, Distribution Officer
13th May 2020
Arch Insurance International has promoted Simon Williams to the newly-created role of Chief Strategy & Distribution Officer. In this new role Williams will oversee the generation and implementation of strategies designed to bolster business growth. He will also assist in the alignment and development of the company’s strategic objectives across the business, ... Read the full article
ABI approves UK Gov trade credit reinsurance backstop
13th May 2020
Industry body the Association of British Insurers (ABI) has voiced its support for the UK Government’s now confirmed scheme to provide a reinsurance backstop for trade credit insurers. Economic Secretary to the Treasury, John Glen, announced today that the Government would move ahead with the scheme following several weeks of ... Read the full article
Brit & Google Cloud launch first algorithmically driven Lloyd’s Syndicate, Ki
13th May 2020
Specialty insurer and reinsurer Brit has collaborated with Google Cloud to launch Ki, a fully digital and algorithmically-driven Lloyd's of London syndicate designed to redefine the commercial insurance market as a 'follow-only' syndicate. The new standalone business is expected to launch in 2021, and the pair state that its creation marks ... Read the full article
AEGIS London bolsters executive team
13th May 2020
Lloyd’s managing agency AEGIS London has added Katie Wade as Chief Financial Officer and announced the appointment of Rhic Webb to the newly created role of General Counsel and Company Secretary later this year. Both will report to Managing Director David Croom-Johnson. Wade was most recently Group CFO with insurer ERS. Having ... Read the full article
Continental Re grows premium income by 29% in Q1
13th May 2020
Pan-African reinsurer Continental Reinsurance (Continental Re) has posted a 29% increase in gross premium income for the first quarter of 2020, despite what it describes as “unprecedented challenges” across Africa due to the COVID-19 pandemic. The Group reported an overall increase to NGN 11,560 million (USD 29.7 million) for the period, ... Read the full article
Covéa’s acquisition of PartnerRe from EXOR called off
13th May 2020
The acquisition of global reinsurer PartnerRe by French insurer Covéa has been abruptly called off, after owner EXOR declined to renegotiate the price in the context of the Covid-19 pandemic. Covéa had sought a renegotiation of the acquisition price for PartnerRe in the wake of the pandemic, but EXOR believes that ... Read the full article
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