Reinsurance News
TigerRisk names Aon’s Glyn Ridpath as Partner in Casualty division
5th January 2021
Insurance and reinsurance brokerage, TigerRisk Partners, has today announced the appointment of Glyn Ridpath as a Partner within the firm's expanding Casualty division, reporting to James Few, Chief Executive Officer (CEO), TigerRisk UK. Ridpath joins TigerRisk from rival broker Aon, where he most recently served as a Managing Director from March ... Read the full article
James O’Connor named CEO of DUAL North America
5th January 2021
DUAL, the underwriting arm of Howden Group Holdings, has announced the appointment of James O’Connor as CEO of DUAL North America. With immediate effect, he will become a member of DUAL’s Group Executive Committee, reporting to Richard Clapham, CEO, DUAL Group. O’Connor joins DUAL Group from Willis Towers Watson where he was ... Read the full article
Ascot appoints AXA XL’s Michael Kerrigan as Group CIO
5th January 2021
Bermuda-domiciled specialty insurer and reinsurer, Ascot, has hired Michael Kerrigan as Group Chief Information Officer (CIO), based in New York and reporting to Yvonne Costello, Group Chief Operating Officer (COO). In his new role, Kerrigan takes on responsibility for all aspects of Ascot's technology portfolio and will be tasked with progressing ... Read the full article
Ample capital levels moderated price increases at Jan 1: Guy Carpenter
5th January 2021
With reinsurers eager to deploy capacity in various sectors and capital levels high at the important January 1st, 2021 reinsurance renewals, price increases were more moderate than initial expectations, according to Guy Carpenter, the reinsurance broking arm of Marsh. On the back of a prolonged soft market state, the lower for ... Read the full article
Lloyd’s to close underwriting room again
5th January 2021
Insurance and reinsurance marketplace Lloyd’s of London has announced that its underwriting room will be closed once again following the introduction of new lockdown measures in the UK this week. The UK Government re-introduced lockdown restrictions yesterday in a bid to control the more infectious COVID-19 variant that has spread in ... Read the full article
Nexus develops reinsurance deal for Turkey’s Koru Sigorta
5th January 2021
Independent specialty MGA Nexus Group has announced that its Labuan, Malaysia-based subsidiary, Nexus Structured Solutions, has developed a 10-year structured reinsurance deal for Turkish insurer Koru Sigorta Anonim Şirketi (Koru Sigorta). The deal covers Koru Sigorta’s Motor Third Party Liability (MTPL) book of business with capacity provided by an ‘AA-‘ rated ... Read the full article
MS Amlin launches Singapore SPRV Phoenix 1 Re
5th January 2021
MS Amlin Asia Pacific Pte. Ltd, the Singapore-based operation of Lloyd's re/insurer MS Amlin Underwriting Limited, has launched Phoenix 1 Re Pte. Ltd., a landmark special purpose reinsurance vehicle (SPRV) in Singapore. Phoenix 1 Re is the first locally issued insurance-linked securities (ILS) structure designed to provide capacity to a local ... Read the full article
Hannover Re agrees reinsurance deal with Independent Life
5th January 2021
Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re, has entered an agreement to reinsure a percentage of Independent Life's new and existing business. Independent Life will remain 100% responsible for the benefit payments to the structured settlement payees and will continue to administer these ... Read the full article
BMS launches Asia operations
5th January 2021
Independent specialist re/insurance broker BMS Group has announced the launch its Asia broking operations. Headquartered in Singapore and with proposed operations in Hong Kong pending regulatory approval, BMS Asia will initially focus on M&A insurance broking. It's hoped this move will enhance BMS' existing capabilities in that class of business in London, ... Read the full article
Amazon, Berkshire-backed healthcare venture Haven to shut down
5th January 2021
Haven, the joint healthcare venture launched by Amazon, Berkshire Hathaway and JP Morgan in 2018, is set to shut down and disband by the end of the month, sources at CNBC have reported. The three companies originally partnered to tackle the “ballooning costs of healthcare” in the US market through ... Read the full article
Resolution Life acquires Voya Financial’s individual life in-force business
5th January 2021
Resolution Life, a manager of in-force life insurance businesses, has completed its acquisition of Voya Financial's individual life in-force business. The deal sees Voya offload all of its in-force individual life business, including Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and certain other affiliates, as well as ... Read the full article
Jan 1 renewals yield sharpest price changes in recent memory: Howden
5th January 2021
International insurance broker Howden has reported that a multitude of factors coalesced at the January 1, 2021 renewals to drive “the sharpest price changes in recent memory.” According to Howden, lower investment yields, higher loss cost trends, another above-average loss year, concerns over climate change and general risk aversion were among ... Read the full article
FEMA secures $1.153bn of NFIP flood reinsurance for 2021
5th January 2021
The U.S. Federal Emergency Management Agency (FEMA) has secured $1.153 billion of flood reinsurance for the National Flood Insurance Program (NFIP) for 2021, at a premium of $195.8 million. It was announced in September of 2020 that FEMA had returned to the traditional reinsurance market and commenced the procurement of ... Read the full article
Ambac Financial Group to acquire 80% of Xchange
5th January 2021
Ambac Financial Group has entered into an agreement to acquire 80% of the membership interests of each of Xchange Benefits and Xchange Affinity Underwriting Agency, collectively Xchange. P&C Managing General Underwriter (MGU) Xchange will continue operating under its existing brand as it seeks to expand its underwriting partnership with its key ... Read the full article
Zurich Malaysia appoints Khoo Ai Lin as CEO
5th January 2021
Zurich Malaysia has appointed Khoo Ai Lin as the new Chief Executive Officer (CEO) of Zurich Life Insurance Malaysia (ZLIM), according to New Straits Times. In this role, Ai Lin will be responsible for leading and executing Zurich Malaysia's strategic priorities to grow its life insurance business. She succeeds Stephen Clark, who ... Read the full article
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