Reinsurance News
L&G in £275m buy-in transaction with Hitachi Pension Scheme
26th August 2020
Legal & General (L&G) has agreed a £275 million buy-in transaction with the Trustee of the Hitachi UK Pension Scheme. This is L&G’s first deal with the scheme, and covers the scheme’s remaining uninsured deferred members and retirees since the it underwent its first buy-in transaction with Scottish Widows in 2018. By ... Read the full article
Lockton hires new chief people officer
26th August 2020
Insurance and reinsurance broker, Lockton, has announced the hiring of Kelly Conway as their new chief people officer. Conway will lead Lockton's people strategy, focusing on continuing to attract, develop, and retain talent to support the broker’s growth. In addition to taking responsibility for central HR functions, she will partner across the ... Read the full article
AXA & Bharti to combine their Indian non-life operations into ICICI Lombard
26th August 2020
AXA and Bharti have announced an agreement to combine their non-life insurance operations in India, Bharti AXA General Insurance Company Limited, into ICICI Lombard General Insurance Company Limited. Following the transaction, the combined entity will be ranked number three amongst non-life insurers in India, with an increased market share of ca ... Read the full article
Fidelis enters Contingency and Fine Art & Specie markets with new hires
26th August 2020
Fidelis Underwriting Limited has announced its entry into the Contingency and Fine Art & Specie markets with the addition of two new underwriters. To drive the company's entry into the two markets, Fidelis has appointed Emily Clapham as a Contingency underwriter and Stacey Munton as a Fine Art & Specie underwriter. The ... Read the full article
World economic resilience to fall in 2020; protection gap hits $1.24tn: Swiss Re
26th August 2020
The impact of the ongoing COVID-19 pandemic is expected to drive an almost 20% reduction in global macroeconomic resilience in 2020, while the global protection gap (disparity between economic and insured losses) has hit a new high of $1.24 trillion, according to Swiss Re Institute. In its latest annual resilience indices, ... Read the full article
Reinsurance capital resilient in H1, finds report
26th August 2020
New estimates from Guy Carpenter and AM Best show that total dedicated reinsurance capital was resilient at the end of the first half of 2020, increasing by 1% overall from year-end 2019. Guy Carpenter and AM Best noted that a recovery in the financial markets and asset valuations during Q2 helped ... Read the full article
R&Q’s Accredited enters into program underwriting partnership with Surround
26th August 2020
Accredited Surety & Casualty Company, Inc., a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., has entered into a program partnership with Massachusetts domiciled carrier, Surround Insurance Agency, LLC. Surround was co-founded in 2018 by Jonathan Grayson and Kate Terry, and is set to offer a starter pack of ... Read the full article
African Trade Insurance Agency announces new CEO
26th August 2020
The African Trade Insurance Agency (ATI) has announced the appointment of Manuel Moses as its new Chief Executive Officer (CEO). Toavina Ramamonjiarisoa, ATI’s Chief Financial Officer (CFO) will fill the position of Acting CEO, until Moses’ start date on 1st November, 2020. Additionally, Benjamin Mugisha has been confirmed as the substantive Chief Underwriting ... Read the full article
Hurricane Laura storm surge threatens homes with RCV of $88.6bn: CoreLogic
25th August 2020
As Hurricane Laura continues its path toward the Louisiana coast, catastrophe risk modeller CoreLogic has warned that almost 432,000 single-family and multi-family homes along the Texas and Louisiana coasts are at potential risk of storm surge damage. This analysis is based on Hurricane Laura making landfall as a Category 3 storm, ... Read the full article
Oneglobal announces new Senior Partner, Financial Lines
25th August 2020
Insurance brokerage Oneglobal has announced the appointment of Max Bingley as Senior Partner of Financial Lines. In his new role, Bingley will be reporting to Roger Spicer, the Group Head of Broking. For the past 18 years, Bingley has worked exclusively for insurance and reinsurance broker Aon, developing their specialty financial lines ... Read the full article
Lincoln Financial announces addition to board
25th August 2020
Lincoln Financial Group has announced that Reginald Davis has been elected to serve on the company’s board of directors. Davis most recent position was at Flagstar Bank, his role was executive vice president and president of banking. He has more than 35 years of experience in the commercial banking industry and previously ... Read the full article
Google’s Verily launches insurance partnership with Swiss Re
25th August 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurance giant Swiss Re, is backing a new Verily subsidiary focused on employer stop-loss called Coefficient Insurance Company. Verily is the life sciences and healthcare subsidiary of Alphabet, the parent of Google. The firm's new insurance subsidiary, Coefficient, has ... Read the full article
CPIC says Swiss Re investment helps optimise ownership structure
25th August 2020
China Pacific Insurance Company (CPIC) has said that an investment by Swiss Re has helped to optimise its ownership structure, after the reinsurer participated in CPIC’s recent listing on the London stock exchange (LSE). Alongside the release of its H1 results, CPIC explained that the investment from Swiss Re had “laid ... Read the full article
Lloyd’s names Carey Bond as US Head of Claims
25th August 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has announced the appointment of Carey Bond as US Head of Claims. This newly created role forms part of the Future at Lloyd's strategy, and sees Bond collaborate with London brokers and syndicates on both the design and delivery of claim solutions ... Read the full article
Monument Re acquires Charles Taylor’s Isle of Man operations
25th August 2020
Life reinsurance and insurance holding company, Monument Re, has reached an agreement to acquire Charles Taylor Group's Isle of Man businesses. The purchase mostly consists of Charles Taylor's life insurance entity, LCL International Life Assurance Company Limited, and Charles Taylor Holdings Limited. Financial terms of the deal were not disclosed and the ... Read the full article
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