Reinsurance News
Liberty Mutual Re promotes Londoño to General Manager Colombia
10th March 2020
Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance Group, has announced the promotion of Juan Felipe Londoño to General Manager Colombia, reporting to Miguel Martinez-Alvarez, Head of Business Development & Latin America. Londoño's promotion is effective immediately and sees him take responsibility for the Andean Region and Panama. He replaces ... Read the full article
CAC Specialty adds SVP to Financial Lines Legal and Claims Practice
10th March 2020
Specialty insurance broker and investment banking platform CAC Specialty has announced the appointment of Carrie O’Neil as Senior Vice President in its Financial Lines Legal and Claims Practice. Most recently, O’Neil was a Senior Vice President at JLT Specialty, leading the financial lines’ Legal & Claims team. Prior to this, she was ... Read the full article
Geopolitical tensions to weaken growth in GCC region: Moody’s
10th March 2020
Mounting geopolitical tensions and intense competition are set to weaken growth for re/insurers in the Gulf Cooperation Council (GCC) region, according to analysts at Moody’s. The rating agency said that GCC insurers are set to face moderate-to-high credit risk over the next 18 months due to tensions between the US and ... Read the full article
Nexus broking division acquires trade credit business of Howden UK
10th March 2020
Xenia Broking Group, the independent broking arm of Insurance intermediary holding company Nexus Group, is set to acquire the trade credit business of Howden UK. The transaction will complete on 31 March 2020 following which Xenia will integrate Howden’s trade credit business with its regulated entity Credit Risk Solutions Limited. “This is ... Read the full article
European re/insurers prepared to manage pandemic risk: AM Best
9th March 2020
Against the backdrop of the coronavirus outbreak, AM Best has said that it considers European insurers and reinsurers to be well positioned to manage their potential exposure to pandemic risk. The rating agency noted that COVID-19 has the potential to challenge European re/insurers on both the asset and liability side of ... Read the full article
BMS Group adds duo to Private Equity, M&A and Tax division
9th March 2020
Independent specialist re/insurance broker BMS Group has announced the appointment of Sophie Wallace and Dean Andrews as Divisional Directors in the recently established Private Equity, M&A and Tax division. Andrews has also been appointed Head of Tax Liability Insurance, effective immediately. Both Wallace and Andrews will report to Tan Pawar, who will ... Read the full article
Risk Strategies completes recapitalisation transaction
9th March 2020
US insurance broker and risk management firm Risk Strategies has completed a recapitalisation transaction which includes a new equity investment from funds managed by Kelso & Company. The investment represents an extension of the partnership between Risk Strategies and Kelso which began with Kelso’s original investment in 2015. The transaction is expected ... Read the full article
Insurtech Relay secures $3mn funding, launches placement platform
9th March 2020
After two years of development and testing with large participants, Toronto-headquartered insurtech Relay has released its first fully-fledged online Software-as-a-Service solution. The firm, which has also just recently secured $3 million in its latest funding round, says the platform is able to secure and track complex risk placements quickly and easily. The ... Read the full article
ABI pegs storm Ciara, Dennis payouts at £360mn
9th March 2020
The Association of British Insurers is expecting total payouts for UK storms Ciara and Dennis to exceed £360 million. The ABI says insurers made initial emergency payments of over £7.7 million to help flooded homeowners and businesses in the immediate aftermath of the flooding and wind damage. With repairs to many properties ... Read the full article
Aon confirms combination with Willis Towers Watson
9th March 2020
Global insurance and reinsurance broker Aon has confirmed that it will combine with rival broker Willis Towers Watson, following weeks of speculation about a potential deal. The companies today announced a definitive agreement to combine in an all-stock transaction with an implied combined equity value of approximately $80 billion. "This combination will ... Read the full article
AM Best places IRB Brasil Re under review with negative implications
9th March 2020
Ratings agency AM Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of IRB-Brasil Resseguros S.A. (IRB Brazil Re). The decision comes after President José Carlos Cardoso and CFO Fernando Passos submitted their resignations to the ... Read the full article
PERILS settles on industry loss of €782mn for Cyclone Dragi-Eberhard
9th March 2020
Catastrophe loss data aggregator PERILS has settled on a figure of €782 million (US $889 million) as its fourth and final estimate for the insurance market loss resulting from Extratropical Cyclone Dragi-Eberhard in March 2019. Dragi-Eberhard affected the British Isles, and Western and Central Europe on 9 and 10 March and ... Read the full article
Sompo GRS launches replacement value protection insurance
9th March 2020
Bermuda-based P&C re/insurer Sompo International has announced that its Global Risk Solutions division has entered a strategic partnership with Fisher Harris Shapiro to offer specialised protection against covered property perils to US commercial real estate and financial institutions. Sompo GRS Replacement Value Protection helps protect lenders/owners in commercial real estate financings ... Read the full article
Premium renewal rates stay on upward trend in February: IVANS
9th March 2020
The February 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. Compared with the previous month, Commercial Auto and Commercial Property lines saw the greatest average rate increases, while Umbrella had the most significant ... Read the full article
CyberCube secures more funding, adds Board observers
9th March 2020
Cyber risk analytics firm CyberCube has secured additional funding from venture capitalist MTech Capital and individuals from Stone Point Capital. These additional investments bring the cumulative amount raised in CyberCube’s previously announced Series B funding round to $40 million. In connection with this investment, CyberCube is appointing additional observers to its ... Read the full article
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