Reinsurance News
CCRIF pays $3.6mn to Guatemala for Storms Amanda & Cristobal
23rd June 2020
CCRIF has paid the Government of Guatemala US $3.6 million under its excess rainfall (XSR) parametric insurance policy following Tropical Storms Amanda and Cristobal. Amanda, which originated in the Pacific Ocean, initially made landfall on Guatemala’s Pacific coast on May 31, causing flooding and landslides. This tropical storm dissipated but the remnants ... Read the full article
HSCM expected to take majority control of Weston Insurance
23rd June 2020
Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, is expected to take majority control of specialty insurer Weston Insurance Holdings Corporation (WIHC). Financial analysis firm Demotech said the move would be beneficial for both WIHC and its insurance carrier subsidiaries. Accordingly, analysts assigned Financial Stability ... Read the full article
AmWINS Program Underwriters forms new carrier partnership
23rd June 2020
AmWINS Program Underwriters (APU) has announced a new carrier partnership that is expected to result in multiple program enhancements to APU offerings. Specifically, the partnership will provide insurance solutions APU’s Metal & Plastics, Natural Gas Distributors, Trailer & Work Truck Manufacturers and Water Well Contractors programs, effective May 1st. The new carrier ... Read the full article
Bold Penguin partners with State Automobile Mutual Insurance Company
23rd June 2020
Commercial insurance technology provider Bold Penguin has announced the integration of State Automobile Mutual Insurance Company into its platform. Bold Penguin says this integration allows users of its platform access to business use auto coverage through State Auto with other insurance products, to be launched in the third quarter. State Auto currently ... Read the full article
W. R. Berkley promotes both John Littzi and Neil Keenan
23rd June 2020
W. R. Berkley Corporation, a U.S. domiciled insurance holding company, has announced the appointments of John Littzi as senior vice president, deputy general and Neil Keenan as vice president, senior counsel, effective immediately. Keenan takes over from Littzi who has served as vice president, senior counsel since 2013, having joined the ... Read the full article
The Ardonagh Group secures £1.875bn commitment led by Ares
23rd June 2020
Ares Management Corporation, a leading global alternative investment manager, is serving as the lead arranger for a £1.875 billion financing commitment to The Ardonagh Group, the largest independent insurance broker in the UK. The Ardonagh Group was established in 2017 and expanded significantly the following year through numerous acquisitions. The company ... Read the full article
Brokers hold key to cyber growth: CyberCube
23rd June 2020
Brokers have a critical role to play in addressing adequate coverage and a range of other factors holding back growth in the cyber insurance market, according to a new report from cyber analytics provider CyberCube. The report highlighted several challenges the market faces in growing adoption of cyber insurance, including the ... Read the full article
Haven Life partners with Benefitfocus to provide new insurance solution
23rd June 2020
Customer-centric life insurance agency Haven Life has partnered with tech platform Benefitfocus in order to provide individuals with Salary Protection, a new term life insurance policy that pays an employee's beneficiary an amount equal to the policyholder's paycheck every month for up to 15 years after initial purchase. Salary Protection claims ... Read the full article
Climate change & cyber growing priorities for re/insurers: LCP
22nd June 2020
A new report by pension, insurance and investment consultancy firm Lane Clark & Peacock LLP (LCP) has found that climate change and cyber risk are seen as the main rising priority areas for re/insurance firms. An analysis of early Solvency II disclosures by 50 re/insurers across the UK and Ireland found ... Read the full article
MAPFRE launches €250m private equity fund
22nd June 2020
Spanish insurer MAPFRE has announced the launch of a new fund designed to bring together the existing private equity investments of all the companies in the group, as well as those made going forward. The €250 million fund is being launched alongside financial advisory firms Abante and Altamar. The fund will be managed ... Read the full article
Markel’s PACE portfolio to focus solely on entertainment lines
22nd June 2020
Markel International has announced that, effective immediately, its wholesale operation will no longer be writing personal accident or contingency insurance and will be focusing solely on the entertainment book within its personal accident, contingency and entertainment portfolio (PACE). Consequently, the entertainment portfolio, which includes film, TV, and advertising production coverage alongside ... Read the full article
1347 PIH appoints Larry Swets as Interim CEO
22nd June 2020
1347 Property Insurance Holdings, Inc. has announced the appointment of current Board Member and former Chairman, Larry G. Swets Jr., as its Interim Chief Executive Officer (CEO), effective immediately. In his new role, Swets will be responsible for leading the firm through the formative stages of launching its diversified holding company ... Read the full article
London Market adds modern slavery clause for marine cargo
22nd June 2020
Fidelis, Aon and Marsh have developed a new marine cargo clause for the London Market that is designed to keep the products of modern slavery out of the export supply chain. The group of brokers and insurers say the clause will make it a condition of marine cargo policies that the ... Read the full article
Reinsurers refining Florida portfolios on new view of risk: GC
22nd June 2020
Analysts at Guy Carpenter have noted that there was significantly less deployable capital at the Florida renewals this year, as reinsurers were already refining their portfolios for the state based on a new “view of risk.” The broker noted that the June 1 renewal was the “first genuine test” of the ... Read the full article
BHSI appoints Katrin Thiel as Head of Claims in Germany
22nd June 2020
Berkshire Hathaway Specialty Insurance Company (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced the appointment of Katrin Thiel as Head of Claims in Germany. Thiel joins with nearly 20 years of industry experience and was most recently Head of Claims at AXA Corporate Solutions in Germany. Before that, she served as a Claims ... Read the full article
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