Reinsurance News
Chubb promotes Jeffrey Updyke to VP role
29th September 2020
Global re/insurer Chubb has named Jeffrey Updyke Vice President, Chubb Group and Division President, Chubb Small Business. Updyke will have executive operating responsibility for Chubb's retail insurance business that serves small commercial clients in the US and Canada. He will oversee all facets of the business including strategy, product and business development, ... Read the full article
Capital buffers proving resilient despite COVID-19: S&P
29th September 2020
Ratings agency, S&P Global Ratings has released a report which shows how insurers' capital buffers are proving resilient, despite the COVID-19 pandemic. It reported that while COVID-19 financial market stresses could have wiped out up to 85% of the global insurance industry's capital buffer at the beginning of 2020, a cushion ... Read the full article
MMC appoints new Chief Information & Human Resources Officers
29th September 2020
Marsh & McLennan Companies, Inc. (MMC) has announced the appointments of Paul Beswick as Senior Vice President (SVP) and Chief Information Officer and Carmen Fernandez as SVP and Chief Human Resources Officer. Taking up their new positions on January 1st, Beswick and Fernandez will report to MMC President and CEO Dan ... Read the full article
FCA measures could stunt UK home & motor profits in late 2021: Fitch Ratings
29th September 2020
Fitch Ratings is currently exploring how UK motor and home insurers could have lower profits in late 2021 and into 2022 following new measures proposed by the Financial Conduct Authority (FCA). Last week, the UK regulator announced a number of interventions designed to tackle high prices for customers who do ... Read the full article
Hyperion X adds Guy Carpenter’s Julian Alovisi as Head of Research
29th September 2020
Hyperion X Analytics, the analytics and advisory specialist unit of the Hyperion Insurance Group, has appointed Julian Alovisi to the newly created role of Head of Research. In this role, Alovisi is set to lead the firm's differentiated research and thought leadership function at a time of great change across the ... Read the full article
Arthur J. Gallagher targeted in ransomware attack
29th September 2020
International insurance brokerage firm Arthur J. Gallagher & Co has confirmed that it was the target of a ransomware attack on September 26th. The firm said the incident impacted a “limited portion” of its internal systems, and does not expect it to have a material impact on its operations or financial ... Read the full article
Pen Underwriting announces key leadership changes
29th September 2020
Multi-territory managing general agent Pen Underwriting has announced a series of newly created roles and leadership appointments. Stewart Gardiner, previously underwriting director of Pen’s Risk Managed Commercial business, has been appointed Technical Underwriting Director. Reporting to Chief Underwriting Officer Jennifer Martin, his role will span all lines of business and all divisions. In ... Read the full article
Chubb appoints Robert Poliseno to COO role
29th September 2020
Global re/insurer Chubb has announced the appointment of Robert Poliseno as Chief Operating Officer, North America Field Operations. Poliseno succeeds Jeffrey Updyke, who has been named head of Chubb's North America Small Business segment. He will oversee delivery of Chubb's full portfolio of personal and commercial insurance products and services to agent ... Read the full article
American Equity, Värde & Agam partnership to launch new Bermuda reinsurer
29th September 2020
A strategic partnership between American Equity Investment Life Holding Company, Värde Partners, and Agam Capital Management, LLC has been announced, which, will see the establishment of a new Bermuda-based reinsurance company. The partnership between American Equity, an issuer of fixed index annuities, Värde, a global alternative investment firm, and Agam, a ... Read the full article
Howden acquires professional indemnity broker St Giles
29th September 2020
Howden Broking Group, an independent insurance and reinsurance broker, has reached an agreement to acquire St Giles Legal & Professional Risks. St Giles is a professional indemnity insurance broker specialising in the UK solicitor space, a market in which Howden is currently a leading provider. The acquisition of St Giles further cements ... Read the full article
UK insurance industry proves its resilience throughout COVID-19: Lloyds Bank
29th September 2020
The UK insurance industry has proved its resilience throughout the COVID-19 pandemic as well as the uncertainty of Brexit, Lloyds Bank has said. The fifth annual Financial Institutions Sentiment Survey released by Lloyds Bank gathers views from major banks, asset and wealth management firms, insurers and intermediaries. As COVID-19 is expected to ... Read the full article
Ascot strengthens North American operations with two senior hires
29th September 2020
Bermuda domiciled specialty insurer and reinsurer, Ascot Group, has announced two senior hires within in its North American operation, including the addition of Elizabeth Johnson as North America Chief Underwriting Officer (CUO). In her new role, Johnson will work with the firm's North America executive leadership team to develop and execute ... Read the full article
We need to start voicing a picture of a carbon-neutral future: Zurich
29th September 2020
Swiss re/insurer, Zurich Insurance Group has spoken out about climate change and the re/insurance industry's role in creating awareness. Scientists have been warning mankind for decades that humans are causing severe and potentially irreversible changes to the climate, essentially heating the earth ourselves with carbon dioxide and methane. Climate change-induced events that ... Read the full article
IRDAI identifies 3 new Domestic Systemically Important Insurers for 2021
29th September 2020
The Insurance Regulatory and Development Authority of India (IRDAI) has developed a methodology for the identification and supervision of Domestic Systemically Important Insurers (D-SIIs). This has been done through measuring the size of operations in terms of total revenue, including premium underwriting and the value of assets under management. D-SIIs refer to ... Read the full article
ARC partners with insurtech Pula on agric index insurance products
29th September 2020
The African Risk Capacity Limited (ARC Ltd), a commercial subsidiary of African Risk Capacity Group (ARC Group), has signed a partnership agreement with Pula to help provide agriculture index insurance products to the continents' farmers. African farmers are exposed to a range of climate risks including drought, excessive rainfall, pests and ... Read the full article
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