Reinsurance News
CAC Specialty partners with Fortress Investment Group
21st November 2019
CAC Specialty, the specialty insurance brokerage and investment banking platform recently established by Cobbs Allen, has announced the formation of a strategic relationship with funds managed by affiliates of Fortress Investment Group LLC. The partnership with Fortress, which previously provided financing for the formation of CAC Specialty, will support the capital ... Read the full article
North P&I Club set for 7.5% general increase
21st November 2019
North P&I Club, the UK-based marine mutual liability re/insurer, has decided to set a general increase of 7.5% on P&I and FD&D premiums for the 2020/2021 policy year in an effort to offset the suppression of rates and premium income. The increase is considered necessary to maintain the club’s financial strength ... Read the full article
Munich Re-backed Vouch Insurance raises $45mn in funding
21st November 2019
Vouch Insurance, a platform backed by Munich Re that offers business insurance for start-ups, has secured $45 million of funding in a Series B investment round, led by Y Combinator Continuity. At the same time, Vouch has announced its launch in California, following its initial authorisation in Utah and Illinois ... Read the full article
Liberty Mutual adds Libman to sharing economy, new mobility practice
21st November 2019
US primary insurer Liberty Mutual has appointed Max Libman as lead underwriting consultant within its sharing economy & new mobility practice. The practice combines Liberty's commercial and personal lines expertise to provide arange of solutions that help ride-hailing, vehicle-sharing, car subscription and autonomous vehicle companies better manage the unique risks they ... Read the full article
Markel Chairman Alan Kirshner steps down, Steve Markel to succeed
21st November 2019
Markel Corporation has announced that Alan Kirshner will not stand for re-election as Executive Chairman and Chairman of the Board at the company’s 2020 Annual Meeting of Shareholders in May. Kirshner will retire as a director and officer of the company at the end of the meeting, with current Board Member ... Read the full article
Aspen Re to close offices in Miami, Dubai and Lloyd’s China
21st November 2019
Aspen Re, the reinsurance arm of Bermudian insurer and reinsurer Aspen Insurance Holdings Limited, is to close its offices in Miami, Dubai and Lloyd's China. The Bermudian re/insurer has confirmed a restructure of some of its operations, resulting in the closure of its Dubai and Lloyd's China reinsurance offices, as well ... Read the full article
Swiss Re CorSo launches globally standardised property policy
21st November 2019
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurer Swiss Re, has announced the launch of ONE Form, a tool designed to increase efficiency and quality in international programme delivery. The ONE Form tool serves to improve the customer experience for International Programme and Property clients and ... Read the full article
The industry is starting to understand an infant cyber market: Guenther, Hacker
21st November 2019
Still in its infancy, the global cyber risk market continues to grapple with data and modelling challenges, but increasingly, re/insurers are becoming aware of a need for new and innovative approaches. This is according to the owner and founder of PeriStrat GmbH, Hans-Joachim Guenther and Peter Hacker, a globally recognized cyber ... Read the full article
The Geneva Association adds Kai-Uwe Schanz to deputy MD role
21st November 2019
International re/insurance industry think tank The Geneva Association has appointed Kai-Uwe Schanz as deputy managing director and head of research & foresight. Schanz spent 12 years co-running Dr Schanz, Alms & Company, a research and business development consultancy, as well as serving as an external advisor to The GA. He joins with ... Read the full article
Alternative capital is here to stay, so leverage it, say industry execs
20th November 2019
Panellists at the 2019 S&P Global Ratings Bermuda Reinsurance Conference, held in early November, agreed that despite a recent pull-back and an expectation of lower returns going forward, alternative reinsurance capital is here to stay. After experiencing record levels of growth, the impacts of 2017 and 2018 catastrophe losses resulted in ... Read the full article
Aon set to acquire SME insurtech platform CoverWallet
20th November 2019
Global re/insurance brokerage Aon has announced that it has entered into an agreement to acquire CoverWallet, a digital insurance platform for small to medium-sized businesses (SMEs). Aon previously made a strategic investment into the insurtech back in May 2019, and the firms agreed to work together in the SME space ... Read the full article
Neon to exit property treaty reinsurance, close Bermuda platform
20th November 2019
London-headquartered re/insurance specialist Neon has announced that from the start of January 2020 it will no longer write property treaty reinsurance, citing a lack of sustainable and appropriate returns. As a result of the firm's decision to exit the property treaty space, it will re-focus its Global Property and Property Binders ... Read the full article
IGI grows top line in Q3, improves rates across specialty classes
20th November 2019
International General Insurance Holdings Company (IGI) grew its gross written premiums to $74 million in the third quarter of 2019, and saw premium rate increases across various specialty classes of business. Premiums were up 16% on the same period in 2018, when the company reported gross written premiums of $64 million. Rates ... Read the full article
Resolution Life completes latest capital raise, taking commitments to $3bn+
20th November 2019
Resolution Life Group Holdings LP, a long-term manager of legacy life insurance portfolios, has today announced the completion of its latest capital raise. After the finalisation of its most recent capital raise, Resolution Life has secured commitments of more than USD 3 billion since September 2018. The company notes that the capital ... Read the full article
Munich Re-backed start-up Next Insurance hires execs from Fitbit & Yelp
20th November 2019
Next Insurance, the digital insurtech firm backed by Munich Re, has announced the appointments of former Fitbit executive Melanie Chase as Chief Marketing Officer and former Yelp executive Effi Fuks Leichtag as Chief Product Officer. Next Insurance provides digital small business insurance coverage across the US to over 1,000 types of ... Read the full article
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