Reinsurance News
Legal & General in £1.6bn pension buy-in with National Grid UK
26th November 2019
Legal & General Assurance Society Limited has entered into a £1.6 billion pension risk buy-in deal with the National Grid UK Pension Scheme (NGUKPS). The policy covers 6,000 pensioner members from Section B of the £20 billion defined benefit pension scheme, which is primarily for previous employees of the gas industry. This ... Read the full article
Great American names President of M&A Liability Division
26th November 2019
Great American Insurance Group has announced the promotion of Roy Reynolds to Divisional President within its Property & Casualty (P&C) Group, Mergers & Acquisitions (M&A) Liability Division. At the same time, Great American has named Garry Gordon as Divisional Senior Vice President, also for its P&C Group, M&A Liability Division. Reynolds joined ... Read the full article
Munich Re more interested in primary insurer acquisitions
26th November 2019
Joachim Wenning, Chief Executive Officer (CEO) of reinsurance giant Munich Re, has said that the company is currently more interested in looking at acquisitions of primary insurers, according to reports from German newspaper Welt. Speaking at an event on Monday evening in Munich, Wenning said that acquisitions of reinsurance firms seemed ... Read the full article
Theresa Froehlich named Chair of Aspen Insurance UK
26th November 2019
Theresa Froehlich has been appointed Chair of Aspen Insurance UK Ltd. (AIUK) and as a non-executive director of AIUK and Aspen Managing Agency Ltd. (AMAL), subject to regulatory approval. At the same time, Aspen Insurance Holdings Ltd. has announced the appointment of Natalie Waller as a non-executive director of AIUK and ... Read the full article
LiquidX welcomes Great American Insurance to electronic platform
26th November 2019
LiquidX, the international network for illiquid assets, has announced the addition of Great American Insurance Group and subsidiary FCIA Management to its trade credit insurance marketplace. The recently-launched platform enables insureds to electronically and directly access the trade credit underwriting market for their insurance requirements, and is open to any interested ... Read the full article
Markel’s Mia Finsness named MD, Global Casualty Underwriting & Claims
26th November 2019
Markel Corporation's Mia Finsness, who currently leads Casualty Claims at Markel for North America and the Dublin and London Assurance divisions, has seen her role expand to Managing Director, Global Casualty Underwriting and Claims. In her new role, she will continue to manage the Markel North America and the Dublin and ... Read the full article
CAC Specialty expands Transactional Liability Practice
26th November 2019
CAC Specialty has added Jordan Tamchin, Esq. as Senior Vice President (SVP) and lead of its Tax Insurance Practice. Most recently, Tamchin served as Vice President (VP), Tax Insurance Counsel for Concord Specialty Risk, which is part of Ryan Specialty Group's RSG Underwriting Managers, where he underwrote a broad range of ... Read the full article
Carlyle Group and T&D acquire AIG’s stake in Fortitude Re for $1.8bn
26th November 2019
The Carlyle Group and T&D Holdings have partnered to acquire a 76.6% ownership interest in Fortitude Re, the run-off reinsurer launched by AIG and Carlyle in November 2018. Valued at $1.8 billion, the deal will leave Carlyle with a 71.5% stake in Fortitude Re (including the 19.9% stake it took ... Read the full article
M&A insurance use up in 2019, market value at $2.3bn: Aon
26th November 2019
Around 3,200 deals were transacted globally in 2018 using warranty and indemnity (W&I) insurance, with market value reaching $2.3 billion, according to a new report from re/insurance broker Aon. The report found that market value was up 35% from 2014, with demand for merger and acquisitions (M&A) insurance products driven by ... Read the full article
HCI’s TypTap Insurance sees premiums exceed $50 million
26th November 2019
Premiums in force at technology-driven insurer TypTap Insurance Company, which is a subsidiary of HCI Group, Inc., have now exceeded the $50 million mark. According to an announcement, TypTap Insurance Company's operations are made possible by insurance-related information technology that is developed by HCI's software subsidiary, Exzeo USA, Inc. Speaking during ... Read the full article
Lack of awareness around the European protection gap: NewRe execs
25th November 2019
Senior executives at Swiss reinsurer NewRe say the company continues to see untapped opportunities in the developed European market, partly due to a lack of awareness about the significant protection gap in many areas. Reinsurance News recently spoke to CEO Renate Strasser and Artur Klinger, the company’s Chief Underwriting Officer (CUO) ... Read the full article
Willis Towers Watson partners with Airport Operators Association
25th November 2019
Re/insurance broker Willis Towers Watson has entered into a corporate partnership with the Airport Operators Association (AOA), a trade body representing UK airports. Under the arrangement, the AOA will extend Willis Towers Watson’s aviation solutions and advisory expertise to its membership. The Association believes the partnership will enable it to enhance risk ... Read the full article
Fidelis recruits Kayley Stewart as Terror and Political Violence underwriter
25th November 2019
Fidelis Insurance, the privately owned Bermuda-based holding company, has added Kayley Stewart to its Fidelis Underwriting Limited (FUL) London underwriting team as part of a push to build out its Terrorism and Political Violence account. Stewart arrives at Fidelis from Liberty, where she most recently served as a senior underwriter. She has ... Read the full article
Moody’s maintains stable outlook for US life sector in 2020
25th November 2019
Moody's has maintained its stable outlook for the U.S. life insurance sector in 2020 amid strong capital, and despite the significant challenges of the ongoing low interest rate environment. The U.S. life insurance sector's strong capital position, as well as its focus on adapting products to the low interest environment and ... Read the full article
Uber licence loss to impact insurtech sector: GlobalData
25th November 2019
The loss of Uber’s licence to operate in London could have a damaging impact on insurtech firms that have developed products for the ride sharing market, according to data and analytics firm GlobalData. Transport for London (TFL) announced today that Uber’s will not be granted a new licence to operate in ... Read the full article
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