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Reinsurance News

Former Lloyd’s CEO Inga Beale joins Clyde & Co board

11th December 2019

Insurance law firm Clyde & Co has strengthened it board with the addition of Inga Beale, the former Chief Executive Officer (CEO) of insurance and reinsurance marketplace Lloyd’s of London. Beale served as CEO of Lloyd’s between 2014 and 2018, during which time she initiated a large-scale digital and cultural transformation ... Read the full article

NAIC grants Bermuda, Japan, Switzerland elevated jurisdiction status

11th December 2019

Bermuda, Japan and Switzerland have all been granted Reciprocal Jurisdiction status by The National Association of Insurance Commissioners (NAIC). Reciprocal Jurisdiction is an elevated status introduced by the NAIC this year and is only attainable by first gaining the pre-requisite Qualified Jurisdiction status and recognising the US state regulatory system for ... Read the full article

Kovrr recruits Marco Lo Giudice from Tokio Millenium Re

11th December 2019

Israel-headquartered cyber risk modeller Kovrr has expanded its team with the addition of Marco Lo Giudice, who arrives from Tokio Millenium Re. He will be responsible for spearheading Kovrr’s efforts as it further grows its modelling and portfolio accumulation management capabilities. Lo Giudice has worked in the catastrophe modelling and exposure management ... Read the full article

Stable Japan life outlook underpinned by strong underwriting: Moody’s

11th December 2019

Moody’s has assigned a stable outlook for Japan’s life insurers in 2020, as core profits and capital stay strong despite low interest rates. Analysts explained that the life sector is supported by strong and stable underwriting margins that will continue over the next 12-18 months. Capital is also expected to be supported ... Read the full article

Brown & Brown eyes Canadian broker market with Special Risk acquisition

11th December 2019

Insurance brokerage firm Brown & Brown, Inc. has announced an agreement to acquire the assets of Canada domiciled MGA, Special Risk. Brown & Brown says that the acquisition of Special Risk is an important step towards its establishment of a presence in the Canadian insurance brokerage sector. Following the completion of the ... Read the full article

TWIA projects higher reinsurance costs for 2020 renewal

11th December 2019

The Texas Windstorm Insurance Association (TWIA) has said that it expects its reinsurance costs to amount to $93.1 million in 2020, while the aggregate amount of cover purchased is expected to decline by more than 10%. Reinsurance costs of $93.1 million in 2020 for TWIA's catastrophe reinsurance programme is based on ... Read the full article

PIB acquires CMR Insurance Services, Sue Smith Ltd

11th December 2019

PIB Group, an acquisition vehicle backed by US private equity firm Carlyle, has purchased CMR Insurance Services and Sue Smith Ltd. CMR provides clients with insurance protection against bad debts for UK and export sales through managed credit insurance policies, as well as claims and debt collection services. The team of twelve ... Read the full article

QOMPLX, Chaucer launch multi-peril parametric product for SMEs

11th December 2019

Analytics and insurance software provider QOMPLX has partnered with international specialty re/insurance group Chaucer on a multi-peril parametric insurance product aimed at small to medium-sized enterprises. WonderCover will first be made available in the UK and offer protection triggered by specific instances of cyber, IT interruption, and terrorism. This parametric product allows ... Read the full article

Monument Re buys Irish life insurer from Cattolica Assicurazioni

11th December 2019

Bermudian reinsurer Monument Re has announced the acquisition of Cattolica Life DAC from Cattolica Assicurazioni. Cattolica Life is a life insurer domiciled in Ireland which ceased new activity since 2017. Monument Re noted that the transaction will have no impact on clients and policyholders. The company further stipulated that change of control of ... Read the full article

Global insurance industry M&A activity up in Q3: GlobalData

11th December 2019

In the third-quarter of 2019, total insurance industry merger and acquisition (M&A) deals worth $15.17 billion were announced around the world, which is up 51% on the previous quarter, according to GlobalData. The firm's deals database reveals that although the value of insurance industry deals in Q3 2019 increased on the ... Read the full article

Offshore wind renewable energy specialist Green joins Miller

11th December 2019

Specialist insurance and reinsurance broker, Miller Insurance Services LLP, has announced that facultative reinsurance broker and producer, Andrew Green has re-joined the firm. An offshore wind renewable energy specialist, Green will produce and place facultative reinsurance for the construction and operation of offshore wind farms, with an initial focus on Europe, ... Read the full article

French lottery operator FDJ secures counterparty risk insurance

11th December 2019

La Française des Jeux (FDJ), France's historical lottery and main sports betting operator, has taken out a new comprehensive insurance policy with numerous top-tier French and international insurers and reinsurers to provide protection against its counterparty risk. The new insurance policy is effective from January 1st, 2020 and provides a guarantee ... Read the full article

Swiss Re’s Tongue joins Canopius as trade & political risk underwriter

10th December 2019

Global specialty re/insurer Canopius has has appointed Andrew Tongue as a trade & political risk underwriter. Effective in March, Tongue will also act as deputy to Crispin Hodges, head of trade & political risk. He joins Canopius’ newly created Trade Political Risk unit with close to a decade of experience, having ... Read the full article

AXA XL bolsters environmental insurance team in New York

10th December 2019

AXA XL has bolstered its Environmental insurance team in New York with the appointments of Odette Novoa and Erica Delaney as Senior Underwriters. Novoa joined AXA XL from Aspen as an underwriter of environmental and casualty lines in both domestic and international markets. She began her insurance career with AON as ... Read the full article

Chubb makes $10mn equity investment in Africa’s ATI

10th December 2019

Insurer and reinsurer Chubb has made a $10 million equity investment in the African Trade Insurance Agency (ATI), making it the first global property and casualty (P&C) insurer to become a shareholder in the company. ATI is a multilateral political risk and credit insurer headquartered in Nairobi, Kenya. Established in 2001, ... Read the full article

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