Reinsurance News

Amwins gets exceptional delegated authority scores from AM Best

4th October 2022

AM Best has assigned its highest Performance Assessment of PA-1 (Exceptional) to a group of seven delegated underwriting authority enterprises (DUAEs) of the Amwins Group, with a stable outlook. Launched this year, AM Best's performance assessment for DUAEs looks at underwriting capabilities, governance and internal controls, financial condition, organizational talent and ... Read the full article

CNA Hardy makes several appointments across Continental Europe

4th October 2022

CNA Hardy, a provider of specialist insurance solutions for commercial businesses, has announced a series of appointments as part of the company’s growth plans in Europe. Oliver Tobies joins the Cologne office as Life Science & Technology Underwriting Manager. His experience includes roles at Hiscox and Chubb. In his new role Tobies ... Read the full article

Public finance issuer ratings to remain stable following Ian: Fitch

4th October 2022

According to a new report from Fitch Ratings, the ratings of US public finance issuers affected by Hurricane Ian will largely remain stable, but the credit quality of some issuers with lesser resources and financial flexibility could weaken. While the full extent of property damage in Florida, Georgia and the Carolinas ... Read the full article

Curran and Shaffer take senior distribution roles at Ryan Specialty

4th October 2022

Ryan Specialty has announced the promotions of Tom Curran and James Shaffer to senior distribution roles within its Ryan Specialty Underwriting Managers unit. Curran has been appointed as Chief Wholesale Distribution Officer and Shaffer as Chief Retail Distribution Officer. The former specializes in the wholesale insurance marketplace and has over 25 years’ ... Read the full article

2021 active year for M&A, says AM Best

4th October 2022

A new report from AM Best says that 2021 was an active year for mergers and acquisitions with large block reinsurance transactions leading to a 41% increase in admitted assets owned by private equity firms. The report, Private Equity Continues to Make Inroads in Insurance Industry, AM Best states that as ... Read the full article

Ariel Re gets green light for Lloyd’s Managing Agent

4th October 2022

Global reinsurer Ariel Re has been granted regulatory approval to launch a Managing Agent at Lloyd's of London, a statement from the company has confirmed. The company received approval from the Prudential Regulatory Authority, the Financial Conduct Authority and Lloyd’s to commence the new operation, called Ariel Re Managing Agency (ARMA). Once ... Read the full article

WTW hires Chang from Sompo Intl. as Head, Corporate Risk & Broking NA

4th October 2022

WTW has hired Michael Chang to be its new head of corporate risk and broking for North America, succeeding Mike Liss, who plans to retire in the first half of next year. Prior to joining WTW, Chang served for six years as co-leader of Sompo International’s Global Insurance and CEO of ... Read the full article

Berkshire (BHSI) promotes Anselm Waigand to Head of Risk Engineering, Germany

4th October 2022

Berkshire Hathaway Specialty Insurance (BHSI) has announced that it has appointed Anselm Waigand as Head of Risk Engineering, Germany. Waigand was previously Senior Risk Engineer at BHSI in Frankfurt, Germany, having joined BHSI in 2020. He has more than 15 years of engineering experience at major global insurers, including a 6-year spell ... Read the full article

Equitable finalises reinsurance deal with Global Atlantic

4th October 2022

Financial services and insurance firm Equitable Holdings has announced the completion of its reinsurance transaction with life and annuity insurer Global Atlantic. The transaction involved Equitable’s principle operating subsidiary, Equitable Financial Life Insurance Company, and First Allmerica Financial Life Insurance Company, a Global Atlantic unit. Under the terms of the deal, Equitable ... Read the full article

Brit appoints Jack Hinton to new role

4th October 2022

Specialty insurer Brit has appointed Jack Hinton to be an underwriter in its accident and health team. Hinton is joining the firm from RSA, where he has been a senior underwriter. Prior to RSA, He held underwriting roles with Sompo International and ANV. He joined Brit last month and will return ... Read the full article

Athora Belgium acquires life insurance portfolio from NN Insurance Belgium

4th October 2022

Athora Belgium, a wholly owned subsidiary of life insurance group Athora Holding (Athora), has announced it has completed the acquisition of a closed-book individual life portfolio from NN Insurance Belgium. The transaction brings its assets under management to 11.4 billion euros, and is in line with Athora’s growth strategy focused on ... Read the full article

L&G reports “limited economic impact” from UK financial volatility

4th October 2022

UK financial services group Legal & General (L&G) has reported “limited economic impact” to its business from the financial volatility in the UK over the past  few weeks, as well as from wider unstable macro conditions. Last week, the Bank of England took the unprecedented step of making “urgent” targeted purchases ... Read the full article

Canopius appoints Tracey Corrigan to new role

4th October 2022

Canopius Group has appointed Tracey Corrigan to the role of group head of change. The firm said that Corrigan begins her role at the beginning of October, and she will have overall responsibility for the group wide change portfolio, programme and project management delivery, and operational excellence capability. Her role will ... Read the full article

London company market premium up 7%: IUA

4th October 2022

Premium income for the London company market has risen by more than 7%, a new analysis published by the International Underwriting Association (IUA) has shown. Firms covering large commercial, wholesale and specialty risks in the City earned £30.114 billion in 2021, up from £27.976 billion the previous year, according to the ... Read the full article

Venerable & Manulife close $1.6bn variable annuity reinsurance transaction

4th October 2022

Venerable Holdings, a provider of innovative risk transfer solutions to variable annuity issuers, has announced the completion of a reinsurance transaction with Manulife Financial Corporation, a Canadian multinational insurance company and financial services provider. According to the announcement, the transaction involves the reinsurance of a block of New York variable annuity ... Read the full article