Reinsurance News
PIC concludes £870mn full buy-in of De Beers UK Pension Scheme
4th April 2024
Specialist insurer Pension Insurance Corporation plc (PIC), has completed an £870 million full buy-in of the De Beers UK Pension Scheme. The bulk annuity transaction for the scheme, which is sponsored by diamond company De Beers UK, has fully secured the pensions of 1,464 current pensioners and 473 deferred members. De Beers ... Read the full article
Ascot names Charles Craigs Managing Principal, Bermuda Third-Party Capital
4th April 2024
Ascot Group has appointed Charles Craigs as Managing Principal overseeing the firm's Third-Party Capital initiatives in Bermuda. Craigs holds experience across management, underwriting, capital, and operations functions, and joins Ascot from Canopius Re, where he spent 15 years in executive leadership roles in the company’s London and Bermuda offices. He most recently ... Read the full article
Canopius hires AIG’s Soon Keen Lee as CEO of APAC and MENA
4th April 2024
Global specialty and P&C insurer and reinsurer, Canopius Group, has hired Soon Keen Lee as Chief Executive Officer (CEO) of Asia Pacific (APAC) and Middle East & North Africa (MENA), reporting to Canopius Group CEO Neil Robertson. The appointment, which sees Lee join the Canopius Group Leadership Team, remains subject to ... Read the full article
Prudential Financial closes transaction with Somerset Re
4th April 2024
US insurance and investment firm, Prudential Financial, Inc. has successfully completed a major reinsurance transaction with Somerset Re involving a portion of its guaranteed universal life insurance block. The transaction, previously announced in July 2023, includes $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life ... Read the full article
Joe Morello appointed Arch Int. EVP, Head of E&S Property
4th April 2024
Arch Insurance Group Inc., has announced the promotion of Joe Morello to the role of Executive Vice President, Head of E&S Property. Prior to his appointment, Morello, who has over three decades of experience, served as SVP E&S Property at Arch Insurance for over two years. He had joined the company following ... Read the full article
Howden bolsters presence in France with acquisition of brokerage group, OFRACAR
4th April 2024
Global re/insurance broker Howden has entered into an agreement to acquire OFRACAR, an independent brokerage group headquartered in Rouen. Established in 1964 by Jean-Pierre Lecomte, OFRACAR is a broker based in Normandy, that specialises in property & casualty, employee benefit, motor fleet and transport. The company consists of 84 staff in offices ... Read the full article
Manulife & RGA close largest ever Canadian universal life reinsurance deal
4th April 2024
Manulife Financial Corporation has successfully closed the previously announced transaction to reinsure a low ROE Canadian Universal Life block with RGA Life Reinsurance Company of Canada. If you recall, the transaction was announced last month, with Manulife agreeing to reinsure CAD 5.8 billion (USD 4.4 billion) of reserves of ... Read the full article
Tokio Marine HCC – CPLG strengthens leadership team with key appointments
4th April 2024
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) has announced three key appointments to its leadership team, aimed at strengthening its position in the dynamic cyber and professional lines insurance market. Patrick Gallic has been named Head of Emerging Markets. In this role, he will focus on exploring new ... Read the full article
Jensten acquires specialist insurance broker Henry Seymour & Co
4th April 2024
UK broker and underwriter Jensten has announced the acquisition of Henry Seymour & Co., a deal that will enhance its capacity to offer specialist products to clients with niche requirements. Henry Seymour & Co is a specialist insurance broker catering to the unique needs of salons, clinics, gyms, spas, and mobile ... Read the full article
Fitch expects European commercial insurers’ margins to peak in 2024
3rd April 2024
According to analysts at Fitch Ratings, major European commercial insurers will likely see their underwriting margins peak in 2024, followed by a gradual weakening. Throughout 2023, these insurers continued to enhance the profitability of their business, benefiting from a prolonged period of rising prices in the market. Analysts explain, “prices in commercial ... Read the full article
Klaus Wilkens named president and CEO of Munich Re Canada
3rd April 2024
Munich Re has announced the appointment of Klaus Wilkens as the new president and CEO for Munich Reinsurance Company of Canada and Temple Insurance Company, the reinsurer’s agency affiliate in the country. An experienced leader with a strong mix of market facing strengths, people leadership skills, and technical underwriting skills, Wilkens ... Read the full article
Moody’s RMS and Augment Risk partner on parametric risk transfer market
3rd April 2024
Moody’s RMS, the global catastrophe risk modeling and solutions company, has strategically collaborated with innovative reinsurance brokerage firm Augment Risk, to develop the market for parametric risk transfer. The collaboration aims to serve a range of clients including large corporates with captives, Lloyd’s syndicates, and insurance-linked securities (ILS) funds who are ... Read the full article
Generali completes acquisition of Conning Holdings
3rd April 2024
Generali has completed the acquisition of Conning Holdings Limited (CHL) and its affiliates from Cathay Life, a subsidiary of Cathay Financial Holdings, one of the largest Asia-based financial institutions. The acquisition includes Conning, focused on insurance and institutional fixed income, and its affiliates Octagon Credit Investors (bank loans, CLOs and specialty ... Read the full article
Howden Tiger renamed Howden Re in alignment with rebranding initiative
3rd April 2024
Howden Tiger, the reinsurance broking arm of Howden, has announced its rebranding to Howden Re, aligning with the company’s broader rebranding initiative launched in October 2023. This initiative aims to unify its global broking operations under the Howden name. As a result, Howden Re will now reflect the company's consolidated ... Read the full article
Aon CFO Christa Davies to retire after more than 16 years at the broker
3rd April 2024
Christa Davies, executive vice president and chief financial officer (CFO) for Aon, has chosen to retire in 2025 after more than 16 years at the firm. Davies joined Aon in 2007 and has served as CFO since 2008, overseeing the firm's global finance and operations functions. She will reportedly continue to serve ... Read the full article