Reinsurance News
Indigo Specialty Underwriters partners with Obsidian
15th February 2023
Indigo Specialty Underwriters, a registered series of Mission Underwriting Managers, LLC, an Arizona-based insurance agency, has announced a new partnership with Obsidian – an AM Best rated “A-” (Excellent) hybrid fronting program carrier. In a statement, Indigo said that the partnership will provide miscellaneous professional liability coverage for accounts over $50 million in ... Read the full article
Brit announces renewal and expansion of flagship cyber consortium
15th February 2023
Global specialty re/insurer Brit Ltd. has announced the renewal and planned expansion of its leading cyber consortium - Brit Cyber Attack Plus (BCAP). BCAP is a cyber product, designed to protect clients from the impact of physical damage arising from cyber-attacks. The consortium was launched in 2014 to address the coverage gap ... Read the full article
RGA and RenRe to wind down life & annuity reinsurer Langhorne Re
15th February 2023
Langhorne Re, the global reinsurer targeting large in-force life and annuity blocks launched in 2018 by Reinsurance Group of America (RGA) and RenaissanceRe (RenRe), is being wound down as it failed to complete any deals and its capital commitments expired without renewal, as first reported by our sister publication Artemis. Read the full article
CFC introduces policy encryption for cyber insurance
15th February 2023
Specialist insurance provider CFC has announced that it is introducing policy encryption for its cyber insurance policies, with the firm noting that it is the first provider in the industry to do so. CFC suggests that providing this additional layer of security for its customers is another critical step to keeping ... Read the full article
J. Daniel Plants to Step Down from Argo’s Board of Directors
15th February 2023
Argo Group International Holdings, Ltd., has announced that J. Daniel Plants, a member of the Argo Board of Directors, and Chairman of its Strategic Review Committee, has notified the company of his intention to step down from the Board, effective immediately. Plants is the Founder and Chief Investment Officer of Voce ... Read the full article
TWIA confirms discussions are underway with reinsurers for 2023 renewal
15th February 2023
The Texas Windstorm Insurance Association (TWIA) has commenced discussions with its reinsurance partners as it looks to secure up to $2.92 billion in coverage for the upcoming storm season, across traditional reinsurance and catastrophe bonds. During a board meeting held yesterday, Jim Murphy, Chief Actuary, said that TWIA's "begun setting up ... Read the full article
ARPC cyclone cover triggered by Cyclone Gabrielle in New Zealand
15th February 2023
The Australian Reinsurance Pool Corporation's cyclone cover has been triggered by Tropical Cyclone Gabrielle, which recently struck New Zealand in what the country's prime minister described as "the biggest weather event to hit the country in the past century." After being notified by the Bureau of Meteorology, ARPC declared Cyclone Gabrielle ... Read the full article
Lloyd’s broker Ramon Intl. appoints Lee Ellis as Chief Strategy Officer
15th February 2023
Lloyd’s broker Ramon International has appointed Lee Ellis to the role of Chief Strategy Officer, effective immediately. Ellis, who also serves as a board member of Ramon International, will also assume board roles across the international operations and the appointed representative businesses under the Ramon banner. An established figure across the industry, ... Read the full article
RiverStone Intl. finalises £1.2bn RITC & LPT agreements with MS Amlin
15th February 2023
Legacy acquirer and reinsurer RiverStone International has completed a reinsurance-to-close (RITC) and a loss portfolio transfer (LPT) with MS Amlin Underwriting Limited, with net technical provisions of £1.2 billion. Under the agreement, RiverStone provides MS Amlin Syndicate 2001 with a RITC of the 2018 and prior years of account, and a ... Read the full article
Eduardo Dávila appointed as President of Aon Spain
15th February 2023
Insurance and reinsurance broker Aon, has appointed Eduardo Dávila as President of Aon Spain. Dávila takes on this role while also still holding his current responsibilities as Chief Executive Officer (CEO) in Aon EMEA, and also serving as a member of the Aon Executive Committee Global. Dávila joined Aon over 21 years ... Read the full article
Ping An P&C launches first ocean carbon sink index insurance policy for marine ecosystem
15th February 2023
Ping An Property & Casualty Insurance has launched its very first ocean carbon sink index insurance policy in the city of Dalian. This launch follows the firms pilot of its forest carbon sink remote sensing index insurance in 2021. Ping An P&C noted that the ocean carbon sink index insurance will provide ... Read the full article
WTW boosts exposure management and climate analytics team with senior hires
15th February 2023
Global brokerage WTW has appointed Michelle Radcliffe as Director in the Exposure Management and Climate Analytics Team, within the firms Insurance Consulting and Technology (ICT) business. Within the role, she will heavily focus on climate transition risks and exposure management for underwriting, against a backdrop of changing legislation and market ESG ... Read the full article
Casualty remains an attractive market for reinsurers, suggests Aon’s Light
14th February 2023
Despite wider reinsurance market headwinds, casualty remains an attractive market for reinsurers, especially as they look for opportunities to diversify away from property catastrophe, says Nigel Light, Global Casualty Leader, Aon Reinsurance Solutions. Light's comments stem from Aon Reinsurance Solutions' international casualty report, which suggests that the market remains largely stable ... Read the full article
Corebridge Financial hires Lisa Longino as Chief Investment Officer
14th February 2023
Corebridge Financial, the recently rebranded Life & Retirement business of AIG, has appointed Lisa Longino as Chief Investment Officer, effective immediately. Within the role, Longino will report to Kevin Hogan, Chief Executive Officer, Corebridge Financial. She joins Corebridge from Prudential Financial, where she previously held the role of Head of Global Investment Strategy. Before ... Read the full article
B.P. Marsh reports NAV increase in latest update
14th February 2023
Venture capital provider B.P. Marsh has reported Net Asset Value (NAV) of £179.8 million for 31 July 2022, compared to £166.6 million at 31 January 2022. In a statement, B.P. Marsh singled out a number of its investment companies, saying that Kentro's performance remains strong across both Nexus Underwriting Limited, the ... Read the full article