Reinsurance News
Active Re appoints top execs to global credit & surety team
18th January 2023
Active Re, a provider of reinsurance solutions for financial institutions, has announced additions to its Credit & Surety team, naming Erik Feigelson Johansson, as Head of Global Credit & Surety Underwriting and Nathalie Gordon, as Senior Underwriter – Credit & Surety. Ramon Martinez Carrera, the CEO of Active Re, made the ... Read the full article
California flooding will shine a spotlight on private flood insurance: AM Best
18th January 2023
A report from AM Best has suggested that the historic ongoing flooding in California highlights a need for a robust private flood market. Since late December, California has been hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and causing severe mudslides. AM Best's report explains that the ... Read the full article
Dawn Rizzi named AVP of Broker Assumed Underwriting team at AmericanAg
18th January 2023
Global reinsurer AmericanAg has appointed Dawn Rizzi as Assistant Vice President – Underwriting/Marketing. Within this role, she will hold responsibility for underwriting a portion of the reinsurers Broker Assumed portfolio, including international treaty business in the UK, Latin America, and Central-Eastern Europe regions. Rizzi joins AmericanAg from EMC Reinsurance Company, where she ... Read the full article
Hippo completes 2023 reinsurance placement on improved terms despite difficult market
18th January 2023
Home insurance group, Hippo, has announced the successful placement of its reinsurance program for the year ahead, which, in spite of challenging market conditions, includes a 32% rise in per-occurrence excess of loss (XoL) limit within the carrier's non-proportional treaty. "In one of the most difficult reinsurance markets in the last ... Read the full article
Nassau appoints Christine A. Janofsky as CFO
18th January 2023
Financial services company Nassau Financial Group has appointed Christine A. Janofsky as its new Chief Financial Officer (CFO). Janofsky joins Nassau from eHealth, Inc., a publicly traded insurance distribution company, where she held the role of CFO. Before joining eHealth, she spent eight years working at Lincoln Financial Group, where she served ... Read the full article
Renewal outcomes strong but longevity uncertain: Berenberg
18th January 2023
Analysts at Berenberg have commented that the outcome of the January renewals looks to be “strong” for reinsurers, but say that it remains uncertain how long hard market conditions will persist. Berenberg expected the reinsurance market to remain hard at least through 2023 due to broad-brush inflation, consecutive years of high ... Read the full article
NFIP claims paid for Hurricane Ian rises 28% to $2.2bn, reports FEMA
18th January 2023
As of yesterday, the National Flood Insurance Program (NFIP) had paid USD 2.2 billion in claims for Hurricane Ian, which made landfall in Florida as a major Category 4 storm in September 2022, an increase of almost 28% from the figure reported by the US Federal Emergency Management Agency (FEMA) on ... Read the full article
Christopher Evans to build out Howden CAP capability in APAC
18th January 2023
International insurance broker, Howden has announced the appointment of Christopher Evans as Executive Director, Howden CAP. Based in Brisbane, Evans joins the new division as it builds out its geographical footprint, bringing expertise and new capabilities for the benefit of clients in Asia Pacific. According to the announcement, with this appointment, Howden ... Read the full article
Arcadian & Aviva enter into a D&F property binding arrangement
18th January 2023
Bermuda-based Managing General Agent (MGA) Arcadian Risk Capital has announced that it has entered into a Direct and Facultative (D&F) Property binding arrangement with Aviva. The multi-year agreement, which was arranged by Inver Re, is set to support Arcadian's short tail book of technically-engineered, risk management business, written either as a ... Read the full article
AM Specialty bolsters underwriting operation with senior hires
18th January 2023
AM Specialty Insurance Company (ASIC), a domestic excess and surplus insurer and accredited reinsurer, has announced the appointment of Dominick Tassone Jr. as Chief Underwriting Officer, and Anne Hoffmans as SVP of Program Underwriting. Tassone, the newly appointed CUO, holds over four decades of primary insurance experience, having spent the last ... Read the full article
ARPC finalises $3.5bn terrorism retro program for 2023
18th January 2023
The Australian Reinsurance Pool Corporation (ARPC), which administers the country’s terrorism insurance scheme, has renewed its $3.5 billion retrocession program for 2023 at the same price as 2022. The retrocession, which totals around $3.5 billion, in addition to ARPC’s net assets and the $10 billion Commonwealth guarantee, provides over $14 billion ... Read the full article
CCR Re launches 157 Re sidecar for 2023 with 40% more capital raised
18th January 2023
CCR Re, the French state-owned reinsurer, has sponsored the fifth renewal of its 157 Re 23 sidecar vehicle, increasing the capital raised on the previous year despite an extremely tight retrocession marketplace. According to the reinsurer, it succeeded in increasing the capital raised by over 40% when compared to 2022, ... Read the full article
PIC completes £400mn buy-in for Amey OS Pension Scheme
18th January 2023
Pension Insurance Corporation plc (PIC) has concluded a partial buy-in transaction with the Trustee of the Amey OS Pension Scheme. PIC worked directly with Amey and the Trustee, insuring approximately £400 million of liabilities, covering the pensions of 3,473 members, which includes 1,938 deferred members. Amey is a UK-based infrastructure services and ... Read the full article
Mark Dyson takes on interim role as CEO of Lloyd’s Asia
18th January 2023
Insurance and reinsurance marketplace Lloyd’s has appointed Mark Dyson as Interim CEO of Lloyd's Asia and Country Manager Singapore, taking over from Thomas Haddrill. It was announced last month that Haddrill would depart Lloyd’s for a new role as Head of Broking for the CEEMEA region at WTW. Dyson, who currently ... Read the full article
Aegon gets shareholder approval for Dutch business combination
18th January 2023
Aegon, a Netherlands-headquartered multinational life insurance, pensions and asset management company, has announced that its shareholders have approved a move to combine certain of its Dutch businesses with insurer a.s.r. Shareholders voted to allow Aegon to combine its Dutch pension, life and non-life insurance, banking, and mortgage origination operations at a ... Read the full article