Reinsurance News
Aviva completes £400m buy-in with Interserve
12th January 2023
London-headquartered insurer, Aviva has completed a £400 million buy-in of the Interserve Pension Scheme, securing the benefits of more than 7,000 members. This buy-in follows a £300 million pensioner-only buy-in back in 2014 and means that Aviva has now insured the pension liabilities for all Interserve Section members, comprising 4,300 pensioners ... Read the full article
Spring Insure is ready for growth after a transformational year: CEO Tristan Sargeaunt
12th January 2023
After a transformational 2022, expect to see more of MGA Spring Insure in the months ahead as the company targets greater broker engagement and more distribution activity to support growth, according to its Chief Executive Officer (CEO), Tristan Sargeaunt. Since its launch in November 2020, specialist financial and professional lines MGA, ... Read the full article
GRS adds Richard Booker to US Complex Claims team
12th January 2023
Global Risk Solutions, a provider of P&C claims adjusting, complex/large loss, and environmental risk management solutions, has added Richard Booker to its Complex Claims Solutions USA division as Senior Executive General Adjuster. Booker’s 38-year career includes holding Senior Executive General Adjuster positions at several major claims adjusting companies. He has resolved many ... Read the full article
AXA XL names Tonia Morgan as CFO Reinsurance Bermuda
12th January 2023
AXA XL, the property & casualty and specialty risk division of AXA, has appointed Tonia Morgan as CFO Reinsurance Bermuda. She joined the company in 2018 as Manager Financial Reporting and Analysis for Alternative Capital before being appointed Head of Finance Reinsurance and Alternative Capital in 2020, her most recent role. Prior ... Read the full article
Antares promotes Eddie Hughes to Head of Reinsurance
12th January 2023
QIC subsidiary Antares Managing Agency has announced the promotion of Eddie Hughes to Head of Reinsurance for Antares at Lloyd’s, effective immediately. Hughes brings more than 17 years of experience to the role, which spans across Antares Managing Agency Ltd and Antares Syndicate 1274. He previously served as class underwriter, marine and ... Read the full article
WTW combines Asia & Australasia operations
12th January 2023
WTW has announced the combination of its Asia and Australasia operations into one Asia Pacific region, effective 1 January 2023. As part of the combination, former Head of Australasia Simon Weaver has taken on the new role as Head of Asia Pacific, with Clare Muhiudeen to retire as Head of Asia ... Read the full article
Everest Re names Bobby Kwan APAC Senior Treaty Underwriter
12th January 2023
Everest Reinsurance, the reinsurance division of Everest Re Group, has appointed Bobby Kwan as Vice President, Senior P&C Treaty Underwriter for Asia Pacific region, a role based in Singapore. With over three decades of underwriting and management experience, Kwan has an extensive track record in developing, building & managing treaty business ... Read the full article
Howden completes acquisition of TigerRisk
12th January 2023
Howden Group Holdings has completed the acquisition of TigerRisk Partners (now Howden Tiger), with the firm stating, "Together, we are the world's fourth largest global reinsurance broker." Howden also suggested that following the acquisition, it has created the world’s largest programme, MGA and binding authority capability, which it calls Howden Tiger ... Read the full article
IAG renews Berkshire Hathaway quota share, but relationship changed
12th January 2023
Australian insurer IAG has announced the renewal of its largest Whole of Account Quota Share (WAQS) agreement, with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway, but there have also been key changes to the terms of the relationship between the companies. For instance, Warren Buffett's company will be free ... Read the full article
Reinsurance risk part of UK’s PRA 2023 priorities
12th January 2023
Reinsurance risk is one of the Prudential Regulation Authority’s (PRA) priorities for the supervision of life and general insurers in 2023, the Bank of England revealed. Part of the UK's central bank, the PRA is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major ... Read the full article
TWIA may need $2.964bn of reinsurance for 2023, based on newly set 1:100 PML
12th January 2023
The Texas Windstorm Insurance Association's (TWIA) Actuarial & Underwriting Committee met yesterday to recommend the Board set $5.244 billion as the entity's 1-in-100 probable maximum loss (PML) for the upcoming storm season, which suggests that TWIA could end up buying some 46% more in reinsurance limit for 2023. Following a presentation ... Read the full article
Direct Line cancels dividend as weather claims hit £140m
12th January 2023
UK primary insurer Direct Line has said it no longer expects to declare a final dividend for 2022, as total weather claims for the year are estimated at nearly twice its original expectations. The company says it currently expects to pay claims worth around £90 million due to freezing temperatures in ... Read the full article
Risk Solved and Tensorflight announce partnership
12th January 2023
Global risk management platform provider Risk Solved, and Tensorflight, experts in global property risk management data analytics, have announced a new property risk management partnership. By bringing together Tensorflight’s property risk management data to the Risk Solved platform, the partnership aims to provide the insurance industry with new and enhanced global ... Read the full article
Insurtech Kettle announces new appointments and Shah’s promotion
12th January 2023
Kettle, a deep-learning powered insurtech company, has announced a number of appointments as well as Amit Shah’s promotion to President of Kettle Limited. With over 15 years of industry experience Brian Espie joins Kettle as Chief Underwriting Officer. In his new role he will head up underwriting at the reinsurance MGA startup, ... Read the full article
Treefrog partners with Gustavo Loret de Mola for launch of virtual CTO offering
12th January 2023
Bermuda-based Treefrog Consulting, a software development company delivering technology solutions to clients in the international (re)insurance and ILS space, has announced a new partnership with an insurance technology veteran, Gustavo Loret de Mola, for the launch of its latest virtual insurance Chief Technology Officer (CTO) offering. The service is aimed at ... Read the full article