Reinsurance News
Africa Specialty Risks appoints Sean Paradine as senior treaty underwriter
15th December 2022
Africa Specialty Risks (ASR) has appointed Sean Paradine to be its new senior treaty underwriter. Paradine, said the firm in a statement, joins from WR Berkley where he was a senior vice president focused on treaty underwriting in Sub-Saharan Africa. Before WR Berkley, Paradine spent over twenty years at Everest Re. Mikir ... Read the full article
P&C industry hits speedbumps on road to digitalisation: J.D. Power
14th December 2022
Property and Casualty (P&C) insurance has encountered several obstacles on the road to the industry’s digital transformation, a recent study by J.D. Power found. According to the 2022 U.S. Claims Digital Experience Study, overall satisfaction with the digital claims process has declined for a second consecutive year as insurers struggle to ... Read the full article
ArentFox adds Insurance partner, Huhnsik Chung to New York office
14th December 2022
Law firm ArentFox Schiff has added Partner, Huhnsik Chung to the company's Complex Litigation and Insurance & Reinsurance groups. Based in the firms New York office, Huhnsik brings more than three decades of experience advising clients nationally and internationally in the highly regulated financial and insurance sectors. Huhnsik represents clients within a ... Read the full article
Aston Lark acquires trade book from Navigators & General
14th December 2022
Howden subsidiary Aston Lark has acquired the commercial direct marine trade book from Navigators & General (N&G), part of Zurich UK, in order to expand its range of insurance products for the marine community. According to the firm, the acquisition of the commercial direct marine trade book from N&G will allow ... Read the full article
Aldagi to become first reinsurance company in Georgia
14th December 2022
Aldagi, the leading P&C insurance company in Georgia, is set to further expand its business and become the first reinsurance company in the country. Aldagi expects that with this expansion, the firm will emerge as an important regional player, allowing it to better meet the needs of both local and ... Read the full article
Cowbell establishes Cybersecurity Advisory Board
14th December 2022
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has announced the launch of its Cybersecurity Advisory Board (CSAB), convening experts to drive cross-industry innovation According to the firm, the creation of this board accelerates Cowbell's mission to strengthen cyber resilience in the SME market through cross-industry innovation between ... Read the full article
BHSI makes slew of appointments within North America property team
14th December 2022
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Cathy Miller to the role of head of North America property alongside a host of new promotions within the same team In her new role, said the firm, Miller will oversee the insurer’s general property, energy, builder’s risk and marine business in the US ... Read the full article
Canada Life Reinsurance announces mortality transaction with Allianz Indonesia
14th December 2022
Canada Life Reinsurance, a provider of reinsurance solutions for life and health, has entered into a structured mortality transaction with Allianz Indonesia, expanding its footprint in Asia. Under the agreement, Canada Life Reinsurance will provide protection against adverse mortality experience on a portfolio of credit life business. According to Gareth Dobson, who ... Read the full article
US commercial P&C rates decelerate to 5%: MarketScout
14th December 2022
The latest Insurance Market Barometer from MarketScout and accompanying commentary from analysts at Keefe, Bruyette & Woods reveals that U.S. commercial property and casualty insurance (P&C) rates rose by 5% y/y, below October's +5.9%, which probably reflects both deceleration and monthly volatility. Although rate increases appear to have peaked in December ... Read the full article
Accelerant adds Paul Little to its Board of Directors
14th December 2022
Insurtech Accelerant names Protecdiv COO Paul Little to Board of Directors. Little brings more than three decades of leadership and management experience in the insurance, reinsurance and risk analytics industries, towards the role Previously, Little founded and served as President of Maxfield Risk Consulting, where he specialized in risk management and analytics ... Read the full article
Florida Senate passes property insurance overhaul, now heads to House
14th December 2022
Florida’s property insurance reform bill has now been passed by the state Senate in a 27 to 13 vote that was along mostly party lines. Just one Democrat approved the Republican-brought bill, though two Republican senators voted against it. The proposed bill would create a $1 billion reinsurance fund, reduce litigation costs ... Read the full article
Arthur J. Gallagher acquires Mahowald Insurance
14th December 2022
Re/insurance broking firm, Arthur J. Gallagher & Co. have acquired St. Cloud, Minnesota-based Mahowald Insurance, LLC. Terms of the transaction were not disclosed. Founded in 1930, Mahowald is a retail insurance agency that offers commercial and personal products, as well as employee benefit packages and risk management services for clients across the ... Read the full article
QBE Intl appoints Rob Stone as CFO
14th December 2022
QBE has appointed Rob Stone as Chief Financial Officer (CFO) for its International Division - QBE International. Stone has been with the company for over 14 years. Most recently, he managed Equator Re, QBE’s inward reinsurance facility, before stepping in to run International’s Finance, Actuarial and Legal function on an interim basis ... Read the full article
Concert appoints John Hendrickson as CEO
14th December 2022
Concert has appointed John Hendrickson as CEO. The firm said that Hendrickson will take up his role at the beginning of January, succeeding Jonathan Reiss. Reiss, the firm said in a statement, will remain on Concert’s board and provide his expertise during what the firm hopes will be a ‘seamless leadership ... Read the full article
Rothesay completes £1.2bn full scheme buy-in for The Co-operative Bank
14th December 2022
Rothesay, the UK's largest specialist pensions insurer, has completed a £1.2 billion full scheme buy-in with The Bank Section of the Co-operative Pension Scheme. The Section is sponsored by The Co-operative Bank the Manchester-headquartered retail and SME bank. The transaction secures the benefits for all uninsured members of the Bank Section - ... Read the full article