Reinsurance News
AXA XL adds Meredith Barton to senior role in construction division
16th December 2022
AXA XL has tapped Meredith Baron to lead its controlled insurance program business, promoting her to her new position within its North America construction division. A statement from the firm says that the Exton, Pennsylvania-based Baron will report to Michael McKinley, head of construction primary casualty. Baron began her insurance career in ... Read the full article
Canadian life insurers ratings driven by diversified business profile: Fitch
16th December 2022
The ratings of Canada’s life insurers are currently being driven by a highly diversified business profile and geographic diversification, according to a recent peer review by Fitch Ratings. The largest Canadian life insurers represent more than two-thirds of their domestic market. Considering their operating scale, earnings diversification, brand recognition and distribution ... Read the full article
AM Best notes a reversion in negative trends for Barents Re
16th December 2022
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Barents Re and its affiliate, Barents Re Lux. AM Best suggests that the revised outlooks reflect the reversion of the negative trend ... Read the full article
KBW sees solid growth prospects for Gallagher Re
16th December 2022
Analysts at KBW are forecasting “solid growth prospects” for reinsurance broking unit Gallagher Re over the next two years, following comments at Arthur J. Gallagher’s recent investor day. It’s thought that Gallagher Re could be set to “go on to strong offense” in 2023 as reinsurance rates rise, especially for property ... Read the full article
Chinese insurers pulling back on Covid cover as restrictions lowered
16th December 2022
Chinese insurers are withdrawing coronavirus policies from sale as they try to avoid huge payouts amid a nationwide surge of cases following the relaxation of Covid restrictions in the country. According to online news platform Quartz, Chinese media has reported that numerous low-cost coronavirus policies that were popular among consumers are ... Read the full article
Steve Stennett appointed Commercial Director of Allianz Trade UK & Ireland
16th December 2022
Allianz Trade in the UK and Ireland has hired Steve Stennett as Commercial Director. Within this role, Stennett will hold responsibility for fostering Allianz Trade’s UK and Ireland client, broker and partner relations, as well as delivering profitable growth through the steering of business development, commercial underwriting and marketing activities. He is ... Read the full article
Safe Security launches new cybersecurity MGA
16th December 2022
Safe Security has launched an MGA specialising in cybersecurity called SafeInside Insurance. The firm said in a statement that the MGA looked to leverage API-based cyber risk telemetry and quantified insights to underwrite cyber insurance. Backed by an AM Best ‘A-rated’ carrier and panel of prominent, global reinsurance partners, SafeInside is introducing ... Read the full article
Convenience and climate priorities for insurance customers: Guidewire
16th December 2022
Insurance customers want convenience, are open to new services that mitigate risks and believe that insurers should be tackling climate change proactively. That is according to a recent report by Guidewire which also found that the issue of data collection - needed to deliver the above - will be tricky and ... Read the full article
Cardiff City FC sues Miller for £10m after player death
16th December 2022
Specialist re/insurance broker Miller is facing a lawsuit from Cardiff City Football Club following the 2019 death of Argentinian player Emiliano Sala for an alleged breach of duty by the broker. The 28-year-old Sala died in a plane crash over the English Channel in January 2019 after completing a £15m transfer ... Read the full article
Steadfast Group appoints Nigel Fitzgerald as COO
16th December 2022
Steadfast Group, the largest general insurance broking network and underwriting agency group in Australasia, has announced the appointment of Nigel Fitzgerald as Chief Operating Officer. Fitzgerald, who is currently the CEO of AIG Australia, will commence his role with Steadfast Group in the second quarter of 2023 and will be based ... Read the full article
AXIS gets $605m loss portfolio transfer from RiverStone
16th December 2022
RiverStone International has announced that it has entered into loss portfolio transfer (LPT) reinsurance agreements with affiliates of AXIS Capital, which cover several of its professional lines and liability insurance portfolios, mostly in relation to 2019 and prior accident years. The transaction covers net reserves for losses and loss expenses of ... Read the full article
RGA in $1.7bn longevity swap with Western & Southern
16th December 2022
Reinsurance Group of America, a global life and health reinsurer, has completed a $1.7bn longevity swap transaction with Western & Southern Financial Group. According to the announcement, the transaction covers approximately 11,000 single premium immediate annuity contracts. It will be effective as of March 31, 2022. Additional terms of the transaction were ... Read the full article
Argo wins Board vote after activist nominations withdrawn
16th December 2022
Argo Group International Holdings, Ltd. has reported that its nominations for members of its Board of Directors where “overwhelmingly” voted in favour of by shareholders at its annual general meeting (AGM) this week. The win followed the withdrawal of two board nominations by activist investor Capital Returns Master just days ... Read the full article
UK insurance industry contributed £17.2bn in tax in 2021
16th December 2022
The Association of British Insurers (ABI) has said that the UK’s insurance industry contributed £17.2bn in tax between 2021 and 2022. This, said the association, is a ‘record’ amount, 6.9% higher than in 2019-2020, and makes up 2.1% of the government’s tax receipts. The survey, it wrote, was carried out on ... Read the full article
Barclays closes £7 billion UK longevity transaction with Aon as lead advisor
16th December 2022
The Trustee of the Barclays Bank UK Retirement Fund has insured £7 billion of liability against longevity risk, with reinsurance provided by an insurance subsidiary of Prudential Financial Inc. Global professional services firm Aon acted as lead advisor on the transaction, while Allen & Overy provided legal counsel and Willkie Farr ... Read the full article