Reinsurance News
Truist Insurance Holdings to acquire BenefitMall
9th August 2022
US based Truist Insurance Holdings, a Truist Financial Corporation subsidiary, has signed a definitive agreement to acquire BenefitMall, a general agency broker services, from funds managed by global investment firm Carlyle. According to the announcement, the transaction will add approximately $150 million of annual revenue to Truist Insurance Holdings' wholesale division. ... Read the full article
Carpe Data names William Magowan as Chief Revenue Officer
9th August 2022
Carpe Data, an emerging and alternative data provider for the insurance industry has appointed William Magowan Chief Revenue Officer, assuming the role after Jim Andrews was appointed Carpe Data's Chief Customer Officer. Magowan brings 20 years of experience building compelling go-to-market strategies in the insurance and insurance technology sectors. Prior to joining ... Read the full article
NuVenture International launches third MGA
9th August 2022
NuVenture International has announced the launch of its third managing general agent (MGA), Product Recall insurance specialist, BluNiche. BluNiche was founded by Product Recall insurance veteran, and former Senior Class Underwriter at Talbot Underwriting, Neil Evans. BluNiche products provide clients with balance sheet protection and crisis management in the event of a ... Read the full article
LiveEO secures €19m in further funding
9th August 2022
LiveEO has secured €19m in funding, a sum that the firm says is one of the largest investments to date in Earth Observation in Europe. A statement from the firm said the round was led by MMC Ventures and includes €17M of venture capital, as well as further funds from the European ... Read the full article
US P/C rates up 5.9% in Q2: MarketScout
8th August 2022
MarketScout data shows that US property and casualty (P/C) insurance rates are stabilizing at a composite increase of 5.91% in Q2 of 2022, matching the rate increases of Q1. MarketScout found cyber rates continue to increase the most at 21.3% up from 19.7% in Q1 of 2022. Umbrella rates moderated slightly by ... Read the full article
Berkshire (BHSI) hires Jake Hesson to launch commercial hull line in Australasia
8th August 2022
Berkshire Hathaway Specialty Insurance (BHSI) has announced that it has appointed Jake Hesson to the role of Underwriting Manager, Marine for Australasia. The appointment comes as the company has announced that it is expanding into the Commercial Hull segment in Australasia. Hesson brings more than 20 years of experience in the insurance ... Read the full article
Coalition appoints first-ever CFO, names two more new hires
8th August 2022
Cyber insurance and security provider, Coalition, has appointed Jim Young as its first Chief Financial Officer (CFO) after raising $250m in a Series F funding round. According to Coalition, as first-ever CFO, Young will play a critical role in scaling the firm’s business and financial operations. He brings over 20 years of ... Read the full article
Central Bank of Ireland launches climate change risk guidance for insurance sector
8th August 2022
The Central Bank of Ireland has commenced a public consultation on proposals to introduce guidance on climate change risks for the insurance sector. The proposed guidance aims to clarify the Central Bank’s expectations on how (re)insurers address climate change risks in their business and to assist them in developing their governance ... Read the full article
FM Global offering $300m ‘resiliency credit’ to policyholders
8th August 2022
FM Global policyholders are to receive $300m in what the company calls a ‘first of its kind’ offering to be known as a ‘resilience credit’. According to the firm, the credit has the potential to help those organisations reduce total loss expectancies related to wind, flood, and wildfire exposure by more ... Read the full article
Argenta pulls out of Singapore
8th August 2022
Argenta has said that it is to cease writing new and renewal business in Singapore with immediate effect. The firm said that the decision followed a strategic review and a decision by the Argenta Syndicate Management to re-allocate capacity to other underwriting opportunities worldwide, including AUA’s branch offices in Australia which ... Read the full article
Ark reports huge rise in premiums in Q2 2022
8th August 2022
Ark is reporting that gross written premiums jumped from $328m to $404m between Q2 2021 and Q2 2022, with net written premiums rising from $262m to $270m between the same two points alongside an increase in net earned premiums from $118m to $217m. Comparisons between H1 2021 and H1 2022, gross ... Read the full article
Wilton Re’s ratings downgrade related to revision in ownership uplift: Fitch
8th August 2022
Fitch Ratings has downgraded Wilton Re’s Insurer Financial Strength (IFS) ratings amidst revision in ownership uplift. Wilton Re’s IFS rating has been downgraded to 'A' from 'A+'. Fitch has also downgraded Wilton Re’s Long-Term Issuer Default Rating (IDR) to 'BBB+' from 'A-'. The rating outlook is stable. The downgrade reflects a revision ... Read the full article
Alleghany names Adam Sills President and CEO of CapSpecialty
8th August 2022
CapSpecialty, a wholly-owned subsidiary of Alleghany Corporation, has announced that Jack Sennott is stepping down from his roles as CEO, President and Chair, effective August 31. Current Head of Specialty Underwriting, Adam Sills, has been named by Alleghany to succeed Sennott as President and CEO. Sills has served as CapSpecialty’s Head of ... Read the full article
Strategic Risk Solutions drives expansion in South Africa with acquisition of Southern Cross
8th August 2022
Strategic Risk Solutions (SRS) has acquired Southern Cross, an insurance management services provider based in South Africa. At the same time, founder and Chief Executive Officer (CEO) of Southern Cross, Terry Petyt joins SRS as Managing Director and Leader of SRS South Africa. With Southern Cross since 2013, Petyt was responsible for ... Read the full article
Everspan gets ratings for four of its program insurers
8th August 2022
AM Best has assigned a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of “a-” to four subsidiaries of the Everspan Group. Providence Washington Insurance Company is considered part of the Everspan Group rating unit based on its role and importance to the group’s strategy, shared day-to-day operations, ... Read the full article