Reinsurance News
Athora completes Amissima Vita acquisition
2nd August 2022
European life insurance and reinsurance group Athora Holding, Ltd, has announced it has completed the acquisition of Italian life insurer, Amissima Vita. Athora agreed to acquire Amissima Vita back in September 2021 as part of its continuing growth strategy focused on traditional life savings and pension products. With the closing of ... Read the full article
Beat Capital launches specialist environmental MGU Magnolia Grove
2nd August 2022
Beat Capital Partners, a long duration investor specializing in the insurance industry, and Justin Crawford, former head of DUAL’s environmental business, have together announced the launch of Magnolia Grove Insurance Services. Magnolia Grove will focus on the environmental insurance marketplace, offering coverage to SMEs in the US on E&S lines for ... Read the full article
Oliver Wyman opens new Actuarial office in Bermuda, appoints leader
2nd August 2022
Oliver Wyman, a global management consulting firm and business of Marsh McLennan has announced the opening of a new Actuarial office in Bermuda. The firm has also announced that Faisal Haddad has been appointed as Head of the Bermuda Actuarial team. Haddad has more than 15 years of diverse international industry experience ... Read the full article
White Mountains completes sale of NSM to Carlyle
2nd August 2022
White Mountains Insurance Group, Ltd. (White Mountains) has completed the sale of NSM Insurance Group to investment funds affiliated with global investment firm, Carlyle. The transaction, originally announced in May, values NSM at $1.775 billion. Additionally, it was previously reported that White Mountains expects the transaction will result in a gain ... Read the full article
Munich Re’s MEAG joins $500M equity investment in Longroad Energy
2nd August 2022
Longroad Energy Holdings has announced a $500 million equity investment by Munich Re’s MEAG. Longroad Energy affirmed that the investment will support their strategic shift from a primarily “develop to sell” business model, to one that is oriented more towards ownership. Longroad Energy says that this will accelerate the expansion of ... Read the full article
Kin reports strong rise in GWP in Q2 results
2nd August 2022
Kin Insurance has reported a gross written premium (GWP) of $70.8 million in the second quarter of 2022, a major increase from the $24.7 million the company reported in the prior-year period. This now brings the company’s GWP year-to-date total to $125 million. Gross profit for the quarter was $20.6 million, a ... Read the full article
Generali result slips 9% on Russian investments
2nd August 2022
Italy-headquartered insurer Generali has posted a net result of €1,402 million during the second quarter of 2022, down 9.0% from the same period last year due to its Russian investments. The company reported that impairments on Russian investments totaled €138 million as the war in Ukraine continue to negatively affect financial ... Read the full article
London PI market buoyant, but concerns grow about inflation: Clyde & Co
2nd August 2022
Clyde & Co’s second annual London Market Professional Indemnity Report, based on a survey of PI professionals across underwriting, broking and claims, has revealed a widespread optimism about market conditions for the coming months, tempered by wariness of macroeconomic and inflationary pressures on the horizon. The survey, which took place in ... Read the full article
Insured losses from catastrophes above 10-year average at $38bn in H1: Swiss Re
2nd August 2022
Globally, insurance and reinsurance industry losses from natural catastrophes hit $35 billion in the first half of 2022, which is 22% higher than the average for the past decade, according to Swiss Re Institute. Floods and other secondary perils continued to wreak havoc in the opening six months of 2022, and ... Read the full article
Vesttoo names former RGA exec Kunihiko Iinuma as General Manager, Japan
2nd August 2022
Digital insurance risk transfer and investment platform, Vesttoo, has named Kunihiko Iinuma, formerly of UBS and Reinsurance Group of America (RGA), as the new General Manager of its Japan operation. Iinuma, a financial industry veteran, brings more than three decades of experience in executive roles to Vesttoo, including at RGA Japan, ... Read the full article
TransRe’s Mahoney assumes newly created COO role
2nd August 2022
Matthew Mahoney, Chief Financial Officer (CFO) of TransRe, a wholly owned subsidiary of Alleghany Corporation, is set to take on additional responsibilities as the company's first Chief Operating Officer (COO). Mahoney joined the reinsurer in 2008 from PWC's insurance practice, and has since held roles of increasing responsibility, being promoted to ... Read the full article
LSM promotes Paul Seip to Underwriting Manager, Benelux Fine Art & Specie
2nd August 2022
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the promotion of Paul Seip from Senior Fine Art Underwriter to Underwriting Manager, Benelux Fine Art & Specie. LSM made the announcement today on LinkedIn congratulating Seip on his promotion, adding that this “reflects the deep technical knowledge and ... Read the full article
“Large number” of fraudulent smoke and ash damage claims reported
2nd August 2022
Mercury Insurance Special Investigations Unit has discovered that a large number of fraudulent claims were reported for smoke and ash damage by the same public adjuster. Pete Galassi, Mercury Insurance special investigations unit manager, said: “Many were unaware a claim was filed on their homeowner’s policy”. “Some professional entities ... Read the full article
Raincost raises $4.5m in seed funding
2nd August 2022
Start-up firm Raincoat has raised $4.5m in seed funding. According to the firm, the round was led by Anthemis and was further backed by SoftBank Group’s SB Opportunity Fund, Puerto Rican banking leader Banco Popular, Chilean financial group Consorcio, Miami-based 305 Ventures, and first check investor Divergent Capital. Jonathan González, co-founder and ... Read the full article
Atrium appoints Peter Laidlaw as active underwriter
2nd August 2022
Atrium has appointed Peter Laidlaw to be an active underwriter on its roster, starting at the beginning of next year. Laidlaw’s appointment comes as existing active underwriter Toby Drysdale moves to take on an advisory role as director of corporate underwriting review with responsibility for consulting the Board and providing underwriting ... Read the full article