Reinsurance News
Cinven raises €1.5bn for its first dedicated financial services fund
12th July 2022
International private equity investment group, Cinven, has closed its inaugural strategic financials fund (SFF) at €1.5 billion. The SFF builds on Cinven’s leading financial services investment platform in Europe with an investment strategy focused on areas where the company has developed significant investment expertise, such as life and non-life re/insurance, asset-backed ... Read the full article
Chubb appoints Natalie Chiaramonte Division President of Sovereign Risk
12th July 2022
Natalie Chiaramonte has been named Division President of Sovereign Risk Insurance Limited, a Chubb company dealing in political risk insurance and reinsurance. In her new role, Chiaramonte will have executive operating responsibility for the company, which provides political risk and sovereign credit insurance to commercial and investment banks, exporters, multinational corporations, ... Read the full article
Inflationary recession is key concern – GAEF
12th July 2022
Central banks need to take decisive action to tame rampant inflation, rein in underlying inflation expectations and repair their damaged credibility. That was the consensus among more than 20 members of the Geneva Association Economic Forum (GAEF) Network, comprised of chief economists and chief strategy officers from the ... Read the full article
Randall & Quilter fundraise rises to $129.5m
12th July 2022
Randall & Quilter Investment Holdings Ltd. (R&Q) has confirmed the completion of its non-pre-emptive placing, direct subscription, and management subscription fundraise with total gross proceeds of $129.5m. R&Q initially predicted that its fundraise would result in gross proceeds of $125m, but a higher amount was achieved as they were able ... Read the full article
wefox closes $400m Series D round, taking valuation to $4.5bn
12th July 2022
wefox, the Berlin-based digital insurer, has seen its post-money valuation increase to $4.5 billion after the company successfully closed a $400 million Series D funding round, led by sovereign investor Mubadala Investment Company. Comprised of both debt and equity, the raise also featured participation from Eurazeo, LGT, Horizons Ventures, OMERS Ventures ... Read the full article
Strategic Risk Solutions adds to its European team
12th July 2022
Strategic Risk Solutions, the world’s largest independent insurance company manager, has announced the two newest additions to the SRS European team; Ernesto Quintana and Sandrine Bonnefoy. Bonnefoy joins SRS after several years with Marsh. She will be based in the Luxembourg office working as a Senior Account Manager. Quintana arrives from Risk ... Read the full article
Aon appoints Leonique van Houwelingen CEO for the Netherlands
12th July 2022
Re/insurance broker Aon has named a new CEO of Aon in the Netherlands and member of the EMEA Executive team. Leonique van Houwelingen appointment is expected to be effective 1 November, subject to regulatory approval. Prior to joining Aon, she held various executive roles in the financial services sector, the broker noted. Her ... Read the full article
Munich Re backs smart contract insurance provider
12th July 2022
Chainproof, which plans to offer licensed, institutional-grade insurance coverage for open-source, non-custodial smart contracts, has announced its launch. With reinsurance backing from Munich Re, Chainproof aims to bridge the worlds of traditional insurance and decentralized finance (DeFi). The rapidly growing world of DeFi has over $70B of total value locked, a ... Read the full article
Secondary perils persist in Australia and New Zealand
12th July 2022
Insurers and reinsurers are having to adapt to the prospect of higher frequency secondary perils and the uncertainties of climate change. Following years of large catastrophe losses, and the record-breaking floods of February and March 2022, June and July renewals were a market-changing event for Australia. Australia and New Zealand, at ... Read the full article
MedVida looks to acquire Metrópolis
12th July 2022
MedVida has announced its intention to acquire the life insurance portfolio of Spanish firm Metrópolis. In a statement, the firm said that the transaction is subject to regulatory approvals and is expected to be completed by the end of this year. With this transaction, Metrópolis completes its corporate restructuring, ceasing its ... Read the full article
PCF Insurance acquires P&C MGA United Underwriters
12th July 2022
US insurance brokerage firm PCF Insurance Services (PCF), has announced the acquisition of Utah-based property and casualty managing general agent (MGA) United Underwriters. Founded in 1998, United Underwriters offers 150-plus agencies across the Western United States property and casualty MGA services and programs These include homeowners, renters, dwelling, commercial, personal umbrella, earthquake, ... Read the full article
US insured cat losses estimated at $4bn+ in Q2: Goldman Sachs
11th July 2022
Analysts at Goldman Sachs have estimated that US insured losses from catastrophes in the second quarter of the year could be more than $4 billion. At this level, Q2 losses would be around 40% of the 10-year average of $11.1 billion for US seasonal catastrophes in that quarter. While the catastrophe environment ... Read the full article
NFP adds Seth Michaelson to Energy practice
11th July 2022
Property and casualty broker NFP, has appointed Seth Michaelson to the Energy practice within NFP's Specialty business. As vice president, Energy and Marine, Michaelson will be reporting to Vilma Vanegas, senior vice president, practice leader, Energy; and he will be supporting the ongoing growth of NFP’s specialty practice. According to the announcement, ... Read the full article
Munich Re syndicate backs new spot-cargo insurtech
11th July 2022
Munich Re Syndicate, the Lloyd's of London Marine & Specialty underwriter of reinsurance giant Munich Re, is set to back MiKargo247.com, a new insurtech, created specifically for one-way, spot-cargo freight. MiKargo247.com will aim to provide freight brokers, 3PLs and motor carriers with access to insurance that protects cargo and helps it ... Read the full article
VR Insurance Holdings completes merger with National Security Group
11th July 2022
Underwriting firm The National Security Group, Inc (NSG) has completed the previously announced merger with Delaware-based corporation VR Insurance Holdings. Back in January, plans to merge the companies were announced. Under the terms of the deal, each share of NSG common stock has been converted into the right to receive ... Read the full article