Reinsurance News
MGAM and SCOR to lead Gov-backed scheme for fire assessors
29th June 2022
UK insurer MGAM, an Acrisure partner, and SCOR, in partnership with the Department for Levelling Up, Housing and Communities, will deliver a new Government backed professional indemnity insurance (PII) scheme for EWS1 assessors, according to an announcement. The external wall fire review process forms (EWS1) were developed by the Royal Institution ... Read the full article
Gallagher acquires Erimus
29th June 2022
Global insurance and reinsurance brokerage Gallagher has acquired broker firm Erimus. The firm has said it bought the privately-owned firm, which is based in the north east of England and deals with around 2,500 clients. Michael Rea, CEO of Gallagher’s Retail Division, UK & Ireland, said: “We are delighted to welcome Paul, ... Read the full article
Verisk and Loveland integrate property claims scoping process
29th June 2022
Verisk’s claims-handling solutions, Xactimate, XactAnalysis and Loveland’s IMGING property inspection data platform are to be integrated, simplifying the process of estimate creation for insurance adjustors. The result is a full artificial intelligence and data-driven end-to-end property adjusting software solution that provides complete 3-D models and measurements of structures while keeping ... Read the full article
Marsh launches Cyber Incident Management service for UK & EU
29th June 2022
Marsh has announced the launch of its Cyber Incident Management (CIM) service to support clients headquartered in the UK and Continental Europe to prepare for, respond to, and recover from cyber incidents and increase their cyber resilience. The service was first launched in the US in 2021 and is a first ... Read the full article
BMS appoints Ian Gormley as new UK CEO
29th June 2022
Insurance and reinsurance broker firm BMS has appointed Ian Gormley as its new UK CEO. Beginning immediately in his role, Gormley will report to Nick Cook, chief executive of BMS Group. He will be responsible for the continued growth and expansion of the company’s capabilities in London and Bermuda across all ... Read the full article
CatIQ promotes Laura Twidle to President & CEO
29th June 2022
Catastrophe Indices & Quantification Inc. (CatIQ), Canada’s loss and exposure indices provider, has announced several key leadership changes. Laura Twidle will assume the role of President & Chief Executive Officer (CEO), and at the same time Caroline Floyd, currently Assistant Director of Catastrophic Loss Analysis, will become Director. Both appointments are effective ... Read the full article
SiriusPoint responds to S&P’s negative assessment
29th June 2022
SiriusPoint has responded to S&P’s placing it on the latter’s CreditWatch, with negative implications, saying that it has made ‘significant progress’ in transforming its business. S&P identified recent management changes as the cause of the CreditWatch, following the departures of SiriusPoint’s CEO and COO. The ratings agency has said that it ... Read the full article
Swiss Re & IIRM to support re/insurance academia in India
29th June 2022
Global reinsurer Swiss Re has signed a memorandum of understanding (MoU) with the Institute of Insurance and Risk Management (IIRM), an organisation dedicated to providing executive education across the financial services sector. The partnership is aimed at supporting and strengthening re/insurance academia in India. Specifically, Swiss Re Global Business Solutions India will ... Read the full article
Booming tech M&A deals present unique insurance risks, says CFC
29th June 2022
Specialist insurance provider CFC has encouraged brokers to play a greater role in helping their tech clients mitigate the unique risks they face when considering any merger or acquisition deal. The cites the top three risks within tech M&A deals as intellectual property, data protection and cyber security. “The tech sector saw ... Read the full article
Helvetia grows stake in Spanish insurer Caser
29th June 2022
Swiss insurance group Helvetia has acquired a further 10% of the share capital of Caser for an undisclosed price, meaning it now owns 80% of the Spanish insurer. At the same time, Caser has sold its stake in the life insurance company Sa Nostra Vida to Caixabank for $277.3 Million. With these ... Read the full article
Thai Life Insurance targets $1bn+ fundraise via IPO
29th June 2022
Thai Life Insurance Co. is targeting a capital raise of more than $1 billion through an initial public offering in Thailand, according to reports from Dow Jones Newswires. If successful, the IPO would be the country's largest such fundraising so far this year, analysts have noted. Thailand's largest insurer by premium revenue ... Read the full article
Aon names Saudi Arabian CEO of Commercial Risk Solutions
29th June 2022
Re/insurance broker Aon has announced the appointment of Samer AlFayez as CEO of Aon Saudi Arabia for the Commercial Risk Solutions in the Kingdom. Prior to joining Aon, AlFayez was Chief Executive Officer of Elite Insurance and Reinsurance Brokers. He also served as Deputy President of the General Committee of Saudi Insurance ... Read the full article
Australian P&C reinsurance rates to rise: S&P
29th June 2022
Property and casualty excess reinsurance rates are likely to rise further, according to S&P Global Ratings latest report. The rating agency has recently assessed the country’s insurance sector as low risk, incorporating recent headwinds across catastrophes, claims inflations and reinsurance cost, among others. In recent years, the country has been seeing a ... Read the full article
I-RE adds commercial property to RE-PAID product
29th June 2022
I-RE is to add commercial property as a new line of business to its RE-PAID product from the beginning of next month. The firm said the addition of commercial property would sit alongside its current workers’ compensation and commercial auto offering. Andy Jeckells, co-chief executive of I–RE, said: “The RE–PAID product continues ... Read the full article
China Taiping Insurance Singapore appoints Zhang Zhongyi as Chief Executive
29th June 2022
China Taiping Insurance (Singapore) Pte. Ltd. have appointed Zhang Zhongyi as the Chief Executive of its Singapore business, where it operates as a composite insurer. Zhongyi has a strong amount of experience within the industry, spanning nearly three decades across various multinational financial and insurance companies, with 21 years of service ... Read the full article