Reinsurance News
VIG sees premium growths of over 11%
18th May 2022
The Vienna Insurance Group (VIG) has reported premium growth in Q1 2022 of 11.2% to €3.45bn. However, VIG said it had seen its profits before taxes fall by 3.3% to €124m. In addition, VIG said it had seen premium growth across all business lines and segments. In motor third-party liability (+18.8%), ... Read the full article
Core Specialty recruits Ann Brady as Agriculture SVP
18th May 2022
Specialty property and casualty (P&C) insurer Core Specialty Insurance Holdings has announced the appointment of Ann Brady as Senior Vice President of Agriculture. Brady brings decades of agriculture insurance knowledge, specifically serving as an Agriculture reinsurance broker for the previous twelve years with Guy Carpenter. In her new role, she will report ... Read the full article
Dale Underwriting Partners adds Matthew sims and William Taylor to its roster
18th May 2022
Dale Underwriting Partners (DUP) are adding Matthew Sims and William Taylor to its team to advance its treaty portfolio offering beyond property and casualty and into marine. The pair will join the firm in November this year. The company said their arrival reflects its vision of being recognised as experts in ... Read the full article
Altamont Capital Partners provides $150m growth capital to Fleming Holdings
18th May 2022
Altamont Capital Partners, a private investment firm based in the San Francisco bay area, has acquired a majority stake and made a $150 million growth capital commitment to Fleming Holdings. The partnership will allow Fleming to grow into an all-encompassing capital solutions provider to property and casualty (P&C) insurance companies. Altamont Capital Partners ... Read the full article
Skyline gains $1.75m in further funding from West Hill to support next growth phase
18th May 2022
Parametric specialist, Skyline Partners has announced that it has gained an additional US$1.75mil in further funding from specialist corporate finance and VC firm, West Hill Capital, bringing the total raised so far to US$3.5mil from the firm and others. The new funding round will support Skyline’s continued expansion, following increasing traction ... Read the full article
Allianz unit pleads guilty in Structured Alpha case, pays $6bn
17th May 2022
Allianz SE has announced that its US asset management unit will plead guilty to criminal securities fraud in relation to the collapse of its Structured Alpha Funds in 2020, and will pay more than $6 billion in charges. The settlement with the Department of Justice (DOJ) and Securities and Exchange Commission ... Read the full article
Artex completes transition of ILS specialist Horseshoe
17th May 2022
Artex, re/insurance broker Gallagher's alternative risk solutions company, has now completed the rebranding of Horseshoe Insurance Services Holdings Ltd. following its acquisition of the company in late 2019. Announced in October 2019, Artex's agreement to acquire Horseshoe, a Bermuda-based provider of insurance management fund administration, advisory and corporate services to ... Read the full article
Commercial insurance rates increasing due to inflation & legal system abuse: APCIA
17th May 2022
In the American Property Casualty Insurance Associations (APCIA) latest report, “Commercial Insurance Rates Rising: What Business Owners Need to Know”, the company examined the impact of inflationary pressures on commercial lines insurance and business owners. With “skyrocketing” inflation and legal system abuse forcing prices higher across society, along with losses in ... Read the full article
SCR approved for Takaful reinsurance operations in Morocco
17th May 2022
Société Centrale de Réassurance (SCR) has obtained the necessary approvals from Morocco's Insurance and Social Security Supervisory Authority (ACAPS) to create a "Retakaful" window, in order to undertake Takaful reinsurance operations in the country. Société Centrale de Réassurance (SCR) is a reinsurance subsidiary of the Caisse de Dépôt et de Gestion ... Read the full article
Liberty Mutual Re appoints Alice Sharman to new role
17th May 2022
Liberty Mutual Re has appointed Alice Sharman to the role of senior underwriter for casualty reinsurance. Sharman is assuming the role this week and will be responsible for underwriting the firm’s US casualty treaty portfolio. She will be based in London and replaces Max Mallen, who was recently promoted to the ... Read the full article
Prudential’s Gaurav Wadhwa joins Vesttoo as CFO
17th May 2022
Alternative risk transfer and investment platform, Vesttoo has appointed Gaurav Wadhwa, former Prudential Financial executive, as its new Chief Financial Officer (CFO). Within his new role as CFO, Wadhwa will help build a global finance organization, as well as overseeing the company's financial reporting, accounting, tax, treasury, financial planning and analysis, ... Read the full article
Tesla seeking to fix “incredibly inefficient” insurance market, says Musk
17th May 2022
Tesla CEO Elon Musk has commented on the growing importance of his company’s new car insurance offering, which he says aims to redress the “incredibly inefficient” process that is keeping premiums high for many drivers. Speaking at the All-In Summit in Miami yesterday, Musk remarked that the solution is "quite significant ... Read the full article
Nayms becomes fully regulated in Bermuda
17th May 2022
Nayms has said that it has become the world's first crypto-native insurance marketplace to become fully regulated in Bermuda. According to the firm, it now holds both the full Digital Asset Business Act licence and Innovative General Business Insurance licence, allowing their insurance partners to conduct regulated insurance business on-chain for ... Read the full article
Midwest Holding upbeat despite fall in premiums
17th May 2022
Midwest Holding is reporting a fall in its annuity direct written premium in Q1 2022, compared to Q1 and Q4 of last year. The firm said that it had seen a fall from $104.2m in Q4 2021 and $123.7 in Q1 of the same year to $98.1m. However, it also reported ... Read the full article
Buffett’s Berkshire takes $620m stake in Markel
17th May 2022
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, took a $620 million stake in insurance and reinsurance provider Markel Corporation as part of a raft of investments during the first quarter of 2022. Analysts at KBW estimate that the value of Berkshire's equity portfolio has fallen by about $39.0 billion ... Read the full article