Reinsurance News
UK fraudulent claims increased by 13% in 2021, Aviva
27th May 2022
London-headquartered insurer, Aviva has published its report on insurance claims fraud for 2021 in the UK, which showed that the number of fraudulent claims increased by 13% last year. Aviva also uncovered more than 11,000 instances of claims fraud last year that were worth more than £122 million. The insurer also stated ... Read the full article
Apollo claims European first for autonomous vehicle insurance
27th May 2022
Apollo Group has provided a first of its kind insurance solution for Europe’s first zero-occupancy on-road autonomous vehicle journey, completed by autonomous vehicle software company, Oxbotica. This marks not only a European first for Oxford and Toronto based Oxbotica, but also a first of its kind UK insurance solution created specifically ... Read the full article
Howden nearly fully approved for 100% stake in Howden India
27th May 2022
Howden has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to increase its shareholding in Howden India. The approval, once ratified by the Reserve Bank of India, will see Howden increase its stake in the firm from 49% from 100%. The firm said that its leadership team within ... Read the full article
Ukraine war has “profound implications” for renewables re/insurers: PCS
26th May 2022
Analysts at Property Claim Services (PCS), a Verisk business, have warned that the conflict in Ukraine has the potential to become an “industry-defining” event for the global renewables re/insurance sector. The firm says there could be “profound implications” for re/insurers of renewables in particular due to the large portion of Ukraine’s ... Read the full article
Principal Financial Group and Talcott close transaction
26th May 2022
Principal Financial Group has closed its transaction with Talcott to reinsure the company’s in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee blocks of business. Under the agreement, the company has reinsured approximately $25bn of in-force statutory reserves, and Talcott has engaged Principal® to manage approximately $4bn in ... Read the full article
Hedge specialist Stable gains $60m funding from investors & reinsurers
26th May 2022
Hedging specialist Stable has announced the closing of a $60 million Series B funding round, led by Acrew, who was joined by existing investors Greycroft and Notion Capital, as well as new risk capital from reinsurers and capital markets. Founded in 2017, Stable uses reinsurance structures in Bermuda to support the ... Read the full article
RAA CEO testifies on NFIP reform and reauthorisation
26th May 2022
The Reinsurance Association of America’s (RAA) president Frank Nutter testified before the US’s House Subcommittee on Housing, Community Development and Insurance in support of a long-term reauthorization and reforms related to flood insurance. Nutter was testifying on measures that seek to strengthen the program financial resiliency, develop a private flood insurance ... Read the full article
Oneglobal Broking hires Adriano Oka as CEO, Reinsurance Brazil
26th May 2022
Oneglobal Broking has appointed Adriano Oka as Chief Executive Officer (CEO), Reinsurance Brazil, effective immediately. Within his new role, Oka will report to Nery Silva, CEO Mercosul, Oneglobal Brazil. As a highly experienced insurance and reinsurance professional, Oka brings over 20 years of experience within the market, towards his new role. Prior to ... Read the full article
WTW appoints Andrea García Beltrán to new role
26th May 2022
WTW has appointed Andrea García Beltrán as the new head of FINEX, for Latin America. Based in London, Andrea joins WTW from RSA, where she was the UK and international Head of Cyber for underwriting for four years. Andrea will relocate to the region upon joining WTW, bringing more than 15 years’ ... Read the full article
77% expect some carriers will fail to obtain sufficient reinsurance at June 1: Survey
26th May 2022
Data from our mid-year 2022 reinsurance renewals survey reveals that carriers are expected to adopt various strategies as they struggle to secure the desired level of reinsurance at what's been described as a very late June 1st, 2022, renewals. With the June reinsurance renewals having a heavy ... Read the full article
Beazley launches online incident response platform for US cyber
26th May 2022
Beazley has launched an online incident response platform for US cyber policyholders. The firm said that the platform will serve as a central location to monitor and manage incidents, and centralize communications between the policyholder, Beazley, and specialist service providers. Raf Sanchez, head of cyber services at Beazley, said: “As the cyber ... Read the full article
Chubb appoints John Thompson and Daniela Hernandez to new roles
26th May 2022
Chubb has appointed John Thompson and Daniela Hernandez to new positions within the firm. According to the company, Thompson will be the new vice president of Chubb Group and division president of international personal lines, while Hernandez will be division president of its international accident and health. Both divisions are part ... Read the full article
Carbon appoints new head of pricing
26th May 2022
Carbon Underwriting has announced Alex Harris to be its new head of pricing. The firm said that Harris will play a role in supporting functions across the business including building out a pricing framework to support underwriters, adding actuarial rigour to the development of Carbon’s proprietary technology platform, Graphene, as well ... Read the full article
Howden appoints Marsh’s Sarah Neild to lead UK Cyber Retail Practice
26th May 2022
International insurance broker, Howden, has appointed Sarah Neild as Head of UK Cyber Retail, where she will report to David Rees, and be based in London. Neild will join Howden in November once her contractual obligations have been fulfilled. Her appointment reflects Howden’s commitment to continue with investing in its Cyber proposition, ... Read the full article
Aon hires Craig Fenster for agriculture reinsurance team
26th May 2022
Aon has hired Craig Fenster to be managing director of its agriculture reinsurance team. Fenster, who announced the move on LinkedIn, is joining the firm from Accelerant Holdings where he was exposure reporting lead. Before that position, he spent over five years as vice president of underwriting at AmTrust Financial Services. He ... Read the full article