Reinsurance News
Helvetia Liechtensteinto operate under Helvetia Global Solutions
1st April 2022
Helvetia Liechtenstein has announced that it will operate under the name Helvetia Global Solutions (HGS) as of the end of this month, as the new name illustrates the company's international orientation. HGS operates in the non-life business and offers customised special and reinsurance coverage in the fields of industrial property, engineering, ... Read the full article
AIG’s newly rebranded Corebridge gets ratings from Moody’s
1st April 2022
Corebridge Financial, the recently rebranded Life & Retirement business of AIG, has been assigned a Baa2 long-term issuer rating by Moody's, and has had the A2 insurance financial strength ratings of its life insurance subsidiaries affirmed, with all ratings carrying a stable outlook. Corebridge is an intermediate holding company that ... Read the full article
Inflation a hot topic at “balanced” April reinsurance renewals: Gallagher Re
1st April 2022
During an "undramatic" and "balanced" April 1st, 2022, reinsurance renewals season, there was widespread discussion about inflation as reinsurers were keen to understand its impact on cedants' portfolios, reports Gallagher Re. The reinsurance broker's latest April 1st View report was released this morning, revealing modest reinsurance rate increases characterised by an ... Read the full article
ClimateWise announces new chair and deputy chair
1st April 2022
Global insurance industry collaboration ClimateWise has announced Kevin O’Donnell, president and CEO of Renaissance Re as its new chair. As well as naming O’Donnell as its new chair, the group has also appointed John Scott, head of sustainability risk at Zurich Insurance as deputy chair. O’Donnell replaces Dominic Christian who has ... Read the full article
R&Q to be acquired by 777 Partners backed Brickell PC Insurance
1st April 2022
Randall & Quilter Investment Holdings Ltd (R&Q), the non-life global specialty insurance company focused on program management and legacy transactions, is set to be acquired by one of its major shareholders, in an acquisition backed by investment group 777 Partners. The acquisition will value Randall & Quilter's (R&Q's) existing issued share ... Read the full article
MSIG Singapore and Hong Kong to advance Financial Lines and Cyber strategy
1st April 2022
MSIG Insurance’s managing general agent partnership with DUAL Asia (DUAL) will end in June, with MSIG pressing ahead with its expansion strategy for its Financial Lines business through its multi-distribution network. In pursuing its expansion strategy, MSIG will be drawing upon its global financial capacity to underwrite Financial Lines risks and ... Read the full article
Medu Capital invests in Price Forbes SA
1st April 2022
Medu Capital has invested in Price Forbes South Africa, to support its buy-and-build strategy, resulting in a 35% ownership within the company and will be an active shareholder as Price Forbes continues to grow in the region. Medu Capital is a 100% black-owned investment management company with strong connections in South ... Read the full article
S&P sees worst-case Russia insured loss of $35bn+ across aviation, specialty
31st March 2022
Analysts at S&P Global Ratings have looked at a range of potential loss scenarios for re/insurers arising from the conflict between Russia and Ukraine, with its worst case scenario carrying a potential loss of more than $35 billion across aviation, specialty and cyber business. There has been much speculation about how ... Read the full article
Report says US insurers turned increasingly to tech during pandemic
31st March 2022
A new report from Information Services Group states that many US insurers turned to technology to meet changing operational and market demands through the Covid-19 pandemic. According to the firm, its 2021 ISG Provider Lens Insurance Platform Solutions Report for the US finds the pandemic served as a catalyst for digital ... Read the full article
Enact Mortgage secures $325mn credit risk transfer
31st March 2022
Enact Holdings has announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured approximately $325 million of additional excess of loss (XOL) reinsurance coverage. This credit risk transfer (CRT) transaction covers a portfolio of existing mortgage insurance policies written from July 1, 2021 through December 31, 2021, and is ... Read the full article
Fortitude Re closes $4bn transaction with Taiyo Life
31st March 2022
FGH Parent has closed a $4 billion reinsurance transaction between its subsidiary Fortitude Re, a Bermudian legacy reinsurance company, and Taiyo Life Insurance Company (Taiyo Life), a wholly owned subsidiary of T&D Holdings. This transaction marks Fortitude Re’s inaugural reinsurance transaction covering business in Asia. Under the transaction, which is effective as ... Read the full article
Marsh McLennan commits to net zero by 2050
31st March 2022
Marsh McLennan has committed to reaching net zero across its operations by 2050, alongside reducing its carbon emissions by half in the next eight years. All this was detailed in the firm’s just-released Accelerating Impact report, where it sets out its emissions reduction target. That target, says Marsh McLennan, is aligned ... Read the full article
Lockton names Michelle Faylo as new US cyber and tech leader
31st March 2022
Lockton has named Michelle Faylo as its new US cyber and technology leader. The company said in the announcement that Faylo would lead Lockton's team of cyber specialists, delivering solutions to global businesses that face increasingly complex cyber risks. Devin Beresheim, executive vice president of specialty practices at Lockton, said: “Michelle is ... Read the full article
AXIS Capital appoints Fintan Mullarkey as CEO of AXIS Specialty Europe
31st March 2022
AXIS Capital has appointed Fintan Mullarkey as CEO of AXIS Specialty Europe SE (ASE). The firm said that the appointment was still pending due to regulatory approval but once confirmed, Mullarkey would be responsible for ASE and the legal entity aspects of its branches. Mullarkey will also join the Board of ... Read the full article
Lancashire Insurance says aviation losses from Russia-Ukraine ‘manageable’
31st March 2022
Lancashire Insurance says that its exposure to the Russia-Ukraine conflict is ‘manageable’. Speaking on a conference call hosted by Berenberg in London at the weekend, the firm said that its exposure to Russia-Ukraine was manageable and that its worst-case scenario remains an earnings event, not a balance sheet one. According to Lancashire, ... Read the full article