Reinsurance News
Hiscox promotes Mike Williams to Managing Director, Guernsey
22nd February 2022
Specialist insurer Hiscox has appointed Mike Williams to the role of Managing Director, Hiscox Guernsey, succeeding Steve Camm who will continue as a Non Executive Director. Williams who is currently the company’s Divisional Director of Crisis Management, will be now be based in Guernsey. He currently leads an existing team of underwriting ... Read the full article
Open reinsurance markets are vital to operate efficiently: RAB
22nd February 2022
The Reinsurance Advisory Board (RAB) has responded to the UK House of Lords’ Industry & Regulators Committee call for evidence into commercial re/insurance regulation, emphasising that open reinsurance markets are vital to enable the insurance sector to operate efficiently. The RAB also noted that it’s essential that the markets are able ... Read the full article
Legal & General agrees £11m pension buyout
22nd February 2022
Legal & General has agreed to an £11m buyout transaction with the Cornish Mutual Assurance Company Limited Staff Pension Scheme. The buyout involves the benefits of more than 70 pension scheme members. An existing relationship between the two started in 2015 when Legal & General Investment Management become the scheme’s asset ... Read the full article
West P&I Club addresses market underrating at renewal
22nd February 2022
The West of England P&I Club has released details of the targeted strategy it used at renewals to counter the challenges posed by what it sees as consistent underrating in the P&I market and the growth of unpredictable major claims. With these difficulties compounded by a weak investment market, the Club ... Read the full article
DIFC achieves growth targets three years early
22nd February 2022
The Dubai International Financial Centre (DIFC) says it has achieved its 2024 Strategy growth targets three years ahead of schedule, after seeing a record 996 company registrations last year. The 36% YoY growth in company numbers is triple the average reported by the DIFC across the last decade. The total number of ... Read the full article
Number of completed mergers and acquisitions rose in 2021: Clyde & Co.
21st February 2022
The number of completed merger and acquisition deals in the insurance sector last year leaped from 407 to 418, according to Clyde & Co’s latest Insurance Growth Report. The report said that the surge was driven by a particularly strong second half of the year, which saw 221 deals, up from ... Read the full article
Monument Re completes Luxembourg life takeover from Covéa
21st February 2022
Monument Re has announced that its Luxembourg subsidiary, Monument Assurance Luxembourg S.A., has completed the acquisition of AME Life Lux S.A. (AMELL) from Covéa. First announced in May 2021, the transaction received regulatory approval from the Commissariat aux Assurances. AMELL is a Luxembourg-based life insurance company that also maintains a market ... Read the full article
AF Specialty names Walter Matthews as VP
21st February 2022
Specialty insurer AF group has promoted its current Managing Director Walter Matthews to the role of Vice President of AF Specialty. Matthews joined the company in 2010, and has held various positions within the Actuarial department, providing oversight of the organisation's actuarial services related to reserving, pricing, underwriting strategies, forecasting and ... Read the full article
Falvey recruits Greg Liewald as SVP for wholesale division
21st February 2022
Falvey Insurance Group has announced the appointment of Greg Liewald Senior Vice President – Wholesale Brokerage Operations. Most recently, Liewald worked for USG as a wholesale commercial broker. He first began working in the wholesale space over 20 years ago and has extensive experience broking and building new books of business. At Falvey, ... Read the full article
Miller creates new Caribbean Property team
21st February 2022
Specialist re/insurance broker Miller has appointed three new hires to create a Caribbean Property team, as the firm continues its expansion into targeted product segments. Michael Edwards has been appointed to Head of Caribbean in P&C alongside Charlie Lunn as Account Executive and Toby Pearcy as Broker. All three will have a ... Read the full article
AXIS hopeful upward rate momentum will continue: Ann Haugh
21st February 2022
After a late January 1st, 2022, reinsurance renewals season with evident disruption, Bermuda-based AXIS Capital Holdings Limited feels that some of the positives suggest a continuation of the current rate and market environment, according to Ann Haugh, the firm's President of Global Property Reinsurance. Executives from global insurer ... Read the full article
Verisk CEO announces retirement, succeeded by Lee Shavel
21st February 2022
Global data analytics provider Verisk has announced that Scott Stephenson, Chairman, President and CEO of Verisk, will be retiring from the company and will be succeeded by Lee Shavel, currently CFO of Verisk and group president. Mark Anquillare, currently COO of Verisk and group president, will become president of Verisk at ... Read the full article
ABIR welcomes Aon as new member
21st February 2022
Aon has joined the Association of Bermuda Insurers and Reinsurers (ABIR). A statement from ABIR said that Aon was joining Marsh McLennan/Guy Carpenter, Willis Towers Watson, and Lockton Re on ABIR’s Broker Advisory Cabinet, a body that allows for collaborative efforts among Bermuda's leading re/insurers and brokers. Recently, ABIR reported ... Read the full article
ICA welcomes Federal Court’s BI judgment
21st February 2022
The Insurance Council of Australia (ICA) has welcomed the Federal Court of Australia’s ruling in the appeals in the second business interruption test case, although appeals were filed in respect of five of the ten test case matters. The ruling substantially upheld the earlier Federal Court judgment delivered in October 2021. ... Read the full article
Dudley & Eunice threaten multi-billion insured loss
21st February 2022
Storms Dudley and Eunice, also known as Ylenia and Zeynep, are looking set to drive insurance and reinsurance losses in the range of billions, according to industry analysts and risk modellers. The two storms battered the British Isles in quick succession last week before tracking onwards and causing widespread damage across ... Read the full article