Reinsurance News
CRC Group expands team with three key hires
1st July 2024
CRC Group, the North American wholesale specialty insurance distributor, has bolstered its team with a series of key hires. Firstly, the company has announced that Sarah McKenna has joined CRC Group’s San Francisco, CA office as a property broker. She brings more than eight years of industry experience towards the role. Prior ... Read the full article
Accenture appoints Carmina Lees as insurance lead for UK & Ireland
1st July 2024
Professional services firm Accenture has recently announced the appointment of Carmina Lees as the local lead for its insurance practice in the UK and Ireland. Lees brings 25 years of industry experience to her new role. She has gained cross-industry expertise and knowledge of emerging technologies, enabling her to help clients ... Read the full article
Lancashire gets positive outlook, ratings affirmed by S&P
28th June 2024
S&P Global Ratings has revised its outlook to positive from stable for Lancashire Holdings Ltd. and its operating subsidiaries (LRE), as the firm has strengthened its competitive position over the past few years through a diversification strategy. LRE produced strong underwriting profitability in 2023, expected to continue through 2026, barring any ... Read the full article
Le Pallec named S&P Global Ratings President, Cheung becomes S&P Global CEO
28th June 2024
Yann Le Pallec has been appointed President of S&P Global Ratings, the rating agency arm of S&P Global, succeeding Martina L. Cheung, effective November 1, 2024. In his new role, Le Pallec will have ultimate responsibility for all aspects of the business, including commercial, analytical, control, and operations functions. The executive has ... Read the full article
Enact secures additional $90mn XoL reinsurance cover
28th June 2024
Mortgage insurer Enact Holdings, Inc. secured the $90 million of additional excess of loss (XoL) reinsurance protection as part of its credit risk transfer (CRT) programme. This CRT transaction covers a portion of existing mortgage insurance policies written from July 1st, 2023 through December 31st, 2023 and is effective June 1st, ... Read the full article
Lockton unveils global space practice, led by PIIQ’s Ian George
28th June 2024
Lockton, an independent insurance broker, has launched a new global space practice led by Ian George, Head of Space, and joined by Russell Sawyer and Mark Williamson as Account Executive and Consultant, respectively. According to the announcement, the new practice will offer a range of products specifically tailored to individual client needs across ... Read the full article
Onex completes acquisition of R&Q’s Accredited
28th June 2024
P&C program manager Accredited has announced the successful completion of its acquisition by Onex Partners, and has also revealed the completion of a legacy reinsurance transaction with insurance group Enstar in connection with the acquisition. This acquisition follows R&Q's provisional liquidation in Bermuda, allowing the conditional sale of its ... Read the full article
S&P upgrades Echo Re’s rating to A
28th June 2024
S&P Global Ratings has upgraded Swiss reinsurer Echo Rueckversicherungs AG (Echo Re) long-term issuer credit and financial strength rating from ‘A-’ to ‘A’ with a stable outlook. The upgrade reflects Echo Re's continued track record of solid and sustainable underwriting and operating performance, aligning with higher-rated peers in 2023. S&P stated, “We ... Read the full article
Bermudian BF&M and Argus amalgamation to enhance P&C, Life, Health, and Pensions portfolio
28th June 2024
BF&M Limited, the holding company of the BF&M group of companies, and Argus Group Holdings Limited has announced they plan to combine and create a new combined Bermuda-headquartered multi-line insurer. Both Bermudian companies have signed a definitive amalgamation agreement, pursuant to which BF&M and Argus will combine in an all-stock transaction. According ... Read the full article
DWF boosts Australian presence with Proclaim acquisition
28th June 2024
DWF, a provider of integrated legal and business services, has announced its acquisition agreement with Proclaim, a claims management business in Australia, aiming to enhance its presence in the country. Group CEO, Sir Nigel Knowles, commented: "This acquisition will mark a significant step forward in our growth strategy, reinforcing our commitment ... Read the full article
HD flood modelling vital for mitigating risk: Moody’s RMS
28th June 2024
After the severe flooding in central Europe between late May and early June, it is crucial for insurers and reinsurers to understand and manage this complex risk, which can be achieved using the latest generation of high-definition (HD) catastrophe risk models, according to Moody’s RMS. Moody’s RMS Event Response estimates that ... Read the full article
Lord Strathclyde appointed Hampden chair
28th June 2024
Hampden Group, a provider of specialist insurance, investment and financial support services, has appointed Lord Strathclyde as the Chair of the group’s ultimate holding company, Hampden Holdings. Strathclyde succeeds Hampden founder, Tim Oliver, who will remain on the board as Founder and Life President, having grown and overseen the development of ... Read the full article
Assured Guaranty subsidiary insures $800m bond issuance for JFK Intl. New Terminal One
28th June 2024
Assured Guaranty Municipal Corp, (AGM) a subsidiary of Bermudian-based Assured Guaranty Ltd., has for the second time, insured $800 million of senior Special Facilities Revenue Bonds issued by the New York Transportation Development Corporation on behalf of JFK New Terminal One, a consortium comprising Ferrovial Airports, JLC Infrastructure, Ullico Infrastructure ... Read the full article
Chubb names Ronikonmäki Commercial Lines Manager for Finland
28th June 2024
Property and casualty (P&C) insurer Chubb has announced the appointment of Mikko Ronikonmäki as Commercial Lines Manager for Finland, effective August 12, 2024. Based in Helsinki and Ronikonmäki will be responsible for Chubb’s commercial lines operations across both Finland and Estonia. He will report to Anna Källs, Country Manager for Sweden and ... Read the full article
Beyond Risk establishes strategic partnership with Eirion Risk
28th June 2024
Beyond Risk Topco Holdings, a provider of alternative risk financing solutions, has announced a strategic partnership with Eirion Risk Underwriters, a Managing General Agent (MGA) in specialty insurance placement. Eirion Risk was founded by industry experts Kellan and Casey Quinn, and particularly specialises in builders risk, property, terrorism, and CAT deductible ... Read the full article
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