Reinsurance News
Demand surge & inflation to increase Colorado wildfire losses, says AM Best
13th January 2022
AM Best has warned that demand surge and inflation will amplify losses related to the December 30th, 2021, late-season Marshall Fire in Boulder County, Colorado, which destroyed more than 1,000 structures. The wildfire arrived at the end of last year and burned through roughly 6,000 acres over two days, and is ... Read the full article
Canadian insured cat losses exceed $2bn in 2021: CatIQ
13th January 2022
CatIQ, a provider of catastrophe loss and exposure information in Canada, has reported that Canadian insured losses from catastrophic events in 2021 amounted to CAD 2.04 billion. At this level, 2021 stands out as one of the top five years of insured losses for the country, CatIQ notes. And with 14 events ... Read the full article
Kingstone secures 30% quota share, adds layer to existing XoL reinsurance at renewals
13th January 2022
Kingstone Insurance Company (KICO), a wholly owned subsidiary of P&C insurance holding company, Kingstone Companies, Inc., has finalised a new 30% personal lines quota share reinsurance treaty for 2021-2022, and added another layer of protection to its existing excess of loss (XoL) programme. This time last year, Kingstone terminated its 25% ... Read the full article
Xenia acquires trade credit & surety business from Tysers
13th January 2022
Credit insurance and surety specialist Xenia Broking Group has acquired the UK trade credit and surety business of Tysers Insurance Brokers (Tysers). The transaction was completed on 11th January and marks Xenia’s eighth acquisition to date and fifth in the last nine months, having acquired Peter Hill Credit & Financial ... Read the full article
Obsidian adds David Lockton to Board
13th January 2022
Obsidian Insurance Holdings, Inc. has announced the appointment of insurance industry leader David Lockton to its parent company's Board of Directors. For nearly four decades, Lockton has served as President, CEO, and then Chairman of Lockton Companies, and is currently Lead Director of Lockton, Inc. "Dave Lockton is a tremendous addition to ... Read the full article
Hampden recruits Parhelion CUO as Verto Active Underwriter
13th January 2022
Financial services and Lloyd’s capital adviser Hampden Group has announced the appointment of Chris Sharp as Active Underwriter of its Lloyd’s syndicate, Verto 2689, managed by Asta Managing Agency. Sharp was formerly Chief Underwriting Officer at Parhelion Capital, and Director of Underwriting and Head of Property Reinsurance at Dale Underwriting Partners ... Read the full article
Everest Re promotes Artur Klinger to Head of Intl. Reinsurance
13th January 2022
Bermuda domiciled reinsurer, Everest Re Group, Ltd., has named Artur Klinger, its Managing Director (MD) of Continental Europe, as the new Head of International Reinsurance, reporting to Everest Group Chief Operating Officer (COO) and Head of Reinsurance, Jim Williamson. In his new role, Klinger takes on oversight of the firm's reinsurance ... Read the full article
Enstar raises $500m in subordinated debt issuance
13th January 2022
A subsidiary of legacy specialist, Enstar Group Limited, has raised $500 million through the offering of Fixed-Rate Reset Junior Subordinated Notes. Enstar Finance LLC priced $500 million aggregate principal amount of 5.500% Fixed-Rate Reset Junior Subordinated Notes due 2042, fully and unconditionally guaranteed, on a junior subordinated basis, by its parent. The ... Read the full article
R&Q Accredited and First Underwriting enter £1bn capacity deal
13th January 2022
Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings (R&Q) has announced that its Accredited subsidiary has signed a five-year program management agreement with First Underwriting, a fast-growing UK-based MGA. The agreement includes a targeted capacity of £1bn in gross written premium over the period and will be supported by ... Read the full article
Aviva CFO Jason Windsor to step down
13th January 2022
London-headquartered insurer Aviva has announced that Jason Windsor has resigned from his position as Chief Financial Officer (CFO) and as a Director of the Company. Windsor will leave with effect from July 2022 to take up the position of CFO at Persimmon, a British housebuilding company, headquartered in York. Over the next ... Read the full article
Matt Finch takes Finance Director role at Carbon Underwriting
13th January 2022
Carbon Underwriting Limited, the specialist, independent managing general underwriter (MGU) and Lloyd’s syndicate, has announced the appointment of Matt Finch as Finance Director. Finch has almost 25 years of financial services experience and had been undertaking the Finance Director role at Carbon on a contract basis for the last 10 months ... Read the full article
Man Group’s new CAS initiative looks to deliver flexible re/insurance solutions
13th January 2022
Man Group, a technology-empowered active investment management firm, has launched Capital Asset Solutions (CAS) within Man Solutions Limited, a new initiative designed to provide insurers with bespoke and flexible re/insurance solutions with a focus on liabilities and asset management. Predominantly, CAS will focus on the global retirement services and savings market ... Read the full article
WTW forms new Crisis Management unit
13th January 2022
WTW has formed a new Crisis Management unit with the merger of SCR and its Terror and Political Violence teams which will sit within its Financial Solutions Global Line of Business. The new unit will be led Jo Holliday, Managing Director of SCR, and deliver crisis management and contingency risk management ... Read the full article
PRA says more work on climate risks required from many re/insurers
13th January 2022
UK regulator the Prudential Regulation Authority (PRA) has set out its priorities for 2022, which include a renewed focus on the financial risks arising from climate change. The PRA acknowledged that some insurers and reinsurers have made “good progress” in embedding supervisory expectations on climate risk. However, it added that progress has ... Read the full article
Gallagher names Head of Financial Lines for Middle East
13th January 2022
Global re/insurance broker Gallagher has appointed Daniel Miller to lead its financial lines operations for clients in the Middle East. Miller will join Gallagher in April from Aon, where he has worked for the last eight years as Regional Head of Financial and Professional Liability (finpro) for the Middle East. He has ... Read the full article