Reinsurance News
Midwest tornado reconstruction value estimated at $3.7bn: CoreLogic
15th December 2021
Analysts at CoreLogic have estimated that the reconstruction value of residential buildings that were potentially destroyed in states hit by the recent series of tornados is $3.67 billion, with insured losses likely to exceed $1 billion. Last Friday, devastating tornadoes broke out across the states of Arkansas, Illinois, Kentucky, Mississippi, Missouri, ... Read the full article
Digital broker LuckyTruck secures SiriusPoint backing
15th December 2021
LuckyTruck, a digital broker and aggregator has secured an investment and partnership with specialty re/insurer SiriusPoint. LuckyTruck is a niche broker focused on making the purchase of insurance for trucking fleets in the US more transparent, customized, affordable, and convenient. The company aims to disrupt commercial trucking insurance brokerage, offering an alternative ... Read the full article
AIG names new EVP, Global Head of ESG
15th December 2021
AIG has announced the appointment of Constance Hunter as Executive Vice President, Global Head of Strategy & ESG. In early 2022 Hunter will report to President & Chief Executive Officer Peter Zaffino as well as join AIG's executive leadership team. She joins from KPMG having served as Chief Economist since 2013 and ... Read the full article
Spread dependence efforts support stable life outlook: Moody’s
15th December 2021
Analysts at Moody's have reported that insurers’ ongoing efforts to reduce spread dependence are behind its decision to maintain a stable outlook on the global life insurerance industry, and are likely to support capital and profitability going forward. Efforts to optimise business mix have also been aided by economic recoveries in ... Read the full article
Generali partners with Accenture, Vodafone Business on cyber solutions
15th December 2021
Generali has joined forces with Accenture and Vodafone Business on the creation of cyber insurance services designed to help corporate and SMEs clients more effectively recognize, respond to and recover from cybersecurity threats and incidents. The initiative includes cyber risk assessments, phishing simulations and learning programs. The new services are aligned to ... Read the full article
Aegon enters longevity reinsurance arrangement with RGA
15th December 2021
Life Insurer and asset manager Aegon has reinsured another slice of its longevity exposure in the Netherlands with Reinsurance Group of America (RGA), as the company looks to improve the risk profile of its Dutch Life business and release capital at attractive terms. The new reinsurance agreement offers protection against the ... Read the full article
Ardonagh secures significant new equity investment
15th December 2021
Existing long-term shareholders and some new co-investors have made a significant equity investment into The Ardonagh Group, valuing the company at $7.5 billion. The new equity investment was led by Madison Dearborn Partners, LLC (MDP) and HPS Investment Partners (HPS), alongside new co-investors through accounts managed by MDP and HPS, including ... Read the full article
Concert Group launches Montana-based E&S carrier
15th December 2021
Newly-formed insurance fronting company, Concert Group Holdings, Inc., has announced the establishment of an excess and surplus (E&S) lines carrier based in Montana, called Concert Specialty Insurance Company. The new entity joins Concert Insurance Company, the group's Illinois-based property & casualty (P&C) operations, as the two firms operating under the Concert ... Read the full article
The Swedish Club announces General Increase of 12.5% for 2022
15th December 2021
The Swedish Club has announced a General Increase of 12.5% for 2022, a move which reflects the unique challenges currently faced by the P&I insurance market. This increase is in line with other members of the International Group, and with a backdrop of pricing inadequacy in the P&I sector, the Board ... Read the full article
IBISA raises €1.5m in seed round led by Insurtech Gateway
15th December 2021
The Luxembourg based startup IBISA has raised a €1.5m seed round, led by specialist incubator and venture fund Insurtech Gateway, alongside other strategic co-investors including Rockstart’s AgriFood fund. The funding will go towards IBISA's new solution, which has launched at a critical time, with the climate crisis accelerating and the frequency ... Read the full article
Recent tornado outbreak in the US an earnings event for P&C re/insurers: Fitch
14th December 2021
As initial estimates for the insured loss from the impacts of the recent tornadoes across a number of U.S. states start to be reported, Fitch Ratings expects this to be an earnings event for individual property and casualty (P&C) insurers and reinsurers. Earlier today, cat risk modeller KCC pegged the ... Read the full article
Ryan Specialty to acquire Keystone Risk Partners
14th December 2021
International specialty insurance firm Ryan Specialty Group, has signed a definitive agreement to acquire certain assets of Keystone Risk Partners, LLC based in Media, PA. Keystone generated approximately $8 million of revenue for the 12 months ended November 30, 2021. Terms of the transaction were not disclosed, although it is expected to ... Read the full article
Allianz names José Morago as Risk Director
14th December 2021
Allianz Holdings has appointed José Morago to the position of risk director for its personal lines business. In this role, Morago will be responsible for leading the risk function within the personal lines business and overseeing the risk activities for LV= general insurance, Petplan, L&G general insurance, Allianz Musical Insurance and ... Read the full article
Chubb in $800m sex abuse settlement with Boy Scouts
14th December 2021
Global insurance carrier Chubb has announced that its subsidiaries have agreed to pay $800 million to the Boy Scouts of America (BSA) as a contribution towards a compensation trust for sex abuse survivors. The BSA filed for bankruptcy back in February 2020 after facing hundreds of individual lawsuits and at least ... Read the full article
Aon warns of severe convective storm risk, pegs US tornados as multi-billion dollar event
14th December 2021
Aon analysis of the devastating tornado outbreak which swept several US states over the weekend echos other outlet's in its expectation for both economic and insured losses to reach into the billions of dollars. Analysts note how the severe convective storm (SCS) peril has become an increasingly expensive one ... Read the full article