Reinsurance News
Allianz Insurance adds Chris Varley as Chief Analytics Officer
9th November 2021
Allianz Insurance has added Chris Varley as Chief Analytics Officer, a newly created position effective from March 2022. Varley will be responsible for increasing data and pricing capabilities while creating a distinct analytics strategy across the organisation. He joins from Willis Towers Watson, having served as a senior director in a role ... Read the full article
Markel Specialty names Steve Girard as President, Southeast region
9th November 2021
Markel Corporation has appointed Steve Girard as President of the Southeast region for Markel Specialty. Girard currently serves as Regional President of the Mid-Atlantic region and will replace Nick Abraham. He joined Markel in 2008 in the Southeast region as Managing Director, Production and Underwriting. He was named Southeast Regional President in 2011. ... Read the full article
Carbon Underwriting secures BOOST&Co investment
9th November 2021
London’s Carbon Underwriting is eyeing new business lines and the development of its data-driven underwriting platform following significant funding from alternative lender BOOST&Co. Carbon will also use the investment for working capital purposes and to bolster its underwriting and leadership teams. BOOST&Co provides growth capital for UK SMEs covering a wide range of ... Read the full article
W. R. Berkley names Henle as President of Union Standard
9th November 2021
W. R. Berkley Corporation has announced the appointment of John Henle as President of Union Standard Insurance Group (Union Standard), effective immediately. He succeeds B. Keith Mitchell, who has transitioned into a new role as Chairman of Union Standard. Henle joins Union Standard with more than 20 years of multi-line insurance experience, ... Read the full article
Ascot appoints former Argo exec Will Chen to US CFO role
9th November 2021
Specialty re/insurer Ascot has appointed Will Chen to lead its US business as Chief Financial Officer, a role he recently operated in at rival player Argo. Chen, who brings 25 years' experience to the role, will take on primary authority and oversight for the financial prosperity of businesses including Ascot Specialty ... Read the full article
Tremor unveils real-time capacity viewing feature
9th November 2021
Reinsurance pricing and placing platform, Tremor Technologies, has released Tremor X-Ray™, a feature which provides insurance companies with real-time views of where capacity is coming from for their reinsurance programs. Through Tremor's latest feature, insurers can now filter by partner group, A.M. Best rating and more to see how supply flows ... Read the full article
Rep. Maloney reintroduces Pandemic Risk Insurance Act of 2021
9th November 2021
New York Congresswoman Carolyn Maloney reintroduced the Pandemic Risk Insurance Act of 2021 (PRIA) on November 2nd, paving way for the creation of the Pandemic Risk Reinsurance Program, designed to protect businesses of all shapes and sizes from the impacts of future pandemics. Rep. Maloney, alongside various stakeholders, first introduced ... Read the full article
Lemonade reports $11.7mn in gross profits for Q3
9th November 2021
Insurtech start-up Lemonade has reported a gross profit of $11.7 million for the third quarter of 2021, which increased by $4.4 million compared to the third quarter of 2020. This increase was due to the increase in gross earned premium, partially offset by a higher net loss ratio. Lemonade reported a gross ... Read the full article
Vesttoo adds Wells Fargo’s Hauff to ILP team
9th November 2021
Alternative reinsurance and investment platform Vesttoo has appointed Robert Hauff as the Portfolio Manager for its Insurance Linked Program (ILP). Hauff brings over two decades’ experience to the role and formerly served as the Managing Director of Fixed Income Research at Wells Fargo Securities. "We are thrilled to add Robert – one ... Read the full article
QBE Re appoints Mohamed El Sabri to lead MENA Life Reinsurance efforts
9th November 2021
QBE Re has announced the appointment of Mohamed El Sabri as Head of Life Reinsurance for Middle East and North Africa (MENA). El Sabri will be based out of Dubai and oversee the development and management of the company's life reinsurance portfolio in the region. He reports to Abdallah Balbeisi, Senior Executive Officer, ... Read the full article
BRP’s Q3 revenue up 106% to $135.6mn
9th November 2021
Independent insurance distribution firm, BRP Group, Inc., has reported an impressive 106% rise in revenue for the third quarter of 2021 to $135.6 million, as well as organic revenue growth of 26%, year-on-year. Despite the growth in revenue for the quarter, BRP Group's net loss worsened, year-on-year, from $3.3 million in ... Read the full article
Fidelis makes three promotions within underwriting arm
9th November 2021
Fidelis Underwriting Limited, a subsidiary of Bermuda-based Fidelis Insurance Holdings Limited, has promoted Kayley Stewart to the position of Co-Deputy Chief Underwriting Officer (CUO), and Head of Crisis Management. Stewart's promotion is followed by Michael Davern's appointment to the role of Co-Deputy CUO and Head of D&F and Energy. Matthew Bellamy has ... Read the full article
PartnerRe secures Q3 net income of $70mn despite sizeable cat hit
9th November 2021
PartnerRe has reported a common shareholder net income for the third quarter of $70 million, having hit $206 million income during the same period in 2020. Concurrently, net income available to common shareholders was $317 million for the first nine months of 2021, compared to $2 million in 2020. Large catastrophe losses ... Read the full article
Lemonade to acquire Metromile as auto insurer’s valuation falls to $500m
9th November 2021
AI-powered insurtech Lemonade has entered into a definitive agreement to acquire pay-per-mile auto insurer, Metromile Inc., in an all-stock transaction that implies a fully diluted equity value of roughly USD 500 million, or just over USD 200 million net of cash. In late November 2020, it was revealed that Metromile ... Read the full article
FedNat posts $25mn Q3 loss as CR hits 165%
9th November 2021
FedNat has announced a net loss of $24.8 million in the third quarter, a further slide from the $20.7 million loss posted in the prior year period. Meanwhile, the company’s combined ratio reached 165.4%, driven primarily by 37.7 points of net catastrophe losses in the period. Losses and loss adjustment expenses (LAE) ... Read the full article