Reinsurance News
Vantage hires AXA XL’s Blanco to lead insurance business as CEO
1st November 2021
Alex Blanco, formerly of AXA XL, has joined Bermuda-based insurer and reinsurer Vantage Group Holdings Ltd. as Chief Executive Officer (CEO) of Insurance. In his new role, Blanco will be tasked with leading the growth and development of Vantage's insurance operation. He brings more than 25 years of industry experience across Professional ... Read the full article
CNA’s Q3 net income rises to $256mn
1st November 2021
Chicago-based insurer CNA has announced a net income for the third quarter of $256 million, having registered $213 million in the prior year quarter. Core income for the quarter was $237 million, also up from the $193 million achieved in the prior year quarter. The Property & Casualty segment produced core income ... Read the full article
Chaucer adds WTW’s Mike Smith amid marine insurance shake-up
1st November 2021
Global specialty insurance and reinsurance company, Chaucer, has named Mike Smith as the new lead of its Marine Specialty division, as the company moves to reposition its Marine insurance lines. Smith brings more than 35 years of experience within the marine insurance sector to the role, with a specialist focus on ... Read the full article
QBE develops new ESG risk management tool
1st November 2021
QBE has developed a tool to provide a risk management framework for customers to better assess environmental, social and governance (ESG) risk. The tool provides a template sustainability policy and ESG framework to help smaller and medium sized enterprises identify, monitor and manage a range of ESG issues that may impact ... Read the full article
Descartes opens London office, appoints AXA XL’s Paul Jones to lead
1st November 2021
Climate risk modelling insurtech Descartes Underwriting has opened a London office to be led by Paul Jones as business development director - UK & Ireland. Jones brings 20 years’ experience to the role and most recently served at AXA XL. He will now look to expand Descartes’ parametric insurance coverage within both ... Read the full article
The Ardonagh Group completes takeover of BGC’s Insurance Brokerage unit
1st November 2021
Global brokerage and financial technology company, BGC Partners, Inc., has completed the previously announced sale of its Insurance Brokerage division to The Ardonagh Group. As we wrote in May, BGC's insurance brokerage businesses will now join the Ardonagh Specialty platform. Under the terms of the arrangement, Ardonagh has acquired the equity ... Read the full article
Global minimum tax proposal may create tax issues for certain insurers: AM Best
1st November 2021
A new global minimum tax on certain multinational companies will create the potential for double taxation on insurance companies, according to a new report from rating agency, AM Best. This is given the accounting differences for global insurance companies in different jurisdictions and compared with other industries. An Organization for Economic Cooperation ... Read the full article
Aquiline acquires majority stake in insurtech Ripe
1st November 2021
Aquiline Capital Partners LLC, a private investment firm with a specialist focus on the intersection of technology and finance, has acquired a majority stake in Ripe Thinking Limited, a UK digital underwriting and insurance distribution platform. Ripe was founded in 1997 and serves customers across both personal and small commercial lines. ... Read the full article
Insurtech FloodFlash secures further Munich Re investment
1st November 2021
Munich Re is to provide capacity for the principal business of parametric flood insurtech FloodFlash, which aims to provide rapid-payout flood cover for SMEs and landlords. This is not the first time these two companies have crossed paths; the global reinsurer provided capacity for FloodFlash’s consultancy service in 2020. FloodFlash+ saw ... Read the full article
ICA declares Insurance Catastrophe for parts of South Australia
1st November 2021
The Insurance Council of Australia (ICA) has declared an Insurance Catastrophe for parts of South Australia impacted by significant hail, rain and strong winds last week. The catastrophe declaration was also extended to cover areas of Victoria and Tasmania affected by the same storm cell late last week. Insurers have received almost ... Read the full article
Microinsurance market growing on demand for health cover, study finds
29th October 2021
A significant surge in the global demand for health insurance across the world’s emerging economies offers "the most significant market and ESG opportunity in decades" for insurers, according to the international body representing the global microinsurance sector. The findings of the Microinsurance Network’s Landscape of Microinsurance Study 2021 suggest that the ... Read the full article
RAA endorses Resilient America Act for natural disasters
29th October 2021
The Reinsurance Association of America (RAA) has voiced its support for the introduction of the Resilient America Act, which aims to enhance community and system resilience in the face of rising natural disasters. The Act is intended to improve the provision of federal resources to help build capacity and fund risk-reducing, ... Read the full article
MIS partners with parametric hurricane insurance MGA Yokahu
29th October 2021
Geospatial imagery and re/insurance intelligence company, McKenzie Intelligence Services (MIS), has announced a strategic partnership with digital first Managing General Agent (MGA) McCosh Holdings Ltd, trading as Yokahu. Yokahu uses parametric underwriting and data visualisation to provide hurricane and tropical cyclone protection. The business is an approved Coverholder at Lloyd’s and is ... Read the full article
AXA extends oil & gas exclusions to support climate transition
29th October 2021
AXA has announced several new milestones in its approach to the energy sector by strengthening its existing Oil and Gas exclusions, with a specific focus on unconventional activities and new greenfield explorations. Firstly, AXA will stop investing in and underwriting new upstream oil greenfield exploration projects unless they are carried out ... Read the full article
MAPFRE highlights reinsurance growth as group hits €20bn in 9M revenues
29th October 2021
Spanish re/insurer MAPFRE has reported favourable growth of 14.5% within its reinsurance business, citing it as contributing factor in the overall group’s 6.4% increase in net earnings. MAPFRE RE contributed more than €95 million to earnings, compared to losses of €20 million for the same period in 2020, mainly related to ... Read the full article