Reinsurance News
Aviva to acquire Canadian MGA Optiom
27th November 2023
Aviva has announced the acquisition of Optiom O2 Holdings Inc from Novacap and other minority shareholders for a consideration of c.£100m (c.CAD$170m). Optiom, which operates as a managing general agent (MGA), provides vehicle replacement insurance in Canada. According to Aviva, the acquisition will help expand its capital-light businesses, which make up over ... Read the full article
APAC international non-life insurers demonstrate resilience in peer review: Fitch
27th November 2023
In a recent peer review conducted by Fitch Ratings, APAC non-life insurers with substantial international operations have demonstrated robust company profiles and commendable capitalisation, setting them apart from their peers in the US and EMEA. Fitch Ratings has assigned a rating category of 'Favorable' to 'Most Favorable' to the company profiles ... Read the full article
Too early to name AI as the leading cause for job losses across the industry: AM Best
27th November 2023
With artificial intelligence (AI) continuing to make an impact across the industry, by transforming the insurance underwriting process, and the value chain by boosting efficiency and improving accuracy, the technology is also creating potential for insurers to further improve productivity and minimize, if not actually eliminate, human touch points, according ... Read the full article
Athene reinsures Japanese life risks for FWD. Swiss Re provides mortality retro
27th November 2023
Life and retirement specialist Athene Holding Ltd., which is a Bermuda based subsidiary of global asset manager Apollo, has completed its first block reinsurance transaction in Japan, covering an in-force block of life insurance policies for FWD Life Insurance Co. Ltd. Japanese domiciled insurer FWD Life Insurance Co. Ltd. is part ... Read the full article
SCOR Investment Partners announces key leadership appointments to drive growth
27th November 2023
In a strategic move to propel its third-party asset management activity, SCOR Investment Partners, the asset management arm of the SCOR Group, has made significant leadership appointments. Louis Bourrousse, formerly Head of Business Development and Deputy Chief Executive Officer, is now appointed as the Chief Executive Officer, succeeding Fabrice Rossary, who ... Read the full article
CFC extends cyber cover for professional services firms
27th November 2023
Specialist insurance provider, CFC, is now offering small and medium-sized enterprises add-on cyber coverage to their packaged insurance policies for professional services businesses. The insurer is offering broad cybercrime coverage, as well as giving SMEs access to proactive cyberattack prevention services and incident response capabilities. “Extending the current cyber add-on with new ... Read the full article
Berkshire Hathaway exits India’s Paytm with $164mn sale
24th November 2023
Berkshire Hathaway, the Warren Buffett-run holding company, has exited India’s Paytm by selling its 2.5% stake in the digital payments service provider via a bulk deal on Friday. The company sold its entire stake in the digital payments firm for about 13.71 billion rupees ($164.70 million), as first reported by Reuters. According ... Read the full article
Everest Insurance makes appointments to Asia leadership team
24th November 2023
Everest Insurance International, a division of Bermuda-based insurer and reinsurer, Everest Group, Ltd., has added Tomi Latva-Kiskola and Swee Keong Mah to its Asia leadership team. Latva-Kiskola has been appointed as the Head of Insurance, Asia, effective February 5, 2024. He will report to Scott Leney, Head of Asia Pacific, Everest ... Read the full article
Talanx completes acquisition of Liberty Seguros in Brazil
24th November 2023
Germany’s Talanx Group, the parent of global reinsurer Hannover Re, has completed the process of acquiring the business of Liberty Seguros with retail customers and small to mid-sized enterprises in Brazil, in line with the company’s announcement earlier this year. The acquisition was done through HDI International, a subsidiary of ... Read the full article
Energy reinsurance market faces unanticipated challenges despite initial optimism: WTW
24th November 2023
In a surprising turn of events, the impact of reinsurance market dynamics on direct clients within the energy sector has not unfolded as expected, according to the latest findings in the October 2023 Energy Market Review by WTW. Earlier in the year, insurers were bracing themselves for the aftermath of challenging ... Read the full article
Benefits of climate adaptation can significantly outweigh costs: Swiss Re
24th November 2023
Veronica Scotti, Chairperson, Public Sector Solutions at reinsurance giant Swiss Re, discusses how a more systemic use of a universal approach to measuring climate adaptation interventions could help catalyse the business case for action. Commentary from Scotti ahead of the COP28 event in the UAE, highlights Swiss Re analysis which reveals ... Read the full article
Howden unveils primary cyber & technology E&O facility with Lloyd’s
24th November 2023
Global broker Howden has announced that it has launched a new primary cyber and technology errors & omissions (E&O) facility. The facility has been developed in conjunction with the Lloyd’s Insurance Company According to the announcement, the product has been designed for a wide range of cyber and technology risks across 14 different ... Read the full article
S&P places ratings on 15 NOHCs of Bermuda-based re/insurers on CreditWatch negative
24th November 2023
S&P Global Ratings has placed its long-term issuer credit ratings on 15 non-operating holding companies (NOHCs) of Bermuda-based reinsurers and insurers on CreditWatch with negative implications. The credit rating agency has also placed the issue ratings on the securities issued or guaranteed by these NOHCs, on CreditWatch with negative implications. Among the ... Read the full article
Africa Re reports improved Net Profit of $75.4mn in 9M 2023
24th November 2023
The African Reinsurance Corporation has announced its financial results for the first nine months of 2023 reporting strong growth in Net Profit, to $75.4 million, a “remarkable improvement” compared to the loss recorded at the end of the same period of 2022. Africa Re’s Gross Written Premium Income also saw improvement, ... Read the full article
Rothesay secures £4bn buy-in transaction for Co-op
24th November 2023
UK pensions insurance specialist Rothesay has completed a £4bn buy-in with the Co-op Section of the Co-operative Pension Scheme. According to Rothesay, the buy-in secures the benefits for almost 50,000 members of the Scheme, which includes defined benefit liabilities for 17,655 pensioners and dependants and a further 31,896 deferred members. The Scheme ... Read the full article
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