Reinsurance News
McGriff hires Greg Glaser as VP and Marketing Account Executive, Energy
1st October 2021
McGriff, a subsidiary of Truist Insurance Holdings, has appointed Greg Glaser as a vice president and marketing account executive within its Energy Practice. Glaser brings 10 years of property underwriting experience through previous roles with Liberty Mutual and AIG. Over the past two years, he was with Marsh as a property placement ... Read the full article
Insurance securitisation startup Ledger starts casualty ILS fund
1st October 2021
Ledger Investing, a technology-driven marketplace for matching insurance risk to capital markets, has closed its Nanorock Insurance Linked Security (ILS) fund investment in casualty insurance risks through the Ledger Connect platform. The fund, will invest in workers’ compensation, general liability, commercial and private passenger auto liability as well as other casualty risks ... Read the full article
Oceanview Re Adds Ahwaz Chagani as Chief Actuary
1st October 2021
Bermudian firm Oceanview Reinsurance has announced the appointment of Ahwaz Chagani as Vice President and Chief Actuary. Chagani will be based in Bermuda and lead Oceanview Re’s actuarial organisation and all aspects of its risk management function. He brings over 15 years’ actuary experience to Oceanview Re and most recently served as ... Read the full article
Allianz announces new Board additions
1st October 2021
Allianz SE has announced a number of changes to its Board of Management, including the additions of new members, Andreas Wimmer and Sirma Boshnakova. Wimmer, who currently serves as CEO of Allianz Lebensversicherungs-AG, will succeed Jacqueline Hunt as head of the asset management division and Allianz Life in the US, effective ... Read the full article
Lockton grows Pittsburgh footprint with Jonathan Mycyk hire
1st October 2021
Insurance brokerage Lockton has expanded its footprint in Pittsburgh, PA with the appointment of Jonathan Mycyk as Senior Vice President. Mycyk joins with over 15 years at Aon, where he worked with business leaders at firms ranging from small to global in size, to deliver unparalleled value to their employees. In his ... Read the full article
Tokio Marine adds new climate restrictions for underwriting, investments
1st October 2021
As part of its revised climate strategy, global P&C insurance group Tokio Marine has introduced new restrictions to its insurance underwriting and investment and lending policies. Specifically, the new revisions add thermal coal mining projects to the list of restricted businesses for new business transactions, in addition to the existing exclusion ... Read the full article
AXA XL Reinsurance to simplify underwriting platform structure
1st October 2021
AXA XL’s Reinsurance, as part of the ongoing work to simplify legal entity structure, is set to make the business more consistent with AXA Group’s structure, which aligns businesses to legal entities. The company will write all new and renewal contracts via dedicated reinsurance legal entities as of January 1, 2022. This will ... Read the full article
TigerRisk hires reinsurance exec Tim Ronda from Aon
1st October 2021
Global insurance and reinsurance broker TigerRisk Partners has strengthened its reinsurance expertise with the addition of Tim Ronda as a Senior Executive. Ronda most recently served as Global Geographic Leader of Reinsurance Solutions at Aon, before which he was Aon’s President of Reinsurance Solutions for the US. He was also a member ... Read the full article
China Re sponsors first Hong Kong cat bond, Greater Bay Re
1st October 2021
State-owned reinsurer China Re has secured $30 million of typhoon cover as the sponsor of the first catastrophe bond to be issued out of Hong Kong. According to reports from our ILS-focused sister publication, Artemis, the now-completed Greater Bay Re Ltd. (Series 2021-1) cat bond was privately marketed to a ... Read the full article
Hannover Re to explore advanced underwriting with Dublin-based R&D project
1st October 2021
Global reinsurer Hannover Re plans to invest over €6 million in Dublin Digital – a research and development (R&D) programme aimed at delivering a competitive edge via next generation d underwriting. To facilitate this, the company plans to create up to 16 positions in Dublin over the next 3 to 4 ... Read the full article
Mosaic adds AXA XL’s McGrath as SVP, Head of Intl War & Terrorism
1st October 2021
Mosaic Insurance has appointed senior war and terrorism specialist Adam McGrath to its business line’s international team in London. McGrath will serve as SVP, Head of International War & Terrorism, Political Violence, at the global specialty startup; responsible for building out the global book of business, while complementing work by the ... Read the full article
Aviva completes sale of Italian business to Allianz
1st October 2021
Aviva has announced the completion of the sale of its Italian General Insurance business, Aviva Italia S.p.A., to Allianz for a cash consideration of €330 million. First announced in March, the portfolio is equally distributed between motor and non-motor business segments with gross written premiums of around €400 million. In total, nearly ... Read the full article
Former AXA XL duo gain approval to launch ANT Exceptional Risks
1st October 2021
Former AXA XL executive Jonathan Beck and underwriter Richard Spurrier have received regulatory consent to launch a new Specialty Insurance Cell - ANT Exceptional Risks. Domiciled in Guernsey, the cell will initially focus on Fine Art, Jewellery and Classic Car exposures. “We’ve worked closely with our reinsurance partners over the last few ... Read the full article
MEDGULF secures $112mn capital increase approval
1st October 2021
The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF), one of Saudi Arabia's largest re/insurers, has had a capital increase request approved by the Capital Market Authority. MEDGULF provides a range of cooperative health, motor, property and other insurance and reinsurance services. It had initially paid-up roughly ... Read the full article
Helios operating loss grows despite reinsurance recoveries
1st October 2021
Helios Underwriting has reported an operating loss of £480,000 for the first six months of 2021, despite its exposure on the open underwriting year being reduced by 46% thanks to its quota share reinsurance program. This compares with an operating loss of £108,000 for the H1 period last year, although Helios ... Read the full article