Reinsurance News
Ascot’s US and Bermuda units get ratings boost from AM Best
20th September 2021
AM Best has upgraded the issuer credit ratings (ICRs) of Ascot Group’s operating subsidiaries to reflect their strategic importance to the parent company, which is forecast to achieve profitable growth over the medium term. The rating agency upgraded the long-term ICR to “a+” (Excellent) from “a” (Excellent) and affirmed the financial ... Read the full article
BMS Re adds EVP Jerry Farrell to origination team
20th September 2021
Independent reinsurance broker BMS Re has announced the appointment of Jerry Farrell as an Executive Vice President (EVP) in its origination team. Farrell previously spent 10 years at Toa Reinsurance Company where he was executive vice president and chief underwriting officer, with responsibility for P&C underwriting results for North America Prior to ... Read the full article
KCC pegs Nicholas’ industry cost at $950mn
20th September 2021
Based on its high-resolution US Hurricane Reference Model, KCC estimates that the insured loss from hurricane Nicholas will be close to $950 million. On September 9, a tropical wave formed over the western Caribbean Sea and moved toward the northwest steadily until it reached the southern Gulf of Mexico the following ... Read the full article
Acrisure Re names leaders within corporate advisory & solutions division
20th September 2021
Acrisure Re, the reinsurance business of Acrisure, has announced several senior appointments within its corporate advisory and solutions division (ARCAS), all of which will report to Managing Director, Ben Canagaretna. Firstly, Nick Godfrey has been named as Head of Capital Markets, with responsibility for capital raising activities across ILS, funds at Lloyd’s ... Read the full article
COVID-19 to have both negative and positive effects on P&C insurers: AM Best
20th September 2021
According to a new report by rating agency AM Best, despite the significant returns of premiums during the pandemic in 2020, rated U.S. property/casualty mutual insurance companies still managed to grow premium modestly. The report shows that net premiums written (NPW) for the rated U.S. mutuals grew by 1.4% last year. Although ... Read the full article
IRB Brasil RE names Raphael Carvalho as CEO
20th September 2021
Brazilian reinsurer IRB Brasil Re has announced the appointment of Raphael Afonso Godinho de Carvalho as its new Chief Executive Officer (CEO), effective October 1st, 2021. Carvalho takes over from Wilson Toneto, who has held the CEO role in the interim since March 2021 and who will remain as Chief Technical ... Read the full article
IDF & V20 Group call for more international climate support
20th September 2021
The Insurance Development Forum (IDF) and the Vulnerable Twenty (V20) Group of Ministers of Finance have called for joint collaboration and international support to strengthen global physical climate risk management capabilities. Together, the IDF and V20 also announced their intention to advance on the creation of the Global Risk Modelling Alliance ... Read the full article
Apollo expands into casualty treaty with Paul Sandi hire
20th September 2021
Apollo Syndicate Management, the independent specialist insurer and reinsurer, has announced the appointment of Paul Sandi to head the build-up of a casualty treaty team within Syndicate 1969, subject to Lloyd’s approval. Sandi has nearly 20 years of industry experience and joins Apollo from Canopius, where he was head of casualty ... Read the full article
Convex establishes European subsidiary, A- rating secured from S&P
20th September 2021
Convex Group has authorised its new Luxembourg-based European insurance entity Convex Europe SA (CES), securing an A- rating from S&P Global. Convex is described as having worked closely with the Luxembourg regulator the Commissariat aux Assurances (CAA) in order to secure regulatory approval on 15 September. This development leaves Convex with a ... Read the full article
Gallagher adds Martin Rossiter as partner within aerospace practice
20th September 2021
Global reinsurance broker Gallagher has named Martin Rossiter partner within its aerospace practice, a role which will see him focus on further evolving the firm’s industry value proposition while supporting clients with their wider risk management needs. Rossiter joins from Etihad with 35 years’ experience in aviation risk. His final five years ... Read the full article
Lockton Re adds Monica Tigleanu to Cyber Practice
20th September 2021
Lockton Re, the reinsurance arm of the global broker, has announced the addition of Monica Tigleanu to its Specialty Division as part of the Cyber Practice. Tigleanu most recently served as Senior Vice President (SVP) Cyber, Media & Technology at Marsh Specialty, having joined the firm in 2018. Earlier in her career, ... Read the full article
Half of customers would consider insurance from digital players, report shows
20th September 2021
New research published by Capgemini and Efma shows that, for the first time, 50% of insurance customers are willing to consider coverage from new-age digital players, as incumbents seek strategic partnerships to remain competitive. The World InsurTech Report 2021 notes that insurtechs and big tech players are leveraging significant capital inflows ... Read the full article
Chris Schaper named CEO of AIG’s ILS manager AlphaCat
20th September 2021
Chris Schaper, Chief Executive Officer (CEO) of AIG Re and Validus Re, will assume direct CEO leadership of insurer AIG's insurance-linked securities (ILS) manager, AlphaCat. This appointment aligns all core businesses of AIG's assumed reinsurer directly under the leadership of Schaper. Current CEO of AlphaCat, Paschal Brooks, is set to depart AIG ... Read the full article
wefox hires former Zurich Intl. head Huber as Chief Insurance Officer
20th September 2021
wefox, a full-stack digital insurance company based in Berlin, has announced the appointment of Peter Huber, formerly Chief Executive Officer (CEO) at Zurich International, as its Chief Insurance Officer, effective September 20th, 2021. wefox was founded in 2015 by Julian Teicke, Fabian Wesemann, and Dario Fazlic. The company’s goal is to ... Read the full article
Rate growth less abrupt but longer-lasting than past hard markets: KBW
17th September 2021
Analysts at Keefe, Bruyette & Woods (KBW) have suggested that rate growth in the current hardening market should continue for longer than in typical ‘three-year’ cycles seen in the past, despite the fact that increases have generally been less abrupt this time around. The firm believes that rate increases will be ... Read the full article