Reinsurance News
EU reinsurers urge UK regulator to delay Solvency II changes
6th October 2021
Insurance Europe’s Reinsurance Advisory Board (RAB) has urged the UK’s Prudential Regulation Authority (PRA) to either extend its Temporary Permissions Regime (TPR) or wait until the Treasury's review of Solvency II is finalised before making changes to its regulatory requirements. A recent consultation conducted by the PRA outlined proposed changes to ... Read the full article
Insurtech Cover Whale secures $15.5mn seed funding
6th October 2021
Insurtech MGA Cover Whale has announced the completion of a $15.5 million fundraising effort led by Ambac and TigerRisk Partners' Applied Financial Technologies subsidiary. Cover Whale was built on a foundation of technology, data, and machine learning analytics intended to transform the commercial auto segment and bring to market a forward-looking ... Read the full article
Piiq Risk adds Sylvain Devouge as senior partner
6th October 2021
Global aerospace re/insurance broker Piiq Risk Partners has hired Sylvain Devouge to serve in Paris as a senior partner; he reports to Mark Costin, senior partner. Sylvain will work across all aviation industry disciplines, developing re/insurance expertise and solutions, and will be responsible for the drafting and negotiation of re/insurance documentation, ... Read the full article
Miller inks deal with complex risks platform provider Dialogue
6th October 2021
The Credit and Political Risks (CPRI) team at Independent specialist re/insurance broker Miller has partnered with complex risks platform provider Dialogue in an effort to enhance its service offering to clients. The team is said to have successfully completed the first deal on the new platform; a demonstration of how Dialogue’s ... Read the full article
Arrow Risk Management launches MGA underwriting platform
6th October 2021
Arrow Risk Management has announced the launch of its new MGA underwriting platform, led by Jon Godfray as Chief Executive Officer and Mark Harrington as Chief Underwriting Officer. The platform is designed to provide an efficient trading environment for underwriting practices operating across specialty lines of business. Arrow Risk will commence trading ... Read the full article
Rokstone launches UK terrorism facility
6th October 2021
Rokstone, the international speciality re/insurance MGA and part of the Aventum Group, has announced the launch of a new terrorism facility in the UK. It follows the launch of a similar terrorism product in the US earlier this year, and will be made available to brokers through iSure, the group’s digital ... Read the full article
New Dawn Risk (Europe) launches in Malta
6th October 2021
New Dawn Risk Group has announced the launch of its new European subsidiary based in Malta, New Dawn Risk (Europe), which will be led by Elizabeth Grima and Tom Malcolm. Established in 2008 in London, broker New Dawn Risk has established itself as a globally recognised specialist in all lines of ... Read the full article
New Zealand doubles EQC payout cap to $300k
6th October 2021
The Government of New Zealand has announced that it plans to double the pay out cap for residential buildings covered by the New Zealand Earthquake Commission (EQC) from NZ $150,000 to $300,000. According to David Clark, the Minister Responsible for the Earthquake Commission, the higher cap will help to keep private ... Read the full article
Insurers office premiums rose to $80.5bn in H1: Hong Kong Insurance Authority
6th October 2021
The Insurance Authority (IA) has announced that the Hong Kong insurance market is showing signs of recovery after implementation of the Hong Kong National Security Law which put widespread social disturbances to a rest. Despite the effects of the COVID-19 pandemic, the gross premiums of long term business rose year-on-year by ... Read the full article
Despite improvements, COVID-related BI & cat losses a challenge for reinsurers: DBRS
5th October 2021
In the first half of 2021, major property and casualty (P&C) reinsurers were on track for a record year, but despite the improved performance, analysts at DBRS warn of uncertainty around pandemic-related business interruption (BI) losses and the impacts of natural catastrophes. Estimated global insured catastrophe losses stood at $42 billion ... Read the full article
Munich Re’s Digital Partners names Courtney Hill President, North America
5th October 2021
Munich Re-owned insurtech Digital Partners has announced the appointment of Courtney Hill as President, North America. Hill will report to Mike Kerner, the Chief Executive Officer of Munich Re Specialty Insurance. Prior to joining Digital Partners in 2018 she worked for three other large insurance carriers in various capacities, including field underwriter, ... Read the full article
Orchid announces R&Q partnership
5th October 2021
Orchid Underwriters Agency , a specialty underwriter of catastrophe-exposed property insurance, has announced a new partnership with R&Q Accredited America aimed at directing fresh personal lines capacity to costal markets hit by catastrophic events. Their program brings together an extended network of reinsurance capacity based on longstanding relationships with the two ... Read the full article
Tango launches professional lines division
5th October 2021
Tango Specialty has launched a new professional lines division dedicated to the growing demands of wholesale brokers for E&S underwriting solutions across a wide range of specialty SME sectors. The division will be led by David Egosi, who joins Tango from Hiscox USA where he was most recently head of professional ... Read the full article
Aston Lark acquires S Johnson & Company
5th October 2021
Aston Lark, the insurance broker backed by Goldman Sachs, has acquired S Johnson & Company. Established in 1990 and based in Birmingham, with a dedicated team led by Steven Johnson and Graham Ettrick, Johnsons provides insurance cover to a range of commercial clients. In addition, they’ve provided bespoke insurance solutions for the ... Read the full article
Westfield Specialty reveals executive team, business lines
5th October 2021
Westfield Specialty, a new specialty insurance subsidiary launched by super-regional property and casualty (P&C) insurer Westfield, has announced the members comprising its executive team, as well as the initial lines of business it will focus on. The business lines include, E&S Excess Casualty, E&S Property, Commercial Management Liability, Financial Institutions and ... Read the full article