Reinsurance News
Casualty market proves value as diversifier for reinsurers: Aon
18th August 2021
Re/insurance broker Aon has released a new report for the first half of 2021, giving insight into the Property & Casualty insurance market. The broker's report underlined how the casualty market is proving its value as a good diversifier for reinsurers' challenged property experience in recent years, along with robust primary ... Read the full article
QOMPLX and Tailwind abandon merger plans
18th August 2021
Risk analytics provider QOMPLX has agreed to terminate its business combination agreement with Tailwind Acquisition Corp., a special purpose acquisition company, due to challenging market conditions. The deal would have seen QOMPLX go public via a merger with Tailwind, and reflected a post-transaction equity value for QOMPLX of roughly $1.4 billion ... Read the full article
LIIBA adds McGill’s Hennessy to board
18th August 2021
Karl Hennessy, Head of Specialty Broking for Lloyd’s broker McGill and Partners, has been appointed to the board of the London and International Insurance Brokers’ Association (LIIBA). LIIBA notes that Hennessy has over 30 years’ experience in the London insurance market. He began his career with Fenchurch International, before moving to Lloyd ... Read the full article
Acrisure enters partnership with Quotal
18th August 2021
Insurtech ecosystem specialist Quotall has entered into a strategic partnership with global insurance distribution business Acrisure. The partnership will see Acrisure provide insurance product sourcing and insurer partnership services to meet the portfolio needs of Quotall clients. The joint strategy will offer a consolidated solution for big brands across industry sectors that ... Read the full article
ASR hires Krishna Bheenick as Managing Director, Mauritius
18th August 2021
Africa Specialty Risks (ASR), the pan-African focused reinsurance group, has appointed Krishna Bheenick as Managing Director in Mauritius. Bheenick brings a wealth of experience in the Insurance and wider Financial Services sector in Mauritius and internationally, having held senior positions at SWAN General, Mauritius Commercial Bank, XL Catlin Insurance (UK), Munich ... Read the full article
AJG able to balance & reinvigorate Willis Re’s employee & client bases: KBW
17th August 2021
According to reports from Keefe, Bruyette & Woods (KBW), Arthur J Gallagher (AJG) will be able to stabilise and reinvigorate Willis Re’s employee and client bases, whilst expanding its reinsurance product capabilities and global footprint. It was announced ... Read the full article
Zurich NA names Kelly Kinzer to lead Construction Casualty
17th August 2021
Zurich North America has appointed Kelly Kinzer to the newly created role of Head of Construction Casualty. The appointment is seen as a reflection of Zurich's efforts to realign its Construction business into two segments (Property and Casualty) to simplify and enhance how it goes to market and serves project owners, ... Read the full article
Atradius reports smooth transition after trade credit reinsurance scheme
17th August 2021
Trade credit insurer Atradius has reported a smooth transition for customers after the close of the Government Trade Credit Reinsurance Scheme, which was introduced to support the industry during the pandemic. Atradius noted that the handover process ran as expected with a continuation of limits for customers and growing levels of ... Read the full article
Beazley hires Patricia Kocsondy as Head of US Cyber & Tech
17th August 2021
Specialist insurer Beazley has appointed Patricia Kocsondy as Head of US Cyber & Tech. Kocsondy joins from Chubb, where she served as senior vice president, errors & omissions (E&O) and cyber underwriting, for Chubb Limited’s North American Financial Lines. In her previous role, she was responsible for strategic leadership and direction, portfolio ... Read the full article
Gallagher hires Nick Hughes as a Consultant for aerospace practice
17th August 2021
Insurance broker Gallagher has appointed Nick Hughes as a Consultant within its global aerospace practice. In his new role, Hughes will be responsible for supporting client-facing teams with legal input to complex insurance coverage, claims and contractual issues, as well as helping to grow Gallagher’s aerospace client base. Until his retirement in ... Read the full article
Caribbean P&C insurers surpass expectations: AM Best
17th August 2021
Most property and casualty (P&C) insurers in the Caribbean region surpassed performance expectations in 2020 despite the challenges of COVID-19, according to AM Best. Consolidated net income more than doubled on the 2019 level last year among AM Best rated insurers, despite the pandemic weighing heavily on countries with weak public ... Read the full article
Insured Haiti quake loss estimated at $250mn by KCC
17th August 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that insured losses from the M7.2 earthquake that hit Haiti last week will be around $250 million. However, with insurable, or economic, losses estimated at around $1.7 billion, only around 14.7% of the overall cost of the quake will be covered ... Read the full article
BI test case payouts approach £1bn: FCA
17th August 2021
New data from the Financial Conduct Authority (FCA) shows that total reported claims payments for policies related to the COVID-19 business interruption (BI) test case in the UK are now approaching £1 billion. The aggregate value of the payments made for the 21,198 claims where final settlements have been agreed and ... Read the full article
Hippo marks Q2 2021 with premium growth jump to $159mn
17th August 2021
Home insurer Hippo has seen its total amount of generated premium increase by 101% to $159 million for the second quarter of 2021. The firm also crossed $500 million in total generated premium in force and year-one customer retention grew to 88%. Two new products were highlighted as having been introduced to ... Read the full article
Hudson Structured buys majority stake in Occam
17th August 2021
Specialist lines-focussed managing general agency Occam Underwriting has announced Hudson Structured Capital Management's decision to become a majority shareholder. Additional investment from HSCM, an asset manager specialising in the re/insurance and transportation sectors, is expected to help Occam expand into new lines via new talent acquisitions and upgrades to its various technology platforms. As ... Read the full article