Reinsurance News
RSIS partners with specialists to provide NatCat protection in South Africa
31st August 2021
Reinsurance Solutions Intermediary Services (RSIS), a specialist southern African reinsurance broker, has partnered with specialists in natural catastrophe risk modelling to offer its insurance clients reinsurance protection and risk management. The natural catastrophe perils covered by RSIS and its new partners include earthquake, flood, hail and cyclone, all modelled within the ... Read the full article
WTW hires Andrew Krasner as CFO
31st August 2021
Willis Towers Watson has appointed Andrew Krasner as its new Chief Financial Officer (CFO). Krasner returns to Willis Towers Watson after driving financial strategy and performance as the CFO of AssuredPartners. He succeeds Michael Burwell in this role, who will be taking on a senior role in the medical and data analytics ... Read the full article
London Market insurers well-placed for pricing tailwind: Goldman Sachs
31st August 2021
Analysts at Goldman Sachs see London Market insurers as well placed to benefit from the current tailwind to insurance pricing, after delivering attractive returns over the insurance cycle. Following an acceleration of reinsurance pricing in 2020, analysts now believe pricing is moderating at attractive levels, which should lead to above cycle ... Read the full article
Hurricane Ida losses to shift more to reinsurers, but not expected to move rates
31st August 2021
Analysts have said that losses from Hurricane Ida could shift more to reinsurance as the heavy catastrophe load in the first half of 2021 saw primary insurers erode a significant amount of their catastrophe budgets. However, analysts don't expect the storm to have a meaningful impact on rates ahead of ... Read the full article
Crawford acquires contents valuation service edjuster
31st August 2021
Crawford & Company, a provider of claims management and outsourcing solutions to carriers, brokers and corporations, has announced the acquisition of edjuster, a technology-driven field and desktop contents claims handling solutions company. edjuster operates on a proprietary contents management platform that offers contents inventory and valuation solutions for both high severity ... Read the full article
Gen Re supports launch of new Chinese life insurance product
31st August 2021
Gen Re, the global reinsurance subsidiary of Berkshire Hathaway, has backed the launch of a new life insurance product by Fanhua Inc. in China. The product, which is also backed by Dingcheng Life Insurance Co., Ltd, is a customized whole-life insurance solution that targets at mid-and-high net worth individuals, and is ... Read the full article
Hurricane Ida slams Louisiana as Cat 4 storm with 150mph winds
30th August 2021
Hurricane Ida roared ashore in Louisiana yesterday, with sustained winds of 150 mph and higher gusts after the hurricane rapidly intensified on approach to land. Ida remains a hurricane at this time and is now soaking the state, while still causing damage. Hurricane Ida's winds gained 65 mph in strength in ... Read the full article
Insured loss from flooding in Germany now estimated at €7 billion by the GDV
27th August 2021
Jörg Asmussen, General Manager of the German Insurance Association (GDV) has said that it is now expecting insurance and reinsurance industry losses of around €7 billion (USD 8.3 billion) for the July flooding that devastated parts of the country. The new estimate from the GDV comes as the extent of the ... Read the full article
Chubb promotes Barnett to EVP, head of North America Construction Surety
27th August 2021
Global insurance carrier Chubb has appointed Richard Barnett Executive Vice President, head of North America Construction Surety. Barnett will be responsible for the underwriting, strategy and product management of construction surety products and services offered through Chubb's global large accounts segment. He will report to Stephen Haney, Vice President, Chubb Group, and ... Read the full article
QBE International Markets announces changes to Miami team
27th August 2021
Global insurer QBE’s International Markets division has appointed new additions to its Miami team. Juan David Mejia has joined as Vice President of Property Underwriting and will be based in QBE International’s regional Latin American hub in Miami. Mejia joins from Swiss Re where he was Senior Property Underwriter, Latin America. He brings ... Read the full article
P&C premiums up 8.3% over Q2, finds CIAB survey
27th August 2021
A new market survey by the Council of Insurance Agents & Brokers (CIAB) has found that property and casualty (P&C) rates increased for the 15th consecutive quarter in Q2 2021 at 8.3%, down from 10% in the previous quarter. Both medium and large accounts experienced the highest increases, at 9.4% and ... Read the full article
R&Q gains final approval for Sentry IBT deal
27th August 2021
Non-life legacy and run-off acquisition and management, programme services and investments specialist Randall & Quilter Investment Holdings Ltd. has received final approval from the Oklahoma District Court for its insurance business transfer (IBT) deal involving Sentry Insurance Company. Under the terms of the IBT, a portfolio of Sentry reinsurance policies will ... Read the full article
BHSI hires Constanza Gállegos as Country Manager, Spain
27th August 2021
The insurance arm of Warren Buffett's global insurance and reinsurance company, Berkshire Hathaway Specialty Insurance (BHSI) has appointed Constanza Gállegos to its leadership team in Europe as Country Manager, Spain. Gállegos has just under 24 years of experience in the European insurance industry. Most recently, she was Head of Distribution, Europe, at ... Read the full article
WTW agrees to acquire Leaderim
27th August 2021
Willis Towers Watson has entered into an initial, non-binding agreement to acquire Leaderim, an insurance broking and consultancy business in Israel. Leaderim offers a broad range of commercial insurance solutions to the Israeli market and has significant experience in creating multinational risk programs, reflecting the large concentration of global companies operating ... Read the full article
Marsh names new Head of Specific Risks for UK Private Equity and M&A Practice
27th August 2021
Insurance broker and risk advisor, Marsh has appointed Stefan Farahani as Head of Specific Risks in the UK Private Equity and Mergers & Acquisitions Practice. In this newly created role, Farahani will be based in London, reporting to Alastair Lowry and Leo Flindall, Co-Heads, UK Transactional Risk, Marsh Specialty. He joins Marsh ... Read the full article