Reinsurance News
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
More price rises needed to offset Lloyd’s losses: analysts
27th August 2021
Analysts at insight and consultancy firm Insurance DataLab have stressed that, despite substantial rate increases over recent months, further price rises will be needed to offset losses within the Lloyd’s market. Lloyd’s premiums have increased by more than 50% year-on-year in every quarter since the start of the pandemic, the firm ... Read the full article
AXA XL appoints marine risk control expert Jarek Klimczak
27th August 2021
AXA XL's Marine insurance business has enhanced its Marine risk control expertise in the US with the addition of Senior Risk Consultant Jarek Klimczak. Klimczak previously supported the growth of AXA XL's Cargo and Bluewater Hull books in Asia and Australia. He has more than 32 years of maritime, logistics, Insurance, and ... Read the full article
M&A’s drop in first half of 2021: Clyde & Co
26th August 2021
Mergers and acquisitions (M&A) in the global insurance industry have dropped back slightly in the first half of 2021 with 197 completed deals worldwide, according to Clyde & Co’s Insurance Growth Report. The report also noted that M&A’s were down from 206 in the second half of 2020 and 201 at ... Read the full article
Insurers face $330mn Storm Grace loss across Mexico & Caribbean: KCC
26th August 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that insured losses from Tropical Storm Grace will be $300 million in Mexico and $30 million in the Caribbean, for a total of $330 million. This estimate includes the privately insured damage to residential, commercial, and industrial properties. In the Caribbean, Grace ... Read the full article
Aon announces regional senior leadership changes
26th August 2021
Aon plc has announced new regional leadership roles within its Reinsurance Solutions to further strengthen the team and enhance its local reach. Tim Ronda, Global Geographic Leader, will oversee Reinsurance Solutions’ regional capabilities worldwide to drive scale while focusing on unique regional trends and client needs. George Attard has been appointed Chief ... Read the full article
Lloyd’s partners with McKenzie for GEO tech platform
26th August 2021
The specialist Lloyd's insurance and reinsurance marketplace has entered into a two-year partnership with McKenzie Intelligence Services (MIS) to deliver a faster claims service through its geospatial (GEO) technology platform. The GEO platform will provide the Lloyd’s market with real-time analysis of global perils including storms, wildfires and flooding, producing data ... Read the full article
“Vital role” of re/insurance stressed at White House cyber meetings
26th August 2021
The “vital role” of re/insurance was highlighted by industry leaders in a recent series of cybersecurity discussions at the White House, which saw President Biden, members of his cabinet and national security team, and private sector and education leaders convene to confront the growing issue of cyber risk. During the closed ... Read the full article
Pacific Life announces changes to leadership roles
26th August 2021
Pacific Life Insurance Company has appointed Darryl Button as Chief Executive Officer (CEO) and president of Pacific Life. He will succeed current Chairman, President and CEO Jim Morris, in April 2022 upon Morris’ retirement. Button joined Pacific Life in 2017, bringing with him significant experience overseeing corporate and financial strategies, and he ... Read the full article
P&C reinsurers enjoy profit and premium rise over H1: RAA
26th August 2021
New data released by The Reinsurance Association of America (RAA) shows an increase in both profitability and net premiums for US property and casualty (P&C) reinsurers over the first half of 2021. The data, collected by RAA from 17 reinsurers globally, shows a marked improvement in the combined ratio of the ... Read the full article
Zurich hires Peter Kasahara as Chief Data Officer
26th August 2021
Zurich Insurance Group (Zurich) has appointed Peter Kasahara to the new role of Chief Data Officer (CDO). Kasahara will oversee all aspects of data management and to help drive the group’s digital transformation. Leading global data management and governance, he will help develop new data analytics capabilities and products, whilst expanding Zurich’s ... Read the full article