Reinsurance News
Probitas 1492 gains approval for new managing agency
25th August 2021
Probitas 1492, an underwriting Syndicate at Lloyd’s of London, has announced that its managing agent, Probitas Managing Agency Limited (PMA), has received all necessary approvals to assume responsibility for Syndicate 1492. The management of the Syndicate will now transfer from Capita Managing Agency Limited to PMA on 1st September 2021. Probitas 1492 ... Read the full article
Coverys takes majority stake of Brady Insurance in Ireland
25th August 2021
Coverys European Holdings (CEH), an agency platform and network specialising in European markets, has completed a 51% acquisition of Joseph G Brady (Insurance) Ltd. (Brady Insurance), an insurance underwriting agency, broker and Lloyd’s coverholder based in Ireland. Brady Insurance provides a suite of business and personal lines products from its headquarters ... Read the full article
Change is coming to the entire insurance sector: Krista Griggs, Fujitsu UK
24th August 2021
In a recent interview with Reinsurance News, Krista Griggs, Head of Financial Services and Insurance at Fujitsu UK, discussed the importance of data within the re/insurance sector against a backdrop of rapidly advancing technologies. While the prevalence of data has been something which has been in the underwriting of insurance policies ... Read the full article
Bermuda re/insurers pay US customers $400bn in 20 years: BMA
24th August 2021
According to commercial market claims data collected by the Bermuda Monetary Authority (BMA), Bermuda re/insurers paid out $209.6 billion to US policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims from 2016 until 2020. The BMA’s 2017 survey showed that during the twenty-year period from 1997 ... Read the full article
Supercede hires Willis Re’s Betez as CPO
24th August 2021
Reinsurance tech firm Supercede has appointed Aydin Betez to lead the development of its cloud-based digital ecosystem as Chief Product Officer (CPO). Prior to this appointment, Betez was Chief Technology Officer at Willis Re, where he was responsible for leading the firm’s global technology, engineering, dev-ops, delivery, and data strategy. Before this, ... Read the full article
Tremor launches Panorama Surveyor feature for reinsurance buyers
24th August 2021
Programmatic re/insurance risk transfer marketplace, Tremor Technologies, has launched a new feature for reinsurance buyers that allows for the exploration of pricing for different structures and perils in advance of making a purchase. The feature, called Panorama Surveyor, has already been used to complete two major reinsurance placements totalling more than ... Read the full article
HCL partners with Munich Re to create digital workplace
24th August 2021
HCL Technologies (HCL) has entered into a partnership with global reinsurer Munich Re to create a digital workplace for its staff. Building on the successes of its strategic digital transformation partnership with Munich Re, HCL will now modernise and standardise workplace services for more than 16,000 employees in 40 countries. HCL will ... Read the full article
AXIS Re adds Alexander Riveros to Credit & Surety LatAm team
24th August 2021
AXIS Re, the reinsurance business segment of AXIS Capital Holdings Limited, has announced the appointment of Alexander Riveros as Senior Underwriter, Credit & Surety. In this role, Riveros will be responsible for covering the Latin American market, helping to drive portfolio goals for credit & surety, and to foster partnerships with ... Read the full article
Second BI test case in Australia delayed as policyholders need more time: ICA
24th August 2021
The Federal Court of Australia has postponed the start of the second business interruption (BI) test case hearing by one week to provide policyholders with more time to obtain verified government data and expert evidence concerning COVID-19 outbreaks, notes the Insurance Council of Australia (ICA). It was announced earlier this ... Read the full article
Howden hires Jeroen Everling as CEO, Netherlands
24th August 2021
Insurance broker Howden has appointed Jeroen Everling as Chief Executive Officer in the Netherlands, with a focus on building a specialist team for mid and large domestic and international clients. Howden already has a leading specialist marine operation with a corporate portfolio in Rotterdam, which is led by Jan Oosterom. Everling will ... Read the full article
Insurance renewals demand ESG transparency: Aon
24th August 2021
With environmental, social and governance (ESG) playing an increasingly important role in the re/insurance market, analysts at Aon have argued that setting clear and transparent ESG targets will be critical for companies during their renewals. Aon cited research that shows ESG based assets could exceed US$53 trillion by 2025, representing more ... Read the full article
Favourable pricing boosts re/insurers in H1 2021: Willis Re
24th August 2021
Favourable pricing for commercial lines business, coupled with rate rises for reinsurance and retail insurance supported premium growth for insurers and reinsurers in the first half of 2021, as underwriting results improved significantly for some, reports broker Willis Re. A recent report by the reinsurance broking arm of Willis Towers Watson ... Read the full article
Tysers launches Tconnect insurance platform
24th August 2021
Insurance broker Tysers has launched Tconnect, a cloud-based platform designed to consolidate processes and automate the end-to-end life cycle of a policy. The platform will enhance Tysers’ operations by providing automated sanctions checking, task and query management workflow, contract certainty checks, as well as centralised governance and valuable management information. API-enabled, Tconnect ... Read the full article
Swiss Re’s iptiQ hires Darren Coomer as CTOO
24th August 2021
Global reinsurer Swiss Re has appointed Darren Coomer as Chief Technology and Operations Officer (CTOO) at iptiQ, its digital Life & Health and Property & Casualty insurance platform as well as its B2B2C provider of bespoke insurance solutions. He joins iptiQ from the S&A Group, a UK based technology and business ... Read the full article
Ariel Re gains approval for Lloyd’s Managing Agent
23rd August 2021
Bermudian reinsurer Ariel Re has been granted ‘in principle’ approval by the Lloyd’s Council to establish a Lloyd’s Managing Agent. The new company, called Ariel Re Managing Agency (ARMA), is expected to manage the business of Syndicate 1910 and SPA 6117 from early 2022, subject to regulatory permissions. “We are pleased to ... Read the full article