Reinsurance News
Rokstone promotes Ian Anson to Managing Director
10th September 2021
Rokstone, the international speciality re/insurance MGA part of Aventum Group, has announced the appointment of Ian Anson to Managing Director. Anson joined the group last year as a Portfolio Manager, before which he spent six years at Alesco Risk Management Services. At Alesco, he was initially a placing broker for four years ... Read the full article
Hurricane Ida drives full retention loss for United (UPC)
10th September 2021
Florida headquartered insurer, United Insurance Holdings (UPC Insurance), has announced estimated third-quarter 2021 catastrophe losses of $27 million pre-tax ($21mn after-tax), net of expected reinsurance recoveries. Included in the firm's estimated current year cat losses incurred in the quarter are losses from tropical storm Elsa, Hurricane Ida, and some other PCS ... Read the full article
Future insurance technology to be in the cloud: Sollers
10th September 2021
Cloud computing will become a common technology in the insurance industry over the next decade, according to a survey by Sollers Consulting. Robotic Process Automation (RPA) is seen as more important in the market than Artificial Intelligence and Machine Learning, while Telematics and the Internet of Things are weighted comparatively low. The ... Read the full article
New Dawn Risk names Angus Simpson as a non-executive director
10th September 2021
International specialty insurance broker New Dawn Risk has appointed Angus Simpson as a non-executive director. Simpson brings over 35 years of experience within the insurance industry. He has set up two businesses, an insurance broker and a Managing General Agency underwriting specialist personal lines business. Earlier in his career, he was a ... Read the full article
AXA and Bharti complete sale of Indian non-life operations
10th September 2021
AXA and Bharti have completed the combination of their non-life insurance operations in India into ICICI Lombard General Insurance Company Limited. The firms first announced back in August 2020 their intention to combine Bharti AXA General Insurance Company Limited into ICICI Lombard, which is one of the leading general insurance ... Read the full article
ICIEC signs reinsurance agreement with Saudi Eximbank
10th September 2021
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Saudi Eximbank have signed two Facultative Reinsurance Agreements (FRAs) which allows ICIEC to provide credit reinsurance cover to the Saudi ECA. The FRAs were signed by Oussama Kaissi, Chief Executive Officer of ICIEC, and Eng. Saad Alkhalb, ... Read the full article
Indian brokers Amicus and First Policy approved for merger
10th September 2021
Indian broking firms First Policy Insurance Brokers and Amicus Insurance Brokers have announced plans to merge, following approval from the country’s regulator. The Insurance Regulatory and Development Association of India (IRDAI) granted in-principle approval for the transaction last month. Leaders from the two broking firms expressed confidence that the merger would enable ... Read the full article
Tech advances will fundamentally change the way insurance is underwritten: Griggs, Fujitsu UK
9th September 2021
The next big breakthrough within the field of data and analytics is already here and according to Krista Griggs, Head of Financial Services and Insurance at Fujitsu UK, is going to fundamentally alter the way insurance is underwritten. In a recent interview with Reinsurance News, Griggs described the arrival of digital ... Read the full article
Industry veterans launch P&C holding company Arbour National
9th September 2021
Industry veteran Dale Jenkins has led the launch of a new insurance holding company called Arbour National, which will be dedicated to the long-term ownership of specialty property and casualty (P&C) carriers. Jenkins, who will guide Arbour National as Chairman of the Board, recently retired as CEO of Curi, having spent ... Read the full article
WTW sells Innovisk stake to equity funds BHMS and Abry
9th September 2021
Innovisk Capital Partners has announced that BHMS Investments and Abry Partners have signed an agreement to acquire a majority ownership position in the business from Willis Towers Watson (WTW). Established in 2017, Innovisk seeds, develops and grows MGAs using data and analytics to aid product development and pricing, as well as ... Read the full article
Palomar Holdings enters fronting sector of U.S. insurance market
9th September 2021
Palomar Holdings has entered the fronting sector of the United States insurance market, through its business PLMR-FRONT. PLMR-FRONT will partner with reinsurers, insurance carriers and managing general agents to enable the design and operation of customised insurance programs. The company will front paper on both an admitted and non-admitted basis through Palomar ... Read the full article
SiriusPoint expects July flooding in Europe to dent its Q3 result by up to $100mn
9th September 2021
International specialty re/insurer SiriusPoint has updated its estimated third quarter losses arising from the European floods in July 2021. The flooding occurred in Germany’s North Rhine-Westphalia, Rhineland-Palatinate, and Bavaria and Saxony regions, as well as Belgium, France, Luxembourg, and the Netherlands from July 13th to 18th. Following an original loss estimate of ... Read the full article
Flood modeller Fathom secures Moody’s investment
9th September 2021
Flood risk modeller Fathom has announced a minority investment from Moody’s Corporation, the global risk assessment firm, in a deal described by the former as huge recognition for its work in the space. The deal will see Moody’s assume one seat on its board of directors. “National and regional economies, insurers and ... Read the full article
AXA XL announces two senior promotions in North America
9th September 2021
AXA XL's North America Construction business has promoted Ray Allen and Jim Richert to lead its Construction Professional and Subcontractor Default Insurance business lines respectively. In his new role as head of AXA XL's SDI Profit Center, Richert will assume underwriting management oversight of AXA XL's SDI business, offering general contractors ... Read the full article
Aon partners with Latium Technologies for risk mitigation tool
9th September 2021
Aon plc has partnered with Latium Technologies to introduce Latium's Job Site Insights (JSI) Internet of Things (IoT) application and suite of products as a foundational risk mitigation tool for contractors and owners. The alliance between Latium Technologies and Aon brings industry-leading technology to more contractors and owners, so they can ... Read the full article