Reinsurance News
In raising $500m RenRe notes it could be used to replenish after catastrophes
8th July 2021
Bermuda domiciled reinsurer RenaissanceRe Holdings Ltd. (RenRe) has announced plans to raise $500 million via a share offering, the proceeds of which it says could be used to replenish its capital base after a catastrophe event. RenRe has agreed to sell 20 million depositary shares in an underwritten public offering, each ... Read the full article
SiriusPoint launches specialty MGA Banyan Risk with Usher-Jones
8th July 2021
SiriusPoint, the international specialty re/insurer recently formed via the merger of Sirius Group and Third Point Re, has announced the launch of a new managing general agent (MGA) that will underwrite Directors & Officers (D&O) business, called Banyan Risk. Banyan has been established by Founder and CEO Tim Usher-Jones in partnership ... Read the full article
LMA promotes Patrick Davison to Underwriting Director
8th July 2021
The Lloyd’s Market Association has promoted Patrick Davison to the role of Underwriting Director as part of a long-planned succession with Jane Hayes, who will step into an executive director role. Davison has served as Deputy Underwriting Director for the past 18 months, leading the market’s response on both COVID-19 and ... Read the full article
AXIS Re hires Lopiccolo to drive global broker engagement
8th July 2021
AXIS Re the reinsurance business segment of AXIS Capital Holdings has appointed Matt LoPiccolo as Strategic Account Executive, Global Brokers for its client engagement initiative, AXIS Re Strategic Partners. LoPiccolo joins AXIS Re after serving as Head of US Digital Distribution within the company’s insurance segment. He will continue to be based ... Read the full article
Assurant details reinsurance coverage for 2021
8th July 2021
US specialty insurance group Assurant has detailed its 2021 property catastrophe reinsurance program, which provides $965 million of coverage in excess of a $80 million retention for a first event, with retention lowering to $55 million for a second and third event. The company decided to reduce its retention for certain ... Read the full article
Pool Re sets up systemic risks advisory group
8th July 2021
UK government-backed terrorism reinsurer Pool Re has announced the formation of a new expert advisory group to explore how to better protect the UK economy from systemic risks. Re:New will bring together figures from re/insurance, government, industry and academia to discuss how re/insurers, the private sector, public sector and the public ... Read the full article
Guy Carpenter announces two senior hires
8th July 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has appointed Matt Petka as Managing Director and Riley Underwood as Senior Vice President within its GC Access business unit. Petka will assume a senior leadership role within GC Access, where he will be responsible for overseeing solution development and client management. Alongside ... Read the full article
Moody’s turns stable on UK life sector
8th July 2021
Moody’s has decided to change its outlook on the UK life insurance sector to stable from negative, one year after the coronavirus pandemic resulted in a shift to negative The rating agency notes that the sector’s operating profit and capitalisation were resilient in 2020, and are expected to remain robust over ... Read the full article
CRC Group acquires Constellation Affiliated Partners
8th July 2021
CRC Group has closed on the acquisition of Constellation Affiliated Partners, more than doubling the size of its Specialty Programs Division and creates one of the largest program managers in North America. CRC Group’s new Specialty Programs Division now places more than $2.4B in premium across more than ten industry and ... Read the full article
Discipline holding as market balance returns: Willis Re’s Vickers
7th July 2021
James Vickers, Chairman of Willis Re International, has said that “discipline is still there,” even as the latest edition of the broker’s 1st View Report shows that recent reinsurance price increases have brought the market close to equilibrium. Speaking in an interview with Reinsurance News, Vickers noted that the reinsurance market ... Read the full article
BMS Re opts for Relay’s F1 electronic placement system
7th July 2021
The US reinsurance arm of specialist broker BMS has selected Relay’s F1 electronic placement system to support its push for further growth across the sector. The broker portal combines a range of features designed to increase the ease of doing business, facilitate and integrate quotes from all reinsurers, and reduce the ... Read the full article
Tokio Marine HCC Intl. adds trio to professional risks team
7th July 2021
Tokio Marine HCC International, a member of Tokio Marine Group, has announced the appointments of Matthew Clayton and Ross Thompson as Senior Underwriters and Jonathan Olle as Senior Media Property and Liability Underwriter, all within its Professional Risks team in London. Clayton joins after a 16-year stint at Hiscox, where he ... Read the full article
Ascot announces Boston Indemnity Company acquisition
7th July 2021
Bermuda-domiciled specialty re/insurer Ascot reached an agreement to acquire Boston Indemnity Company (BIC) from Great Midwest Insurance Company (GMIC), a subsidiary of Skyward Specialty Insurance Group. The acquisition has been described as an attempt to facilitate Ascot’s entry into the US contract and commercial surety market. It has also been stated that ... Read the full article
Aviation claims edging closer to normal as Covid loosens grip, says Allianz
7th July 2021
Inspired by an inevitable surge in domestic travel following the decline of COVID-19’s disruptive influence, global insurer Allianz has categorised the aviation industry as one largely on the rebound. However, as a rising number of aircraft return to the skies, Allianz' report highlights a number of potential challenges, including “rusty” pilots ... Read the full article
Miller names new Head of Renewable Energy and Environmental Technology
7th July 2021
Re/insurance broker Miller has appointed Rhys Newland as Head of Renewable Energy and Environmental Technology. Newland joined the company at the beginning of this month, and reports to Martin Henderson, Head of Energy. The newly created position signals Miller’s commitment to the fast-moving renewable energy sector as it continues to make high ... Read the full article