Reinsurance News
ARPC welcomes Terrorism Insurance Act review
6th July 2021
The Australian Reinsurance Pool Corporation (ARPC) has welcomed the new terms within the 2021 Triennial Review of the Terrorism Insurance Act 2003 (TI Act), which will be conducted by the Treasury. The review will asses whether or not there continues to be market failure in the private sector supply of terrorism ... Read the full article
The goal is to create a single source of truth data environment, says Swiss Re’s Haycock
5th July 2021
As data quality challenges continue to hinder insurers and reinsurers, Swiss Re is looking to overcome some of the inefficiencies and develop a habitat in which valuable data is discoverable, accessible, and trusted. This is according to Swiss Re’s inaugural Chief Data Officer, Ian Haycock, who spoke with Reinsurance News recently ... Read the full article
Constellation acquires Columbian Financial Group
5th July 2021
Constellation Insurance Holdings has announced plans to acquire Columbian Mutual Life Insurance Company in a deal that will involve the conversion of Columbian to a stock company and the issuance of all of its newly issued stock to Constellation pursuant to a sponsored demutualization. Constellation, an insurance holding company, is backed ... Read the full article
AXA XL appoints Marine Ress casualty CUO for Europe
5th July 2021
AXA XL Insurance has appointed Marine Ress as Chief Underwriting Officer, Casualty, APAC & Europe, a Paris based role. Ress’ appointment is effective October 1 and will see her oversee the management of AXA XL’s casualty portfolio. She’ll work closely with local underwriting teams and be responsible for the underwriting strategy for ... Read the full article
Player’s Health hires Naveen Anand as President of Insurance
5th July 2021
Insurtech start-up, Player’s Health has appointed Naveen Anand as its new President of Insurance. Anand brings over 30 years’ experience in the North American property and casualty insurance market, previously holding leadership roles at Chubb, CNA, Torus, and Hallmark Financial Services. He will be in charge of insurance strategy and growth for ... Read the full article
Midwest secure reinsurance agreement with American Republic
5th July 2021
Technology-enabled, services-oriented life and annuity platform Midwest Holding has announced that its American Life & Security Corp (ALSC) subsidiary has entered into a reinsurance agreement with American Republic Insurance Company (ARIC). The agreement is renewable on an annual basis, subject to potential adjustment of the quota share, up to $100 million ... Read the full article
UPC Insurance estimates $40mn Q2 cat loss
5th July 2021
Property and casualty holding company UPC Insurance incurred around $40 million in pre-tax natural catastrophe losses during the second quarter of 2021, approximately $31 million after tax. The company’s estimated catastrophe losses includes claims from two new tropical storms and fourteen new PCS catastrophe events that occurred during the second ... Read the full article
BMS hires Andrew McKenzie as Northern Region manager, Australia
5th July 2021
Independent broker BMS has appointed Andrew McKenzie as Northern Region manager of financial lines in Australia. Based in Brisbane, McKenzie will report to Stuart Davies, head of financial lines at BMS Australia. He joins BMS in Australia from his most recent role as Director of Specialties at Aon, where he also led ... Read the full article
Bermuda joins OECD global taxation plan
5th July 2021
The Government of Bermuda has announced that the country will join the OECD ('Inclusive Framework') for international taxation. Bermuda says the move reflects its commitments to transparency, cooperation and high levels of compliance with international standards. Curtis Dickinson, the Minister of Finance for Bermuda, has previously responded to the global minimum ... Read the full article
ABI welcomes government’s response to Solvency II
5th July 2021
The Association of British Insurers (ABI) have welcomed the UK Government's confirmation that it will reform Solvency II to enable the insurance sector to meet its ambitions and maximise its contribution to climate change investment. Commenting on the announcement, Charlotte Clark, Director of Regulation, ABI, said: “Solvency II reform will be ... Read the full article
Charterhouse announces sale of broking subsidiary Siaci
5th July 2021
Private equity firm Charterhouse has entered into exclusive negotiations to sell Siaci Saint Honoré, a leading global B2B insurance brokerage, to a consortium of investors led by Burrus Group. This deal will prompt the formation of a newly combined group, one which will contain an independent European ... Read the full article
MS Amlin (MS AUL) hires Kattan as Outwards Reinsurance Advisor
5th July 2021
Lloyd's of London insurer and reinsurer, MS Amlin Underwriting Limited (MS AUL), has announced the appointment of Habib Kattan as Outwards Reinsurance Advisor. Kattan takes up the role with immediate effect and reports directly to Tjabo Kuyf, Head of Outwards Reinsurance. In this role, he will be supporting the implementation of MS ... Read the full article
Gallagher acquires Edelweiss Insurance Brokers
5th July 2021
Arthur J. Gallagher & Co has purchased the remaining shares of Edelweiss Insurance Brokers Limited from Edelweiss Financial Services Limited, following a minority investment in 2019. The deal is subject to approval by the Insurance Regulatory and Development Authority of India. Terms of the transaction were not disclosed. Headquartered in Mumbai, with ... Read the full article
IAG completes FY22 aggregate reinsurance renewal
5th July 2021
Australian insurer IAG has announced the completion of its aggregate reinsurance cover for the fiscal year ending June 30th, 2022, which provides it with $350 million of protection in excess of $400 million. IAG switched its aggregate cover from a calendar to financial year basis in 2020, enhancing its use of ... Read the full article
MGA premium growth outpacing P&C market: Conning
5th July 2021
A new report by investment management firm Conning shows that the managing general agent (MGA) and program market continued its upward trajectory in 2020 with premium growth outpacing the overall property-casualty market. Despite the pandemic’s challenges and associated uncertainties, Conning found that many MGAs and program administrators continued to thrive last ... Read the full article