Reinsurance News
Reinsurance market approaching equilibrium: Willis Re 1st View
1st July 2021
Willis Re has reported that reinsurance rate increases continued for most major lines and territories during the June and July renewal period, although in many cases reinsurers had to accept firm order terms below their initial quotes. That indicates that the market is approaching equilibrium, the reinsurance broker says in its ... Read the full article
AXA progresses on green investments but sees “long way ahead”
1st July 2021
Global insurer AXA has reported that the green share of its investment portfolio has continued to increase, but CEO Thomas Buberl says there is still "a long way ahead" for the industry to align itself with international climate goals. As part of its climate strategy, AXA is planning to invest €25 ... Read the full article
AIA Group makes $1,860mn investment in China Post Life Insurance
1st July 2021
Pan-Asian life insurer AIA Group Limited has agreed to invest RMB12,033 million (US$1,860 million) through its wholly-owned subsidiary, AIA Company Limited, for a 24.99% equity stake in China Post Life Insurance. The transaction will be subject to all regulatory approvals, and will be financed on an all-cash basis from internal resources. The ... Read the full article
Shareholder vote shows “discontent” with SCOR governance, says CIAM
30th June 2021
Activist investor CIAM has argued that the recent shareholder vote on SCOR’s remuneration policy shows “discontent” with governance practices at the reinsurer. At SCOR’s Annual General Meeting (AGM) held earlier today, 44.4% of shareholders opposed Denis Kessler’s remuneration for 2020 and 36.8% opposed his remuneration policy for 2021. CIAM further noted that ... Read the full article
LM Re appoints Cesare Mollica to senior underwriter role
30th June 2021
Liberty Mutual Reinsurance has announced the promotion of Cesare Mollica to the role of Senior Underwriter. Mollica has been with LM Re since 2015 and has operated as a key member of its European team, helping to set up an office in Milan. In his new role he will continue to write ... Read the full article
Parsyl sets record for parametric temperature claim payout
30th June 2021
Parsyl, a provider of insurance for essential supply chains, has settled a marine cargo insurance claim in 7 hours and 40 minutes, in what it says is a new industry record. The spoilage claim was paid to Niceland Seafood through Parsyl’s ColdCover Parametric product, which uses smart sensors and pre-configured spoilage ... Read the full article
BMS Re adds Guy Carpenter’s Shruti Sem as EVP
30th June 2021
Independent reinsurance broker BMS Re has appointed Shruti Sem as executive vice president in the firm's origination team. Based in Philadelphia, Sem will report to Jeff Irvan, chief property officer of BMS Re in the US. She brings over 20 years’ experience to the role and joins from rival broker Guy Carpenter. Prior ... Read the full article
SCOR gains shareholder approval for CEO changeover
30th June 2021
SCOR received shareholder approval for all resolutions submitted at its General Meeting today, including for the separation of the roles of Chairman and CEO as Denis Kessler hands over his executive role to Laurent Rousseau. The renewal of the director mandates of Denis Kessler, Bruno Pfister et Claude Tendil were ... Read the full article
Ardonagh launches reinsurance broker Inver Re
30th June 2021
The Ardonagh Group is set to launch a new reinsurance broker with ambitions to become a top five global player, called Inver Reinsurance Brokers Limited. The new brokerage aims to leverage the scale, resources and reach of its parent, attract and empower the best talent in the industry and become a ... Read the full article
Argenta announces two board appointments
30th June 2021
Argenta Private Capital Limited (APCL) has appointed two board members in newly created roles after David Monksfield announced he will be stepping down from his role as executive chairman as well as his other associated directorships. Monksfield will remain within the group as a senior consultant, holding a career which spans ... Read the full article
RMS to provide models, services to Saudi Re
30th June 2021
RMS is set to provide Saudi Re with models and services for a more comprehensive view across the Asian market. The agreement will enable Saudi Re to enhance risk analysis across multiple geographies including India, China, and the Philippines. Saudi Re continues to grow its activities and client base in the Asian ... Read the full article
AXA XL names David Hughes head of hull, UK & Lloyd’s market
30th June 2021
AXA XL, the property & casualty and specialty risk division of AXA, has promoted David Hughes to Head of Hull, UK & Lloyd’s market, effective as of 1 July 2021. In his new role, Hughes will be responsible for leading AXA XL’s hull business for the UK & Lloyd’s region and driving ... Read the full article
DoJ’s Feb 2022 trial date ‘untenable’ and prolongs uncertainty, says Aon/WTW
30th June 2021
Lawyers of global re/insurance brokers Aon and Willis Towers Watson (WTW) have described the US Department of Justice's (DoJ) proposal that its trial seeking to block their merger not commence until February of next year as "untenable". In an effort to stop the creation of what it calls a "broking behemoth", ... Read the full article
BHSI adds to D&O Liability and Professional Indemnity policies in Ireland
30th June 2021
Berkshire Hathaway Specialty Insurance (BHSI) has added to its suite of Directors & Officers (D&O) Liability and Professional Indemnity policies for customers in Ireland. The company has launched a new suite of Professional First coverages that includes Architects, Engineers & Consultants Professional Indemnity and Project Specific Professional Indemnity, Design & Construct ... Read the full article
AI enabled NOW Insurance partners with Hiscox
30th June 2021
AI-enabled insurance platform NOW has announced a partnership with Hiscox on medical malpractice insurance policies for health care professionals on its direct-to-consumer marketplace. Through Hiscox, health care professionals will be able to access medical malpractice insurance plans tailored to their specific needs and work requirements. Effective immediately, they can visit the Hiscox ... Read the full article