Reinsurance News
Guy Carpenter appoints Blake Dimitrijevic as Head of Capital Advisory, Asia Pacific
5th October 2023
Global risk and reinsurance specialist Guy Carpenter, a subsidiary of Marsh McLennan, has appointed Blake Dimitrijevic as the Head of Capital Advisory, Asia Pacific, based out of Hong Kong SAR. Effective immediately, Dimitrijevic will report to Tony Gallagher, CEO of Guy Carpenter Asia Pacific. Gallagher commented on the appointment, “We are delighted ... Read the full article
Aon appoints new Brazil and Peru reinsurance leaders
5th October 2023
Global insurance and reinsurance broker Aon has announced the appointment of Isabel Blazquez Solano as CEO of Brazil, and Daniela Diaz as head of Peru, within its Reinsurance Solutions business. Solano has extensive industry experience across EMEA and Latin America. She joined Aon in October 2022 from Brazilian reinsurer IRB(Re), where ... Read the full article
SMBC Aviation Capital receives $710m in settlement for aircraft leased to Aeroflot
5th October 2023
Dublin-domiciled aviation company, SMBC Aviation Capital, stated that it has received cash insurance settlement proceeds totalling approximately $710 million in respect of its aircraft previously leased to Aeroflot, a Russian state-owned airline company. The settlement amount represents the company’s insurance claims under Aeroflot’s insurance and reinsurance policies relating to sixteen aircraft ... Read the full article
Pop Group appoints Shannon Murphy as Group CIO
5th October 2023
M&A investors and specialists Pop Group Holdings has appointed Shannon Murphy as the Group’s Chief Information Officer (CIO), based out of Singapore. Murphy’s remit will include spearheading all aspects of POP’s digital strategy, technology operations, information security, engineering, and service management across the firm's global brands Fusion Specialty and io.insure. Additionally, he ... Read the full article
Marsh appoints Michael Pellegrini head of Specialty US and Canada
5th October 2023
Insurance broker Marsh, has announced the appointment of Michael Pellegrini as Specialty Leader for US and Canada, effective immediately. In this role, based in San Francisco, Pellegrini will oversee Marsh’s Aviation, Construction, Credit Specialties, Energy & Power, Financial and Professional Lines (FINPRO), Marine, Cargo and Logistics, and Private Equities, Mergers & ... Read the full article
Selective Insurance announces CFO transition plan
5th October 2023
Selective Insurance Group has announced that Mark Wilcox, Executive Vice President and CFO, has resigned, effective November 3, with Anthony (Tony) Harnett, Senior Vice President, and Chief Accounting Officer, assuming the additional role of Interim CFO until a permanent successor is appointed. Harnett joined Selective in 1999 as a Senior Accountant ... Read the full article
WTW launches Verita as specialised MGU for tailored industry solutions
4th October 2023
In a significant development within the insurance industry, insurance broker WTW launched Verita CSG, Inc. as a Managing General Underwriting (MGU) company, specialising in delivering tailored insurance solutions to target industries. With a keen focus on utilising deep industry expertise, exceptional service, and customised insurance products, Verita aims to revolutionise the ... Read the full article
Arthur J. Gallagher announces acquisition of Altman Insurance Services
4th October 2023
Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, has acquired Louisville, Kentucky-based WLA Insurance, LLC, dba Altman Insurance Services. Terms of the transaction were not disclosed. Altman Insurance Services provides employee benefits brokerage and consulting services to both large and small group businesses across ... Read the full article
Aon looks to expand capabilities in India with acquisition of Global Insurance Brokers
4th October 2023
Global insurance and reinsurance broker Aon is looking to enhance its risk capital capability offering in India with the acquisition of Global Insurance Brokers, a composite re/insurance brokerage offering services across 17 offices. Once the deal completes, which remains subject to regulatory approval, the Indian broker will transition to Aon's brand ... Read the full article
HIVE & Allianz Commercial collaborate to underwrite new product
4th October 2023
HIVE Underwriters Ltd. and Allianz Commercial are collaborating to underwrite Aviation Hull War and Excess Third-Party Aviation War Liabilities (XS AVN52) classes with immediate effect. With capacity from Allianz, the facility utilises HIVE’s risk analytics and exposure management systems. Bruce Carman, HIVE’s Chief Underwriting Officer, commented: “HIVE is continually looking to enhance ... Read the full article
Commercial auto insurance underwriting losses surge in 2022: AM Best
4th October 2023
The U.S. commercial auto insurance segment faced a substantial setback in 2022, with underwriting losses skyrocketing to $3.3 billion, as revealed by a recent report from AM Best. This downturn came on the heels of nearly breakeven results in the previous year. Commercial auto insurance has persistently been one of the ... Read the full article
Aspida names Alex Seidita as new CIO
4th October 2023
Aspida Holdings, Ltd., a provider of retirement and reinsurance solutions, has named Alex Seidita as its new Chief Information Officer (CIO), taking over from Joe Lurie, who has served as the firm's CIO since its inception and is to retire at the end of 2023. Seidita takes on oversight of Aspida’s ... Read the full article
iA Financial acquiring Vericity in $170m transaction
4th October 2023
Vericity, Inc. has entered into a definitive merger agreement with iA American Holdings, Inc., a subsidiary of iA Financial Corporation, Inc., to be acquired in an all-cash transaction valued at approximately $170 million. Vericity is majority-owned by J.C. Flowers & Co., a private investment firm, who is selling its stake in ... Read the full article
638 insurer groups were “insurer billionaires” in 2022: Insuramore
4th October 2023
According to recently updated global rankings by Insuramore, 638 insurer groups worldwide, across life/annuity, health and, P&C, were “insurer billionaires” in 2022, with gross direct premiums for the year of more than $1 billion. The analysis shows that there were 32 groups that became “insurer billionaires” in 2022 including several based ... Read the full article
DARAG completes captive transaction in Benelux
4th October 2023
DARAG, an international re/insurance group and legacy acquirer, has completed an agreement between an undisclosed Benelux based captive, the captive’s policyholder and DARAG’s German insurance carrier DARAG Deutschland AG. According to the announcement, the parties have agreed that DARAG shall assume expired long term liability insurance policies. By way of the ... Read the full article
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