Reinsurance News
NN Group makes takeover bid for MetLife business in Europe
28th June 2021
Dutch insurer NN Group has confirmed that it has put forward an offer to acquire part of MetLife’s businesses in Europe. The company says that such an acquisition would be an opportunity to consolidate its positions in these markets, which are considered to have attractive growth potential. Neither NN Group or MetLife ... Read the full article
Aspen strengthens global reinsurance leadership team
28th June 2021
Aspen Re, the reinsurance arm of Bermuda-based Aspen Insurance Holdings Limited, has announced a number of appointments designed to further strengthen its global leadership team. Firstly, Beatrice Morley, currently Global Head of Casualty, will take on the additional responsibilities as Aspen Re's Head of Asia Pacific. Based in Singapore, Morley will report ... Read the full article
Oneglobal hires Alistair Fox to lead new Special Risks team
28th June 2021
Client-centric broker Oneglobal has launched its Special Risks team which will be led by Alistair Fox. Fox brings brings military expertise to his new role, and will report to Mike Reynolds, Group CEO. He was previously Head of Security Risks at Price Forbes and prior to this as Deputy Chief Executive, Credit, ... Read the full article
Aon and Zesty.ai gain approval for AI wildfire model in California
28th June 2021
Re/insurance broker Aon has decided to extend its strategic alliance with Zesty.ai, a tech firm that uses artificial intelligence to assess climate and non-catastrophe risk, following the approval of a new wildfire risk model in California. The California Department of Insurance (CDI) recently approved two underwriting and rating filings, including Z-FIRE, ... Read the full article
Brookfield completes launch of reinsurance entity
28th June 2021
Brookfield Asset Management (Brookfield) and Brookfield Asset Management Reinsurance (BAM Re) have completed the previously announced creation of Brookfield Reinsurance. “We are excited to be launching Brookfield Reinsurance, which establishes a scalable platform for our growing insurance businesses and provides investors with an alternative, efficient means through which to hold ... Read the full article
XL turnaround seen as key for AXA at H1: JP Morgan
28th June 2021
Analysts at JP Morgan have said that a performance turnaround for AXA’s XL division will be key to the company’s results for the first half of 2021, which are due to be released in early August. Specifically, JP Morgan says that it is important for AXA’s management to showcase that the ... Read the full article
Generali sponsors first green catastrophe bond
28th June 2021
Generali has entered into a collateralised multi-year reinsurance agreement with Lion III Re DAC, an Irish designated activity company, that provides cover for losses from windstorms in Europe and earthquakes in Italy over a four year period. As a result, Lion III Re DAC has issued a single tranche of notes ... Read the full article
FedNat ups cat reinsurance program amid “restrictive” market
28th June 2021
Florida based primary insurer FedNat has detailed the terms of its 2021-2022 catastrophe reinsurance renewals, which saw the firm expand its program despite the impact of "more restrictive terms" on the availability of some coverages. Overall, FedNat secured $1.41 billion of single event reinsurance coverage in excess of up to a ... Read the full article
Berkshire Hathaway adds additional €40mn into its insurance company
28th June 2021
According to The Irish Times, Warren Buffett’s Berkshire Hathaway has added an additional €40 million into its insurance company to bolster its capital levels. The funding was provided back in February and by way of new shares and brought its share capital to €176 million. The publication also noted that the Nebraska-based ... Read the full article
Hiscox reaches settlement with BI action group
28th June 2021
Specialist global insurer Hiscox has reached a settlement with members of the Hiscox Action Group (HAG) over business interruption (BI) losses suffered due to government lockdowns following the outbreak of COVID-19. Terms of the settlement remain confidential, but HAG had originally been targeting a £40 million payout from Hiscox, after ... Read the full article
Marsh promotes Alex Guerin to Head of Office, London
28th June 2021
Insurance broker Marsh has appointed Alex Guerin as Head of Office, London, for its UK Corporate business, reporting to Andrew Wilton, Managing Director of UK Corporate’s South Region. In this role, Guerin will lead the London Corporate business team who advise clients on risk exposures and devise solutions to help them ... Read the full article
Charles Taylor hires John Pickersgill as CCO
28th June 2021
Insurance services provider Charles Taylor has appointed John Pickersgill as Group Chief Commercial Officer. Pickersgill joins from AXA XL where he served as Head of Global Client Management, and previously as Chief Commercial Officer for AXA Corporate Solutions. In his new role at Charles Taylor and as a member of its Executive ... Read the full article
Peak Re hires Swiss Re’s Karlheinz Render as SVP, Europe
28th June 2021
Peak Reinsurance Company's Zurich-based subsidiary, Peak Reinsurance AG (Peak Re), has appointed Karlheinz Render as Senior Vice President, Europe. Render will be responsible for developing and maintaining client relationships in the region by providing tailored solutions to support clients’ growth aspirations. He succeeds Emmanuel Thommen, former Senior Vice President at Peak Re ... Read the full article
ICA’s COVID-19 BI test case appeal rejected
28th June 2021
Australian insurer Suncorp says special leave to appeal will not be granted for the Insurance Council of Australia (ICA) first industry test case. This test case relates to the application of the Quarantine Act exclusion to Business Interruption (BI) policies. The High Court of Australia’s decision upholds the NSW Court of Appeal’s ... Read the full article
Covéa interested in acquiring AXA XL Re: report
28th June 2021
French insurer Covéa has reportedly not given up on its plans to diversify into the reinsurance industry and is looking at the acquisition of AXA Group's non-life reinsurance operations, AXA XL Re. The news comes more than a year after Covéa's acquisition of Bermuda-based reinsurer PartnerRe was called off amid ... Read the full article