Reinsurance News
Bain Capital Insurance successfully closes inaugural private equity fund at $1.15 billion
19th July 2023
Bain Capital Insurance, the insurance investing business of Bain Capital, has announced the successful final close of its first-ever private equity fund, the Bain Capital Insurance Fund, L.P., surpassing its initial target by raising $1.15 billion. The fund attracted approximately $1 billion in commitments from institutional investors and high-net-worth individuals ... Read the full article
Pen Underwriting hires ports & terminals specialist Neil Bridge
19th July 2023
Pen Underwriting has announced the appointment of Neil Bridge as Senior Underwriter at BMM Ports & Terminals (BMM P&T), with effect from Monday 24 July. According to the managing general agent (MGA), Bridge’s appointment is part of Pen’s continued investment in its new marine specialism. This follows the company’s acquisition of five ... Read the full article
Tower warns of potential full-year loss amid challenging claims environment in New Zealand
19th July 2023
New Zealand-based insurer Tower has revised its market guidance on underlying net profit after tax for the year ending 30 September 2023, from a profit of between $8 million and $13 million to a loss of $2 million and a profit of $3 million, driven by the ongoing challenging claims ... Read the full article
Swiss Re’s iptiQ & Clark UK to offer over 50s life insurance in the UK
19th July 2023
Clark UK, previously known as Candid, has expanded its strategic partnership with Swiss Re's digital B2B2C insurer iptiQ to offer its own 'over 50s' life insurance for the UK market under the Winston brand. This new product launch builds on the distribution partnership announced by the two companies earlier this ... Read the full article
Evertas acquires crypto mining insurer Bitsure
19th July 2023
Crypto insurance company Evertas has acquired Bitsure, an insurer dedicated to coverage for crypto mining operations. "Crypto mining is the computer processor intensive method by which most blockchains, including Bitcoin, verify transactions and issue new coins," Evertas explained. The firm continued, "Multiple factors combine to make insuring mining equipment significantly more complex ... Read the full article
Argenta Holdings names Adam Cragg as Group COO
19th July 2023
Argenta Holdings Limited, a leading global financial services company, has announced the appointment of Adam Cragg as the Group Chief Operating Officer, subject to regulatory approvals. In his new role, Cragg will be based in London and will report directly to Nick Moore, the CEO of Argenta Holdings Limited. He will be ... Read the full article
DARAG Bermuda concludes two North American captive transactions
19th July 2023
Legacy acquirer, DARAG Group, has announced the completion of two transactions with undisclosed North American captive insurance companies. The transactions have been written into DARAG Bermuda, the firm’s Bermudian insurance carrier. The first one was completed in May and the second was concluded in June 2023. They offer full legal finality for ... Read the full article
DUAL North America names Connie Germano as Chief Casualty Officer
19th July 2023
DUAL North America, Inc. (DUAL), a leading specialty insurance provider, has announced the appointment of Connie Germano as its Chief Casualty Officer (CCO). Germano's extensive industry experience and proven track record in driving business success make her a valuable addition to DUAL's leadership team. The appointment of Germano as CCO comes at ... Read the full article
Midwest shareholders advised to vote “FOR” proposed acquisition by Antarctica Capital
19th July 2023
Midwest Holding Inc. has announced that independent proxy advisory firms Institutional Shareholder Services, Inc. (ISS) and Glass Lewis recommended that Midwest shareholders vote "FOR" the proposed acquisition of Midwest by Antarctica Capital In May it was reported that Midwest and investment firm Antarctica Capital entered into a definitive merger agreement ... Read the full article
Tokio Marine HCC to acquire Gulf Guaranty Employee Benefit Services
19th July 2023
Tokio Marine HCC, a member of the Tokio Marine Group has signed a definitive agreement to acquire Gulf Guaranty Employee Benefit Services, Inc. (Gulf Guaranty). Gulf Guaranty is a third-party administrator and managing general underwriter that designs, underwrites and administers group gap medical plans for small and mid-sized businesses. The transaction, which ... Read the full article
Vortex Insurance parametric cover triggered at PGA TOUR Champions Event
19th July 2023
The DICK'S Sporting Goods Open received rain from June 23-25, triggering their rain insurance policy with Vortex Weather Insurance, which resulted in the tournament operator, Broome County Community Charities, receiving payouts that helped with lost revenue. Earlier this month, it was announced that for the second consecutive year, Vortex Weather Insurance ... Read the full article
AXIS Capital names Lori Bailey Head of Cyber and Technology
19th July 2023
AXIS Capital, a global specialty underwriter and provider of re/insurance solutions, has appointed Lori Bailey as Head of Cyber and Technology, a New York-based role. In her new role, Bailey will oversee the company’s Global Cyber and Technology team and will be responsible for shaping the division’s strategy, driving its profitability ... Read the full article
Flood Re sees GWP rise to £52m as initiative “mitigates impact of inflation”
19th July 2023
Flood Re has reported a "strong" financial and operational performance for the financial year 2022/23, despite "soaring inflation, rising claims costs, and the remorseless march of climate change." Flood Re, the joint initiative between the UK insurance industry and the UK Government to promote the availability and affordability of flood insurance, ... Read the full article
Only 15% of UK consumers display loyalty to single insurer: Capco study
19th July 2023
In a recent study conducted by Capco, the global technology and management consultancy, it was found that just 15% of UK consumers use a single insurer for all their policy needs. The research highlights both a challenge and an opportunity for insurers, as loyalty levels remain low, but there is a ... Read the full article
Allianz Trade in Asia Pacific makes key changes in senior management
19th July 2023
Allianz Trade in Asia Pacific has announced the appointment of Chris Markesteijn as Regional Head of Surety and Guarantees. The appointment will be effective from the 1st of August and will be based out of Singapore. Markesteijn will report directly to the Regional CEO of Allianz Trade in Asia Pacific, Paul ... Read the full article
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