Reinsurance News
LCP facilitates £90 million bulk purchase annuity transaction
17th July 2023
London-based pension consultancy firm, Lane Clark & Peacock (LCP), has successfully advised on a significant £90 million bulk purchase annuity transaction between Just and the Hammerson Group Management Limited Pension and Life Assurance Scheme. The completion of this transaction in December 2022 marks a crucial milestone in the Scheme's journey towards ... Read the full article
Miller expands US Casualty team with key appointments
17th July 2023
Independent specialist re/insurance broker, Miller has announced a significant expansion of its US Casualty team with the appointment of two seasoned professionals, Galen Brislane and Danielle Thorsteinson, as Account Executives. Brislane joined Miller in July and brings over three decades of invaluable experience in the London and Bermudian markets, with a ... Read the full article
Fidelity Investments forms retail annuities and pension risk transfer focused reinsurer
17th July 2023
US investment giant Fidelity Investments has formed Soteria Reinsurance Ltd., a newly incorporated Class C insurer registered in Bermuda that will focus on the US retail fixed annuities and pension risk transfer space. On June 20th, 2023, Soteria Re, which is owned directly by Soteria Reinsurance Holdings, LLC, a wholly owned ... Read the full article
AM Best revises outlook for Beazley subsidiaries to positive
17th July 2023
Global rating agency AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICR) and also affirmed the Financial Strength Ratings of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of specialist re/insurer Beazley's subsidiaries. The subsidiaries include Beazley Insurance Designated Activity Company ... Read the full article
Emmanuel Brulé joins Sompo International as CRO
17th July 2023
Emmanuel Brulé has joined property and casualty (P&C) insurer and reinsurer Sompo International as its new Chief Risk Officer (CRO), based in Bermuda. Brulé previously served as Chief Executive Officer (CEO) of Sanlam's Pan Africa General Insurance division, and earlier held the role of Deputy CEO of Saham Finances, part of ... Read the full article
Nexus Underwriting completes acquisition of Evolve Cyber Insurance Services
17th July 2023
Nexus Underwriting has announced the completion of its acquisition of Evolve Cyber Insurance Services LLC, a California-headquartered cyber MGA. Marking the 17th acquisition for Nexus since its formation in 2008, this latest transaction helps the firm expand into the specialist cyber class of business. Cyber MGA Evolve will now offer the ... Read the full article
R&Q names Jerome Lande as Non-Exec Director
17th July 2023
Global non-life specialty insurer R&Q Insurance Holdings Ltd, has announced the appointment of Jerome Lande as a Non-Executive Director with immediate effect. Lande is an experienced board member with over two decades of leadership experience as an investor. He currently serves as Managing Partner and Deputy CIO at Scopia Capital Management. In ... Read the full article
NBS acquires Capital Markets Underwriting
17th July 2023
Managing General Agent NBS Underwriting has announced the acquisition of Capital Markets Underwriting Limited (CMU), an independent Underwriting Agency and Lloyd’s Coverholder. According to NBS, this "strategic move" is a significant step in its mission to double in size within the next five years through organic growth and acquisitions. "The addition of ... Read the full article
Howden Tiger makes additions to Cyber Reinsurance division
17th July 2023
Howden Tiger has made two new appointments within its Cyber Reinsurance division, naming Toby Lampier as Executive Director, and Cecilia Assmundson as Divisional Director. Lampier joins Howden Tiger from Aon, where he spent almost a decade, most recently serving as Head of Broking Strategy & Markets - Cyber Reinsurance. Before this, he ... Read the full article
Integra Insurance Solutions forms multi-year partnership with Accredited for home insurance offerings
17th July 2023
Integra Insurance Solutions, a leading home insurance Managing General Agent (MGA), has announced a multi-year partnership with Accredited Insurance (Europe) Limited (Accredited), a globally recognised program manager. This partnership commenced on July 1, 2023, with Accredited serving as Integra's capacity provider for all of its home insurance offerings, including its proprietary ... Read the full article
Severe convective storms in Europe anticipated to generate millions in losses: Aon
17th July 2023
The recent outbreaks of severe convective storms in Europe are likely to result in hundreds of millions of Euros in aggregated economic and insured losses, according to Aon’s Weekly Cat Report. Multiday storms affected a number of countries in Western and Central Europe on July 6-13. They generated very large hail, ... Read the full article
The soft reinsurance market is decidedly over, insurers must adapt: DBRS Morningstar
14th July 2023
Global property reinsurance prices increased sharply in 2023 on lower capacity, above-average catastrophe losses, higher inflation, and more financial and macroeconomic volatility, with analysts at DBRS Morningstar predicting tougher reinsurance market conditions to continue as the soft market is "decidedly over." As noted by analysts, the last six years have seen ... Read the full article
CPIC P/C increases premiums 14.3% YOY
14th July 2023
The accumulated primary insurance premium of China Pacific Property Insurance Co., Ltd. (CPIC P/C), a subsidiary of China Pacific Insurance Company (CPIC), amounted to RMB104.948 billion, representing a year-on-year increase of 14.3% in the January to June period. In the CPIC P/C segment, automobile insurance amounted to RMB50.765 billion, representing a ... Read the full article
Charles Taylor Adjusting appoints Stephen Thorpe to key leadership role
14th July 2023
International loss adjusting firm, Charles Taylor Adjusting has appointed Stephen Thorpe, a respected industry veteran to a key leadership role within the new Charles Taylor regional hub in Singapore. Effective as of July 1 2023, Thorpe became Managing Director (Asia) – Property, Casualty, Special Technical Risks in addition to his existing ... Read the full article
P&C insurers face increased cat losses in Q2, reinsurers find relief: BMO Capital Markets
14th July 2023
Property and casualty insurers have witnessed a rise in catastrophe losses during the second quarter, while reinsurers have experienced a decrease as they move away from frequency risks, according to analysts at BMO Capital Markets. "... reRead the full article
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