Reinsurance News
Zurich NA names Kelly Kinzer to lead Construction Casualty
17th August 2021
Zurich North America has appointed Kelly Kinzer to the newly created role of Head of Construction Casualty. The appointment is seen as a reflection of Zurich's efforts to realign its Construction business into two segments (Property and Casualty) to simplify and enhance how it goes to market and serves project owners, ... Read the full article
Atradius reports smooth transition after trade credit reinsurance scheme
17th August 2021
Trade credit insurer Atradius has reported a smooth transition for customers after the close of the Government Trade Credit Reinsurance Scheme, which was introduced to support the industry during the pandemic. Atradius noted that the handover process ran as expected with a continuation of limits for customers and growing levels of ... Read the full article
Beazley hires Patricia Kocsondy as Head of US Cyber & Tech
17th August 2021
Specialist insurer Beazley has appointed Patricia Kocsondy as Head of US Cyber & Tech. Kocsondy joins from Chubb, where she served as senior vice president, errors & omissions (E&O) and cyber underwriting, for Chubb Limited’s North American Financial Lines. In her previous role, she was responsible for strategic leadership and direction, portfolio ... Read the full article
Gallagher hires Nick Hughes as a Consultant for aerospace practice
17th August 2021
Insurance broker Gallagher has appointed Nick Hughes as a Consultant within its global aerospace practice. In his new role, Hughes will be responsible for supporting client-facing teams with legal input to complex insurance coverage, claims and contractual issues, as well as helping to grow Gallagher’s aerospace client base. Until his retirement in ... Read the full article
Caribbean P&C insurers surpass expectations: AM Best
17th August 2021
Most property and casualty (P&C) insurers in the Caribbean region surpassed performance expectations in 2020 despite the challenges of COVID-19, according to AM Best. Consolidated net income more than doubled on the 2019 level last year among AM Best rated insurers, despite the pandemic weighing heavily on countries with weak public ... Read the full article
Insured Haiti quake loss estimated at $250mn by KCC
17th August 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that insured losses from the M7.2 earthquake that hit Haiti last week will be around $250 million. However, with insurable, or economic, losses estimated at around $1.7 billion, only around 14.7% of the overall cost of the quake will be covered ... Read the full article
BI test case payouts approach £1bn: FCA
17th August 2021
New data from the Financial Conduct Authority (FCA) shows that total reported claims payments for policies related to the COVID-19 business interruption (BI) test case in the UK are now approaching £1 billion. The aggregate value of the payments made for the 21,198 claims where final settlements have been agreed and ... Read the full article
Hippo marks Q2 2021 with premium growth jump to $159mn
17th August 2021
Home insurer Hippo has seen its total amount of generated premium increase by 101% to $159 million for the second quarter of 2021. The firm also crossed $500 million in total generated premium in force and year-one customer retention grew to 88%. Two new products were highlighted as having been introduced to ... Read the full article
Hudson Structured buys majority stake in Occam
17th August 2021
Specialist lines-focussed managing general agency Occam Underwriting has announced Hudson Structured Capital Management's decision to become a majority shareholder. Additional investment from HSCM, an asset manager specialising in the re/insurance and transportation sectors, is expected to help Occam expand into new lines via new talent acquisitions and upgrades to its various technology platforms. As ... Read the full article
AIG Life & Retirement announces two senior promotions
17th August 2021
AIG Life & Retirement, a division of global insurer AIG, has appointed Bryan Pinsky as President, Individual Retirement along with Tim Heslin who has been appointed as President, US Life Insurance. Pinsky and Heslin will contine to report directly to Todd Solash, Chief Executive Officer, Individual Retirement and Life Insurance. Pinsky joined ... Read the full article
Marsh & Citi develop risk structure to boost delivery of COVAX vaccines
17th August 2021
Insurance broker Marsh has collaborated with global bank Citi to create an innovative risk mitigation structure designed to help the Vaccine Alliance (Gavi) pre-purchase vaccines in bulk with greater confidence, and facilitate rapid and equitable distribution around the world. Developed on behalf of Gavi, the risk mitigation structure will cover the ... Read the full article
Oneglobal hires CEO for new Netherlands office
17th August 2021
Oneglobal Broking has established an office within the Netherlands, along with the appointment of Alex van der Wyck as Chief Executive Officer (CEO). van der Wyck is a distinguished career insurance broker having formerly worked at Aon as Senior Executive for the Specialty Broking team EMEA. Prior to his new position, he ... Read the full article
Swiss Re reveals changes to reinsurance leadership
17th August 2021
Global reinsurance giant Swiss Re has announced the appointment of Jason Richards as Country President and Chief Executive Officer (CEO) UK & Ireland, as Julie Stephenson takes on the role of Global Head of Casualty. Richards takes on his new role from January 1st, 2022, and will be responsible for driving ... Read the full article
GIC Re transfers Dubai office to GIFT City, India
17th August 2021
State owned enterprise, General Insurance Corporation of India (GIC Re), has put its Dubai branch into run off mode after failing to renew its license from the Dubai authorities. The reinsurer will now run the Dubai business from GIFT City, India. GIC Re stated: “During the quarter ended June 21, GIC Re ... Read the full article
Europe’s major reinsurers in good shape after a more profitable H1: Fitch
16th August 2021
Favourable price movements for property and casualty (P&C) business and elevated demand for cover saw Europe's largest reinsurance companies substantially grow their premiums through the first half of 2021, while underwriting margins improved on the prior year period. As noted by Fitch in its recent note on European reinsurers during H1 ... Read the full article