Reinsurance News
Gallagher acquires majority stake in Brokers’ House
16th August 2021
Insurance broker Gallagher has acquired a majority stake in Brokers’ House, a specialty broker based in Istanbul. This acquisition will be Gallagher’s first direct presence in Turkey and will give the company a footprint in a growing strategic insurance hub between Asia and Europe. This move will see Brokers’ House become part ... Read the full article
RenRe partners with First Street Foundation to tackle flood risk
16th August 2021
Global reinsurer RenaissanceRe (RenRe) has entered into a partnership with First Street Foundation to enhance data and modelling capabilities on the critical issue of flood risk. RenRe will license the First Street Foundation’s flood maps and leverage its trusted, peer-reviewed property-level flood risk data to evaluate how a changing climate could ... Read the full article
Willis Towers Watson announces Carl Hess as John Haley’s successor
16th August 2021
Global insurance and reinsurance broker, Willis Towers Watson (WTW), has announced that Carl Hess will succeed John Haley as its President and Chief Executive Officer (CEO). Hess, who currently serves as WTW's Head of Investment, Risk and Reinsurance, takes on the role of President immediately, and will succeed Haley as CEO ... Read the full article
GIC Re’s combined ratio hits 123% in Q2
16th August 2021
GIC Re has announced a combined ratio of 123.36% for the second quarter of 2021, a considerable slide from the 112.16% previously registered in Q2 2020. Adjusted Combined Ratio is 112.35% against 105.88% for the prior year period Gross Premium Income stands at $192.6 million for second quarter, down from the $214.1 ... Read the full article
CEO Case says Aon has emerged stronger from failed WTW merger: report
16th August 2021
As global insurance and reinsurance broker Aon looks forward after its failed merger with rival Willis Towers Watson (WTW), Chief Executive Officer (CEO) Greg Case has told the Financial Times that the firm has emerged stronger. Aon and WTW decided to terminate their proposed $30 billion combination last month after ... Read the full article
MS Amlin Underwriting adds Julie Hopes to board
16th August 2021
Lloyd’s Global Specialty re/insurer MS Amlin Underwriting has announced the appointment of Julie Hopes to its board as a notified independent Non-Executive Director (iNED). Hopes will also take over as Chair of the Risk and Solvency Committee later this year, subject to regulatory approval, assuming the role from Gilles Bonvarlet who ... Read the full article
Fidelis hires Victor Riega as head of sustainability
16th August 2021
Fidelis Insurance Holdings, the specialty insurance and reinsurance firm launched by Richard Brindle, has appointed Victor Riega as its first head of sustainability. Riega joins Fidelis from Standard Chartered where he was a Senior Sustainability Manager. Prior to Standard Chartered, he worked at Aviva where he led their approach to human rights, ... Read the full article
Brookfield Reinsurance secures Q2 net income of $2mn
16th August 2021
Brookfield Reinsurance has announced a second quarter net income of $2 million, up from the $1 million loss reported for the prior year quarter. The increase in net income is attributed to additional assets under management and stronger investment returns. At quarter end, The group held $1.1 billion in excess capital, which ... Read the full article
Guy Carpenter names Willis Re’s Harden as President of APAC
16th August 2021
Michael Harden has left Willis Re to join reinsurance broker Guy Carpenter as President of Asia Pacific, effective immediately. Harden brings more than 45 years of insurance and reinsurance industry experience to his new role. He joined Willis Re in Australia in 1991 as a Director before being made Chief Executive Officer ... Read the full article
AXA Singapore to be acquired by HSBC for $575 million
16th August 2021
Global insurer AXA has entered into an agreement with HSBC Insurance (Asia-Pacific) Holdings Ltd over the sale of AXA Insurance Pte Ltd (AXA Singapore) for a total cash consideration of USD 575 million (€487mn). It was reported back in January that British bank HSBC Holdings was among the shortlisted bidders ... Read the full article
Tokio Marine HCC’s Credit Group expands key European, Political Risk Team
16th August 2021
Tokio Marine HCC (TMHCC) - Credit Group has expanded its European Credit and Political Risk team with the appointment of Benjamin Faubert as Senior Underwriter. Faubert will operate from the firm’s Paris office and write a combination of Credit and Political Risk insurance products, with a particular focus on clients within ... Read the full article
Partial closure of China port threatens $172bn worth of global trade
13th August 2021
According to analysts at Russell Group’s ALPS Marine platform, China’s partial closure of the port of Ningbo threatens $172 billion worth of global trade and the export of $39.2 billion worth of Integrated Circuit Boards (ICBs). It comes as the cost of shipping from China and South East Asia to the ... Read the full article
Midwest Holdings reports improvement in Q2 net income
13th August 2021
Midwest Holding Inc. has announced a GAAP net loss of $5 million for the second quarter of 2021 against a loss of $16.6 million for the prior year period, as the firm continues to advance its reinsurance pipeline. Alongside the year-on-year improvement in net income, Midwest has reported a rise in ... Read the full article
CNA Exec VP & CFO Al Miralles resigns, search for successor underway
13th August 2021
Chicago-based insurer CNA has announced the resignation of Executive Vice President and Chief Financial Officer Al Miralles and says the process of identifying a suitable successor is underway Miralles notified CNA of his intention to leave the insurance industry and transition to a career in the technology sector. The insurer tapped Larry ... Read the full article
Pro Global hires Louisa Pavis to lead consulting business
13th August 2021
Global re/insurance outsourcing and consulting specialist Pro Global Holdings has appointed Louisa Pavis to lead its consulting business. Pavis joins Pro from innovation-led private equity group Apater Capital, where she was Chief Operating Officer and Head of Advisory. She brings years of experience along with a deep understanding of portfolio management and ... Read the full article