Reinsurance News
Africa Specialty Risks launches reinsurer in Mauritius
21st May 2021
Africa Specialty Risks Group (ASR), which is backed by Helios Investment Partners, has announced the launch of a fully capitalised and licenced reinsurance entity in Mauritius, designed to meet the needs of the African continent. Helios announced the launch of ASR, in partnership with Mikir Shah, former CEO of AXA ... Read the full article
Open Insurance should bring an increase in innovation: Perera, Capco
21st May 2021
“Open Insurance should bring an increase in innovation,” according to Sanjiva Perera, Managing Principal at Capco, a management and technology consultancy focused on the financial services industry. He believes access to customer data will likely encourage new providers to enter the market and use their speed, agility and insights to create ... Read the full article
Acrisure hires Mark McIlquham as President of UK Retail
21st May 2021
Insurance broker and fintech services provider Acrisure has appointed Mark McIlquham as President of UK Retail, bringing over twenty years of experience to its international operation. McIlquham was most recently a Deloitte financial services executive, where he was responsible for leading complex audit, M&A, restructuring and regulatory projects. He has been a ... Read the full article
D&O carriers struggle with substantial losses expected to continue: AM Best
21st May 2021
Directors and officers (D&O) carriers are expected to continue struggling with substantial losses, stemming from years of soft premiums, according to a new report by rating agency AM Best. The premiums have proven to be inadequate for the growing numbers of lawsuits and the size of jury rewards and settlements Individual risk ... Read the full article
SCOR develops claims rules engine for life business
21st May 2021
Reinsurer SCOR has developed a Claims Rules Engine (CRE) as a management solution for its life business, designed to accelerate claims lodgement and decision making, while freeing up claims assessor to support more complex claims. The SCOR CRE leverages Smart Rules, using behavioural economics principles to create a simple claims-lodging process ... Read the full article
Waffle raises $5mn in seed funding round
21st May 2021
Waffle, a New York based insurtech start-up, has raised $5 million in a seed funding round led by Verve Ventures, with participation from BetterLabs Ventures and Techstars. The company will be led by Quentin Coolen, CEO & Co-Founder and plans to use the funds to continue to expand operations and its ... Read the full article
Re/insurance industry must welcome disruptive innovation: Aon UK CEO Julie Page
20th May 2021
Aon UK Chief Executive Julie Page has underlined the need for re/insurers to embrace and enable the disruptiveness of insurtech innovation, especially as the world attempts to recover from COVID-19. Speaking in a new report from the global re/insurance broker, Page explained how, because of the pandemic, we have embraced digitalisation ... Read the full article
AGCS names Jenise Klein NA Regional Head of Property
20th May 2021
Allianz Global Corporate & Specialty (AGCS) has added Jenise Klein as its new North America Regional Head of Property. Klein replaces Jill Knecht, who is set to depart the company after 17 years. Klein joined Allianz in 2015 as a member of the AGCS Alternative Risk Transfer (ART) team based in New ... Read the full article
Markel promotes Castriotta to Managing Director, Global Cyber Underwriting Executive
20th May 2021
Financial holding company Markel Corporation has appointed Kelly Castriotta as Managing Director, Global Cyber Underwriting Executive. Castriotta will lead the global underwriting strategy for affirmative cyber products as well as cyber risks impacting various lines of business for Markel. She joined Markel last year to help strengthen cyber underwriting best practices and ... Read the full article
Allstate cat losses total $544m in April
20th May 2021
US primary insurer Allstate Corporation has announced estimated catastrophe losses for the month of April of $544 million, or $430 million after-tax. Catastrophe losses in April comprised five events at an estimated cost of $490 million plus unfavorable prior period reserve estimates. One large hail event, primarily impacting Texas and Oklahoma, accounted ... Read the full article
Peak Re profits surge in 2020 as premiums up 18%
20th May 2021
Peak Reinsurance Company Limited the Hong Kong-based global reinsurer has reported a 150% increase on net profit for 2020 when compared with the previous year. Net profit grew to $87.1 million, from $34.9 million in 2019, helped by a large increase in gross written premiums. GWP in 2020 rose to $1.966 billion, ... Read the full article
Sompo International reports $9.17bn decrease in profits
20th May 2021
Sompo International has reported a JPY 20 billion ($9,176 billion) decrease in profits for its business over the full-year 2020 period, which the company attributes to the impact of the COVID-19 pandemic. For the 2021 fiscal year, Sompo is forecasting an underwriting profit of $459 million, compared to its profit of ... Read the full article
Lloyd’s catastrophe risk exposure declined to £1.4bn in 2020: Moody’s
20th May 2021
According to a Moody’s report, Lloyd’s exposure to catastrophe risk has declined significantly in recent years to end last year at £1.4 billion (USD 2bn), or 6% of the solvency capital requirements (SCR). The report noted that at year-end 2016, so prior to the severe and costly natural catastrophe events of ... Read the full article
Howden acquires Medical Professional Risk Solutions
20th May 2021
Howden Broking has acquired Medical Professional Risk Solutions (MPRS), a specialist insurance broker for the primary care sector. The acquisition will expand the Howden's Health & Care division as it continues to invest in specialisms to support clients. MPRS provides accident & health, professional liability, medical malpractice, and commercial combined cover for ... Read the full article
Chubb hires Richard Williams as President of Combined Insurance
20th May 2021
Global insurer and reinsurer Chubb has appointed Richard Williams as President of Combined Insurance. Williams appointment takes place effective immediately, and will oversee all Combined business operations, management, and growth strategies. He will report to Joe Vasquez, who has been leading Combined since late 2019. Vasquez will continue in his role as Senior ... Read the full article