Reinsurance News
Pen Underwriting acquires Norwegian MGA Fender
6th July 2023
UK-based Pen Underwriting, an Arthur J. Gallagher & Co. subsidiary, has acquired specialist Norwegian managing general agent (MGA) Fender Marine AS for an undisclosed sum. It will become part of Pen’s International & Financial Lines division as Pen looks to expand its geographic footprint beyond the UK. Based in Bergen and Oslo, ... Read the full article
Tantallon wildfire in Nova Scotia causes over $165m in insured damage
6th July 2023
The devastating wildfire that ravaged Tantallon, Nova Scotia, from May 28 to June 4, 2023, has resulted in initial estimates of over $165 million in insured damage, according to Catastrophe Indices and Quantification Inc. The majority of claims, approximately 90%, were related to personal property losses, highlighting the financial vulnerability of ... Read the full article
Enact Mortgage Insurance secures quota share reinsurance coverage
6th July 2023
Enact Holdings, Inc. has announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured a 13.125% quota share reinsurance agreement with a broad panel of highly rated reinsurers. Under the agreement, subject to certain conditions, Enact will transfer 13.125% of a portion of its current and expected new insurance ... Read the full article
AM Best affirms CCR Re ratings following acquisition
6th July 2023
AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of CCR Re. The ratings have been removed from under review with developing implications following the completion of the sale of a ... Read the full article
Swiss Re appoints Ali Shahkarami as Global Head of P&C Solutions
6th July 2023
Global reinsurer Swiss Re has announced the appointment of Ali Shahkarami as Global Head of P&C Solutions. He will be reporting to Russell Higginbotham, CEO of Reinsurance Solutions. Shahkarami’s appointment was effective July 1st, 2023, and he will be based out of Munich. Russell Higginbotham, CEO of Reinsurance Solutions, commented on the ... Read the full article
With rising civil unrest SRCC cover becomes more necessary: Chaucer
6th July 2023
As civil unrest rises, specialist Strikes Riots and Civil Commotion (SRCC) cover has become even-more necessary in protest-prone regions, Chaucer analysts have revealed. According to research by the re/insurance group, civil unrest in the Middle East - including looting/property destruction, mob violence, protest with intervention, violent demonstration - has risen 11% ... Read the full article
AM Specialty Insurance appoints Peter B. Smith as a non-executive director
6th July 2023
AM Specialty Insurance Company (ASIC), an Excess and Surplus (E&S) insurance firm and an accredited reinsurer, has appointed Peter B. Smith as a non-executive director. Smith has over three decades of experience in the insurance sector, having held executive leadership roles at insurance organisations in both the U.S. and internationally. Most recently, ... Read the full article
Euclid Fiduciary names Keith Lavigne as CUO, Management Liability
6th July 2023
Euclid Fiduciary, a division of Specialty Program Group LLC (SPG), has announced the appointment of Keith M. Lavigne as the Chief Underwriting Officer (CUO), Management Liability. This strategic move aims to expand Euclid Fiduciary's management liability insurance and related executive liability insurance products while ensuring long-term profitable underwriting results for its ... Read the full article
Increased pressure from reinsurers to place cyber separately at renewals: Gallagher Re
6th July 2023
According to Gallagher Re's 1st View report, cyber insurance carriers continued to explore standalone cyber placements at the mid-year renewals in response to increasing pressure from reinsurers. Gallagher's report also noted that incumbent reinsurance markets continued to grow following improved rate and portfolio optimisation across cyber insurance risk, building on the ... Read the full article
Legal & General Retirement reports £6.8bn of PRT year-to-date
6th July 2023
Legal & General Retirement Institutional (LGRI), the UK bulk annuity division of Legal & General, has made strong progress in multiple sectors, including Pension Risk Transfer (PRT), individual annuities, and US protection, transacting £6.8 billion of PRT year-to-date and experiencing a notable rise in pension schemes approaching the insurance market. Alongside ... Read the full article
Howden acquires Media Insurance Brokers International
6th July 2023
International insurance broker, Howden, has announced that it has acquired Media Insurance Brokers International Limited, a major independent UK and Irish film and television broker. This acquisition significantly enhances Howden’s media and entertainment offering while reflecting the company’s strategy to be the preeminent choice for Sports & Entertainment clients. MIB has been ... Read the full article
S&P upgrades CCR RE’s ratings following acquisition
5th July 2023
S&P Global Ratings has announced an upgrade in the issuer credit and financial strength ratings of French reinsurer CCR RE, raising them from 'A-' to 'A, following news of acquisition by SMABTP. The rating upgrade comes in the wake of SMABTP, in partnership with MACSF, successfully acquiring a majority stake ... Read the full article
Chubb promotes Benson to Chief Revenue Officer, Commercial Insurance
5th July 2023
Tim Benson has been promoted to the role of Chief Revenue Officer - Commercial Insurance at global re/insurer Chubb. A highly experienced veteran across the industry, Benson has worked for Chubb for over 18 years. In his most recent role, he served as Executive Vice President - Analytics and Sales Enablement. Prior ... Read the full article
Spring Insure grows Financial Lines team with two new hires
5th July 2023
Specialist financial and commercial lines MGA, Spring Insure has announced the appointment of two new hires, James O’Halloran as Development Underwriter and Charlie Cooper as Underwriter. According to the announcement, these appointments form part of Spring Insure’s plans to significantly expand its footprint in the UK and European FinPro sector. The two ... Read the full article
BMS Re strengthens fac reinsurance division with key appointments
5th July 2023
BMS Re, the specialty reinsurance arm of the global broking group BMS, has appointed Steve Housse as the managing director and leader of the facultative practice, and Dan Shea as the senior vice president of property facultative. Housse and Shea will be located in Atlanta, Georgia. Housse brings with him extensive ... Read the full article
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