Robert Wiest – MS Amlin

MS Amlin AG names Swiss Re’s Wiest as CEO

2021-09-21T08:37:00+01:00

MS Amlin has appointed Swiss Re reinsurance COO Robert Wiest as CEO of its Zurich-based reinsurance operation, MS Amlin AG.

Zurich and KBW – German floods

KBW: “Feasible” that Zurich has exhausted agg cover after floods and Ida

2021-09-21T07:33:00+01:00

Zurich Insurance Group is yet to disclose its exposure to the German floods and Hurricane Ida, but it is “feasible” the insurance giant has already exhausted the $405mn of available limit on its aggregate reinsurance cover for this year, according to KBW’s William Hawkins.

Ricardo Lara – California wildfire

California protects 325,000 policyholders with wildfire moratorium

2021-09-21T08:04:00+01:00

More than 325,000 residential property insurance policyholders impacted by this year’s devastating wildfires in Northern California have been protected from the threat of non-renewal by their carrier after the state’s insurance commissioner Ricardo Lara issued a moratorium.

Brit – Lloyd's

Brit launches claims algorithm in response to cat events

2021-09-21T07:31:00+01:00

Fairfax-owned Brit has launched a machine learning algorithm designed to accelerate the identification of post-catastrophe property damage.

Rob Schimek – Bolttech

Bolttech extends Series A to $210mn

2021-09-21T07:17:00+01:00

Expansive insurtech Bolttech has extended its previously announced Series A funding round to $210mn thanks to two new strategic investors, in a move which cements the firm’s unicorn status.

ICA

Insurers launch advisory group to tackle SME policyholder failings

2021-09-21T07:03:00+01:00

Insurers in Australia have formed an advisory group to improve the affordability and availability of commercial insurance products for small and medium-sized businesses after a review found urgent improvements were needed.

Dive In

Dive In attendees highlight mental health as biggest concern

2021-09-21T06:47:00+01:00

A survey of registered attendees at this year’s Dive In Festival has identified mental health as the most important issue for the global insurance sector to prioritise over the next year.

Allianz tower

Reports: Allianz asset management head Hunt in talks to depart

2021-09-21T03:23:00+01:00

Allianz is looking to shake up its management board, with talks reportedly taking place over the potential exit of asset management head Jacqueline Hunt as the German insurance and financial services giant continues to deal with lawsuits and regulatory probes into its Structured Alpha Funds.

Moses Ojeisekhoba – Swiss Re (1)

Swiss Re’s Ojeisekhoba: Wellbeing of “intellectual capital” crucial following Covid-19

2021-09-21T00:17:00+01:00

The mental wellbeing of staff at Swiss Re has been a “recurring topic” for the executive committee as the group navigates its way through the impact of Covid-19 both from a business and personnel point of view, according to reinsurance CEO Moses Ojeisekhoba.

IM-Nasdaq-Genworth

Genworth raises $535mn from relaunched Enact IPO and private sale

2021-09-20T22:37:00+01:00

Private mortgage insurer Enact Holdings has completed an initial public offering (IPO) as well as a private sale of shares to Bayview Asset Management, with parent Genworth intending to use the $535mn in proceeds it received after underwriters’ fees to repay a note secured to cover a settlement with Axa.

IM-SOMPO-JohnDelCol-WindyLawrence

Sompo Intl’s Del Col to retire with Axa XL’s Lawrence named GC

2021-09-20T21:40:00+01:00

Sompo International Holdings has named Windy Lawrence as its new general counsel, succeeding John Del Col who will retire at the end of the year after 19 years with the Bermudian (re)insurer and its predecessor company.

IM-WEFOX-PeterHuber

Wefox hires ex-Zurich exec Huber as chief insurance officer

2021-09-20T20:39:00+01:00

Peter Huber, who left his role as CEO of Zurich International last month, has joined Wefox as chief insurance officer, as the German insurtech looks to grow following its $650mn funding round in June.

IM-ARA-SOMPO-field

Sompo Intl to acquire Italian agri insurer ARA

2021-09-20T20:02:00+01:00

Sompo International has agreed to purchase Assicurazioni Rischi Agricoli VMG 1857 (ARA), a deal that strengthens the Bermudian’s European agricultural book through increased geographical and exposure distribution.

IM-Aon-Marsh-Florida-Map

Judge denies Marsh’s motion to dismiss Aon suit over Florida hires

2021-09-20T18:06:00+01:00

A Florida circuit court judge has denied Marsh’s attempt to dismiss a lawsuit brought by rival Aon over the hire of more than 40 Florida-based staff including East Coast managing director Michael Parrish.

Matt Gardner – Patriot and GI Partners

Patriot closing in on recap with GI Partners

2021-09-20T14:45:00+01:00

Patriot Growth Insurance Services is set to announce a recapitalisation with private equity firm GI Partners that could value the fast-growing insurance agency and broker consolidator platform at close to $1.7bn, The Insurer can reveal.

IM-DavidValzania-Berkshire

BHSI targeting multinational clients with 170-country network

2021-09-20T14:36:00+01:00

Berkshire Hathaway Specialty Insurance is embarking on a global growth drive with the expansive carrier in the process of establishing its own worldwide network of locally based companies to better serve multinational customers, The Insurer has learned.

Acrisure Re

Acrisure Re adds senior quartet to corporate advisory and solutions division

2021-09-20T14:27:00+01:00

Acrisure Re has named Nick Godfrey as head of capital markets and Jonathan Zisaruk as head of legacy as part of a quartet of senior appointments within the intermediary’s corporate advisory and solutions division.

IRB Brasil RE

IRB names MetLife executive Carvalho as new CEO

2021-09-20T14:18:00+01:00

The board of IRB Brasil Re has elected Raphael Afonso Godinho de Carvalho as CEO of the reinsurer, taking over from Wilson Toneto on 1 October. 

BMS – New York

BMS Re confirms Farrell hire

2021-09-20T14:00:00+01:00

BMS Re has confirmed the appointment of Jerry Farrell in a move first revealed by The Insurer last week.

Cover Whale and Everspan

Cover Whale launches trucking program on Everspan paper

2021-09-20T13:50:00+01:00

Commercial auto insurtech Cover Whale Insurance Solutions has launched an E&S trucking program in partnership with participatory fronting carrier Everspan.

Stephen Clark – Axa XL

Axa XL names Clark as marine liabilities global practice leader

2021-09-20T13:50:00+01:00

Axa XL has appointed Stephen Clark as its new marine liabilities global practice leader in addition to his current responsibilities as North America hull and liabilities practice leader.

Liberty Specialty Markets

Liberty Specialty Markets appoints Axa XL’s Harth to lead the Germany office

2021-09-20T13:10:00+01:00

Liberty Specialty Markets has hired Michael Harth as country manager for Germany, starting in January 2022.

Climate change 4

UK (re)insurance industry calls for “leadership” from PM on climate issues

2021-09-20T12:46:00+01:00

Almost 100 UK businesses, including eight representing Britain’s (re)insurance sector, have written to Prime Minister Boris Johnson urging him to show strong “domestic leadership” that can help deliver global progress on climate change.

Brown & Brown

Brown & Brown’s Bridge subsidiary acquires NJ-based Gremesco

2021-09-20T12:23:00+01:00

Brown & Brown subsidiary Bridge Specialty Group has acquired New Jersey-based wholesale broker Gremesco.

Lloyd's building

Lloyd’s says one third of new hires should be from ethnic minority backgrounds

2021-09-20T12:14:00+01:00

Lloyd’s has said it plans to mandate the collection of ethnicity data as part of a move to drive up the representation of ethnic minorities across the market.

KCC – Hurricane Nicholas

KCC estimates Hurricane Nicholas insured losses at $950mn

2021-09-20T11:24:00+01:00

Hurricane Nicholas will cost insurers close to $950mn, according to a preliminary estimate from Karen Clark & Company.

Stocks

Scor leads European P&C losses in global equity slump

2021-09-20T10:26:57.04+01:00

European P&C stocks followed Asian equities sharply lower on Monday with the majority of major carriers seeing their share prices decline on wider market concerns over wholesale energy prices and inflation.

Mike MacColl – Atrium

Atrium confirms MacColl appointment as head of hull and war

2021-09-20T09:49:00+01:00

Atrium Underwriting has confirmed the appointment of Axa XL’s Mike MacColl to head up its hull and war business, as revealed by The Insurer in March this year.

Convex

Convex chooses Luxembourg for new European insurance entity

2021-09-20T09:02:00+01:00

Convex has created a Luxembourg-based European insurance entity to serve clients within the European Economic Area.

Legacy

The legacy market: poised for the next wave?

2021-09-20T07:19:00+01:00

Later this morning the UK run-off market will be leaving their desks – whether at home or in the office – and jumping on the Brighton train for the first in-person legacy conference since the start of the pandemic.