International & Reinsurance News

Toronto Specialty MGA Merlin Rebrands as TruStar

Merlin Underwriting, a Toronto-based managing general agent (MGA), has rebranded as TruStar. TruStar is an independently owned MGA offering specialty insurance across the commercial, professional and financial line segments. Led by CEO Daniel Moses, TruStar wants to innovate the traditional …

European Union Weighs Emergency Approvals for COVID Vaccines

The European Commission said on Tuesday that it was considering emergency approvals for COVID-19 vaccines as a faster alternative to more rigorous conditional marketing authorisations which have been used so far. The move would mark a big shift in approach …

10 Years After Disaster, Fukushima Nuclear Plant Operator Continues Cleanup

Tepco, the operator of Japan’s wrecked Fukushima atomic plant, said it had successfully removed spent uranium fuel from a damaged reactor building in a key step in its clean up of the site after a nuclear disaster a decade ago. …

Reuters Exclusive: India Central Bank Seeks Limit on Banks’ Ownership in Insurers

India’s central bank wants banks to limit ownership stakes in capital intensive insurance companies at a maximum 20%, less than half of what the current regulations permit, three sources with knowledge of the discussions told Reuters. Reserve Bank of India …

Reinsurers Saw ‘Good’ Rate Hikes in January Renewals, but Will Be Asking for More: S&P

Global property and casualty reinsurers saw “good” rate increases during the January 2021 renewals but they came up short of a hard market, dashing reinsurers’ hope of a strong start for 2021, according to a report from S&P Global Ratings. …

Post-Brexit Exodus of Staff and Assets from London to EU Slows

LONDON – The shift in financial staff and assets from the City of London to the European Union because of Brexit has eased after Britain completed its full departure from the bloc, a tracker from consultants EY showed on Tuesday. …

S. Africa’s Steinhoff in Talks with D&O Insurers to Help Settle Accounting Crisis Claims

Steinhoff International Holdings NV is in talks with the providers of director liability insurance policies about help settling legal claims resulting from a 2017 accounting crisis that took the South African retailer to the brink of collapse. An agreement with …

Ex-Credit Suisse CEO Raises $300M for Financial Services-Focused SPAC

Former Credit Suisse Group AG Chief Executive Officer Tidjane Thiam raised $300 million for his blank-check company after boosting the size of the deal. Thiam’s Freedom Acquisition I Corp. sold 30 million units at $10 apiece in its U.S. initial …

Lloyd’s Plans to Re-Open Underwriting Room on May 17

Lloyd’s announced on Friday, Feb. 26 that it plans to re-open its London underwriting room and corporation offices on May 17. To manage capacity and ensure the market is COVID-secure, it will once again apply a class of business rota …

AGCS Hires Hegel from Zurich as Regional Head of Client Services & Multinational

Allianz Global Corporate & Specialty (AGCS) announced the appointment of Kevin Hegel as the new head of Client Services and Multinational Regional Unit, London and Nordics, effective immediately. He succeeds Ayleen Frete who has assumed a new role at AGCS, …

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