Global natural disaster losses reach $280B in 2021; Athene president resigning

TOP NEWS IN GLOBAL INSURANCE

* Natural disasters caused overall losses of $280 billion worldwide in 2021, including roughly $120 billion of insured losses, according to a report from Munich Re. The U.S. accounted for about $145 billion of the losses during the year, with Hurricane Ida emerging as the costliest natural disaster. In comparison, overall losses amounted to $210 billion in 2020.

* Athene Holding Ltd. President William Wheeler is resigning from his role, effective March 31, and will transition to vice chairman. Wheeler will be succeeded by Grant Kvalheim, CEO and president of Athene USA Corp. Athene Holding also appointed Michael Downing COO, effective Jan. 7.

➤ Prudential, Athene led annuity underwriters in Q3'21

Prudential and Athene became the top annuity underwriters during the period after seeing triple-digit percentage growth from 2020.

➤ Humana plunges after slashing Medicare growth forecast; life stocks rise

The S&P 500 declined 1.87% for the week ending Jan. 7, to close at 4,677.03.

PROPERTY AND CASUALTY

* Renee Beauford will succeed Joseph Babiak as the president and CEO of Hastings Mutual Insurance Co. Babiak will retire on March 31.

* Jingwei Jia has stepped down as the CEO of Greater China at Swiss Re Corporate Solutions Ltd., effective Jan. 6, Reinsurance News reported. Jonathan Rake and Christine Fang will oversee the region on an interim basis.

* Alera Group Inc. has acquired Oceana County, Mich.-based Gales Agency Inc. for undisclosed terms, Insurance Journal reported.

* AssuredPartners Inc. acquired Herrin, Ill.-based Sheffer Insurance Agency LLC, which will continue to operate under the leadership of President Jared Sheffer.

* Helios Underwriting PLC has completed its acquisition of limited liability vehicles Clifton 2011 Ltd., Nomina No 348 LLP and Gould Scottish LP for a total consideration of £2.4 million.

LIFE AND HEALTH

* The Central Commission for Discipline Inspection of China has placed China Life Insurance Co. Ltd. Chairman Wang Bin under investigation over alleged "serious violations of discipline and law," Nikkei Asia reported.

REINSURANCE

* Hannover Re has facilitated a $15 million California earthquake-focused LI Re series 2022-1 catastrophe bond and a $24 million U.S. property catastrophe-focused Seaside Re series 2022-1 catastrophe bond transaction, Artemis reported.

* Aetna Inc. is seeking $200 million of reinsurance protection through a Vitality Re XIII Ltd. series 2022 catastrophe bond transaction, Artemis reported.

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