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Knighthead Annuity announces new Chief Actuary
2nd November 2017
Brian O'Neill has been appointed as the new Chief Actuary at Knighthead Annuity and Life Assurance Company, a Cayman Islands domiciled primary fixed annuity insurer. As a member of the firm's executive management team, O'Neill will have responsibility for enterprise-wide corporate oversight of Knighthead's actuarial practices. He brings extensive industry experience to the role, ... Read the full article
Alex Veys to replace David Astor as Hiscox Chief Investment Officer
26th October 2017
International insurer and reinsurer, Hiscox, has named Alex Veys as its new Chief Investment Officer (CIO), to replace David Astor, who is retiring in 2018. Veys will join the firm in December, 2017, and work alongside Astor until he retires in July, 2018, after 15 years with Hiscox. Veys brings more than ... Read the full article
The Hartford to acquire Aetna’s U.S. group life & disability business for $1.45bn
25th October 2017
The Hartford has announced that it will acquire Aetna's U.S. group life and disability business for $1.45 billion, in cash, subject to state regulatory approvals and other customary closing conditions. The deal will see The Hartford become the second largest group life and disability insurance company, with roughly $5 billion in ... Read the full article
“Disruption doesn’t bring opportunities, we have to earn them” – James Nash
23rd October 2017
“I believe there is substantial value creation potential in the future,” said Guy Carpenter's James Nash, at the Baden-Baden Reinsurance Symposium, “however, disruption does not automatically bring opportunities, we have to earn them. "We won't be able to capture this potential without transforming our industry and without extending our business models, ... Read the full article
Tokio Marine estimates $580mn loss from Harvey, Irma, Maria, and Mexico quakes
13th October 2017
Tokio Marine Holdings, Inc. has announced that it expects estimated pre-tax catastrophe losses, net of reinsurance, from the Mexico earthquakes, and hurricanes Harvey, Irma, and Maria, to total around 65 billion yen (US$580 million). "We would like to express our sincerest sympathies to all who have been affected by the natural ... Read the full article
Willis Towers Watson in string of senior appointments to expand broking platform
5th October 2017
Willis Towers Watson has announced a string of senior appointments in its North America Corporate Risk and Broking (CRB) business, as part of its broking platform expansion plans. Sandie Mullen has been appointed to head of Life Sciences and Pharmaceutical Casualty Broking after joining Willis Towers Watson from RT Specialty where she ... Read the full article
Randall & Quilter looks to fund growth with £49.3m capital raise
5th October 2017
Non-life insurance, reinsurance legacy and run-off acquisition and management, and investments specialist Randall & Quilter Investment Holdings Ltd. is seeking to raise close to £50 million in order to fund future growth. The capital raise will feature a £45 million placement of new ordinary shares with institutional shareholders and Directors, as ... Read the full article
Reinsurers’ opportunity to make underwriting more scientific – Swiss Re CUO
5th October 2017
Swiss Re Group Chief Underwriting Officer (CUO) Edi Schmidt highlighted the need for reinsurers to take a more scientific and forward-looking approach to underwriting to drive down cost of re/insurance at the firm’s 2017 Monte Carlo conference press briefing. “Today we have much more capabilities to use more sources to make ... Read the full article
UK life insurers report strong business volumes: PwC
27th September 2017
UK life insurers reported an optimistic outlook with strong volumes of business in the last three months - a contrast to insurance brokers who saw their market position stagnate as growth stalled for the first time in four years, according to the latest CBI/PwC financial services survey. The thriving life insurance is ... Read the full article
JLT Re partners with kWh Analytics to deliver solar energy solution
20th September 2017
JLT Re, the reinsurance arm of global broker JLT, has entered into a new partnership with data repository and risk management provider for the solar industry, kWh Analytics. The new partnership is JLT Re's latest move in the the InsurTech space, and will see the development of a new risk transfer ... Read the full article
U.S. life reinsurance a beacon of stability
14th September 2017
In a year where many insurance and reinsurance segments have seen profit margins squeezed and growth challenged by a growing onslaught of alternative and new market entrants, the life reinsurance segment has remained a beacon of stability. In contrast with many other re/insurance lines, life re/insurance has been characterised by the ... Read the full article
Port of Houston escaped major hurricane Harvey damage: RMS
5th September 2017
Port of Houston officials have spoken of restarting operations in the U.S.' eighth busiest container port, which seems to have escaped major damage from Hurricane Harvey with no major damage to its terminals, warehouses or storage facilities reported so far, RMS said. The container port's traffic was diverted to other regional ... Read the full article
Brexit to create opportunities in the UK annuities market
23rd August 2017
The uncertainties of Brexit could create further opportunities in the bulk annuities market for pension schemes and reinsurers as a weaker pound makes buy-out more affordable for schemes with overseas sponsors, said Hymans Robertson in a recent report. The UK's well-developed and highly competitive bulk annuities market could see more mergers ... Read the full article
World Bank facilitates Philippines’ groundbreaking parametric insurance scheme
18th August 2017
The World Bank and the U.K. Department for International Development supported the Philippines in setting up the country's first ever national parametric catastrophe risk insurance scheme to transfer the risk of typhoons and earthquakes to the global reinsurance market. The scheme makes U.S. $206 million in cover available to local government units (LGUs) ... Read the full article
AIG seeks buyer for $2 billion life portfolio
16th August 2017
Sources told Reuters that American International Group has plans to sell a $2 billion life portfolio, with private equity giant Apollo Global Management being among prospective buyers. Investment bankers at Goldman Sachs Group are allegedly helping AIG unload the life settlement assets, which trigger when sick or elderly customers ... Read the full article