Reinsurance News

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Pool Re classified by Office for National Statistics

28th February 2020

UK government-backed terrorism reinsurer Pool Re has announced that the Office for National Statistics (ONS) has completed a classification assessment of the mutual. The ONS has independently judged that Pool Re should be classified to the central government subsector. Pool Re noted that the classification is only a statistical matter and will ... Read the full article

AXA XL Insurance bolsters underwriting team in France

28th February 2020

AXA XL Insurance, a division of global insurer AXA, has named Stéphane Vauterin as Underwriting Manager, International Financial Lines for France, based in Paris. He joins the company from Zurich Insurance where he held numerous senior financial lines underwriting roles, and brings more than two decades of industry experience to AXA ... Read the full article

Premia Re assumes risks from two Lloyd’s syndicates in Q4

25th February 2020

Bermuda-based property & casualty re/insurance run-off group Premia Holdings assumed risks from two Lloyd’s of London syndicates in the fourth quarter of 2019. The previously undisclosed deals were acknowledged by Kroll Bond Rating Agency (KBRA) in its recent assessment of the company, which had its financial strength rating confirmed as A-. The ... Read the full article

Munich Re-backed At-Bay raises $34mn in Series B round

24th February 2020

At-Bay, a cyber insurance start-up writing policies through Munich Re’s HSB Specialty Insurance Company, has announced a $34 million Series B funding round. Led by Munich Re Ventures and Acrew Capital, the new investment brings At-Bay’s total funding to $51 million. At-Bay offers continuous vulnerability monitoring across the perimeter of each portfolio ... Read the full article

MMC elects Jane Holl Lute to Board of Directors

20th February 2020

Marsh & McLennan Companies has announced that its Board of Directors has elected Jane Holl Lute as a Director, effective March 1st, 2020. Lute brings extensive experience and knowledge to the company, having had a distinguished career across the public and private sectors. For more than a decade she served in the ... Read the full article

Gallagher announces new CEOs of UK Specialty business & Pen Underwriting

11th February 2020

Global re/insurance brokerage Gallagher has announced that Jonathan Turner will become Chief Executive Officer (CEO) of its UK domiciled Specialty operation, subject to regulatory approval. Turner's appointment comes as current CEO of the business, John Thompson, takes on a new role as Head of Business Development for the UK-based operation. As part ... Read the full article

KBRA stable on US P&C re/insurance in 2020

10th February 2020

Kroll Bond Rating Agency (KBRA) has assigned a stable outlook to the US property and casualty (P&C) insurance sector in 2020, based on the expectation that the industry’s strong capital, improved pricing, and disciplined underwriting will provide stability through the year. These strengths will likely offset declining support to profit margins ... Read the full article

Lloyd’s anticipating a more liberal Indian market, says Chairman

10th February 2020

Bruce Carnegie-Brown, Chairman of insurance and reinsurance marketplace Lloyd’s of London, has said that he believes the market in India is “on path to liberalisation,” according to reports from The Economic Times. In an interview with the publication, Carnegie-Brown suggested that Lloyd’s was still uncomfortable with the order of preference rules ... Read the full article

Beazley profits jump off investments, rates rise 6%

6th February 2020

Specialist insurer Beazley has posted a pre-tax profit for 2019 of $267.7 million, up from $76.4 million in 2018, and reported a 6% rate increase. Beazley’s pre-tax profit jump was bolstered by a strong investment return of $263.7 million, up from $41.1 million in 2018. The firm’s combined ratio of 100% - ... Read the full article

Boost Insurance raises $14mn for insurtech development platform

5th February 2020

Boost Insurance has secured $14 million in a Series A round of funding, which will be used to expand its infrastructure-as-a-service (IaaS) insurtech development platform. The round was co-led by Coatue and Greycroft, with participation from Tusk Venture Partners, Conversion Capital, and MetLife Chairman Glenn Hubbard. Existing investors Norwest Venture Partners and ... Read the full article

Chinese economic plans to generate re/insurance growth: Swiss Re

4th February 2020

China’s forthcoming five-year economic plans are likely to generate re/insurance sector growth in protection-type products, mutual, health and pensions insurance, as well as infrastructure and other business opportunities, according to anew report from Swiss Re Institute. The plan for the years 2021-2025 aims to transition China toward a high-income economy, with ... Read the full article

AFL Insurance Brokers names head of Professional Indemnity

3rd February 2020

Independent Lloyd’s broker AFL Insurance Brokers Ltd has announced the appointment of Kevin White as head of its Professional Indemnity division. He arrives from Ed., where he served as Director of Professional Risks and was responsible for handling all insurance requirements for large offshore law firms and trust companies. White began his ... Read the full article adds former Twitter exec Mike Convertino as CSO

30th January 2020, a risk analytics provider for the cyber re/insurance market, has announced the appointment of Mike Convertino as Chief Security Officer. Convertino previously served as Chief Information Security Officer at Twitter, leading a team that protected the company's infrastructure and users from hacking and other types of compromises. He was an early ... Read the full article

P&C re/insurers slow to implement advanced analytics: WTW

30th January 2020

A recent Willis Towers Watson survey of the US and Canadian property and casualty (P&C) market has revealed that most re/insurers have been implementing advanced analytics at a much slower rate than anticipated. The broker reported that, in general, companies had either been overly ambitious in their goals for using analytics ... Read the full article

TransRe restructures underwriting management team

28th January 2020

TransRe, the wholly owned reinsurance subsidiary of Alleghany Corporation, has announced a series of promotions within its underwriting management team, as well as some structural changes. Firstly, Paul Bonny and Ken Brandt have been promoted to Co-Presidents of Global Underwriting Operations. Bonny previously served as President of the Europe and Asia Pacific ... Read the full article