Reinsurance News

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Everest Re expands financial lines with a Private Company unit

21st February 2018

Reinsurer Everest Re has expanded the Everest Insurance Financial Lines division of Everest Specialty Underwriters (ESU), with a Private Company/Not-For-Profit unit, set to be led by Salvatore Collura. The Private Company aims to design creative insurance solutions to protect companies and management from shareholder disputes and employment-related issues to cyber threats. Everest ... Read the full article

Coverys Syndicate 1975 appoints Stephanie Crowther to underwriter

7th February 2018

Coverys Syndicate 1975 has named Stephanie Crowther as underwriter for its specialist medical professional liability account with effect from February 2018. Robin McCoy, Chief Executive Officer, Coverys Managing Agency, commented on the appointment; “we are delighted that Stephanie is joining us to work alongside Keith Bryceland to help build out the ... Read the full article

Hannover Re says renewals give it a “solid platform” for 2018

7th February 2018

After the impacts of major catastrophe loss events in 2017 the January 2018 reinsurance renewals and the associated increase in rates available have allowed German reinsurer Hannover Re to put in place, what the CEO terms, a "solid platform" for achieving its targets in 2018. Hannover Re has reported that it ... Read the full article

Public-private sector partnerships critical to the UK’s resilience to terror attacks: Pool Re

6th February 2018

Pool Re has launched a new Terrorism Frequency Report, produced by the scheme’s Terrorism Risk and Analysis Centre (TRAC), designed to provide Pool Re Members and stakeholders with a record and analysis of recent terrorist attacks, while underlining the importance of public-private sector partnerships when addressing the risks. Julian Enoizi, Chief Executive ... Read the full article

U.S. and EU regulators to focus on strengthening cooperation

2nd February 2018

In the first of three events designed to strengthen U.S. and EU regulatory cooperation, the National Association of Insurance Commissioners (NAIC) and the European Insurance and Occupational Pensions Authority (EIOPA) discussed bilateral updates to regulatory and market developments. The forum was held prior to the seventh EU-U.S. Insurance Symposium  and hosted by ... Read the full article

BIBA Manifesto calls for action to narrow protection gaps

2nd February 2018

The British Insurance Brokers' Association (BIBA) has released its 2018 Manifesto, Engaging, which calls for improved access to insurance solutions in an effort to narrow the region's protection gap (disparity between economic and insured losses post-event). The protection gap is viewed as one of the insurance and reinsurance industry's biggest challenges ... Read the full article

Guy Carpenter CEO Peter Hearn calls for more transparent cat modeling

31st January 2018

Guy Carpenter's Chief Executive Officer, Peter Hearn, made a case for greater industry-wide adoption of the open source catastrophe model, saying it improves firms' management of risk, adding better products and protection to the marketplace and benefiting the entire re/insurance value chain. “For over 25 years, these models have led us ... Read the full article

Aspen CEO “deeply disappointed” with 2017 performance

26th January 2018

Chris O’Kane, Chief Executive Officer, Aspen Insurance (CEO) said the firm is "deeply disappointed" with its financial performance in 2017 after the firm reported a pre-tax loss estimate of $135 million from California wildfires, net of reinsurance and reinstatement premiums,and a $245 million underwriting loss in Q4. Aspen's Q4 losses from ... Read the full article

Preservation Capital completes Ascent Underwriting acquisition

25th January 2018

Preservation Capital Partners has completed its acquisition of cyber and specialty lines managing general agent (MGA), Ascent Underwriting, having received approval from the Financial Conduct Authority (FCA). Under the transaction, the existing Ascent management team will retain a substantial shareholding in the company, and will continue to manage the business through ... Read the full article

Lloyd’s eyes “terrific” growth prospects in India market

25th January 2018

Speaking to the India Economic Times Lloyd's Chief Executive Officer (CEO) Inga Beale called India "a fantastic opportunity" with "terrific" growth prospects, as Lloyd's looks to expand local syndicates and increase its current $220 million annual India market revenue.  "Whether the growth in insurance line is driven by government action or ... Read the full article

Ascent Underwriting launches liability cover for healthcare professionals

24th January 2018

Managing general agent Ascent Underwriting has announced the launch of a professional liability product for allied health practitioners and facilities in the U.S. Ascent’s Allied Health product combines comprehensive cyber cover, Regulatory Billings coverage and medical liability insurance for healthcare professionals under a single policy. Gareth Tungatt, Chief Underwriting officer at Ascent, ... Read the full article

LMA’s Worldwide Property Panel appoints Markel’s Dean Pitts as Chairman

18th January 2018

The Lloyd's Market Association's (LMA) Worldwide Property Panel has named Dean Pitts, Managing Director - Property Open Market at Markel, as its new Chairman, replacing the outgoing Nick Jones of Apollo. The Worldwide Property Panel leads on numerous issues impacting Lloyd's of London managing agents and syndicates, on behalf of the ... Read the full article

Extreme weather seen as top 2018 global risk: WEF

17th January 2018

Environmental risks are at the top of the World Economic Forum's (WEF) Global Risk Perception Survey for the second year running, though the interconnected nature of risks observed in 2018 are believed to threaten the system on which economies and international relations are based. The WEF's Global risks report highlighted the ... Read the full article

Modest market hardening across global specialty lines at 1/1: Willis Re

15th January 2018

Across multiple global specialty lines, a modest hardening of rates is expected in 2018, however, new capacity has entered the market in anticipation of the hardening market and will thus reduce the impact on rate growth, according to Willis Re's viewpoint report on January renewals. In the global specialty markets signs of ... Read the full article

Willis appoints Alex Steele & Russell Nicholson to Guernsey Financial Institutions Practice

15th January 2018

Willis Towers Watson has announced the appointment of Alex Steele and Russell Nicholson to their Guernsey Financial Institutions practice. Steele and Nicholson will assume joint responsibility for Client Relationships in Guernsey, while Anthony Kay will undertake the same role in Jersey. Chris Jackson, Global Head of FINEX FI Middle Market commented on ... Read the full article