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Alleghany president sees bright future for TransRe despite 2019 loss
21st February 2020
Despite a modest underwriting loss in 2019, Alleghany president Weston Hicks has praised TransRe’s “deep reservoir of underwriting expertise” and believes the end of a competitive downturn in the global property and casualty reinsurance industry will result in improved market conditions in 2020 and beyond. TransRe recorded an underwriting loss ... Read the full article
Gallagher adds six to global aerospace team
20th February 2020
Global re/insurance broker Gallagher has announced six senior appointments within its global aerospace team. All new arrivals will be split between the firm’s London and New York offices. In New York, Matt Donohue and Thomas Klaus, who will be starting on 24 February, join as senior vice presidents. Donohue brings over 15 years’ ... Read the full article
FedNat bolsters reserves as adverse developments mount
20th February 2020
Florida-based primary insurer FedNat Holding Company has reported that it bolstered its reserves in the fourth quarter of 2019 to reflect adverse prior year developments, as well continued claims costs stemming from assignment of benefits (AOB). For Q4, FedNat expects to report $12.0 million (pre-tax) of adverse prior year reserve development, ... Read the full article
Palomar’s net income rises but combined ratio weakens in Q4
19th February 2020
U.S. insurer Palomar Holdings, Inc. recorded an increase in net income for the fourth-quarter of 2019 when compared with the same period in 2018, while premiums grew by a huge 68.4% in the quarter. Net income of $10.9 million in the fourth-quarter represents growth of almost 164% when compared with the ... Read the full article
Marc Sullivan joins IGI as Class Underwriter for Downstream Energy
19th February 2020
International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has appointed Marc Sullivan as Class Underwriter, Downstream Energy, based in its London office. Sullivan joins the company from Barbican Insurance Group, where he also served as Class Underwriter for Downstream Energy. Prior to Barbican, he spent eight years ... Read the full article
Consensus around “significant” price movement at Japan renewals: JMP
19th February 2020
Following meetings with insurers, reinsurers and brokers JMP Securities analysts are anticipating significant positive pricing change in Japan’s upcoming April 1 renewals, roughly twice the magnitude seen in 2019. JMP notes that, while pricing changes will vary substantially by both layer of a program and by individual cedant, a surprising amount ... Read the full article
Argo names new CEO, chairman
19th February 2020
Specialty reinsurer Argo has named Kevin Rehnberg as its new Chief Executive Officer following the messy departure of former-boss Mark Watson. The appointment marks the culmination of an ongoing dispute that stretches back to February 2019 when activist investor Voce accused Watson of perpetuating “shockingly high and shockingly inappropriate” corporate ... Read the full article
Questions remain over Lloyd’s modernisation initiatives, says UK regulator
19th February 2020
The UK Financial Conduct Authority (FCA) has said that “questions remain” about whether the modernisation initiatives at Lloyd’s of London do enough to address underlying issues in the market. The regulator noted that the London Market’s operational expense ratio is 9% higher than similar global re/insurance centres, highlighting an urgent need ... Read the full article
State-backed re/insurers not supportive of lower premiums: ACCC
19th February 2020
A report from the Australian Competition and Consumer Commission’s northern Australia Insurance Inquiry claims that government reinsurance pools and government-backed insurers are not well-suited to lowering insurance premiums. "We do not consider government reinsurance pools and government insurers well-suited to addressing affordability concerns in a targeted way,” the ACCC said. "They have ... Read the full article
Liberty Mutual appoints Edward Peña as Treasurer
18th February 2020
The Board of Directors of Liberty Mutual Insurance has announced the appointment of Edward Peña as Senior Vice President and Treasurer. He will take over the role from Laurance H.S. Yahia, who has served as Senior Vice President and Treasurer since 2003, but who will retire on April 3, 2020. Peña joined ... Read the full article
Cayman Islands to join EU tax blacklist as UK loses sway
17th February 2020
The Cayman Islands is set to be blacklisted by the European Union (EU) for failing to comply with good governance standards on tax, according to reports from the Guardian. The decision regarding the British overseas territory comes just two weeks on from the UK’s official departure from the EU, and may ... Read the full article
Everest Re is optimistic but mindful of “choppy waters”, says John Doucette
13th February 2020
John Doucette, EVP, President and Chief Executive Officer (CEO) of Reinsurance at Bermuda-based Everest Re, has said that despite improving reinsurance market conditions, the company remains realistic that there are "choppy waters to navigate". Global reinsurer Everest Re announced recently improved year-on-year net income of $217.6 million for the fourth-quarter ... Read the full article
Australian disasters highlight need for long-term resilience: Aon analysts
13th February 2020
The increasing frequency and severity of weather-related disasters in Australia highlight a need to focus on more long-term resilience measures, according to analysts at re/insurance broker Aon. Australia recorded one of its most notable years for weather disasters in 2019, which is already the fifth largest insured loss year over the ... Read the full article
CNA hires QBE’s Franzetti as EVP of Worldwide Claim
13th February 2020
US commercial property and casualty (P&C) insurer CNA has announced the appointment of Daniel Franzetti as Executive Vice President (EVP) of Worldwide Claim, effective April 6, 2020. He joins CNA from QBE North America, where he most recently served as Chief Operating Officer and Chief Claims Officer. In his new role, Franzetti ... Read the full article
Aon’s PathWise platform implemented by Korean insurer Kyobo Life
13th February 2020
Re/insurance broker Aon has announced that South Korean insurer Kyobo Life has implemented its PathWise computing platform in preparation for the IFRS 17 and K-ICS financial reporting regimes. The company embedded PathWise as its all-in-one financial risk management platform for a range of tasks, including assumption management, economic scenario generation (ESG), ... Read the full article