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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
Coronavirus a “wakeup call for insurers”, says Aon’s Dutkiewicz
11th February 2020
Colin Dutkiewicz, Head of Life at Aon’s Reinsurance Solutions business, has said that the ongoing coronavirus outbreak should serve as a “wakeup call for insurers” to further analyse their exposure to epidemics and pandemics. With analysts now suggesting that the coronavirus could represent a significant risk for re/insurers across the globe, ... Read the full article
UK motor claims inflation outpacing rate increases: Moody’s
11th February 2020
Analysts at Moody’s have reported that claims in the UK motor insurance sector are increasing at a faster pace than premium pricing, which is challenging the profitability of the market. According to the Association of British Insurers (ABI), the average comprehensive motor insurance premium paid in the UK during the fourth ... Read the full article
H.W. Kaufman adds Director of Cyber Risk, Node International
11th February 2020
H.W. Kaufman Group, an international network of firms dedicated to shaping the future of the insurance industry, has announced the appointment of Matthew Lefchik to Node International as Director, Cyber Risk Management Services. In his new role, Lefchik is tasked with managing the firm's growth across North America, setting strategic direction ... 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
HWI appoints international political violence, terror and cyber expert
10th February 2020
Independent global insurance brokerage, HWI International, has added political violence, terror and cyber specialist, Paul Loring, to its London office. As HWI continues to build out its International Political Violence, Terrorism and Cyber placements, the addition of Loring adds more than three decades of industry expertise to the division. Most recently, he ... Read the full article
PIC converts longevity swap into £1.6bn buy-in for MNOPF
10th February 2020
Pension Insurance Corporation plc (PIC) has completed the conversion of a longevity swap transaction into a £1.6 billion buy-in with the Merchant Navy Officers Pension Fund (MNOPF). The buy-in secures the pension of approximately 14,000 members and coverts a longevity hedge written in 2014 between MNOPF and Pacific Life Re. The 2014 ... Read the full article
Marsh & McLennan adds Krause as Southeast Regional CEO
7th February 2020
Marsh & McLennan Agency, the middle market agency of global re/insurance broker Marsh, has announced the appointment of Peter Krause as Southeast Regional Chief Executive Officer. Effective immediately, Krause will report to David Eslick, chairman and CEO of MMA, and oversee MMA’s offices in Georgia , Alabama, Tennessee, Kentucky and Tallahassee. He ... Read the full article