Here’s your daily Reinsurance News for Tuesday 20th December 2016:
Bart Hedges leaving Greenlight Re, to step down as CEO & from board
The CEO of hedge fund reinsurer Greenlight Re, Bart Hedges, is to step down from his position as of March 31st 2017, and also from his Board position at the firm.
JLT Re acquires StoneHill Reinsurance Partners, LLC
Reinsurance brokerage JLT Re has announced the acquisition of StoneHill Reinsurance Partners, LLC (StoneHill), an intermediary that specialises in Medical Professional Liability business.
Re/insurance industry has greater financial strength after challenges: A.M. Best
After being faced with a series of market challenges, the insurance and reinsurance industry now has greater financial strength, according to international ratings agency A.M. Best.
Fairfax – Allied World deal suggests more reinsurance consolidation: KBW
Analysts at Keefe, Bruyette & Woods (KBW) have said that the recently announced merger of Fairfax and Allied World suggests that more consolidation is on the cards.
Munich Re lists another tranche of sidecar notes
Global reinsurance giant Munich Re has sponsored and listed $101.4 million of Series 2017-1 Class A notes under its Eden Re II Ltd. sidecar vehicle.
Liberty Specialty Markets joins Berne Union
Liberty Mutual Insurance Group subsidiary, Liberty Specialty Markets, has announced that it has been voted in as the newest member of the Berne Union, a global organisation for the export credit and investment insurance industry.
JLT adds new office in New York for Reinsurance, Specialty, Capital Markets
Insurance and reinsurance brokerage JLT has opened a new office in New York for its reinsurance, specialty and insurance capital markets units.
Tech to support ‘real-time underwriting,’ Michael Coles, Cedant
During a reinsurance conference held in Bermuda recently the CEO of Cedant, Michael Coles, said that ‘real-time underwriting’ could be on its way as technology continues to disrupt the sector.
Doran to join James River Group as CFO, leaving Allied World
James River Group Holdings, Ltd. has announced the appointment of its new CFO, Sarah C. Doran, effective January 16th, 2017.
Insurance Europe survey highlights growing infrastructure investment
A new survey conducted and published by Insurance Europe highlights the increased investment into infrastructure among the insurance industry, but also notes a need to grow the supply of suitable assets.
Natural disasters cause damages of more than $63 million in Vietnamese city
A recent report claims that natural disasters throughout 2016 have caused more than $63 million worth of damage in the Vietnamese city Ca Mau.
ILS NYC 2017 conference – Feb 3rd, New York
A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.
Hanlon and Russell join Acappella Group’s MGA platform
Acappella Group Holdings Ltd has announced the appointment of Liz Hanlon and Paul Russell to its MGA platform, tasked with launching an MGA unit that focuses on financial lines book of business.
A.J. Gallagher acquires National Ethics Bureau
In a move that is set to enhance its U.S. affinity operations, Arthur J. Gallagher has acquired National Ethics Bureau, Inc., although terms of the deal are yet to be disclosed.
UK must do more to protect financial services industry against cyber crime
Andrew Tyrie, a member of the UK conservative party, has said that Britain’s intelligence agencies must do more to help and protect the financial services industry from cyber threats.
Lawsuit against NZ quake insurer approved
New Zealand domiciled earthquake insurance company, Southern Response, has had a lawsuit against it approved after roughly 40 policy holders look to sue the firm for alleged policy misrepresentations.
Chennai lost more than $44 million from cyclone Vardah
According to reports from A Sakthivel, Chairman of the Federation of Indian Exports Organizations, the city of Chennai lost over $44 million due to the impacts of cyclone Vardah.
A.M. Best affirms financial strength of Swiss Re
Reinsurance giant Swiss Re has had its financial strength affirmed by global financial services ratings agency A.M. Best. The reinsurer has an A+(Superior) financial strength rating from the company.
Insurance claims for data breaches more than one a day: CFC Underwriting
According to CFC Underwriting insurance claims for data breaches are occurring at a rate of more than one a day, with the majority of claims being privacy breaches or the theft of cash.
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