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Reinsurance News

Chinese chemical plant explosion rocks northeastern city of Yancheng

22nd March 2019

A chemical plant explosion has rocked China’s northeastern city of Yancheng, demolishing several factory buildings and blowing out windows a number of kilometres away. It has been reported that Tianjiayi Chemical, the plan's owner, has been flagged up multiple times in the past year due to safety regulation failings. Local media reports ... Read the full article

Munich Re expects €120mn Boeing/Ethiopian Airlines loss

22nd March 2019

Munich Re is expecting to incur losses in the range of €100 million to €120 million as a result of the recent Ethiopian Airlines crash and subsequent grounding of Boeing’s 737 Max aircraft. Speaking at a press conference this week, Munich Re’s CEO of Reinsurance, Torsten Jeworrek, said that the firm ... Read the full article

RenRe completes acquisition of Tokio Millennium Re

22nd March 2019

Bermuda-based reinsurer RenaissanceRe Holdings Ltd. (RenRe) has completed its previously announced acquisition of Tokio Millennium Re, following the receipt of all necessary regulatory approvals. The $1.5 billion deal, which sees RenRe acquire Japanese holding company Tokio Marine’s reinsurance units, was announced in October of last year. Commenting on the completion of the deal, ... Read the full article

Munich Re looks to SMEs and developing markets for cyber risk diversification

22nd March 2019

Global reinsurance giant Munich Re continues to grow its cyber business in-line with the market, and also remains more focused on providing solutions for small and medium sized enterprises (SMEs), according to the Chief Executive Officer (CEO) of its Reinsurance segment, Torsten Jeworrek. Speaking during an analyst and investor call following ... Read the full article

Australian regulator calls for stricter climate risk management practices

22nd March 2019

The Australian Prudential Regulation Authority (APRA) intends to increase its scrutiny of the way re/insurers manage the financial risks of climate change on their business. The regulator called on re/insurers, as well as banks and superannuation trustees, to move from gaining awareness of the financial risks to taking action to mitigate ... Read the full article

Resolution Life adds John Hele as President, COO

22nd March 2019

Resolution Life has announced the appointment of John Hele as President and Chief Operating Officer. Hele joins from MetLife where he served as Executive Vice President and Chief Financial Officer between 2012 and 2018. He has held senior roles at Arch Capital Group Limited, ING Group NV, Worldinsure Limited, Merrill Lynch and ... Read the full article

Operating conditions favourable for US mortgage insurance sector: A.M. Best

22nd March 2019

According to A.M. Best, the operating environment for US Private Mortgage Insurers (PMIs) is favourable, driven by continued decline in the loss, expense, and combined ratios, assisted by the increased ceding of risk to the reinsurance sector. The international financial services ratings agency's outlook for US PMIs is stable, with the ... Read the full article

Chubb appoints new Division Head of A&H for Singapore

22nd March 2019

Global insurer Chubb has named Serene Neo as Division Head of Accident & Health (A&H) for Singapore, effective March 25th. Reporting to Chubb's Country President for Singapore, Scott Simpson, Neo takes responsibility for leading the company's A&H Division. She joins the firm with more than 15 years industry experience in banking and financial ... Read the full article

Arch appoints Pasquesi to replace Iordanou as Chairman

22nd March 2019

Bermuda-based re/insurance firm Arch Capital has appointed current Lead Director of its Board John Pasquesi to succeed Constantine Iordanou (also known as Dinos) as Chairman. Pasquesi will step into the Chairman role upon the completion of Iordanou’s term. Iordanou joined Arch in 2002 and went on to serve as Chief Executive Officer ... Read the full article

R&Q’s Accredited forms program underwriting partnership with Pronto

22nd March 2019

Accredited Surety and Casualty Company, Inc., the Florida-based subsidiary of Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings (R&Q), has signed a new program underwriting partnership with Pronto General Insurance Agency LTD. Pronto is a specialty managing general agency (MGA) that provides a variety of coverages to customers in ... Read the full article

Re/insurers in 2018 pursued M&A to focus on core business, says study

22nd March 2019

Re/insurers were driven to complete mergers and acquisitions (M&A) in 2018 in order to shed non-core business operations or acquire complementary entities, according to a new study by investment management firm Conning. Conning’s study tracked and analysed U.S and non-U.S insurer M&A activity across property-casualty, life-annuity and health/managed care insurance sectors. 2018’s ... Read the full article

The opportunity to show pricing discipline has arrived: Hiscox Re’s Szakmary

21st March 2019

With the reinsurance industry now having taken time to reflect on the catastrophe losses of the previous two years and re-evaluate where the baseline for rate adequacy lies, the opportunity has arrived for participants to work together and show pricing discipline. This is according to Adam Szakmary, Director of Underwriting – ... Read the full article

Chaucer adds China Re’s Zuo Huiqiang as Non-Exec Director

21st March 2019

Specialty international re/insurance group Chaucer has announced the appointment of  Zuo Huiqiang as a Non-Executive Director of Chaucer Syndicates Limited, the group’s Lloyd’s managing agency. Zuo is Deputy General Manager of China Re P&C and has overall responsibility for China Re’s international businesses and development worldwide. He also has overall management responsibility ... Read the full article

Rate adequacy progress offset by rise in non-weather losses & AOB: Citizens

21st March 2019

Depopulation efforts and rate adequacy progress have been more than offset by a significant rise in non-weather water losses in South Florida, driving a need for rate increases, warns Citizens Property Insurance Corporation (Citizens), the state-run not-for-profit insurer. Despite Citizens' combined Hurricane Irma and Michael losses topping $2 billion, the firm's President, Chief ... Read the full article

Peter Mullen rejoins Artex as CEO

21st March 2019

Artex Risk Solutions, a provider of insurance, reinsurance, and alternative risk management solutions, has announced that Peter Mullen has re-joined the company as Chief Executive Officer (CEO). He takes over from former CEO David McManus, who will assume the new role of Chairman going forward. Mullen, whose return was first announced ... Read the full article

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