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Reinsurance News

Indian regulator scraps first preference rule for domestic reinsurers

12th December 2018

The Insurance Regulatory Authority of India (IRDAI) has announced that it will no longer be giving first right of refusal in reinsurance contracts to its only active domestic reinsurer, GIC Re. Newly released reinsurance regulations state that from 1 January 2019 foreign reinsurance companies with branches in India will be allowed ... Read the full article

Enhanzed Re reinsurer launched by Enstar, Allianz & Hillhouse Capital

12th December 2018

Enhanzed Reinsurance Ltd. (Enhanzed Re) is a new joint-venture life and P&C reinsurer that is being launched by a partnership formed by Enstar, Allianz and investor Hillhouse Capital. Bermuda-based insurance, reinsurance and run-off specialist Enstar Group has invested in newly established Bermuda-based Class 4 and Class E reinsurer Enhanzed Reinsurance Ltd. ... Read the full article

Threat of disruption driving re/insurer tech investment: Moody’s

12th December 2018

As technology becomes more affordable and accessible, consumers are becoming more demanding and have higher expectations from financial service providers like re/insurance companies, according to Moody’s. This high potential of disruption is in turn propelling re/insurers to invest in tech to remain relevant with consumers and boost profitability, which faces headwinds ... Read the full article

SCOR Global Life appoints leadership for newly combined teams

12th December 2018

SCOR Global Life, a division of the France-headquartered reinsurer, has announced the leadership structure for its newly combined Global Markets and Client Solutions teams. The company revealed that David O’Brien has been promoted to Deputy Head of Global Markets and Head of Client Relationships, while Christopher Smith has become Head of ... Read the full article

UK and U.S finalise re/insurance agreement ahead of Brexit

12th December 2018

The U.S Department of the Treasury and the Office of the U.S Trade Representative have finalised the terms of a bilateral agreement that aims provide regulatory certainty for UK and U.S re/insurance markets ahead of Brexit. The new U.S-UK Covered Agreement will uphold the terms of the U.S-EU Covered Agreement, signed ... Read the full article

LSM secures licence for post-Brexit Luxembourg business

12th December 2018

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has secured a licence for its European insurance company, Liberty Mutual Insurance Europe SE (LMIE), to operate from Luxembourg. While LSM intends to maintain its UK presence, the company says this new licence means it will be able to continue conducting ... Read the full article

U.S commercial insurance prices continue to rise over Q3, finds WTW

12th December 2018

Commercial insurance prices in the U.S increased by 2% over the third quarter of 2018, according to re/insurance broker Willis Towers Watson’s (WTW) Commercial Lines Insurance Pricing Survey (CLIPS). The survey established that prices rose materially in commercial auto, commercial property and excess/umbrella liability for a second consecutive quarter. Price changes ... Read the full article

Haven Holdings appoints Gordon Rowell as COO of insurance operations

12th December 2018

Haven Holdings has announced today the appointment of Gordon Rowell as the Chief Operating Officer (COO) of Time Insurance Company II. Haven Holdings previously announced that it had closed the acquisition of Time Insurance Company from Interfinancial., a wholly owned subsidiary of Assurant. Rowell will relocate to San Juan, Puerto Rico, to ... Read the full article

Tokio Marine Kiln adds property underwriter to Singapore team

12th December 2018

London-headquartered specialist insurer Tokio Marine Kiln (TMK) has announced the appointment of Jamie Tang as a property underwriter in its Singapore team. Tang brings a decade of underwriting experience with him and has a strong background in complex property business and developing broker relationships. He also has experience working in the Australian ... Read the full article

PURE Group expands coverage for high-value, high-risk Californian homes

12th December 2018

Owners of high-value, high-risk home in California are being offered broader coverage than is typically found in the high net worth Excess & Surplus (E&S) market by the PURE Group of Insurance Companies. In addition, the group says brokers who serve these individuals will benefit from a faster, easier and more ... Read the full article

Benchimol to continue as AXIS CEO for a further 5 years

12th December 2018

AXIS Capital Holdings has revealed that it has extended the employment term of its President and Chief Executive Officer (CEO), Albert Benchimol, for an additional five years. Benchimol was appointed as President and CEO of AXIS in May 2012 and has served as a director since January 2012. He joined the company ... Read the full article

Blue Capital Re anticipating $17mn losses from Q4 cats

12th December 2018

Blue Capital Reinsurance Holdings Ltd., the Bermuda-based reinsurer owned by Sompo International Holdings Ltd., is expecting to incur catastrophe losses of around $17.0 million in the fourth quarter of 2018, including losses related to Hurricane Michael and the California wildfires. The company explained that its Q4 catastrophe loss estimate was net of ... Read the full article

Athene adds Scott Kleinman, Mitra Hormozi to Board

12th December 2018

Athene Holding Ltd., one of Bermuda's leading retirement services companies, has appointed Scott Kleinman and Mitra Hormozi to its Board of Directors, effective immediately. Kleinman is Co-President of Apollo Global Management and shares responsibility for all of Apollo’s revenue-generating and investing businesses, with particular focus on equity and opportunistic business. He is ... Read the full article

R&Q’s $80.5m purchase of Global Re U.S delayed until early 2019

12th December 2018

The expected completion date of Randall & Quilter Investment Holdings’ acquisition of Global U.S Holdings Incorporated has been pushed back by the company. The $80.5 million deal, first announced on 19 September 2018, was expected to be tied up by the end of the year. While the acquisition is conditional upon regulatory ... Read the full article

Starr Insurance launches new aviation division in Brazil

12th December 2018

Starr Insurance Companies has announced that its Brazilian business, Starr International Brasil Seguradora S.A. (Starr Brazil), has obtained a local license to offer aviation insurance. It also revealed that Fernanda Strachino has joined Starr Brazil to head the new aviation division. Fernanda is an aviation specialist underwriter with more than 16 years’ ... Read the full article

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