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Argo Group member, Colony, hires two within its U.S. Casualty Division

15th September 2017

Argo Group International Holdings, Ltd. member, Colony Specialty, has announced two new appointments within its U.S. Casualty Division. Mike York has been named regional manager, North Region, and brings more than 22 years of industry experience to the firm. Prior to his new position, York was Assistant Vice President (AVP), Underwriting ... Read the full article

Pen Underwriting promotes Tom Downey to Chief Underwriting Officer

15th September 2017

Pen Underwriting, a multi-territory managing general agent (MGA), has promoted Tom Downey to Chief Underwriting Officer (CUO), with effect from 1 October 2017. Downey, who has been on Pen Underwriting’s executive team as Managing Director of Specialty since 2014, will now assume responsibility for underwriting, capacity management, pricing, analytics, risk & ... Read the full article

For reinsurance buyers, size isn’t everything: Survey

15th September 2017

When it comes to reinsurance purchasing, diversification of reinsurance panels and long-term reinsurer relationships matters more than size, according to a survey released by SIGNAL IDUNA Reinsurance (SI Re). In an empirical study of reinsurance purchasing habits of the European market, Dr. Schanz, Alms & Company interviewed senior executives responsible for ... Read the full article

Closing the protection gap in Asia one of the biggest opportunities: Peak Re

15th September 2017

The Chief Executive Officer (CEO) of Hong Kong domiciled reinsurance company Peak Re, Franz Josef Hahn, believes bridging the protection gap in Asia is one of the re/insurance industry’s biggest opportunities. The global protection gap (disparity between economic and insured losses post-event) has been discussed in the risk transfer industry for ... Read the full article

The stars are “aligned” for private capital to enter Florida: JLT Re’s Flandro

15th September 2017

At the 2017 reinsurance conference Monte-Carlo press briefing, JLT Re's David Flandro highlighted potential opportunities for greater levels of private capital to enter the Florida market, in light of hurricane Irma. David Flandro, Global Head of Analytics at JLT Re, speaking at the reinsurance broker's press briefing, said; "The thing to ... Read the full article

Re/insurance market must rise to the cargo challenge: Inga Beale, Lloyd’s CEO

15th September 2017

Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, has called for the re/insurance industry to step up to the challenges facing the cargo insurance industry, or risk losing out to new competitors. Research from Lloyd's underlines the decreasing profitability of the cargo ... Read the full article

AGCS names leader of downstream energy unit, Regional London Energy team

14th September 2017

Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has announced that Anthony Vassallo has been appointed as a Senior Underwriter to lead its downstream energy unit within its Regional London Energy team. Vassallo has been with the firm since 2003, and has worked across numerous specialty lines ... Read the full article

Beazley increases social engineering cover to match growing demand

14th September 2017

Beazley has expanded its social engineering cover for the U.S. to match the growing market demand for protection from impersonation scams and other attacks that have been on the increase in recent years. The new policy for social engineering cover provides up to $5,000,000 in excess of underlying cover of at ... Read the full article

Tech and risk research can help improve solutions and bridge protection gap: Swiss Re

14th September 2017

The rise of advanced technology can assist with the development of insurance and reinsurance solutions that meet the changing demands of clients in all parts of the world, ultimately helping to bridge the global protection gap, according to an announcement by reinsurance giant Swiss Re, at the annual reinsurance meeting ... Read the full article

Kenya aims to increase insurance penetration to 6% by 2020: Reports

14th September 2017

The Association of Kenya Insurance (AKI) estimates that by the year 2020 local insurance companies will look to increase insurance penetration to be in line with the global average of 6%. Currently, Kenya's insurance penetration stands at 2.75%, but the AKI is hopeful that local insurance players will work to increase ... Read the full article

Expediency could increase role of re/insurance: RVS 2017 Panel forum

14th September 2017

At the Rendezvous de Septembre Insurance Development Forum panel debate, led by Lloyd's Syndicate founder, Stephen Catlin, re/insurance industry veterans said expediency would push governments and societies to offload their risk onto reinsurers as fiscal budgets tighten. The Insurance Development Forum (IDF) is a public-private partnership launched in 2015 by the ... Read the full article

Reinsurers continue to pullback on P&C lines as competition persists: Fitch

14th September 2017

Intense competition from both traditional and alternative providers of reinsurance capacity in the first-half of 2017 combined with falling rates across the property and casualty (P&C) sector is hindering premium growth for the industry, according to Fitch Ratings. For the group of 19 non-life reinsurers tracked by Fitch, and that reported ... Read the full article

Canada Life Re & PICA in £3.4bn longevity transfer with MMC UK Pension Fund

14th September 2017

The Marsh & McLennan Companies (MMC) UK Pension Fund has entered into a £3.4 billion ($4.5bn) longevity reinsurance agreement with Canada Life Reinsurance and The Prudential Insurance Company of America (PICA), which covers the liabilities of around 7,500 pensioner members. The transaction is the first longevity risk transfer to be completed ... Read the full article

Efficiently marrying capital to the customer is an intermediary model: Steve Hearn, Ed.

14th September 2017

Steve Hearn, the Group Chief Executive Officer (CEO) of reinsurance broker Ed., in an interview with Reinsurance News, recently discussed the role and relevance of the broker in a rapidly changing risk transfer industry. Speaking to Reinsurance News at the annual meeting of the reinsurance industry in Monte-Carlo, Hearn underlined disruption ... Read the full article

Hurricane Irma insured losses at $25 billion: KCC

14th September 2017

Insured losses from Hurricane Irma, driven by storm surge, inland flooding and high winds in the U.S. and parts of the Caribbean have been estimated at $25 billion by Karen Clark & Company (KCC). The estimate of $18 million insured U.S. losses and $7 million in Caribbean losses, includes damage to buildings, ... Read the full article

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