Reinsurance News
Markel promotes Julia Chu to Chief Risk Officer
25th August 2020
Insurer and reinsurer, Markel Corporation has announced the appointment of Julia Chu as its new Chief Risk Officer (CRO), effective immediately. In her new role, she takes on responsibility for the company's enterprise risk management, capital planning, and ceded reinsurance placements. Markel notes that each of these functions serves an important role ... Read the full article
P&C run-off provider Marco acquires UK non-life insurer from Allianz
25th August 2020
Marco Capital Holdings Limited, the recently launched European Property & Casualty run-off player, has announced its first deal after reaching an agreement to purchase British Reserve Insurance Company Ltd (BRIC) from Allianz. The transaction remains subject to regulatory approval, and, provides the basis of the company's regulated platform for future run-off ... Read the full article
BHSI adds Keune as Head of Exec & Professional Lines in Germany
25th August 2020
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Dr. Carsten Keune as Head of Executive & Professional Lines in Germany. Keune has more than twenty years of industry experience. He was most recently Head of Global Commercial Lines Underwriting at ERGO. Before that, he was Underwriting Director Europe, Middle East and Africa at XL ... Read the full article
KBW forecasts growing reinsurance losses & stronger rate increases
24th August 2020
Analysts at KBW are forecasting growing reinsurance losses in 2020 and stronger reinsurance rate increases next year, based on loss activity over the year so far. Reinsurers Munich Re and Swiss Re have already estimated that insured catastrophe losses will total $27 billion and $31 billion over the first ... Read the full article
Hamilton appoints head of M&A for North America & LatAm
24th August 2020
Bermuda-based re/insurer Hamilton Insurance Group has announced the appointment of Aartie Manansingh to lead the development of its mergers and acquisitions (M&A) division in North America and Latin America. Manansingh comes to Hamilton from Willis Towers Watson (WTW) where she was a director in the firm’s M&A group, facilitating the placement ... Read the full article
FedNat hires new COO
24th August 2020
Insurance holding company, FedNat Holding Company, has announced the appointment of Patrick McCahill to the newly created role of Chief Operating Officer (COO). McCahill will be reporting to Michael Braun, FedNat’s Chief Executive Officer (CEO). He will have primary oversight of operations including underwriting, claims and information technology. Prior to FedNat, McCahill ... Read the full article
MS Amlin Underwriting Limited adds Carrier from Everest Re as CUO
24th August 2020
Lloyd's of London insurer and reinsurer, MS Amlin Underwriting Limited (MS AUL), has announced the addition of Andrew Carrier as its Chief Underwriting Officer (CUO), a newly created position. Subject to regulatory approval, Carrier is set to take on the new role from September 7th, 2020 and will report to Tom ... Read the full article
Freddie Mac announces closure of $2.6bn MCIP reinsurance transaction
24th August 2020
US loan mortgage corporation, Freddie Mac, has announced the closure of its third Multifamily Credit Insurance Pool offering. The transaction reinsures risk on a $2.6 billion reference pool made up of 136 multifamily loans. Partnering with insurance and reinsurance broker Aon, Freddie Mac retains the first 1% of losses, and has purchased ... Read the full article
COVID-19 looking more like an earnings event than a capital event: David Flandro
24th August 2020
Speaking during a recent second quarter earnings update, Hyperion X's David Flandro outlined a belief that COVID-19 is looking more like an earnings event than a capital event, despite the sizeable difficulties remaining for the re/insurance sector as a result of the pandemic. Flandro, noting how reinsurers have taken a larger ... Read the full article
Goldberg Segalla hires insurance lawyer
24th August 2020
US law firm, Goldberg Segalla, has announced the appointment of associate Nathan Young to its Global Insurance Services group in Greensboro. Prior to this position, Young worked with Comerford, Chilson & Moser LLP in Winston-Salem. Young focuses his practice on counselling and defending insurers in coverage litigation arising under a variety of ... Read the full article
Reinsurance growth lifts Sava Re revenue in H1
24th August 2020
Slovenia domiciled reinsurance firm Sava Re has grown its operating revenue by 16.6% over the first half of 2020, due to expansion of its freedom of services (FoS) business and growth in reinsurance business. During H1, the Sava Insurance Group generated almost €314.2 million in operating revenue (51.5% of the original ... Read the full article
Markel adds to its board of directors
24th August 2020
Markel Corporation has announced the appointment of Lynne Puckett to its board of directors. Puckett’s current role is the senior vice president and general counsel of Celanese Corporation, an international tech firm in the production of specialty materials and chemical products. Steve Markel, chairman of the board at Markel, commented: "We are ... Read the full article
European reinsurers top tier globally by business profile: Fitch
24th August 2020
The four major European reinsurers - Munich Re, Swiss Re, Hannover Re and SCOR SE are among the top tier of global reinsurers by business profile, Fitch Ratings says. Large franchises and a high degree of diversification underpin Fitch's assessment of very strong business profile for each group. The capital adequacy of ... Read the full article
China’s insurance penetration rises to almost 6% in H1 2020
24th August 2020
A report has been made by the Chinese regulator that the position of China’s insurance industry in the entire national economy has further improved, as insurance penetration is on the rise. According to statistics from the China Banking and Insurance Regulatory Commission (CBIRC), relayed by China Banking and Insurance News, the ... Read the full article
Marco launches as P&C run-off specialist with €500m capital
21st August 2020
Marco Capital Holdings Limited, a new Malta-headquartered European Property & Casualty run-off solutions provider, has launched with €500 million in committed initial equity capital. The group, whose majority investor is US alternative investment management firm Oaktree, will pursue run-off opportunities located in/emanating from the Continental Europe, the UK and Lloyd's of London. Marco's initial committed ... Read the full article