Reinsurance News

CLARA raises $11.5mn Series A funding for AI insurtech claims solutions

5th January 2018

Artificial intelligence (AI) and data science company, CLARA Analytics, has announced a $11.5 million Series A funding round led by OAK HC/FT, a venture growth-equity fund investing in Healthcare Information & Services and Financial Services Technology. CLARA builds AI-based solutions that are focused on claims operations for both the property & casualty and ... Read the full article

Damon Vocke joins the Duane Morris insurance practice

5th January 2018

Damon Vocke, formerly the President of General Re Corporation and General Counsel, is to join the Duane Morris insurance practice, the global law firm has announced. Most recently, Vocke led his own firm, Vocke Law Group, and along with partner Ronald Lepinskas and special counsel Mark Holton from the Vocke company, he joins the Duane ... Read the full article

Soft market prevails at 1/1 but uncertainty over final Q3 fallout remains: David Flandro

5th January 2018

Commenting on the January 1st renewals JLT Re's Global Head of Analytics, David Flandro, said the market continues to be driven by the supply of reinsurance capital with an abundance of both traditional and alternative capital rushing in to fill the massive Q3 insured losses, but uncertainty over the final ... Read the full article

Beazley appoints underwriter within new U.S. marine platform

5th January 2018

Beazley has announced the appointment of John Moy has U.S. marine underwriter within its recently launched U.S. marine platform, reporting to Head of U.S. marine at Beazley, Steve Vivian. In his new role Moy will be responsible for underwriting and building the firm's U.S. hull, protection and indemnity (P&I) and ... Read the full article

Largest industrial insurance placement completed in India

4th January 2018

India's state-run reinsurer, General Insurance Corp of India (GIC Re), has entered into a reinsurance agreement with Reliance Industries, under which GIC Re will provide reinsurance support to the organisations refinery and petrochemical plants at Jamnagar and Hazira in Gujarat, according to industry reports. There seems to be some confusion about the ... Read the full article

PartnerRe announces new leaders of P&C and Specialty Lines

4th January 2018

Bermuda-based reinsurer PartnerRe has announced new divisional leaders as a result of the retirement of Tad Walker, previously Chief Executive Officer (CEO) of Property & Casualty (P&C). Following the retirement of Walker, Charles Goldie, formerly CEO of Specialty Lines at PartnerRe, has been named as the new CEO of Property & ... Read the full article

Allstate promotes three as President prepares to retire

4th January 2018

In preparation for the retirement of The Allstate Corporation President, Matt Winter, the company has announced a number of senior leadership changes. The changes include the promotion of Steve Shebik to Vice Chairman of Allstate, a role that sees him oversee Allstate Life and Retirement, Allstate Benefits, Encompass, Esurance, Property-Liability Alternative Segments, ... Read the full article

U.S. insurers need to quickly adapt to new U.S. tax regime: S&P

4th January 2018

S&P Global Ratings has advised U.S. insurers to quickly adapt to the new tax regime to optimise its benefits, but doesn't expect any immediate impact on ratings from the new taxation legislation. S&P Global Ratings highlighted the potential impact of this legislation on rated U.S. insurers in a recent report, credit analyst ... Read the full article

2017 insured losses from nat cats almost 3x above average: Munich Re

4th January 2018

At $135 billion, insured losses from global natural catastrophe events in 2017 were nearly triple the ten-year, inflation-adjusted average of $49 billion, driven by the costliest hurricane season on record, according to reinsurance giant Munich Re. Economic losses from natural catastrophes totalled a huge $330 billion in 2017, making it the ... Read the full article

XL Catlin eyes sustainable & profitable growth in India

4th January 2018

According to industry reports, reinsurer XL Catlin is eager to expand its India operations but will not grow for the sake of having a large balance-sheet, as it eyes profitable and sustainable growth in the region. An article on Business Standard citing a discussion between Charles Cooper, Chief Executive Officer (CEO) ... Read the full article

Lincoln Financial hires new lead for Life Insurance Product Management

4th January 2018

Insurance and reinsurance industry veteran, Stafford Thompson, Jr., has been appointed Senior Vice President (SVP), Life Product Management, for the individual Life insurance business of Lincoln Financial Group. Thompson joins the firm from SCOR Global Life Americas, and brings over 23 years of industry experience to the role, which includes experience in ... Read the full article

Neon launches UK’s first ILS vehicle & transaction

4th January 2018

Neon has announced the launch of the first ILS vehicle in the UK, NCM Re (UK PCC), after having raised third-party capital to support the UK's first ILS transaction which was finalised on January 1st. Neon’s first ILS transaction is a $72 million collateralised quota share reinsurance transaction that will underwrite a ... Read the full article

Sompo International to acquire Lexon Surety Group

4th January 2018

Bermuda domiciled property and casualty reinsurer, Sompo International, has revealed that its U.S. platform has reached an agreement to acquire the operating subsidiaries of Lexon Surety Group LLC. The staff of Lexon and its office locations will be retained under the acquisition, and David Campbell will remain as President of Lexon, and ... Read the full article

XL appoints Norton as Group Chief Enterprise Risk Officer, succeeding Rosengarten

4th January 2018

XL Group Ltd., the parent company to the XL Catlin insurance and reinsurance brand, has promoted Fielding Norton to the role of Group Chief Enterprise Risk Officer, to succeed Jacob Rosengarten who retired at the end of December. Fielding Norton was previously in the role of Deputy Chief Enterprise Risk Officer and subject ... Read the full article

Korean Re to establish Zurich office as hub for European expansion

4th January 2018

The only reinsurance company from South Korea, Korean Re, is reportedly looking to open a branch in Switzerland, as the company looks to grow into the European market. Korean Re already has a base at Lloyd's of London, but the new Swiss hub, which is expected to be established in Zurich, ... Read the full article