Reinsurance News

Commercial P/C rates decline again in Q2 but market is stabilising: CIAB

22nd August 2017

Commercial property/casualty (P/C) insurance rates declined for the tenth consecutive quarter in Q2 2017 although the market does appear to stabilising this year, according to The Council of Insurance Agents & Brokers' (CIAB) latest market survey. During the second-quarter of 2017 rates declined across all sized accounts by an average of ... Read the full article

Chubb names Gschossmann Head of Financial Lines, Singapore

22nd August 2017

Johannes Gschossmann has been appointed as Head of Financial Lines in Singapore at insurer and reinsurer Chubb, reporting to Liam Burrell. Gschossmann joined the firm on July 12th, 2017 from Allianz, where he was overseeing the insurer's financial lines business in Singapore and Southeast Asia. In his new role he will ... Read the full article

Ascot creates Ethos MGA, names CEO & COO

22nd August 2017

Ascot Group Limited has announced the establishment of Ethos Specialty Insurance Services, LLC, a new, standalone managing general agent (MGA) that supports its property and casualty re/insurance platform expansion. Ethos Specialty Insurance Services, LLC, will operate under Ascot Group Limited as a separate entity to Ascot Underwriting Ltd. and Ascot Underwriting Bermuda ... Read the full article

Hurricane Andrew would cost $56 billion today: AIR

22nd August 2017

If Hurricane Andrew recurred today expected insured losses would reach $56 billion with nearly 95% coming from Florida properties, costs would ripple up through the industry to hit the alternative capital market with around $6.3 billion losses, according to AIR Worldwide. The insured loss figure nearly triples to a record ... Read the full article

Brit hires Liening from Aspen for excess casualty underwriting

22nd August 2017

Insurance and reinsurance group Brit Ltd. has hired Jonathan Liening from Aspen Insurance to the role of Senior Vice President, Excess Casualty in its Brit Global Specialty USA unit. Liening joins Brit following four and a half years with Aspen Insurance. He has more than ten years of experience writing primary ... Read the full article

U.S. Risk acquires B&H Risk Services

22nd August 2017

Property and casualty insurer and underwriting manager U.S. Risk Insurance has acquired Texas based Managing General Agency and wholesale broker B&H Risk Services. Randall Goss, CEO of U.S. Risk, said; “B&H has built a solid niche and proven their value to both their customers and their carriers for hard-to-write classes of business. "This transaction ... Read the full article

Munich Re releases cyber exposure cover for oil & gas sector

21st August 2017

Munich Re's syndicate at Lloyd's of London has expanded its cyber solutions to include cyber exposure cover for the independent oil and gas sector, which goes beyond traditional data breaches to cover physical losses or expenses associated with cyber-attacks. The operational and financial complexity of this particular sector presents growing threats to ... Read the full article

Bretton Woods appoints Paul Fleming to senior broker & director

21st August 2017

London-based independent specialist broker Bretton Woods International has announced Paul Fleming's appointment to senior broker and director of the firm's board. As part of the executive team, Fleming will steer the direction of the broker and managing general agent in a range of specialist open market and programme placements including complex contingency ... Read the full article

Willis Towers Watson hires CFO replacement Burwell from PwC

21st August 2017

Global advisory, insurance and reinsurance broking specialist Willis Towers Watson has named Michael “Mike” J. Burwell as its new Chief Financial Officer, to replace the outgoing Roger Millay who retires on October 2nd 2017. Burwell has 31 years of finance and professional services experience gained at PwC, holding a number of ... Read the full article

Declining reserves denting the earnings of global P&C players: Morgan Stanley

21st August 2017

Reserve releases in the P&C sector slowed in the second-quarter of 2017, a trend that is expected to persist and intensify through the remainder of the year, eating into companies' earnings, according to analysis from Morgan Stanley. Morgan Stanley analysts warned earlier in 2017 of a $2.5 billion P&C sector ... Read the full article

Sompo rolls out London Market systems integration platform

21st August 2017

Sompo International has rolled out a new platform for systems and data integration in the London Market, Guidewire PolicyCenter’s underwriting and policy management solution, the Global Commercial Accelerator. Guideware Software - a provider of software products to general insurers - was selected by Sompo as part of its global effort to ... Read the full article

Verisk acquires re/insurance software specialist Sequel

21st August 2017

Verisk Analytics said it is to acquire commercial and specialty insurance and reinsurance software specialists, in a deal expected to further expand Verisk's offerings and give the firm a stronger foothold in the London market. Verisk is set to acquire Sequel for £250 million from HgCapital and other Sequel investors. Sequel ... Read the full article

Compre acquires Norwegian insurer Gjensidige’s legacy portfolio

21st August 2017

Independent reinsurance legacy specialist Compre has announced the acquisition of a legacy portfolio from major Norwegian insurer Gjensidige Forsikring ASA for an undisclosed sum. The legacy portfolio is made up of U.S. asbestos, pollution and health hazard (APH) risks underwritten between 1983 and 1985. Its purchase by Compre was structured as a loss portfolio ... Read the full article

Assurant names Carey Roberts EVP, Chief Legal Officer & Corporate Secretary

21st August 2017

Assurant, Inc. has announced the appointment of Carey S. Roberts as Executive Vice President, Chief Legal Officer and Corporate Secretary, effective October 30th, 2017. Roberts joins the firm from Marsh & McLennan Companies, Inc., where she had held the position of deputy general counsel and corporate secretary since October 2014, with the addition ... Read the full article

Capsicum Re hires Steven Rance to lead new mortgage indemnity reinsurance unit

21st August 2017

Specialist reinsurance broker Capsicum Re has announced Steven Rance, former JLT Group executive vice president, as head of a new mortgage indemnity reinsurance business division, with effect from February 2018. Rance will report to Rupert Swallow, CEO of Capsicum Re, who welcomed Rance to his new role; “Capsicum Re is no longer ... Read the full article