Reinsurance News

USI Insurance to acquire Wells Fargo Insurance Services USA

29th June 2017

USI Insurance Services (USI) and Wells Fargo & Company ( Wells Fargo) have announced the entry into an agreement that will see USI acquire Wells Fargo Insurance Services USA (WFIS). The acquisition includes WFIS' Insurance Broking and Consulting unit, Employee Benefits and Property & Casualty national practices, and also Safehold Special Risk, ... Read the full article

Argo Pro announces new senior appointments

29th June 2017

Argo Group International Holdings, Ltd. member, Argo Pro, has announced senior appointments within its financial institutions and architects & engineers (A&E) divisions. Mary Henderson has been named Senior Vice President (SVP), Head of Financial Institutions, and will be tasked with expanding Argo Pro's capabilities in the financial institutions marketplace via new ... Read the full article

Insurance law firms expand global specialist expertise with network launch

29th June 2017

Insurance law firms spanning four continents have today launched a formal alliance network, Global Insurance Law Connect, to match their clients' global needs with local lawyers' specialised insurance law expertise. The member firms operate across seven countries, and include: Batini Traverso Grasso & Associati (Italy), BLM (UK), Byrd & Associates (France) and Foran ... Read the full article

Former Sompo Canopius CEO named Chairman of run-off specialist, DARAG

29th June 2017

European specialist run-off insurer, DARAG, has announced that Stuart Davies has been appointed to succeed Claus Stenbaek as Chairman of the Group, effective immediately. Within the global insurance industry Davies most recently served as Group Chief Executive Officer (CEO) of Sompo Canopius, and was previously Managing Director of AEGIS London. He ... Read the full article

Fitch turns Negative on Lloyd’s as underwriting deteriorates

29th June 2017

In response to the continued deterioration in underwriting performance and increasing catastrophe risk exposure, Fitch Ratings (Fitch) has revised the Lloyd's of London's and Lloyd's Insurance Company (China) Ltd's outlook to Negative from Stable. At the same time international financial services rating agency, Fitch, has also affirmed the Insurer Financial Strength (IFS) Ratings at ... Read the full article

SCOR announces string of senior life leadership changes

29th June 2017

SCOR Global Life Americas has reported a series of changes to its Senior leadership, naming Von Peterson as Group Reinsurance team's Vice President of Sales and Marketing and Brian Anderson's promotion to head of Group Life & Accident product lines to succeed Mark Laulainen who is set to retire from ... Read the full article

Aegon completes sale of two run-off businesses to Wilton Re

29th June 2017

Global insurance and financial services specialist Aegon has completed the sale of its two largest U.S. run-off insurance businesses to Wilton Re, the U.S. life reinsurance firm that specialises in the acquisition of in-force portfolios. In a transaction first announced back in May, Aegon has sold its payout annuity business ... Read the full article

Reinsurance industry helps World Bank secure $500m pandemic facility backing

29th June 2017

The global reinsurance industry has collaborated with and assisted the World Bank's launch of specialist bonds to support the $500 million Pandemic Emergency Financing Facility (PEF), which is designed to rapidly disburse funds to eligible countries facing a major disease outbreak. In response to the high financial, social and economic loss driven ... Read the full article

Guy Carpenter opens unit for Asia Pacific retrocession

29th June 2017

Guy Carpenter has announced the launch of a new unit, GC Asia Pacific Retro, offering retrocession services in the Asia Pacific region. The unit will link with Guy Carpenter's marine and aviation Global Specialties units in the region and provide retrocession property solutions, capital raising, and product and capacity development. Kevin Fisher, ... Read the full article

PartnerRe announces retirement of Tad Walker and Marvin Pestcoe

29th June 2017

Two senior and longstanding executives from reinsurer PartnerRe are to retire the company announced, with Tad Walker, CEO Property & Casualty and Marvin Pestcoe, Chief Risk and Actuarial Officer, both leaving at the end of Q1 2018. PartnerRe, the Bermudian reinsurance firm owned by the Agnelli family-owned EXOR investment group, is ... Read the full article

North P&I Club names Andrew Hearne as Underwriting Deputy Director

29th June 2017

North P&I Club has named Andrew Hearne as Underwriting Deputy Director, as part of an underwriting team expansion effort to accommodate its market growth. Hearne will begin his role working with North's European team, based out of the club's Newcastle upon Tyne head office. Commenting on his appointment, Hearne said; "North has ... Read the full article

AXIS Insurance appoints Jim DeSimone to Senior Vice President of Primary Casualty

29th June 2017

AXIS Insurance - a segment of AXIS Capital Holdings Limited - has hired James (Jim) DeSimone as Senior Vice President of Primary Casualty. In his New-York based role, DeSimone will manage the underwriting team responsible for Primary Casualty in the Northeast and Midwest regions and report to Janet Jordan-Foster, Executive Vice President of ... Read the full article

InsurTech recognised as threat to re/insurance revenues by 86% in survey

29th June 2017

Of respondents to a new survey on attitudes to the adoption of technology in financial services, a huge 86% of insurance and reinsurance company executives questioned said that believe InsurTech threatens at least 20% of their revenues. PwC’s 2017 Global FinTech survey found that the insurance and reinsurance sector ... Read the full article

Florida Hurricane Catastrophe Fund saves on 2017 reinsurance placement

28th June 2017

Acting on behalf of the Florida Hurricane Catastrophe Fund (FHCF), the State Board of Administration (SBA) announced its completed reinsurance placement, ahead of the 2017 hurricane season, to help provide its statutory maximum limit of $17 billion of fully liquid funding. The FHCF liquidity breakdown consists of $14.9 billion in cash, the ... Read the full article

Sompo Canopius hires credit & political risk underwriter from AmTrust

28th June 2017

Global specialty insurance and reinsurance firm Sompo Canopius AG has announced the hiring of Tim Watson from AmTrust to be a credit & political risk underwriter for the company, effective immediately. Watson comes to Sompo Canopius from his most recent role as a political risk and credit underwriter at AmTrust at ... Read the full article