Reinsurance News
RSA UK&I launches five industry pratices within GRS business
9th May 2019
The UK & International operations of multinational insurance group RSA has announced the launch of five industry practices within its Global Risk Solutions business. The practices consist of rail, chemical, food and beverage, real estate and renewables. They cover areas where RSA already has experience and a broad risk appetite. The practices ... Read the full article
Guy Carpenter announces numerous senior appointments
8th May 2019
Reinsurance broker Guy Carpenter has announced a number of international leadership appointments in light of Marsh & McLennan Companies' acquisition of JLT. The appointments are effective immediately and the reinsurance broker says that they reflect its efforts to align the firm's structure, and integrate the capabilities of JLT Re, ultimately creating ... Read the full article
Beazley names Richard Montminy Global Head of Property
8th May 2019
Specialist insurer Beazley has announced the appointment of Richard Montminy as Global Head of Property, effective May 20th, 2019. He brings more than 30 years of experience in both broking and senior underwriting within the commercial property space. Montminy joins Beazley from Zurich North America, where he was most recently Head of ... Read the full article
Talbot founder Rupert Atkin steps down as Non-Exec Chairman
8th May 2019
David Batchelor has been appointed Non-Executive Chairman of Talbot Group, the Lloyd's of London re/insurer acquired by AIG through its acquisition of Validus Holdings in 2018. The appointment is effective after the receipt of regulatory and Lloyd's approval. Batchelor, formerly of broker Marsh, replaces Talbot founder Rupert Atkin, who steps down ... Read the full article
Jean-Jacques Henchoz takes over as Hannover Re CEO
8th May 2019
The Annual General Meeting of reinsurance giant Hannover Re saw the approval of all proposed resolutions by a large majority, including the appointment of Jean-Jacques Henchoz as Chief Executive Officer (CEO) and the election of Torsten Leue as Chairman of the Supervisory Board. Departing CEO Ulrich Wallin addressed shareholders today at ... Read the full article
MarketScout highlights capacity crunch in both Florida & California
8th May 2019
In light of two major high net worth homeowners insurance companies deciding to either exit or reduce their underwritings, MarketScout has revealed that its new brush and wind facilities are structured to help agents that are looking to replace non-renewed business. The insurance distribution and underwriting firm notes that its underwriting ... Read the full article
UPC grows Q1 income despite higher cat losses
8th May 2019
Property and casualty insurance holding company United Insurance Holdings Corp. (UPC) grew its net income by 13%, from $8.4 million to $9.5 million, in the first quarter of 2019, despite comparatively higher catastrophe losses. Cat losses totalled $11.7 million in Q1 2019, up from $6.3 million for the same period last ... Read the full article
Lower cats, premium growth drive higher profits for US P&C insurers: Verisk, APCIA
8th May 2019
A significant decline in catastrophe losses and double-digit premium growth helped U.S. private property and casualty insurers increase their net income by more than 66% in 2018 to $60 billion (after tax), according to Verisk, and the American Property Casualty Insurance Association (APCIA). The report finds that net premiums increased year-on-year ... Read the full article
Shepherd Compello launches entertainment team
8th May 2019
Shepherd Compello, a specialist insurance brokerage, has announced the launch of a new entertainment team focused on risks associated with live touring, sports, theatrical productions and all other staged events. The team will be led by Nic Miles and David Bishop. Bishop joins with 30 years’ experience and has worked with ... Read the full article
Brevard County hail storm pushes FedNat to first-quarter net loss
8th May 2019
FedNat Holding Company has reported a net loss of $3.9 million for the first-quarter of 2019, citing that progress was masked by $18.7 million of claims from the Brevard County, Florida hail storm. The $3.9 million net loss compares to net income of $7.5 million in the first-quarter of 2018. Within ... Read the full article
Allstate “feels really good” about 2019 reinsurance placement: CFO, Rizzo
8th May 2019
Mario Rizzo, Executive Vice President (EVP) and Chief Financial Officer of The Allstate Corporation, has said that the insurer feels "really good" about its larger catastrophe reinsurance program for 2019 - 2020. Allstate makes extensive use of reinsurance protection to optimise the risk and return profile of its homeowners business, and ... Read the full article
Frank Bazos joins White Mountains as Exec VP, Head of M&A
8th May 2019
Frank Bazos has been announced as Executive Vice President and Head of M&A for White Mountains Insurance Group, a Bermuda-domiciled financial services holding company. He joins with over 25 years’ experience, primarily in the insurance, financial services and health care sectors. He spent approximately 18 years with Century Equity Partners and previously worked ... Read the full article
Angolan national reinsurance company close to launch: reports
8th May 2019
The African nation of Angola is close to finalising the creation of a national reinsurance company, according to reports from Macauhub. AngoRe will be a partnership between the Angolan State and domestic and foreign private investors. Aguinaldo Jaime, the President of the sector regulator, stated on Monday that the new company should ... Read the full article
RenRe reports a solid first-quarter, underpinned by 72% combined ratio
8th May 2019
Bermuda domiciled reinsurer RenaissanceRe Holdings Ltd. (RenRe) has reported an improved year-on-year net income for the first-quarter of 2019, of $273.3 million, an increase of more than 380%. Operating income also increased for the reinsurer during the first-quarter of 2019, from $122.1 million to $154.4 million. RenRe's annualised return on average ... Read the full article
Tech firm GMBC launches MGA platform for the European insurance market
8th May 2019
Professional services and technology company, GMBC, has launched a new master MGA platform for the European insurance market that connects underwriting agencies to insurers and reinsurers for non-life business, called Ekkore. GMBC states that its new, next generation platform enables a modern and efficient collaboration. Ekkore is designed to improve efficiency and ... Read the full article
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