Reinsurance News
Lloyd’s confirms inaugural members of Culture Advisory Group
11th February 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has today confirmed the membership of its Culture Advisory Group, established as part of the market's comprehensive action plan to drive long-term culture change across the organisation. The new, independent Culture Advisory Group will provide expert advice and robust challenge to ensure ... Read the full article
UK motor claims inflation outpacing rate increases: Moody’s
11th February 2020
Analysts at Moody’s have reported that claims in the UK motor insurance sector are increasing at a faster pace than premium pricing, which is challenging the profitability of the market. According to the Association of British Insurers (ABI), the average comprehensive motor insurance premium paid in the UK during the fourth ... Read the full article
Miller adds facultative reinsurance specialist from Aon
11th February 2020
Specialist insurance and reinsurance brokerage, Miller, has announced the appointment of Michael Lazarus to its Facultative Reinsurance team. Lazarus started his career in the re/insurance industry in 1993 and joins Miller from rival re/insurance broker Aon in London. During his career, he has worked in London, Australia, the U.S., Hong Kong, ... Read the full article
H.W. Kaufman adds Director of Cyber Risk, Node International
11th February 2020
H.W. Kaufman Group, an international network of firms dedicated to shaping the future of the insurance industry, has announced the appointment of Matthew Lefchik to Node International as Director, Cyber Risk Management Services. In his new role, Lefchik is tasked with managing the firm's growth across North America, setting strategic direction ... Read the full article
Accenture to provide cyber response service for AXA XL clients
11th February 2020
As part of its existing partnership, professional services firm Accenture is to provide its Cyber Incident Response Service to help AXA XL clients respond to and recover from cyberattacks. Accenture will provide post-breach security services for AXA XL clients outside the US, including incident management and information technology (IT) forensics. The ... Read the full article
Caroline Pritchard joins Swiss Re CorSo as Head of Distribution UK
11th February 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurer Swiss Re, has appointed Caroline Pritchard as Head of Distribution UK, based in London. In her new role, Pritchard takes responsibility for driving the execution of Swiss Re CorSo's broker strategy in the UK marketplace, representing all of ... Read the full article
David Merry named Head of Besso Re
11th February 2020
London-headquartered insurance brokerage, Besso Insurance Group, has appointed David Merry as Head of Besso Re. Merry brings roughly 35 years of experience as a broker in both the London and international wholesale insurance markets. He joined the Lloyd's of London broker in 2018 to explore strategic growth and development opportunities for the ... Read the full article
Everest Re falls to Q4 underwriting loss but operating income up
11th February 2020
Bermudian reinsurer Everest Re Group, Ltd. has reported net income of $217.6 million and a combined ratio of 101.5% for the fourth-quarter of 2019, while premiums jumped 7% to $2.4 billion. Net income of $217.6 million is a significant improvement on the $385.3 million loss reported in the fourth-quarter of 2018, ... Read the full article
Tokio Marine completes $3.1bn acquisition of Pure Group
11th February 2020
Large Japanese property and casualty insurance group, Tokio Marine Holdings, Inc., has completed its previously announced acquisition of Privilege Underwriters, Inc. and its subsidiaries (Pure Group). It was announced in October of last year that Tokio Marine was set to acquire the US high net worth insurance specialist for $3.1 ... Read the full article
Clyde & Co in Australia adds three insurance partners
11th February 2020
Global law firm Clyde & Co has announced the addition of three new insurance partners from Norton Rose Fulbright to its Melbourne, Australia office. Nicole Wearne, Ganga Narayanan, and Mark Attard all join Clyde & Co in Australia and bring decades of accumulated experience to the firm. Clyde & Co explains that ... Read the full article
Aon promotes Tassarotti to Deputy CEO, Global Facultative reinsurance
10th February 2020
Luca Tassarotti has been promoted to the role of Deputy CEO, Global Facultative in the broking groups Aon Reinsurance Solutions division. Tassarotti had previous held a European facultative reinsurance focused position as the Deputy CEO of Facultative reinsurance for the Europe, Middle East and Africa (EMEA) region at Aon. The company confirmed ... Read the full article
PERILS settles on Townsville Flood estimate of AU $1.2bn
10th February 2020
Catastrophe loss data aggregator PERILS has settled on a figure of AU $1.243 billion (US $830 million) as its fourth and final estimate for the insurance market loss resulting from the flooding in northern Queensland, Australia over January and February 2019. The final estimate represents a slight increase on the previous ... Read the full article
Q4 turnaround helps CNA Financial income to $1bn in 2019
10th February 2020
CNA Financial has reported net income of $273 million for the fourth quarter of 2019, helping to lift its full-year results by 23% to $1.0 billion. The company’s results had previously been weighed down by its fourth quarter performance in 2018, when it posted a net loss of $84 million. Lower catastrophe ... Read the full article
Former Virgin Money CEO joins Lloyd’s new culture group, reports Sky News
10th February 2020
The specialist Lloyd's of London insurance and reinsurance marketplace is reportedly set to announce the appointment of prominent figures as the inaugural members of its Culture Advisory Group, Sky News has reported. According to Sky News, the world's oldest insurance marketplace is set to announce the first members of its new ... Read the full article
Liberty Mutual Re adds treaty underwriter in Brazil
10th February 2020
Liberty Mutual Reinsurance, the reinsurance arm of Liberty Mutual Insurance Group, has announced the appointment of Lucas Pimentel as a Treaty Class Underwriter in its Rio de Janeiro, Brazil office. Pimentel brings a decade of industry experience to Liberty Mutual Re. Most recently, he served as Latin America Property and Casualty ... Read the full article