Reinsurance News
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
Coronavirus halts new policy sales for Hong Kong insurers: Report
10th February 2020
Insurance companies in Hong Kong are feeling the impacts of the coronavirus outbreak with policy sales declining significantly so far in 2020, according to a recent Bloomberg report. Insurers in the region are continuing to deal with a serious decline in new policy sales as a result of the recent protests ... Read the full article
KBRA stable on US P&C re/insurance in 2020
10th February 2020
Kroll Bond Rating Agency (KBRA) has assigned a stable outlook to the US property and casualty (P&C) insurance sector in 2020, based on the expectation that the industry’s strong capital, improved pricing, and disciplined underwriting will provide stability through the year. These strengths will likely offset declining support to profit margins ... Read the full article
Lloyd’s anticipating a more liberal Indian market, says Chairman
10th February 2020
Bruce Carnegie-Brown, Chairman of insurance and reinsurance marketplace Lloyd’s of London, has said that he believes the market in India is “on path to liberalisation,” according to reports from The Economic Times. In an interview with the publication, Carnegie-Brown suggested that Lloyd’s was still uncomfortable with the order of preference rules ... Read the full article
Coverys Syndicate 1975 adds Beazley’s Minetti as Active Underwriter
10th February 2020
Coverys Managing Agency Limited has announced the appointment of Beazley's Valentina Minetti as Active Underwriter for Syndicate 1975. Minetti is scheduled to join Coverys, the Lloyd's managing agent of Syndicates 1975, 1991, and 3330, following the expiration of her notice period. She joins the firm from Beazley, where she most recently had ... Read the full article
HWI appoints international political violence, terror and cyber expert
10th February 2020
Independent global insurance brokerage, HWI International, has added political violence, terror and cyber specialist, Paul Loring, to its London office. As HWI continues to build out its International Political Violence, Terrorism and Cyber placements, the addition of Loring adds more than three decades of industry expertise to the division. Most recently, he ... Read the full article
The ARC Ltd appoints new CEO as Dolika Banda departs
10th February 2020
The African Risk Capacity Limited (the ARC Ltd), a financial affiliate of the Africa Risk Capacity (ARC), has announced Lesley Ndlovu as its new Chief Executive Officer (CEO), effective March 1st, 2020. Ndlovu's appointment comes after the expiration of the tenure of previous CEO Dolika Banda, who took over the post ... Read the full article
PIC converts longevity swap into £1.6bn buy-in for MNOPF
10th February 2020
Pension Insurance Corporation plc (PIC) has completed the conversion of a longevity swap transaction into a £1.6 billion buy-in with the Merchant Navy Officers Pension Fund (MNOPF). The buy-in secures the pension of approximately 14,000 members and coverts a longevity hedge written in 2014 between MNOPF and Pacific Life Re. The 2014 ... Read the full article
ICA declares catastrophe for east coast storms & flooding
10th February 2020
The Insurance Council of Australia (ICA) has declared the sixth catastrophe in the past five months, following property losses caused by recent storms and flooding across the east coast since February 5th, 2020. According to the ICA, insurance companies have received 10,000 claims with the value of claims estimated at AUD ... Read the full article
AXA confirms €1bn sale of Central European businesses
10th February 2020
French insurance and investment giant AXA has confirmed that it plans to sell its operations in Poland, Czech Republic and Slovakia to UNIQA Insurance Group AG for €1 billion. UNIQA had been pegged as one of three bidders in the running to secure AXA’s Central and Eastern European operations after Read the full article
Argo confirms addition of Carol McFate to its Board
10th February 2020
Bermuda-based insurer and reinsurer Argo Group International Holdings, Ltd. has announced the addition of Carol A. McFate to its Board of Directors. McFate retired from Xerox Corporation in 2017 after serving as Chief Investment Officer for more than a decade. During this time, she was responsible for the insourcing, oversight and ... Read the full article