Reinsurance News
Chubb exploring merger deal for Saudi Arabian division
19th February 2020
Chubb Arabia Cooperative Insurance Company, the Saudi Arabian arm of global re/insurer Chubb, has said that it plans to enter into talks with Al Ahli Takaful Company about the possibility of a merger. If a merger discussion is agreed, both companies will sign a non-binding memorandum of understanding to evaluate a ... Read the full article
Aspen names Swiss Re’s Crystal Ottaviano as Group Chief Risk Officer
19th February 2020
Bermuda domiciled insurer and reinsurer, Aspen Insurance Holdings Limited, has appointed Swiss Re's Crystal Ottaviano as its new Group Chief Risk Officer (CRO), effective March 2nd, 2020. In her new role, Ottaviano will report to Mark Cloutier, Executive Chairman and Group Chief Executive Officer (CEO) at Aspen. She joins the firm from ... Read the full article
Questions remain over Lloyd’s modernisation initiatives, says UK regulator
19th February 2020
The UK Financial Conduct Authority (FCA) has said that “questions remain” about whether the modernisation initiatives at Lloyd’s of London do enough to address underlying issues in the market. The regulator noted that the London Market’s operational expense ratio is 9% higher than similar global re/insurance centres, highlighting an urgent need ... Read the full article
State-backed re/insurers not supportive of lower premiums: ACCC
19th February 2020
A report from the Australian Competition and Consumer Commission’s northern Australia Insurance Inquiry claims that government reinsurance pools and government-backed insurers are not well-suited to lowering insurance premiums. "We do not consider government reinsurance pools and government insurers well-suited to addressing affordability concerns in a targeted way,” the ACCC said. "They have ... Read the full article
Swiss Re announces completion of 2019 public share buyback programme
18th February 2020
Global reinsurance giant Swiss Re has announced the completion of the 2019 public share buyback programme of up to CHF 1.0 billion purchase value. The 2019 public share buyback programme was authorised by the Annual General Meeting on April 17th, 2019 and launched on May 6th, 2019. The reinsurer notes that since ... Read the full article
Athene posts improved $432m Q4 net income
18th February 2020
Retirement services firm Athene has posted a $432 million net income for the fourth quarter of 2019, up from a $104 million net loss incurred in the prior year quarter. This increase was driven by higher adjusted operating income, as well as a favorable net change in fixed indexed annuity derivatives ... Read the full article
Prudential discloses $6bn longevity reinsurance deals with Rothesay Life
18th February 2020
Prudential Insurance Company of America (PICA), a business unit of Prudential Financial, Inc., has announced the completion of two previously undisclosed longevity reinsurance transactions with Rothesay Life. The two bulk annuity transactions were completed in the second half of 2019 and amount to $6 billion in new longevity reinsurance business. “2019 was ... Read the full article
Great-West Lifeco announces key leadership changes
18th February 2020
Insurance-centered financial holding company Great-West Lifeco has made a series of leadership changes, including the appointment of Arshil Jamal to the newly-created role of President and Group Head, Strategy, Investments, Reinsurance and Corporate Development. Jamal, who currently serves as President and COO, Europe & Reinsurance, will be focused on identifying and ... Read the full article
Everest Re continues to see opportunity in casualty, says CEO
18th February 2020
Juan Andrade, President and CEO of Everest Re Group, has said that the reinsurer continues to see “good opportunity” in casualty business, despite fears of escalating claims inflation. Speaking as part of an earnings call alongside the release of Everest Re’s 2019 results, Andrade said that the company had provided ... Read the full article
Understory expands parametric hail product in US
18th February 2020
Weather network and analytics firm Understory has launched a supplemental hail insurance product for automotive dealers in five new states. Now live in Arizona, New Mexico, Ohio, Pennsylvania and Wyoming, Auto – Hail Safe was first launched in 2019 and is designed to allow auto dealers to protect their vehicles from ... Read the full article
Fleming Re names Jim McNichols as Chief Actuarial Officer
18th February 2020
Bermudian reinsurance firm Fleming Re has announced the appointment of Jim McNichols as its new Chief Actuarial Officer. McNichols has previously served as Chief Actuary at XL Capital in Bermuda, and at Greenlight Re in the Cayman Islands. In total, he has more than 30 years of experience in property and casualty ... Read the full article
Liberty Mutual appoints Edward Peña as Treasurer
18th February 2020
The Board of Directors of Liberty Mutual Insurance has announced the appointment of Edward Peña as Senior Vice President and Treasurer. He will take over the role from Laurance H.S. Yahia, who has served as Senior Vice President and Treasurer since 2003, but who will retire on April 3, 2020. Peña joined ... Read the full article
Storm Sabine (Ciara) insured losses pegged at €675mn in Germany: GDV
18th February 2020
Storm Sabine (also known as Ciara in the UK) is estimated to have caused re/insurance industry losses of around €675 million in Germany, according to the General Association of the German Insurance Industry (GDV). Sabine caused major disruption in Germany over February 10th and 11th, as winds in excess of 120kmh ... Read the full article
Swiss Re iptiQ, IKEA launch home insurance offering
18th February 2020
Swiss Re iptiQ and Swedish furniture retail firm IKEA have announced the launch of a home insurance offering designed to be easily bought online and cancelled at any time with next day effect. Swiss Re’s iptiQ platform effectively allows the company to shorten the value-chain by reducing the number of steps ... Read the full article
Inga Beale appointed to Crawford & Company’s board
18th February 2020
Crawford & Company, an independent provider of claims management and outsourcing solutions to carriers, brokers and corporates, has announced the election of Dame Inga Beale to its Board of Directors, effective February 11th, 2020. Beale served as the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance ... Read the full article