Reinsurance News
Arceo.ai adds former Twitter exec Mike Convertino as CSO
30th January 2020
Arceo.ai, a risk analytics provider for the cyber re/insurance market, has announced the appointment of Mike Convertino as Chief Security Officer. Convertino previously served as Chief Information Security Officer at Twitter, leading a team that protected the company's infrastructure and users from hacking and other types of compromises. He was an early ... Read the full article
MS Amlin bolsters specialty leadership with four hires
30th January 2020
Global re/insurer MS Amlin has appointed four senior leaders within its specialty business who will report to co-Chief Underwriting Officers of MS Amlin Underwriting, Mark Clements and Andrew Wright. John Roberts-West has been with MS Amlin since 2015 and will serve as head of property. He is currently product group leader ... Read the full article
Andrew Kudera joins Aspen as EVP, Chief Actuary
30th January 2020
Aspen Insurance, the insurance arm of Bermudian re/insurer Aspen Insurance Holdings, has appointed Andrew Kudera as executive vice president and group Chief Actuary. Kudera joins from Validus having served as executive vice president and group Chief Actuary for the last nine years. He brings 40 years’ experience to Aspen and will succeed ... Read the full article
Suncorp expects reinsurance recoveries as catastrophe losses mount
30th January 2020
Australian insurer Suncorp has revealed that it expects to make recoveries under its reinsurance program after an "unprecedented" start to both the bushfire and storm season in the country. The primary insurer announced in early January that its bushfire losses could hit its reinsurance protection as claims continued to rise. Providing ... Read the full article
P&C re/insurers slow to implement advanced analytics: WTW
30th January 2020
A recent Willis Towers Watson survey of the US and Canadian property and casualty (P&C) market has revealed that most re/insurers have been implementing advanced analytics at a much slower rate than anticipated. The broker reported that, in general, companies had either been overly ambitious in their goals for using analytics ... Read the full article
WNS launches blockchain-enabled risk syndication solution
30th January 2020
WNS, a provider of Business Process Management services, has launched a blockchain-enabled risk syndication solution. Powered by IBM Hyperledger, WNS VeriChain is designed to address complexities and challenges in the syndicated insurance market. The solution leverages decentralised ledger technology to enable specialty insurers to execute secure transactions in a multi-party ecosystem. It offers ... Read the full article
EY & SAP develop new accounting solution for re/insurers
30th January 2020
Financial services firm EY and software corporation SAP have developed a new solution to help re/insurance companies transform their data, systems and processes to comply with new international and US reporting standards. From January 2022, IFRS 17 and US GAAP Long Duration Targeted Improvements (LDTI) will fundamentally change how re/insurers disclose ... Read the full article
Coronavirus highlights lack of cover for outbreak-related BI
29th January 2020
Experts have said that global companies are expected to be faced with billions of dollars of losses as a result of disruptions caused by the new coronavirus in China, reports Reuters. The large majority of insurance claims from the new coronavirus in China are expected to be from businesses, most notably ... Read the full article
Pacific Life Re in £10bn longevity swap with Lloyds Banking Group
29th January 2020
Pacific Life Re has announced the completion of a £10 billion longevity swap with Lloyds Banking Group, which it claims is the second largest transaction ever in the UK. The transaction, which covers the longevity risk of pensioner liabilities, is structured as an insurance policy with Scottish Widows Limited acting as ... Read the full article
Analysts warn SCOR could exceed Q4 cat budget, lower FY19E net income
29th January 2020
French reinsurer SCOR's P&C Re segment could exceed its budgeted level for catastrophes in the fourth-quarter of 2019, leading analysts at JP Morgan to revise the firm's expected full-year 2019 net income down by 7%. After Swiss Re, SCOR becomes the second of the big four European reinsurers that JP ... Read the full article
RGA’s net income and premiums up in Q4
29th January 2020
Global life reinsurer, Reinsurance Group of America (RGA), has reported net income and premium growth for both the fourth-quarter and full-year 2019. At $235 million, RGA's Q4 2019 net income improved by roughly 114% from the $110 million posted a year earlier, contributing to an increase in full-year net income of ... Read the full article
MetLife secures $1.9bn pension deal with Lockheed Martin
29th January 2020
Life insurer MetLife has entered into an agreement with Lockheed Martin to provide annuity benefits to approximately 20,000 members of its defined benefit pension plan, representing obligations of around $1.9 billion. Lockheed Martin purchased a group annuity contract via its master retirement trust from MetLife subsidiary Metropolitan Tower Life Insurance Company, ... Read the full article
Bushfire claims will remain manageable through Q1: Analysts
29th January 2020
Mounting bushfire claims are likely to impact the profitability of Australian property and casualty (P&C) re/insurers throughout the first quarter of 2020, but will remain manageable overall, with no threat to industry capitalisation, according to analysts at financial research firm Morningstar. Recent estimates from the Insurance Council of Australia put Read the full article
Coronavirus a low-risk threat for AIG, says Credit Suisse
29th January 2020
The potential impact of the Coronavirus on insurer AIG appears to be fairly low despite the company’s considerable exposure to pandemic risk and its high share in the Chinese P&C market, according to Credit Suisse. However, analysts cautioned that they were “not highly confident” in their assessment, given AIG’s evolving global ... Read the full article
ProSight strikes captive solutions partnership with departing founder
29th January 2020
Property & Casualty insurer ProSight Global is set to expand its insurance solutions portfolio into the captive market. As part of the move, founder and former Chief Executive Officer Joe Beneducci will step down from his role as executive chairman in order to form an independent agency named Altruis Group. Altruis Group ... Read the full article