Reinsurance News
Milliman names Thomas Snook as Global Health Practice Director
8th January 2020
Consulting and actuarial firm Milliman has announced the appointment of Thomas D. Snook as the firm's Global Health Practice Director. He succeeds Lorraine Mayne, who is retiring after six years in the role, during which time the revenue of the practice grew by more than 60%. Snook first joined Milliman in 1988 ... Read the full article
Reinsurers likely to review rates amid US / Iran fallout: S&P
7th January 2020
Analysts at ratings agency S&P Global Ratings have said that reinsurance firms are likely to review rates for war coverage in the Gulf following the U.S. killing of Iran's top military commander, General Qassim Soleimani. Advisory warnings of the possibility of Iranian attacks on US ships and infrastructure have been observed ... Read the full article
Beach targets A&H reinsurance market with acquisition of US broker
7th January 2020
Insurance and reinsurance brokerage, Beach & Associates has announced the acquisition of Atlanta-based Accident & Health (A&H) reinsurance broker, Risk and Insurance Consulting Services (RICS). The acquisition sees RICS, which was established in 1997, become part of Beach Re Ltd. and the entity will operate as its A&H division, under the ... Read the full article
Mitsui Sumitomo joins bid for digital bank licence in Singapore
7th January 2020
Mitsui Sumitomo Insurance (MSI), a member of MS&AD Insurance Group, has joined BEYOND Consortium to bid for a digital full bank licence in Singapore. The consortium, which also consists of "), V3 Group Limited, Far East Organization, Singapore Business Federation, EZ-Link Pte Ltd and Heliconia Capital Management, announced its bid on ... Read the full article
Tysers to integrate RFIB following acquisition
7th January 2020
Tysers, the specialty London-based wholesale broker, has completed its previously announced acquisition of Risk Transfer Group, the parent company of specialist Lloyd’s broker RFIB. Integration plans are now well underway, Tysers said, with the aim of combining RFIB’s operations into the firm in 2020. Tysers previously merged its insurance operations with ... Read the full article
Tokio Marine selling stake in RenRe
7th January 2020
Bermudian reinsurance firm RenaissanceRe (RenRe) has announced that Tokio Marine plans to sell its 3.9% stake in the company, worth about $334 million. The stake will be offloaded via an underwritten public secondary offering of 1,739,071 common shares by Tokio Marine & Nichido Fire Insurance Co., Ltd. These shares formed part of ... Read the full article
WTW & eBaoTech to provide one-stop insurance middle office platform
7th January 2020
Global re/insurance broker Willis Towers Watson (WTW) has entered into a new partnership with digital insurance solution provider, eBaoTech, to offer a bundled solution designed to accelerate digitisation across the industry. This new collaboration sees WTW's Radar Live rating engine integrate with eBaoTech's middle office platform, InsureMO, which is specifically designed ... Read the full article
Capacity retraction & rate increases define marine renewals: Marsh JLT Specialty
7th January 2020
The key themes for the marine re/insurance market at the January 2020 renewals were a retraction of capacity, rate increases, job losses, and a keen approach to risk selection, according to Marsh JLT Specialty. Analysts noted that a major feature of the market last year was the speed at which a ... Read the full article
W. R. Berkley names Levesque as President of Preferred Employers Insurance
7th January 2020
W. R. Berkley Corporation has announced the appointment of Dennis J. Levesque as President of Preferred Employers Insurance, effective immediately. He succeeds Steven A. Gallacher, who has been appointed Chairman of Preferred Employers Insurance. Levesque has over 30 years of experience in the property casualty insurance business, including in leadership positions for ... Read the full article
US commercial rates up 5% in Q4, personal lines 4.5%: MarketScout
7th January 2020
Rates for commercial insurance and personal lines placements across the United States increased by 5% and 4.5%, respectively, during the fourth quarter of 2019, according to analysts at MarketScout. The steady trend of upward rate movement for US commercial insurance is thought to reflect insurers’ plans to continue increasing prices across ... Read the full article
Auto start-up Clearcover raises further $50mn in funding
7th January 2020
Auto insurance start-up Clearcover has raised $50 million in a Series C round of funding, led by OMERS Ventures. This brings Clearcover’s total funding to more than $104 million since its 2016 founding, following a Series B round in January 2019 that raised $43 million. As part of the funding arrangement, Michael ... Read the full article
Martin Kelsh joins HWI as board director
7th January 2020
Independent global insurance brokerage HW International has announced the appointment of Martin Kelsh as board director and head of the international non-marine team of the firm's London operation, H.W. Wood Limited. Kelsh will also lead HWI’s expansion and hiring in the insurance market and brings over 37 years of industry experience ... Read the full article
Peak Re renews, expands Lion Rock Re sidecar for 2020
7th January 2020
Hong Kong-based global reinsurer Peak Re has renewed and upsized Lion Rock Re, the first Asian sidecar. At $77 million, Lion Rock Re II saw investors exceed the $75 million raised by the sidecar’s first iteration in 2018. To effect the arrangement, Lion Rock Re II entered into an exclusive quota ... Read the full article
Insured losses from Australian bushfires rise again to USD 485 million
7th January 2020
The insurance industry losses from the ongoing bushfires ravaging parts of Australia continue to rise, with the Insurance Council of Australia (ICA) now putting the total at USD 485 million (AUD 700 million). The latest figure, which is up by more than 60% on the USD 300 million (AUD 431 million) ... Read the full article
Kuvare finalises takeover over Lincoln Benefit Life Company
7th January 2020
Kuvare US Holdings, the life insurance and annuity company, has completed its acquisition of Lincoln Benefit Life Company and its affiliates (LBL). First announced in July 2019, the acquisition brings Kuvare’s pro forma consolidated assets to over $22 billion. Formerly owned by RL LP, LBL is the third operating US life ... Read the full article