Reinsurance News
Aviva’s asset management arm appointed to the ICMIF
17th December 2019
The International Cooperative and Mutual Insurance Federation (ICMIF) has approved Aviva Investors, the global asset management arm of Aviva plc, as a member of the representative body. Specifically, Aviva Investors will become a 'Supporting Member', which sees it join a list of five other companies from around the world. As a ... Read the full article
Beazley to serve as carrier partner on new SterlingRisk A&E program
17th December 2019
Specialist insurer Beazley has announced that it will serve as carrier partner for the new Architects and Engineers (A&E) professional liability insurance program from US broker SterlingRisk. The new program comes after SterlingRisk acquired renewal rights from Affinity Insurance Services for accounts in the Aon A&E Advantage professional lability insurance program. “The ... Read the full article
Outlook stable for US commercial lines: AM Best
17th December 2019
AM Best has maintained a stable market outlook for US commercial lines insurance in 2020, citing factors such as improved market conditions and solid capitalisation, which have offset short-term profitability challenges. The rating agency noted that commercial lines pricing strengthened in 2019, while pressure on terms and conditions lessened. In addition, the ... Read the full article
Alliant acquires Texan energy broker TCOR Management
17th December 2019
US specialty insurance broker Alliant Insurance Services has announced the acquisition of TCOR Management, a Texas-based risk management firm. Founded in 1972, TCOR provides commercial insurance to the energy and construction industries as well as surety, loss control services, and employee benefits. The company has offices in New Braunfels, Beeville, and Tyler, ... Read the full article
Peter Townsend appointed to develop Miller’s NA Marine business
17th December 2019
Insurance and reinsurance broker Miller has announced that Peter Townsend will be joining its Marine team in January 2020 to support new business development in North America. Townsend, who is the founder of Ensign Consultancy Ltd., brings extensive marine industry experience to the role, having served as Chairman of the London ... Read the full article
Aon targets private equity investors in NAIC partnership
17th December 2019
Global re/insurance brokerage Aon has partnered with The National Association of Investment Companies, the largest network of diverse-owned private equity firms and hedge funds. The move will give Aon an opportunity to offer its services to NAIC member companies, which are expected to increasingly pursue innovative and complex transactions as the ... Read the full article
Marsh appoints Walsh head of corporate division office, Leeds
17th December 2019
Global re/insurance brokerage Marsh has appointed John Walsh as head of office, corporate division in Leeds. Walsh, who has been with Marsh for over six years, reports to Allan McPherson, regional managing director for North of England & Scotland, Corporate Division. In his new role as head of office in Leeds, Walsh ... Read the full article
Monument Re acquires closed life book from Belgium’s Curalia OVV
16th December 2019
Bermuda domiciled life reinsurance and insurance holding company, Monument Re, has announced the acquisition of a closed book of life business from Curalia OVV, a mutual insurance company based in Belgium. Under the terms of the transaction, the portfolio transfers into Monument Assurance Belgium NV, the reinsurer's Belgian carrier. Monument Assurance Belgium ... Read the full article
Alex Orloff named Director of Capital Markets Analytics, BMS Capital Advisory
16th December 2019
Insurance and reinsurance brokerage BMS Group has named Alex Orloff as Director of Capital Markets Analytics at BMS Capital Advisory, the firm's investment banking unit. In this role, Orloff will report to Romulo Braga, Chief Executive Officer (CEO) of BMS Capital Advisory, effective immediately. He will be tasked with leading the development ... Read the full article
New tech unlocks opportunities for SME insurance: Goldman Sachs
16th December 2019
Technological developments are increasingly enabling large re/insurance companies to overcome challenges that had previously prevented them from making more inroads into the small commercial market (SME) space, according to Goldman Sachs. Analysts noted that the SME insurance marketplace is seen as an attractive segment for larger companies due to its more ... Read the full article
UK election result offers insurers increased certainty: Clyde & Co’s Newman
16th December 2019
Despite much work still needing to be done around the UK's Brexit vote and future trade relationships, the result of the general election last week, which saw the Conservatives win an overall majority, delivers a greater level of certainty for insurers than what the sector has been used to over ... Read the full article
Beazley adds senior specialty lines underwriter from Markel
16th December 2019
Specialist insurer Beazley has bolstered its underwriting capabilities for specialty lines in Spain with the appointment of Gabriel Rodríguez as a senior specialty lines underwriter. Rodríguez joins a team led by Francisco Antonio Alcaide and will support the rollout of Beazley's e-trading platform, myBeazley. He joins from Markel, having served as ... Read the full article
Arch predicts industry “pain”, confident in own reserve position
16th December 2019
Bermudian re/insurer Arch Capital Group expects worsening liability loss trends to cause the industry significant pain but is confident in its own reserve position. Arch’s Chief Executive Officer Marc Grandisson and Chief Financial Officer François Morin say the firm’s position reflects its longstanding conservative reserving philosophy and recent years' strong mortgage ... Read the full article
China Re targets overseas expansion with Hong Kong subsidiary
16th December 2019
China Re Group is set to launch a new fully-owned subsidiary, China Reinsurance Hong Kong Co. Ltd. (China Re HK), which is expected to play a vital role in the company's overseas expansion plans for its life reinsurance business. The new subsidiary will have the benefit of being able to leverage ... Read the full article
Whiplash reforms might drive a surge in reported motor claims
16th December 2019
Ahead of the implementation of the delayed Whiplash Reforms, now set to be introduced in April 2020, there might well be a surge in reported motor claims, according to Chairman of the Society of Claims Professionals, Sue McCall. The UK Government announced previously that the Soft Tissue Injury Claims reforms – ... Read the full article