Reinsurance News
Sirius adds underwriting team amid Asia expansion
24th December 2019
Global multi-line re/insurer Sirius Group is set to onboard a team of key underwriters as it looks to expand its facultative product offerings in Asia. The new appointments will include Jess Au and Steve Ng who will head the property and engineering divisions respectively. Au brings 22 years of underwriting experience in ... Read the full article
Bermuda’s BILTIR sees 11% membership growth in 2019
24th December 2019
The Bermuda International Long Term Insurers and Reinsurers (BILTIR) association, which represents Bermuda's long-term insurance companies and reinsurance firms who provide life and annuity solutions, saw its membership grow by 11% in 2019. The number of companies joining BILTIR increased from 55 to 61 in 2019, and includes five reinsurers and ... Read the full article
GCube strengthens US wind & solar book with senior hire from AXIS
24th December 2019
Specialist renewable energy insurer GCube Insurance Services Inc. has bolstered its US operations with the appointment of Brian Tyluki as Senior Vice President, Senior Underwriter. Based in the firm’s New York office, he will help GCube to re-sign a number of strategic clients for new and operational projects. Tyluki arrives from AXIS ... Read the full article
Lloyd’s facing enhanced scrutiny after whistleblowing hotline error
24th December 2019
Insurance and reinsurance marketplace Lloyd’s of London is facing enhanced scrutiny after it emerged that its whistleblowing hotline was out of commission for 16 months. Lloyd’s said it had forgotten to renew its contract with the company that managed the line, meaning roughly 1,000 staff had no way to anonymously report ... Read the full article
Insurtech Neptune Flood adds Jean-Luc Eckstein as Executive Director
24th December 2019
Neptune Flood Incorporated, an insurtech firm focused on the flood market, has announced the appointment of Jean-Luc Eckstein as Executive Director. He joins Neptune Flood from CDW, a Fortune 500 technology solutions provider, where he served as International Client Strategy Manager, overseeing a team responsible for cross border technology sales. In his ... Read the full article
Egyptian investors acquire stake in Tokio Marine Takaful subsidiary
23rd December 2019
EFG Finance Holding, a subsidiary of Egyptian investment bank EFG Hermes, along with GB Capital, a wholly owned subsidiary of GB Auto, have entered into a definitive sale and purchase agreement to acquire a 75% stake in Tokio Marine Egypt Family Takaful. The deal is worth £4.1 million and is subject ... Read the full article
Risk Consulting Partners adds Aynessazian as MD of finance, operations
23rd December 2019
Risk Consulting Partners has announced the appointment of Colleen Aynessazian as its new managing director of finance and operations. Aynessazian will help support the company’s high growth strategy and oversee all financial functions, corporate development, mergers, acquisitions, integrations as well as lead the day-to-day operations of the firm. She brings more than ... Read the full article
Bulk annuity market to return to ‘normal’ levels in 2020: WTW
23rd December 2019
Re/insurance broker Willis Towers Watson is expecting the bulk annuity market to return to ‘normal’ levels in 2020, with £30 billion worth of deals expected over the course of the year. Down from an anticipated £40 billion in 2019, WTW says 2020 should see a more balanced market, allowing greater traction ... Read the full article
The Hartford announces new thermal coal, tar sands policy
23rd December 2019
Property and casualty insurer The Hartford will no longer insure or invest in companies that generate more than 25% of their revenues from thermal coal mining or more than 25% of their energy production from coal. In addition, the company will also stop insuring and investing in companies that generate more ... Read the full article
Burns & Wilcox adds Michelle Clark to leadership team in Colorado
23rd December 2019
Burns & Wilcox, the North American wholesale insurance broker and underwriting manager, has appointed Michelle Clark as Managing Director, based in Denver, Colorado. She joins the company from RT Specialty, where she most recently served as an Executive Vice President and Broker, managing multi-million dollar books of business. Clark has spent more ... Read the full article
Low yield environment still key risk for European re/insurers: EIOPA
23rd December 2019
The low yield environment remains the key risk for European insurers and reinsurers and continues to put pressure on solvency positions, according to the European Insurance and Occupational Pensions Authority (EIOPA). EIOPA believes the risk of a prolonged low yield environment has intensified over the last six months, as a combination ... Read the full article
California extends insurance non-renewal laws to more wildfire-exposed areas
20th December 2019
California has extended its mandatory protections from insurance non-renewals into new areas in both the north and south of the state following recent wildfire disasters. Insurance Commissioner Ricardo Lara claimed that more than one million homes across California will now be protected by the non-renewal law, which was first introduced last ... Read the full article
OMERS takes 40% stake in Fairfax’s RiverStone UK
20th December 2019
OMERS, one of the largest Canadian defined benefit pension plans, has entered into an agreement with Fairfax Financial Holdings Limited to acquire a 40% interest in RiverStone UK, Fairfax's UK run-off group. Following the transaction, RiverStone UK will benefit from the joint operational expertise of Fairfax and OMERS, providing it with ... Read the full article
Rate increases at 1/1 renewals to vary by loss experience: KBW
20th December 2019
Analysts at Keefe, Bruyette & Woods (KBW) are expecting rate changes at the 2020 property catastrophe reinsurance renewals to vary significantly, based on the loss experience of individual lines. At January 1, KBW is anticipating the largest increases on retrocessional cover, owing to recent large losses and the significant amount of ... Read the full article
Bermuda’s Fleming Re acquires AggCap II
20th December 2019
Fleming Re Holdings LLC has announced the acquisition of AggCap Insurance Ltd, - AggCap II, a group captive that is in run-off providing workers compensation coverage for a large membership of California-based agribusinesses. AggCap Insurance Ltd is a Bermuda-based segregated accounts company that has provided workers comp insurance, loss control services, ... Read the full article