Reinsurance News
Lloyd’s set to mandate use of delegated authority platform
13th December 2019
Re/insurance marketplace Lloyd’s of London has given advance notice of its intention to centralise the reporting of all delegated authority data into the Delegated Authority: Submission, Access and Transformation Solution (DA SATS) platform. DA SATS is a delegated authority reporting platform that collects and validates bordereaux data, holds it in one ... Read the full article
The Hartford adds Sean Genden as international insurance head
13th December 2019
The Hartford has added Sean Genden as head of international insurance, effective December 16. Genden joins from Travelers Insurance having most recently served as international business insurance segment lead. Other roles at Travelers included Chief Executive Officer of their Lloyd’s managing agency, and CEO of the UK domiciled insurance company. He will be ... Read the full article
Thomas Miller Specialty acquires Lodestar Marine’s book of business
13th December 2019
Global insurance provider Thomas Miller Specialty has announced that it has completed the acquisition of Lodestar Marine's book of business. As part of the agreement, Lodestar Marine's Vicky Clarke will be joining Thomas Miller Specialty. She brings more than 13 years of experience to the role, and will ensure continuity for ... Read the full article
Jennifer Blair joins Alliant’s Employee Benefits team in LA
13th December 2019
US specialty insurance broker Alliant Insurance Services has announced the addition of Jennifer Blair to its West Coast Employee Benefits team. Based in Los Angeles, she will service a diverse array of organisations across the region, working to attract talent, reduce operating costs, and strengthen the bottom line. Blair’s background includes roles ... Read the full article
New UAC board elected
13th December 2019
The Underwriting Agencies Council (UAC) has announced the appointment of four new directors and a new chair. The representative organisation for Australian and New Zealand underwriting agencies says retiring directors Kurt Nilsen, from Lion Underwriting, and Eric Lowenstein, from Tego, were re-elected for two-year terms. Jeanene Hill, from Canopius, and Anthony Porter, ... Read the full article
AXA XL partners with insurtech Slice, Microsoft on cyber solution
13th December 2019
AXA XL, the property and casualty and specialty risk unit of AXA, is partnering with cloud-based insurtech firm Slice Labs to help improve the cyber resilience of Microsoft 365 Business, Office 365 Business Premium and Office 365 Business customers. The collaboration, aimed at servicing small to medium sized businesses, will give ... Read the full article
Helios Underwriting to acquire CatBang for £5.6m
13th December 2019
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has acquired Lloyd's Member Catbang 926 Limited for £5.6 million. The move, intended to increase underwriting capacity through acquisition, will see Helios pay £2 million of the total acquisition price on completion and the balance paid within 60 days of completion. Catbang ... Read the full article
HDI Global appoints Jessica Cao as Actuary VP
13th December 2019
Primary commercial specialist HDI Global has added Jessica Cao as Actuary Vice President. Cao, who joins from AmWINS Specialty Casualty Solutions, will be responsible for the company’s claims reserve function, aligning pricing across all lines of business, and implementing critical analysis to support and improve underwriting profitability. She will be based in ... Read the full article
Swiss Re and RenRe both launch new retro cat bonds
13th December 2019
Reinsurers Swiss Re and RenaissanceRe (RenRe) have both returned to the capital markets with new catastrophe bonds that aim to provide retrocessional protection from natural disasters. Artemis, the sister publication of Reinsurance News, was the first to report on these transactions, which could reflect a broader industry move towards alternative capital ... Read the full article
Moody’s negative on French insurance as low rates hit profits
13th December 2019
Moody’s has assigned a negative outlook for the French insurance sector in 2020, reflecting growing pressures on the P&C insurers’ profitability due to low interest rates. The outlook for the French insurance market was changed to negative in November, when Moody’s updated its outlook on the European insurance sector. The rating agency ... Read the full article
Malaysian Re & Pacific Life Re partner to provide retakaful solutions
13th December 2019
Malaysian Reinsurance Berhad (Malaysian Re) and the Singapore branch of Pacific Life Re Limited have signed a Memorandum of Understanding (MoU) to provide retakaful products to Family Takaful Operators. The MoU was signed by Zainudin Ishak, President and Chief Executive Officer (CEO) of Malaysian Re and Andrew Gill, Managing Director Asia ... Read the full article
Munich Re’s Pohlchristoph to depart board, successor named
12th December 2019
Global reinsurance giant Munich Re has announced Hermann Pohlchristoph’s decision to depart from its management board on 30 April 2020. Pohlchristoph joined the reinsurer in 2002 before serving as its Chief Financial Officer of Reinsurance between 2006 and April 2017. He was appointed to Munich Re’s board in 2017, with responsibility for ... Read the full article
Five long-standing Argo board members to step down
12th December 2019
Five members of Argo’s board are set to retire amid an ongoing “refreshment process” seemingly brought about by pressure from shareholder Voce Capital Management and a subpoena issued by The US Securities and Exchange Commission. The specialty re/insurer says its board is engaged in a "national executive search firm ... Read the full article
SCOR successfully places $125m subordinated Tier 1 issuance
12th December 2019
Global insurer and reinsurer SCOR has announced that it's successful placed a perpetual deeply subordinated restricted Tier 1 Regulation S notes issue in the amount of $125 million. The issue price of the New Notes is 99.125% and SCOR states that it intends to use the proceeds of the issuance for ... Read the full article
Enstar expands $1bn credit facility to finance reinsurance deals
12th December 2019
Bermuda based insurance, reinsurance, run-off and legacy transaction specialist Enstar Group Limited has increased the total commitments under its $1 billion credit facility to support potential future reinsurance deals. Last year, Enstar and certain subsidiaries entered into a five-year unsecured $600 million revolving credit agreement with a group of lenders. The ... Read the full article