Reinsurance News
Fitch sees strong revenue expansion for US insurance brokers in 2020
9th December 2019
Favourable U.S. commercial lines pricing trends coupled with high levels of organic growth is expected to contribute to strong revenue expansion for publicly traded U.S. insurance brokers in 2020, according to Fitch Ratings. Fitch notes that current market conditions suggest a continuation of favourable margins for U.S. insurance brokers in 2020. ... Read the full article
Gallagher adds Drowley to aerospace practice as head of policy wordings
9th December 2019
Re/insurance broker Gallagher has added Neil Drowley to its global aerospace practice as head of policy wordings. Drowley, whose appointment is effective immediately, will be based in London while overseeing Gallagher’s specialist wordings team, managing all phases of contract administration and wordings review. He brings over 25 years’ experience and most recently ... Read the full article
Four investment firms inject $120 million into Duck Creek
9th December 2019
Duck Creek Technologies, a provider of SaaS-delivered software to the property and casualty (P&C) arena, has announced an investment of $120 million from Dragoneer Investment Group, funds advised by Neuberger Berman, Insight Partners, and Temasek. Established in 2016 as a new and independent firm after funds advised by Apax Partners acquired ... Read the full article
BMS names Chandler CEO of US reinsurance, restructures management
9th December 2019
Specialist insurance and reinsurance broker BMS Group has announced the appointment of Pete Chandler as President and Chief Executive Officer of BMS Re US, effective December 9th. Chandler joined BMS in May 2019 from JLT Re, taking up a role as President of US reinsurance operations. Now, in his expanded role, ... Read the full article
Chubb bolsters North America Commercial Insurance Division
9th December 2019
Global re/insurer Chubb has made a series of leadership appointments to its North America commercial insurance division. Ben Rockwell has been named vice president of Chubb group and will serve as division president, Chubb middle market. He currently serves as executive vice president and Chief Underwriting Officer of North America commercial insurance. Concurrently, ... Read the full article
“Unexciting” rate movements forecast for 1/1 renewals: analysts
9th December 2019
Analysts at JMP Securities are forecasting “unexciting” rate increases at the January re/insurance renewals, with more notable improvements likely to be seen later in the year during the April and June/July renewals. While the property and casualty (P&C) market does appear to be improving in all areas, it is doing so ... Read the full article
Moody’s maintains stable outlook for global P&C insurance
9th December 2019
Moody’s Investors Service has maintained its stable outlook for global property and casualty (P&C) insurance in 2020, as solid capitalisation and pricing trends continue to offset negative factors. Analysts believes that the global P&C sector will continue to benefit from overall economic growth in 2020, even as momentum begins to slow, ... Read the full article
Aon’s Stephen Nguyen joins AXA XL as Client Management Leader, Asia
9th December 2019
AXA XL, the property and casualty and specialty risk unit of AXA, has announced that Stephen Nguyen has joined from insurance and reinsurance broker Aon as Client Management Leader, Asia. In this role, he will be based in Hong Kong and will report to Jonathan Mead, Head of Client & Distribution, ... Read the full article
UK pension risk transfer to accelerate as schemes mature, says Mercer
9th December 2019
Mercer, the global consulting subsidiary of broking and advisory giant Marsh & McLennan Companies, expects the UK bulk annuity market to exceed £40 billion by the end of 2019, and has projected accelerated growth in pension risk transfer over the next decade as schemes mature. Overall, Mercer expects the total UK ... Read the full article
India regulator seeks approval for state-backed catastrophe insurance
9th December 2019
The Insurance Regulatory and Development Authority of India (Irdai) is seeking government approval to launch a state-backed catastrophe insurance scheme in certain states, according to reports from The Indian Express. If approved, the project would be launched on a pilot basis, with the aim of offering government-funded catastrophe cover for the ... Read the full article
Hong Kong insurance industry records higher premiums & profits in 2019
9th December 2019
Total gross premiums written across the Hong Kong insurance industry in the first nine months of 2019 grew by 12.5% when compared with the same period in 2018, to $436.9 billion, according to the region's Insurance Authority (IA). Provisional statistics of the Hong Kong insurance industry released by the IA shows ... Read the full article
AmTrust International Specialty bolsters Claims unit
9th December 2019
AmTrust International has named Tom Maloney as Head of Claims for AmTrust International Specialty and Chief Claims Officer for AmTrust Europe Limited, based in London and reporting to Angel Mas, Specialty Business Unit Managing Director and Chief Executive Officer (CEO) of AmTrust Europe Limited. AmTrust International is the UK and International ... Read the full article
Watford to acquire French P&C insurer Axeria IARD
9th December 2019
Bermuda domiciled insurance and reinsurance company Watford Holdings Ltd. has entered into an agreement to purchase Axeria IARD, a property and casualty (P&C) insurer based in France. Headquartered in Lyon, Axeria IARD also maintains branch offices in Lille and Bordeaux and is active in the French and EU commercial P&C markets. The ... Read the full article
LIIBA reveals launch of new broker committee in 2020
9th December 2019
A new insurance and reinsurance brokerage committee is set to be launched next year by the London and International Insurance Brokers' Association (LIIBA), called the Broker Placing Committee (BPC). The BPC has been designed to replace the organisation's Broker Placing and Electronic Development Committee (BPED) and its PPL Broker Panel, which ... Read the full article
Brit announces launch of new Lloyd’s ILS fund
9th December 2019
Global specialty insurer and reinsurer Brit has announced the launch of a new Lloyd's of London focused insurance-linked securities (ILS) fund, Sussex Specialty Insurance Fund (SIF). Brit states that the new fund offers ILS investors access to Brit Syndicate 2988 and that it is the first fund structure of its type ... Read the full article