Reinsurance News
Gallagher takes stake in specialist Malaysian broker SP&G
6th January 2020
Re/insurance broker Gallagher has expanded its presence in Asia with the acquisition of a minority stake in specialist Malaysian broker SP&G Insurance Brokers. SP&G is a multi-discipline commercial insurance broker that specialises in coverages for the aviation market, as well as in solutions for property & casualty, marine, engineering, and other ... Read the full article
Australia bushfire claims rise to USD 300 million: ICA
6th January 2020
The bushfires burning through New South Wales (NSW), Queensland, South Australia and Victoria have driven more than 6,000 insurance claims since September 5th, 2019, according to the Insurance Council of Australia (ICA). Insurance and reinsurance claims from the bushfires burning through parts of Australia are continuing to rise, with the ICA ... Read the full article
Non-marine retro renewals hit by ILS capacity squeeze: Willis Re
6th January 2020
Capacity constraints from the insurance-linked securities (ILS) market resulted in a challenging renewal for the non-marine retrocessional market, according to Willis Re, the reinsurance arm of global insurance brokerage Willis Towers Watson. Analysts noted that ILS capacity has been a driving force of retro capacity in recent years, but is now ... Read the full article
ILS investors sense opportunity in cyber if modelling can improve: CyberCube
6th January 2020
Insurance-linked securities (ILS) investors can sense opportunity in the growing cyber re/insurance market, but analysts at CyberCube believe that modelling capabilities must improve before this valuable source of capacity can be tapped. As part of a new report, CyberCube argued that the financial impact of future global software failure could be ... Read the full article
Jeff Saper promoted to CEO, Pacific at Guy Carpenter
6th January 2020
Reinsurance broker Guy Carpenter, part of Marsh & McLennan Companies, has named a new Chief Executive Officer (CEO) for the Pacific region, promoting Jeff Saper to the role. Saper is a long-time Guy Carpenter employee in the Australia and Pacific region, having joined the company in 1999 and working there for ... Read the full article
“Asymmetrical” renewal reflects ample capital supply: Guy Carpenter
3rd January 2020
Levels of available reinsurance capital continued to exceed demand at the January 1, 2020 renewals, according to analysts at Guy Carpenter, meaning rate increases only materialised in the most constrained areas of the market. The reinsurance broker said that the loss environment and shifting views of risk had been crucial factors ... Read the full article
IAG buys more reinsurance at Jan renewals, taps coverage for bushfires
3rd January 2020
Australian insurer IAG has finalised its catastrophe reinsurance program for the coming year, having increased its coverage from $9 billion to $10 billion at the recent January 1 renewals. Chief Financial Officer Nick Hawkins explained that the structure of the program remained similar to previous years, while the cost was in ... Read the full article
Assurant appoints Paul Cosgrove as President for Canada
3rd January 2020
US specialty insurance group Assurant has announced the appointment of Paul Cosgrove as President of its Canadian operations, effective immediately. Cosgrove, who formerly served as Vice President, Business Development and Client Management, will succeed Robert Zanussi, who is retiring from the role after 16 years with Assurant. Zanussi is set to continue ... Read the full article
Optio acquires political violence & terrorism MGA from Castel
3rd January 2020
Optio, the managing general agency (MGA) comprising Ascent Underwriting, Cove Programs and Bay Risk Services, has acquired specialist political violence and terrorism MGA Newbridge Risk Partners. Newbridge was launched in 2015 on the Castel MGA formation platform, writing a book of political violence and terrorism risks in emerging markets regions. With capacity ... Read the full article
Saudi Arabia bans combined insurance & reinsurance operations
3rd January 2020
Regulators in Saudi Arabia have enacted a ban on combining insurance and reinsurance brokerage activities in the same company, according to reports from Reuters. The Saudi Arabian Monetary Agency (SAMA) said in a statement on Thursday that combined operations would be prohibited, effective immediately. Companies that currently combine both insurance and reinsurance ... Read the full article
AJ Gallagher acquires Walsdorf Agency in New York
3rd January 2020
Arthur J. Gallagher & Co. has announced the acquisition of Walsdorf Agency, Inc., a commercial and personal lines insurance agency based in Huntington, New York. Founded in 1926, Walsdorf Agency is a third generation, family owned agency with niche expertise in real estate. Terms of the transaction were not disclosed, but will ... Read the full article
Watford Re hires Deloitte’s Cunningham as new Chief Risk Officer
3rd January 2020
Bermuda domiciled reinsurance company Watford Re Ltd., part of re/insurance holding group Watford Holdings Ltd., has hired Liz Cunningham, formerly a Partner at Deloitte, as its new Chief Risk Officer. Watford Re operates as an investment oriented, or total-return style, reinsurance company and is backed by Arch Capital and investment manager ... Read the full article
The Hanover appoints duo to commercial leadership roles
3rd January 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has announced the appointments of Matthew Mitchell and Scott Grieco to leadership positions within its commercial lines business. Effective January 1, Mitchell will become President of The Hanover’s middle market business, reporting to Michael R. Keane, President of Commercial Lines. Mitchell previously served ... Read the full article
IUA plans to prioritise climate & cyber in 2020
3rd January 2020
As part of its new business plan for 2020, the International Underwriting Association (IUA) has announced that it plans to establish a new market group to focus on climate change. The committee will be tasked with examining the growing impact of climate change policies on a range of insurance activities, including ... Read the full article
Willis Re highlights capacity reduction at Lloyd’s & London renewals
3rd January 2020
Willis Re, the reinsurance arm of global insurance brokerage Willis Towers Watson, has commented on the January 2020 renewals for the Lloyd’s and London reinsurance markets, highlighting a meaningful reduction in capacity. Analysts at Willis Re said that this reduction in overall capacity had come as reinsurers scaled back casualty portfolios ... Read the full article