Reinsurance News
RMS estimates Typhoon Hagibis industry loss at up to $11bn
1st November 2019
Global risk modelling and analytics firm RMS has estimated that insured losses stemming from Typhoon Hagibis in Japan will be between US $7 billion and $11 billion. The estimate includes property damage and business interruption caused by wind and flood to residential, commercial, industrial, marine, and automobile lines, and accounts for ... Read the full article
Ironshore appoints Leahy president of IronPro
1st November 2019
Bermuda-domiciled holding company Ironshore has announced the appointment of Thomas F. Leahy, Jr as president of IronPro, its professional and management liability division. Effective November 1, Leahy will be responsible for overseeing all aspects of marketing, underwriting and distribution of IronPro professional and management liability lines to retail and wholesale markets. He ... Read the full article
Brown & Brown recruits Arrowhead exec from Zurich
1st November 2019
Insurance brokerage Brown & Brown has announced the appointment of David Putz as Executive Vice President of Arrowhead General Insurance Agency. Putz will also take up a leadership position within Brown & Brown’s National Programs Division. He joins the company from Zurich Insurance North America, where he most recently served as head ... Read the full article
Longer-term, growing in Japan is the right call, says AXIS CEO
1st November 2019
Despite 2019 being a highly active year for Japanese typhoons, AXIS Capital's decision to take advantage of improved market conditions and expand in the region remains the right call, according to the Bermudian re/insurer's Chief Executive Officer (CEO), Albert Benchimol. The insurer and reinsurer revealed in its second-quarter 2019 earnings call ... Read the full article
Insurtech firm Quantemplate redomiciles to US
1st November 2019
Quantemplate, a provider of cloud-based automated data solutions for the re/insurance industry, has announced plans to redomicile from the UK to the US. Going forward, the company will maintain its offices in London but will be headquartered in New York City. With approximately 60% of its customers based in the US, Quantemplate ... Read the full article
PERILS extends coverage to New Zealand
1st November 2019
Catastrophe loss data aggregator PERILS has announced that it plans to extend its market coverage to include New Zealand. Going forward, PERILS will offer insured property exposure data related to earthquake, flood, and extratropical cyclones in New Zealand via its database. Additionally, PERILS will provide event loss data for any events above ... Read the full article
London insurance M&A activity to persist, but focus on smaller end of market: Skeels, Mazars
31st October 2019
With fewer incumbents left to purchase at the top end of the London insurance space, M&A activity is expected to be dominated by the smaller end of the marketplace, according to Stephen Skeels, Partner and National Head of Valuations at Mazars, the global audit, accounting and consulting group. Mazars has a ... Read the full article
Suncorp chief Dransfield appointed ICA president
31st October 2019
Gary Dransfield, the Chief Executive Officer of primary insurer Suncorp, has been appointed president of the Insurance Council of Australia and chairman of the board. The decision to appoint Dransfield to the role was made during a board meeting held in Sydney. He succeeds Richard Enthoven in the position. ICA CEO Rob ... Read the full article
MAPFRE revenues grow 6.5%, with reinsurance profits up in Q3
31st October 2019
Spanish re/insurance firm MAPFRE has posted a 6.5% increase in revenues over the first nine months of 2019, as well positive earnings growth in its reinsurance unit, MAPFRE RE. The company recorded revenues of €21.6 billion (US $24.1 billion) for the first three quarters of the year, compared to €20.3 billion ... Read the full article
All business segments contribute to revenue growth for Willis Towers Watson
31st October 2019
Insurance and reinsurance broker Willis Towers Watson (WTW) has reported a 70% increase in net income for the third-quarter of 2019 to $75 million, while growth in all segments led to overall revenue of $1.99 billion, up 7% year-on-year. The broker has reported organic growth of 6% for the quarter and ... Read the full article
Tremor data exposes cost of reinsurance oversubscription
31st October 2019
Tremor, the programmatic insurance and reinsurance risk transfer marketplace, has released new data showing the cost of oversubscription on reinsurance placements. Looking at data from transactions on its market platform, Tremor found that even a moderate oversubscription can have a significant impact on the cedent’s cost. For example, a program that is ... Read the full article
Leanne O’Loughlin appointed Thomas Miller Americas regional director
31st October 2019
Thomas Miller, Manager of the UK P&I Club, has announced the appointment of Leanne O’Loughlin as regional director of Thomas Miller Americas. Based in the New Jersey office, O’Loughlin will work closely with current Chief Executive Officer of Thomas Miller Americas, Mike Jarrett, before his retirement at the end of February ... Read the full article
RGA’s net income down at Q3
31st October 2019
Reinsurance Group of America (RGA) has reported a third quarter net income of $262.8 million, down $38.4 million from the prior-year quarter, driven partly by higher than expected traditional segment losses in Australia and modestly unfavourable results in Asia. Overall results were buoyed by RGA’s EMEA traditional segment, which reported a ... Read the full article
Resolution Life adds Morris, Lomax as Non-Exec Directors
31st October 2019
Resolution Life Group, a long-term manager of legacy life insurance portfolios, has announced the appointment of Maria Morris and Rachel Lomax to its board as Non-Executive Directors. Morris most recently served as Executive Vice President of MetLife Inc., where she worked for 33 years. She also has strong Board experience, sitting as ... Read the full article
IAT Insurance Group hires Programs CUO from Munich Re
31st October 2019
Specialty property and casualty (P&C) insurer IAT Insurance Group has announced the appointment of Steve Assennata as Chief Underwriting Officer (CUO) of its Programs unit. He joins IAT from Munich Re, where he most recently served as Head of Insurance Programs. Prior to this Assennata worked as CUO for Casualty Reinsurance Programs ... Read the full article