Reinsurance News
Arch secures $577m of mortgage reinsurance from capital markets
18th October 2019
Arch Capital Group’s US mortgage insurance subsidiary, Arch Mortgage Insurance Company, has secured $577 million of indemnity mortgage reinsurance protection. This transaction, which covers a pool representing $7.2 billion of mortgages from special purpose reinsurer Bellemeade Re 2019-4 Ltd.,is Arch’s fourth of 2019; representing the most Insurance Linked-Note transactions ever conducted ... Read the full article
Talbot’s Gillingham named head of war, terrorism at StarStone
18th October 2019
Specialty insurer StarStone has announced the appointment of Henry Gillingham as head of war & terrorism within its crisis management division. Gillingham will be based in London and is set to join in the first half of 2020. He joins from Talbot Underwriting, where he most recently served as a senior ... Read the full article
Heightened reinsurance use amid potential TRIPRA expiration: A.M. Best
18th October 2019
In the event that the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is not renewed at the end of next year, insurers continue to take appropriate risk management measures, including the increased purchase of reinsurance protection, according to A.M. Best. Signed by President Obama in January 2015, TRIPRA extended the expiration ... Read the full article
Nassau agrees to acquire Foresters life insurance & annuity firm
18th October 2019
Hartford, U.S. domiciled insurer and reinsurer, Nassau Financial Group, L.P. has announced that its subsidiary, Nassau Life Insurance Company (NNY), is to acquire Foresters Financial Holding Company, Inc. and Foresters Life Insurance and Annuity Company (FLIAC) from The Independent Order of Foresters (Foresters). Both NNY and FLIAC are New York-based life ... Read the full article
WR Berkley names David LeBlanc as Acadia president
18th October 2019
Re/insurance holding company WR Berkley Corporation has promoted David LeBlanc to serve as president of Acadia Insurance, its commercial property and casualty subsidiary. LeBlanc succeeds Douglas Nelson, who joined as president in 2011 and will now transition to chairman of Acadia. With over 35 years’ experience in the P&C insurance space, LeBlanc ... Read the full article
Munich Re announces €850mn result in Q3 despite cats
18th October 2019
Despite the costly impacts of catastrophe events in the period, global reinsurance giant Munich Re produced a consolidated result of approximately €850 million in the third-quarter of 2019. The German reinsurer states that the Q3 result is driven by good operational performance, strong currency gains, and a very good investment result, ... Read the full article
Swiss Re Corporate Solutions & Brokerslink partner on business platform
18th October 2019
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re Group, has agreed to develop a dedicated international insurance program management platform for the Brokerslink network. Brokerslink combines a global broking company with a worldwide network of independent brokers and risk consultanceis, comprising around 18,000 individuals. The new business ... Read the full article
IAG announces sale of its interest in SBI General Insurance
18th October 2019
Insurance Australia Group Limited (IAG) has announced an agreement to sell the entirety of its 26% interest in its joint venture with the State Bank of India, SBI General Insurance Company, through two transactions. The transaction includes an agreement with Napean Opportunities LLP, which is part of Premji Invest, to acquire ... Read the full article
QBE joins cyber modelling, prediction platform Corax
18th October 2019
QBE Europe, part of the QBE Insurance Group, is set to begin leveraging cyber exposure data and loss analytics provided by Corax. QBE will look to use the Corax platform to underwrite and manage cyber risk exposure. Founded in 2014, the cyber risk modelling and prediction platform has been available to the ... Read the full article
Berkshire (BHSI) announces leadership hires in Madrid
18th October 2019
Berkshire Hathaway Specialty Insurance Company (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced three leadership appointments in Madrid, including Diego Espinosa as head of property, Juan Madrid as head of casualty, and Tomás Blas as head of technical lines. Espinosa joins with over a decade of experience from RSA ... Read the full article
Re/insurers not offering cyber cover also face financial impacts: GlobalData
18th October 2019
Even re/insurers who do not offer cyber coverage could find themselves being impacted financially due to ambiguous policy wording, according to data and analytics firm GlobalData. Analysts noted that re/insurance firms may find themselves exposed to cover the cost of cyber-related claims on traditional policies such as business interruption. The UK cyber ... Read the full article
Maiden Re looks to re-domesticate to Vermont
17th October 2019
In an effort to create a more efficient structure, the principal operating subsidiary of Maiden Holdings, Ltd., Maiden Reinsurance Ltd. (Maiden Bermuda), has submitted all the required filings to re-domesticate from Bermuda to the State of Vermont in the U.S. Currently, Maiden is looking to complete the re-domestication process on or ... Read the full article
Swiss Re and Pioneer co-develop innovative telematics solution
17th October 2019
Global reinsurance giant Swiss Re has collaborated with car electronics company Pioneer to develop a first-of-its-kind telematics solution designed to provide insurers with more and improved personalised risk assessment. The innovative, co-developed solution is to be included in Swiss Re's telematics suite and as a result of the new partnership, the ... Read the full article
CNA names James Chief Risk & Reinsurance Officer, Miralles to lead Warranty
17th October 2019
U.S. commercial property and casualty (P&C) insurer, CNA, has announced a couple of management changes in Enterprise Risk Management (ERM) and Warranty, including the appointment of Mark James as Chief Risk and Reinsurance Officer. In his new role, James assumed leadership of the firm's ERM function and maintains leadership for the ... Read the full article
Guy Carpenter appoints Samengo-Turner as Global Facultative Leader
17th October 2019
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, has announced the appointment of Dominic Samengo-Turner as Global Facultative Leader, while Simon Delchar takes over as Head of Marsh JLT Specialty, Asia. Samengo-Turner will relocate to London and will report to John Trace, Chief Executive Officer (CEO), North America, ... Read the full article