Reinsurance News
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
Lower cat losses help The Hanover maintain earnings growth in Q3
31st October 2019
Massachusetts-based property and casualty insurer The Hanover Insurance Group has reported an 18.4% increase in net income during the third quarter of 2019, helped by lower catastrophe losses. The company posted net income of $118.9 million in Q3 2019, compared with $100.4 million for the same period last year. Catastrophe losses came ... Read the full article
Market is missing the point on climate change: RenRe CEO O’Donnell
31st October 2019
While a growing body of scientific research suggests that increases in the severity and frequency of catastrophe events are man-made, the re/insurance industry remains focused on the impacts of social inflation and is missing the point on the influence of climate change on catastrophe risk, says the Chief Executive Officer ... Read the full article
Marchioni to become Selective CEO, as Murphy moves into Chairman role
31st October 2019
Selective Insurance Group, Inc. has announced that John Marchioni has been elected to take over as Chief Executive Officer (CEO) from February 1, 2020. Marchioni has served as Selective’s President and Chief Operating Officer (COO) since 2013, and was elected to the Board of Directors in May 2019. As CEO, he will ... Read the full article
Nassau selects digital administration platform from SE2
31st October 2019
Nassau Financial Group, L.P. has selected the digital platform from SE2, a third-party administration (TPA) services provider, to convert and manage existing life and annuity policies across multiple legacy systems. The SE2 Aurum platform is designed to enhance customer experience, optimise cost structure, and increase speed-to-market for future products. SE2 currently manages ... Read the full article
Willis Towers Watson announces three new cyber policies
31st October 2019
Global insurance and reinsurance broker, Willis Towers Watson (WTW) has launched a range of new cyber insurance policies for clients in the U.S., Canada, the UK, and Western Europe. WTW states that the three new policies offer innovative, bespoke solutions for large enterprises and mid-market clients, enabling them to fully assess, ... Read the full article
Tokio Marine Kiln launches flagship cyber product in Asia
31st October 2019
Tokio Marine Kiln, part of global insurance group Tokio Marine, has launched its flagship cyber product in Asia. Cyber Ctrl was developed in response to an increasing demand for comprehensive cyber coverage and prevention services, and offers businesses specialist breach preparation and threat monitoring services. Marketed as a policy enhancement to small ... Read the full article