Reinsurance News
China Re targets overseas expansion with Hong Kong subsidiary
16th December 2019
China Re Group is set to launch a new fully-owned subsidiary, China Reinsurance Hong Kong Co. Ltd. (China Re HK), which is expected to play a vital role in the company's overseas expansion plans for its life reinsurance business. The new subsidiary will have the benefit of being able to leverage ... Read the full article
Whiplash reforms might drive a surge in reported motor claims
16th December 2019
Ahead of the implementation of the delayed Whiplash Reforms, now set to be introduced in April 2020, there might well be a surge in reported motor claims, according to Chairman of the Society of Claims Professionals, Sue McCall. The UK Government announced previously that the Soft Tissue Injury Claims reforms – ... Read the full article
MS Amlin’s Vickie Fox joins IGI’s London Marine team
16th December 2019
Specialist commercial insurer and reinsurer, International General Insurance Holdings Limited (IGI), has named Vickie Fox as Underwriter, Ports and Terminals, within its London Marine team. Fox joins IGI from MS Amlin, where she helped establish and develop the firm's marine trade offering. Prior to MS Amlin, she worked as a broker ... Read the full article
Fitch revises Sirius’ ratings outlook to negative, cites underwriting challenges
16th December 2019
Fitch Ratings has revised the rating outlook of Sirius International Group, Ltd. to Negative from Stable, which the ratings agency says reflects operating performance deterioration in recent years. At the same time, Fitch has affirmed Sirius International Group, Ltd.'s government, including its 'BBB' Long-Term Issuer Default Rating (IDR), 'BBB-' senior debt ... Read the full article
Chaucer strengthens US & International Property divisions
16th December 2019
Specialty insurer and reinsurer Chaucer has announced a number of appointments within its U.S. and International property segments, including Chance Gilliland as Head of US Property Insurance. Alongside the hiring of Gilliland, Mel Smart has been appointed as Head of International Property Fac and Michael Johnston as Deputy Class Underwriter, International ... Read the full article
Kokkalas to succeed Kassow on ERGO Germany board
16th December 2019
Theodoros Kokkalas is set to succeed Dr. Achim Kassow as Chairman of the Board of Management of ERGO Germany on 1 May 2020. Kassow, who has been with the group for over three years’, was announced recently as the succsseeor to Hermann Pohlchristoph. Kokkalas has been Chief Executive Officer of ERGO ... Read the full article
Andrée Bourgon to lead Grant Thornton’s Insurance growth strategy
16th December 2019
Grant Thornton LLP, the U.S. member firm of independent audit, tax and advisory firm Grant Thornton International Ltd, has named Andrée Bourgon as a Managing Director, overseeing the firm's Growth Strategy practice for the Insurance space. She brings more than two decades of experience to the role, and will be tasked ... Read the full article
Citizens to reduce policy count
16th December 2019
Florida's state-run insurer Citizens Property Insurance Corporation is set for an outside review as it looks to further reduce its footprint since the last external study was published five years ago. In August 2019, Senator Jeff Brandes, R-St. Petersburg, challenged the company to look at ways to further reduce its policy ... Read the full article
MAPFRE expects up to $156mn hit from Faxai, Hagibis & Chile unrest
16th December 2019
MAPFRE has revealed that it expects to assume losses of between €130 million - €140 million (USD 145mn - USD 156mn) as a result of the impacts of typhoons Faxai and Hagibis, and to a lesser amount, the damages caused by the recent disturbances in Chile. The insurer and reinsurer has ... Read the full article
Brookfield Business Partners completes Genworth Canada purchase
16th December 2019
Genworth Financial, Inc. has announced the closing of the sale of its majority share in Genworth MI Canada Inc. to Brookfield Business Partners. The deal was announced in August, and sees Brookfield Business Partners acquire a 57% controlling interest in Genworth MI Canada Inc. for approximately CAD 2.4 billion (USD ... Read the full article
Fred Willemze named Country Manager, Victor Nederland
16th December 2019
Victor Insurance Holdings, the world's largest managing general underwriter, has named Fred Willemze Country Manager, Victor Nederland, in addition to his role as Strategic Partnerships Director for Victor International. The appointment is effective immediately and Willemze will continue to report to Anthony Stevens, President of Victor International, and remains a member ... Read the full article
Japanese market to rebound despite complicated losses: AIG’s Zaffino
13th December 2019
Despite the recent impacts of catastrophe events in Japan, executives at insurer and reinsurer AIG expect the region's market to rebound and adjust to the recent and complex spate of typhoons. Highlighted by the most recent devastation caused by typhoon Hagibis, the catastrophe experience in Japan over the last 18 months ... Read the full article
Marsh adds four to aerospace team in London
13th December 2019
Global re/insurance brokerage Marsh has added Oliver Boreham, Robin Milan, Victoria Mayes, and Kevin Eley to its aerospace team in London. Boreham and Milan, who both join as aerospace brokers from K.M. Dastur and Willis Towers Watson respectively, are expected to start in the first quarter of 2020 and will report ... Read the full article
Silent risks undermine insurers’ cyber exposure efforts, says Fitch
13th December 2019
Despite underwriters being increasingly aware of the potential exposures presented by silent cyber risks it remains a very real and urgent threat, which analysts at Fitch Ratings say is key to understanding, and therefore the effective management of the evolving cyber risk landscape. In a recent report, analysts at Fitch Ratings ... Read the full article
Aon London’s Scott Taylor to lead Miller’s International FI & D&O unit
13th December 2019
Broker Miller has announced the appointment of Scott Taylor from Aon London to lead the firm's International Wholesale Financial Institutions and Directors & Officers' (FIDO) division. In his new role, Taylor will be responsible for managing and developing the broker's existing international FI and D&O offering and product. He has a ... Read the full article