Reinsurance News
Hurricane Dorian a little weaker, but still set to skirt Florida coast
3rd September 2019
Hurricane Dorian has weakened slightly today after spending around 24 hours parked over the Bahamas where it has caused significant devastation. Reports suggest as many as 13,000 residential properties in the Bahamas have been damaged or completely destroyed, while reports of lives lost are beginning to come in. The islands face a ... Read the full article
Pioneer Underwriters names Hazel Beveridge as Chief Actuary
3rd September 2019
Pioneer Underwriters, the underwriting group within Minova Insurance Holdings Ltd, has named Hazel Beveridge as Chief Actuary. Effective September 1st, 2019 Beveridge will join the firm's Executive Committee and reports to Pioneer's Chief Executive Officer (CEO), Andrew McMellin. She brings more than 20 years of pricing and reserving experience to the role, ... Read the full article
Chris Beazley named Head of Reinsurance at MS Amlin as James Few departs
3rd September 2019
Global insurer and reinsurer MS Amlin has announced that Chris Beazley, Chief Executive Officer (CEO) of MS Amlin AG, will take on the additional role of Head of Reinsurance, replacing James Few. The expansion of Beazley's leadership role to include all of MS Amlin's reinsurance business is effective immediately, and sees ... Read the full article
Validus’ Jonathan Ritz appointed President of Aspen
3rd September 2019
Bermudian insurer and reinsurer Aspen Insurance Holdings Limited has announced the appointment of Jonathan Ritz as its President, effective immediately. Formerly, Ritz was Chief Executive Officer (CEO) of Validus' US Insurance operations, including Western World Insurance Group, Crop Risk Services and Validus Specialty, all of which were acquired by AIG in ... Read the full article
BGC Insurance adds JLT’s Bruce Fine to aviation re/insurance brokerage
3rd September 2019
BGC Insurance Group (BGCI), a division of broker and fintech firm BGC Partners, has announced the addition of Bruce Fine to its new global aviation and space re/insurance brokerage. Based in Atlanta and Chicago, Fine will serve as Managing Partner for US Aviation and Aerospace, as well as President of the ... Read the full article
Reinsurance profitability remains subdued but outlook still stable, says Fitch
3rd September 2019
Fitch Ratings has provided a stable outlook for the global reinsurance sector for 2020, largely driven by subdued profitability, historically low risk-adjusted prices and low investment yields persisting amid a weak global economic outlook. The rating agency adds that the outlook is partly down to the high quality of its ratings ... Read the full article
Fidelis Underwriting adds marine experience to London underwriting team
3rd September 2019
Bob Clarkson has joined the London underwriting team of Fidelis Underwriting Limited, a subsidiary of Bermuda-based Fidelis Insurance Holdings Limited. His appointment comes as part of the group's strategic initiative to continue to develop its focused offering of specialty insurance solutions. Clarkson brings three decades of industry experience to the role, as ... Read the full article
Stable reinsurance outlook underpinned by pricing & capital: Moody’s
3rd September 2019
Rating agency Moody’s has maintained its stable outlook for the global reinsurance industry going into 2020, with strong capitalisation and rising prices offset by low interest rates and falling reserve releases. Analysts at the firm noted that reinsurers’ regulatory and economic capital has remained resilient thanks to increased use of retrocession, ... Read the full article
Liberty promotes Alice Blake in Bermuda reinsurance build-out
3rd September 2019
Liberty Mutual Re, part of the Liberty Mutual Insurance Group, has announced the promotion of Alice Blake to the role of Senior Underwriter – Financial Risks Reinsurance. Based in Bermuda, her appointment comes as part of a push to build out Liberty Mutual Re’s reinsurance operations on the island. Blake will also ... Read the full article
Secular headwinds to continue for reinsurers, but rates may rise 5% in 2020
3rd September 2019
Reinsurance firms are expected to continue facing "secular headwinds" to their business models in 2020, with rate rises of around 5% expected at renewals next year, but these may not be sufficient to offset the continued competitive trends faced. This is according to rating agency S&P Global Ratings, who said this ... Read the full article
Primary segment often a drag for hybrid reinsurers, say industry experts
3rd September 2019
For many reinsurers utilising a hybrid business model, the insurance segment has often been a drag on profitability that has outweighed any benefits it affords, according to a panel of industry experts. Speaking on AM BestTV, Mario Bonaccorso, Chief Financial Officer at PartnerRe, said that his company had made a deliberate ... Read the full article
Lloyd’s modernisation plans carry high execution risk: Moody’s
3rd September 2019
The Lloyd's of London insurance and reinsurance market's plans to modernise and reduce costs are positive, but come with a high degree of execution risk, according to Moody's. Back in May, Lloyd's announced a new strategy focused on delivering higher quality risk protection for the market’s clients. The six proposed transformational ... Read the full article
Convex signs up Clearwater for investment accounting & reporting
3rd September 2019
Convex Group, the international specialty insurance and reinsurance firm established by Stephan Catlin and Paul Brand, has signed up Clearwater as a provider of investment accounting, reporting and related data services. Convex, which launched with $1.8 billion of initial committed capital of which $1.6 billion is currently drawn, has chosen ... Read the full article
Opportunities ahead for expanding legacy market, but caution needed: IRLA
3rd September 2019
The legacy market continues to show an uptick in both deal size and volume, with many promising opportunities ahead, but re/insurers also need to exercise restraint to ensure they aren’t pushing for transactions at unrealistic levels. This is according to directors at the Insurance & Reinsurance Legacy Association (IRLA), who sat ... Read the full article
US faces prolonged threat as Hurricane Dorian slows to a crawl
2nd September 2019
Hurricane Dorian has continued to slow as it tracks over the Bahamas and towards the US, with dangerous hurricane-force winds expected to batter the length of the east coast throughout the whole week. The storm is still maintaining Category 5 strength, with maximum sustained wind speeds of 155mph, but is currently ... Read the full article