Reinsurance News
P&C broker Amanda Lee joins Miller in Singapore
14th February 2019
Global insurance and reinsurance broker, Miller, has announced the appointment of Amanda Lee to its Singapore division, a move that further strengthens the broker's specialty lines offering in Asia. Working closely with the broking teams in both Singapore and London in order to support growth plans with both existing and new ... Read the full article
TT Club appoints Andrew Peers as Senior Underwriter
14th February 2019
TT Club, a provider of insurance and risk management services for the international transport and logistics industry, has appointed Andrew Peers as Senior Underwriting for its UK, Benelux and Nordic underwriting team. Peers joins the Club from RSA, where he has spent the last 17 years, most recently leading a team ... Read the full article
Aon highlights greatest cyber security challenges for businesses
14th February 2019
Global insurance and reinsurance broker Aon has published a new report that details the greatest cyber security threats and challenges to organisations in 2019, highlighting both the significant opportunities and risks that new technologies bring. The 2019 Cyber Security Risk Report identified eight key areas where business are likely to face ... Read the full article
Townsville flooding triggers Suncorp’s aggregate reinsurance program
14th February 2019
Australian primary insurer Suncorp Group has revealed that catastrophe losses resulting from the recent flooding in the city of Townsville, Queensland have triggered its Natural Hazards Aggregate Protection (NHAP) reinsurance program. The company explained that, while it is still too early to estimate the gross costs of the flooding, its losses ... Read the full article
RGA strikes deal with Manulife to reinsure longevity risk of 45,000 annuitants
14th February 2019
RGA Life Reinsurance Company of Canada (RGA Canada), a subsidiary of global life and health reinsurer RGA, has announced the completion of a transaction with The Manufacturers Life Insurance Company (Manulife) that will see it reinsure longevity risk from an in-force block of Canadian group payout annuities. In aggregate, RGA Canada ... Read the full article
Hannover Re’s Glencar Insurance receives A+ rating from A.M. Best
14th February 2019
Glencar Insurance Company (GIC), a newly established subsidiary of German reinsurer Hannover Re, has received a financial strength rating of A+ (Superior) from A.M. Best. The rating agency also assigned GIC a long-term issuer credit rating of “aa”, in addition to a stable outlook. A.M. Best explained that the ratings reflected GIC’s ... Read the full article
Lancashire pleased with resilient reinsurance programme
14th February 2019
High levels of catastrophe losses hit Lancashire's operating performance in the fourth-quarter of 2018, but despite this, the firm's resilient portfolio and reinsurance programme contributed to a positive performance for the full-year. Lancashire has reported a net operating loss of $13.9 million for the fourth-quarter of 2018, compared with a loss ... Read the full article
Volatile market, nat cats see AIG report $559m Q4 loss
14th February 2019
Catastrophe losses and poor investment returns in a volatile market have seen American International Group (AIG) report an adjusted after-tax loss of $559 million. In addition, the company added $365 million to its reserves in the quarter to cover policies issued in 2016 and earlier. For the full year, this figure totalled ... Read the full article
Suncorp to increase reinsurance spend by $200mn after cat losses dent results
14th February 2019
Suncorp Group, the Australian primary insurer, has announced that it plans to purchase an additional AUD $200 million (US $142 million) of natural perils reinsurance cover in FY 2020 after catastrophe losses of $580 million dented the Group’s profits in 1H 2019. The insurer reported net profit after tax of $250 ... Read the full article
Ryan Specialty Group to acquire wholesale broker Westphalen
14th February 2019
Ryan Specialty Group has agreed to acquire the assets and operations of Westphalen Insurance Services Inc., an independently owned wholesale insurance brokerage located in Edmond, Oklahoma. The Westphalen team will become part of R-T Specialty, the wholesale brokerage unit of Ryan Specialty Group, and will establish the company’s presence in Oklahoma. Founded ... Read the full article
AmTrust Title Insurance promotes Felice Shapiro to General Counsel role
14th February 2019
AmTrust Title Insurance Company, the title insurance subsidiary of P&C re/insurer AmTrust Financial Services, has announced the promotion of Felice K. Shapiro to the role of General Counsel for AmTrust Title and First Nationwide Title. In her new role, Shapiro will be responsible for all underwriting decisions for both AmTrust Title ... Read the full article
Sompo International’s Italian agriculture unit transitions to insurance agency
14th February 2019
Sompo International Holdings, the Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced that its wholly owned subsidiary, A&A S.r.l, is now able to operate as a multi-mandate insurance agency. A&A, which was acquired by Sompo in March 2018, has operated as a broker in the Italian agriculture ... Read the full article
Munich Re partner looking to drop stake in Indian health venture, report sources
13th February 2019
The founders of India’s Apollo Hospitals Enterprise are reportedly planning to sell their stake in a joint health insurance venture with Munich Re, according to sources at Bloomberg. People with knowledge of the matter told the publication that Prathap C. Reddy and his family were looking to sell their entire holding ... Read the full article
Ironshore Environmental offers storage tank policy through online portal
13th February 2019
Ironshore Environmental, the environmental re/insurance unit of Bermuda-domiciled holding company Ironshore Inc., has announced that it has made its stand-alone storage tank policy accessible to brokers through an online Quote & Bind Portal. The policy addresses first and third-party liability in response to releases from an array of underground and aboveground ... Read the full article
Nassau Re implements new investment strategies, creates Private Credit unit
13th February 2019
Private equity-backed reinsurer Nassau Re has created a new investment unit, called Nassau Private Credit (NPC), as part of the implementation of new investment strategies in its asset management segment. NPC will enable Nassau Re to invest directly in collateralised loan obligation (CLO) equity and related investments for third-party institutional investors. The ... Read the full article