Reinsurance News
Gallagher makes changes to PS&E leadership
14th August 2019
Global insurance broker Gallagher has announced a number of changes within its Public Sector & Education (PS&E) leadership team in order to best meet shifting client demand. Gallagher has revealed that Peter Mason, Executive Director of PS&E, will take on the additional responsibilities of leading a major new strategic initiative designed ... Read the full article
M&A dance to continue as reinsurers navigate difficult conditions: S&P
13th August 2019
The ongoing convergence of the insurance, reinsurance, and insurance-linked securities (ILS) markets is expected to persist, and combined with continued pressure on earnings and an increasing need for scale and relevance, is expected to drive further reinsurance sector consolidation, according to S&P Global Ratings. Despite the global reinsurance sector taking advantage ... Read the full article
BHSI adds reinstatement clause to professional liability product
13th August 2019
Berkshire Hathaway Specialty Insurance (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced that it has enhanced its Asia Executive First Directors & Officers (D&O) Liability Insurance to include a provision that reinstates policy limits exhausted by an entity or by individual needs. The reinstatement provision is automatic and is ... Read the full article
Tesla auto insurance offering “not a near-term threat”, say analysts
13th August 2019
The auto insurance offering being developed by Tesla, the Elon Musk-led automotive and energy company, is not going to disrupt the sector rapidly and the company is likely to look to partnerships, analysts said. Equity analysts from Credit Suisse recently attended a presentation by Tesla and heard the firm's Head of ... Read the full article
Maiden pegs improved capital position on AmTrust, Enstar deals
13th August 2019
Maiden Holdings says recent strategic transactions have contributed to an improved capital position and aided the company’s recovery over the second quarter of 2019. While Q2 net losses reached $15.4 million, up from $5.9 million in the prior year quarter, the firm’s book value per common share increased 39.8% from the ... Read the full article
Brookfield Business Partners acquires majority stake in Genworth Canada
13th August 2019
Brookfield Business Partners L.P. is set to acquire a 57% controlling interest in Genworth MI Canada Inc. (Genworth Canada) from Genworth Financial for approximately CAD 2.4 billion (USD 1.8 billion). Genworth Canada, through its subsidiary Genworth Financial Mortgage Insurance Company Canada, is the largest private sector residential mortgage insurer in Canada. Prior ... Read the full article
July losses reach into billions of dollars after record heat, rainfall: Aon
13th August 2019
The impact of hurricane Barry combined with a series of severe thunderstorms in the U.S., monsoonal flooding across parts of Asia, and a record-breaking heatwave in parts of Europe contributed to billions of dollars of insured losses in the month of July, according to re/insurance broker Aon. Hurricane Barry made landfall ... Read the full article
FedNat adds two Independent Directors to Board
13th August 2019
Both David Michelson and David Patterson have been selected as candidates to serve as Independent Directors on the Board of FedNat Holding Company (FedNat). The additions of both Michelson and Patterson remain subject to regulatory approval, and once this has been received, the Board will immediately expand to nine members and ... Read the full article
GlobalData sees long-term benefits as re/insurers step away from coal
13th August 2019
Data and analysis firm GlobalData has said that despite losing out in the short-term, the re/insurance industry's transition away from coal is expected to result in considerable long-term benefits. In an effort to reduce climate change and support greater use of renewable energy, global insurers and reinsurers have started moving away ... Read the full article
Globe adds Peter Rossell as Head of Engineering Underwriting
13th August 2019
UK-based managing general agent (MGA) Globe Underwriting has announced the appointment of Peter Rossell as Head of Engineering Underwriting. The growth of Globe’s engineering portfolio is part of a wider strategy to broaden its client offering and will focus on construction and operational power business. Rossell joins with over 40 years’ experience ... Read the full article
Employers Holdings adds Antonello as EVP, Chief Actuary
13th August 2019
Employers Holdings, a US small business insurance specialist, has appointed Katherine H. Antonello as Executive Vice President, Chief Actuary. Antonello most recently served as the Chief Actuary for the National Council on Compensation Insurance. Prior to that, she held various positions with Lumbermen’s Underwriting Alliance and served as its Vice President and ... Read the full article
Swiss Re to open Ivory Coast underwriting office
13th August 2019
Global reinsurance giant Swiss Re is set to open an underwriting office in Abidjan, Ivory Coast following regulatory approval from the Inter-African Conference of Insurance Markets (CIMA). Expected to be fully operational by October 1, the office will be headed by Swiss Re’s current Head of West Africa, Awa Koné. Swiss Re ... Read the full article
Aon advises HSBC on £7bn pension longevity swap with Prudential
13th August 2019
Aon has announced its involvement as an advisor in the recently-completed longevity swap transaction between The Prudential Insurance Company of America (PICA) and the HSBC Bank (UK) Pension Scheme. The longevity swap is the second largest transaction ever completed for a UK pension scheme, and concerns longevity risk in relation ... Read the full article
AXA XL adds Zurich’s Arezes to Property Insurance team in Canada
13th August 2019
Global re/insurer AXA XL has announced the appointment of Jennifer Arezes to its Property Insurance team in Canada as the firm targets national growth of its P&C Large Property business. She will work alongside Ian Rutherford, Head of Property, Canada and Urs Uhlmann, Chief Executive Officer and Country Manager of AXA ... Read the full article
LatAm reinsurance market improves technical performance: Fitch
13th August 2019
With an absence of high catastrophe insured losses in 2018, Fitch analysts say its rated reinsurers in Latin America registered an overall improvement in technical profitability. Despite some claims from 2017 events still having been paid during 2018, the combined ratio for LatAm reinsurers was registered at 97.5% at YE 2018, ... Read the full article