Reinsurance News
2019 is the year of building the toolkit: Catlin, Brand, Convex
11th October 2019
Specialty insurer and reinsurer Convex continues to build its toolkit and lay strong foundations in a changing reinsurance market landscape, explains Stephen Catlin and Paul Brand. In an interview with Reinsurance News, Convex co-founders Catlin and Brand, discussed the thinking behind the launch of the international specialty re/insurer, the story so ... Read the full article
There’s a measurable difference in today’s climate, says RenRe’s O’Donnell
11th October 2019
Kevin O’Donnell, the President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe (RenRe), has said that today, observable change in the world's climate is taking place. “There’s a measurable change that is going on, there is a measurable difference in today’s climate compared to previous climate,” said O’Donnell, addressing an ... Read the full article
IGI announces public listing via $400mn Tiberius deal
11th October 2019
International General Insurance Holdings (IGI), the specialist commercial re/insurer, has entered into a business combination agreement with special purpose acquisition firm Tiberius Acquisition Corp., which will result in the public listing of IGI. The agreement prices IGI at approximately 1.26x its book value of $316 million (as of June 30, 2019), ... Read the full article
Shift in risk curve inevitable, mitigation vital: Mowery, Guy Carpenter
11th October 2019
There are things that governments, insurers, reinsurers and policyholders can do to significantly mitigate losses as the risk curve continues to shift, according to Lara Mowery, Head of Global Property Practice at reinsurance broker Guy Carpenter. Speaking during a panel session yesterday at the ILS Bermuda Convergence 2019 conference, Mowery underlined ... Read the full article
PartnerRe makes key exec changes as EVP & CFO departs
11th October 2019
Mario Bonaccorso, the Executive Vice President and Chief Financial Officer of Bermudian reinsurer PartnerRe, is to depart the company on 31 March 2020 in order to pursue a new entrepreneurial venture. Bonaccorso will be succeeded by Nicolas Burnet, who joins from Zurich after serving across a number of senior positions for ... Read the full article
Re/insurance to cover less than half of Dorian’s $1.2bn US impact: Aon
11th October 2019
Public and private re/insurance is expected to cover less than half of the total $1.2 billion economic impact of Hurricane Dorian in the US, according to Aon’s September Global Catastrophe Recap report. The month was characterised by a number of large industry losses, but Aon’s estimates also show that industry costs ... Read the full article
AXIS Capital pegs Q3 cat losses at up to $175mn, exceeding forecasts
11th October 2019
Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has estimated that it will incur between $150 million and $175 million of catastrophe losses in the third quarter of 2019. The preliminary pre-tax estimates relate to losses stemming from Hurricane Dorian, Japanese typhoons, and other weather related events. Notably, this loss range ... Read the full article
Trident Marine adds Jeana Ramos as director of underwriting
11th October 2019
Trident Marine Managers, a specialty marine and offshore energy Managing General Underwriter, has announced the appointment of Jeana Ramos as director of underwriting. Ramos’ appointment coincides with the establishment of a new office in Lodi, California. She brings over 25 years’ experience across the commercial and recreational Marine sector, as well as ... Read the full article
P&C insurers’ surplus hits record $800bn amid unremarkable results
11th October 2019
Private property and casualty insurers in the US saw surplus levels hit a record $802.2 billion in the first half of 2019, driven by insurer income and unrealised capital gains, says data analytics provider Verisk and the American Property Casualty Insurance Association. Despite a significant downturn at the end of last ... Read the full article
Prudential takes on $2.4bn of pension liabilities from Baxter
11th October 2019
The Prudential Insurance Company of America, a subsidiary of US insurance and investment firm Prudential Financial, Inc., has entered into a deal to take on $2.4 billion of pension liabilities from health care provider Baxter International. Under the agreement, Prudential will assume future benefit obligations and annuity administration for certain retirees ... Read the full article
Sedgwick bolsters UK leadership team
11th October 2019
Sedgwick, a provider of technology-enabled risk, benefits and integrated business solutions, has made two senior staff adjustments designed to position the firm’s UK leadership team to deliver on strategic development plans. Adrian Cartwright-Bain has been promoted to oversee a newly created specialist division focused on forensic accounting services and the global ... Read the full article
Gallagher acquires Kentucky-based insurer Garrett-Stotz
11th October 2019
US global insurance brokerage and risk management services firm Arthur J. Gallagher & Co. has announced the purchase of Garrett-Stotz Company, a Kentucky-based insurance agency. Garrett-Stotz was founded in 1931 and is a full-service commercial and personal lines property/casualty and benefits agency. The firm's areas of specialisation include construction/surety, real estate and ... Read the full article
On average, renewal rates across commercial lines up in Q3: IVANS
11th October 2019
Year-over-year, average premium renewal rate changes in the third-quarter of 2019 increased across all lines of business, although Workers' Compensation remains in negative territory, as recorded by the IVANs Index, a division of Applied Systems. The IVANS Index is released on a monthly basis as a data-driven report of current conditions ... Read the full article
HDI Specialty appoints RSA’s Simon Hunt as finance director
11th October 2019
HDI Global Specialty SE, the specialty lines insurer launched collaboratively by Hannover Re and HDI Global, has added Simon Hunt as director of finance and operations, effective immediately. Hunt will be based in the firm’s London office and will also join its UK executive team. He joins from RSA, where he served ... Read the full article
Turbulent MENA market both a challenge & opportunity: AM Best
11th October 2019
Increased turbulence across a Middle East and North Africa market characterised by challenging conditions, overcapacity, and a rise in large loss activity is creating challenges for some and opportunities for others, according to a recent report by AM Best. The ratings agency had warned earlier this year that re/insurers operating ... Read the full article