Reinsurance News
BMS builds Australia presence with senior hires from Gallagher
8th November 2018
Independent specialist insurance and reinsurance broker BMS Group Limited has expanded its operations in Australia with the appointments of Stuart Davies as a Director and Samantha Ford as a Corporate Broker. Davies has 25 years’ experience in the UK and Australia re/insurance markets and joins BMS Australia from Gallagher, where he ... Read the full article
MassMutual takes on $50mn of pension liabilities from Scripps
8th November 2018
Massachusetts Mutual Life Insurance Company (MassMutual) has agreed to take on approximately $50 million of pension plan obligations from U.S broadcasting company. E.W. Scripps. The transaction, which involves a group annuity contract, will see MassMutual assume responsibility for the pension benefits of approximately 2,000 Scripps retirees and beneficiaries. Scripps plans to fund ... Read the full article
Insured losses from Hurricane Michael likely to reach $8bn, says Aon
8th November 2018
The latest Global Catastrophe Recap report from re/insurance broker Aon has estimated that total economic losses from Hurricane Michael will exceed US $15 billion, with public and private re/insurers likely to incur pay-outs of at least $8 billion. Aon’s Impact Forecasting team based their estimate on both physical damage and net ... Read the full article
Brit Global Specialty USA names head of Cyber & Technology
8th November 2018
Brit Global Specialty USA (BGSU), a division of global specialty re/insurer Brit Ltd, has appointed Jeff Norton as Senior Vice President, Cyber & Technology, effective October 1, 2018. Norton joins BGSU from Beazley Group, where he most recently served as a Senior Underwriter, Private Enterprise, with responsibility for leading the U.S ... Read the full article
Canopius hires SCOR’s Marco Silva as Senior Property Treaty Underwriter
8th November 2018
Global specialty lines re/insurer Canopius has announced the appointment of Marco Silva as Senior Underwriter, Property Treaty Reinsurance in London. Silva joins Canopius from SCOR, where he most recently served as a Senior Property Underwriter in the treaty team based in London. He has 25 years’ industry experience and has held various ... Read the full article
Premium growth and rate rises outweigh cat losses for Beazley at Q3
8th November 2018
Strong premium growth across all divisions and an average 3% rate increase on renewal business have driven profits for specialist insurer Beazley at the third quarter of 2018 despite significant catastrophe losses. Gross premiums written by Beazley for the nine months ended 30 September 2018 increased by 11% year-on-year to $1.96 ... Read the full article
Italy storms caused over €3bn in economic losses, says Minister
8th November 2018
The storms that battered Italy with flooding and windspeeds of up to 190km/h (118mph) towards the end of October 2018 are expected to cause economic losses in excess of €3 billion (US $3.44 billion), according to the country's Transport and Infrastructure Minister, Danilo Toninelli. "I think that the total bill of ... Read the full article
Hannover Re remains on target, despite using up major loss budget in Q3
8th November 2018
Global reinsurance player Hannover Re said this morning that it remains on target for its full-year profit, despite the impacts of catastrophe events in the third-quarter using up its full major loss budget. Hannover Re noted that its group net income was up by 32.1% at September 30th to EUR 725.3 ... Read the full article
Barbican to increase Lloyd’s capacity in some lines, but withdraw from others
8th November 2018
Barbican Insurance Group's 2019 business plan for its Lloyd's of London syndicate Barbican 1955 has been approved, but the firm will deploy more capacity into some specialty lines, while withdrawing completely from other areas of business. Barbican said that Syndicate 1955 will focus on its core markets, with an increased focus ... Read the full article
Brokers’ cost model is not sustainable, says Ed CEO Steve Hearn
7th November 2018
Brokers have an essential role in the value chain and there are huge opportunities for intermediaries going forward, but seizing them will require companies to rethink unsustainable cost models and commission fees, according to Steve Hearn, CEO of global re/insurance broker Ed. Speaking during a presentation at Lloyd’s of London, Hearn ... Read the full article
Validus Specialty appoints Head of U.S Political Risk and Credit Insurance team
7th November 2018
Validus Specialty Underwriting Services has appointed Corina Monaghan to lead its U.S Political Risk and Credit Insurance team, based in New York. Monaghan joins Validus Specialty from JLT North America, where she most recently served as head of Political Risks, spearheading consulting and brokerage for crisis management. She brings expertise in political ... Read the full article
AIG completes acquisition of Glatfelter Insurance Group
7th November 2018
Global insurer American International Group (AIG) has completed its acquisition of full-service broker and insurance company Glatfelter Insurance Group. The transaction, which was first announced in September 2018, has closed following receipt of regulatory approvals and satisfaction of other closing conditions. AIG said that it plans to utilise Glatfelter’s specialty programs ... Read the full article
Commercial insurance market set to firm as casualty losses mount: WTW
7th November 2018
Commercial insurance buyers are expected to face firming prices across multiple business lines, driven in part by losses across the casualty space, according to broker Willis Towers Watson (WTW). Casualty insurance losses are mounting, WTW says in its latest Marketplace Realities report, leading the broker to forecast some firming of prices ... Read the full article
MMC acquisition approved by JLT shareholders
7th November 2018
The shareholders of broker Jardine Lloyd Thompson Group plc have overwhelmingly voted in favour of the firms acquisition by broking and advisory giant Marsh & McLennan Companies, Inc. (MMC). Demonstrating just how much support there was for the acquisition deal, of the shares voted, 99.9% voted in favor of the transaction, ... Read the full article
Cyber risk a growing concern for D&O re/insurers, Airmic report finds
7th November 2018
Cyber risk is a growing concern for Directors and Officers (D&O) liability re/insurers as business models continue to increasingly integrate and revolve around technology, according to a new report published by Airmic with support from Marsh and AIG. Airmic found that the frequency of cyber-attacks has continued to rise dramatically, with ... Read the full article