Reinsurance News
Stephen O’Flynn joins Ariel Re from Tokio Millennium Re
22nd May 2019
Ariel Re, a member of Argo Group, has named Stephen O'Flynn as its Head of Professional Lines and Casualty Treaty Underwriting, Bermuda, effective June 10th, 2019. In his new role, O'Flynn will report to Deputy Global Head of Reinsurance at Ariel Re, Matthew Wilken. He will be tasked with establishing, underwriting ... Read the full article
Ex-Lloyd’s CFO John Parry moves to Armour
22nd May 2019
Bermuda based insurer Armour Group has announced the appointment of John Parry as its Group Chief Financial Officer (CFO), starting in June. Lloyd’s of London revealed earlier this month that Parry was set to leave the corporation, where he has worked since 2001, most recently as CFO. In this role, he ... Read the full article
Willis Re & Concirrus partner on specialty re/insurance using IoT
22nd May 2019
The global reinsurance arm of broker Willis Towers Watson, Willis Re, has entered into a strategic partnership with InsurTech firm Concirrus to transform specialty re/insurance products by leveraging data from the Internet of Things (IoT). Under the partnership, Willis Re will join London-based Concirrus' Power20, a community of visionaries who are ... Read the full article
Nigeria revises minimum capital bases for re/insurers
22nd May 2019
The National Insurance Commission (NAICOM) of Nigeria has announced the recapitalisation of insurance and reinsurance companies operating in the country. The minimum capital base for reinsurance companies has been increased from N10 billion (USD $27.7 million) to N20 billion ($55.5 million), and from N3 billion ($8.3 million) to N10 billion ($27.7 ... Read the full article
The private re/insurance sector is ready to tackle rising flood losses: Swiss Re’s Noriega, Wiese
21st May 2019
Insurers and reinsurers are ready to meet growing public desire for improved flood coverage as the risk of flooding to communities continues to rise across the globe, according to Swiss Re’s Santiago Noriega and Alexa Wiese. “On average, flooding affects more people worldwide than any other type of natural catastrophe because ... Read the full article
Activity in the European insurance run-off market to increase, says S&P
21st May 2019
International financial services rating agency, S&P Global Ratings, expects stable to gradually increasing activity in Europe's property and casualty (P&C) run-off market. More so for longer tail lines, S&P expects annual growth in liabilities in run-off of between 1% and 2% until the year 2020. Over the next few years, the ratings ... Read the full article
Fairfax appoints interim Chief Financial Officer
21st May 2019
Fairfax Financial Holdings Limited has appointed John Varnell, Vice President, Corporate Development, to serve as interim Chief Financial Officer (CFO) following the sudden death of Vice President and CFO, David Bonham, this past weekend. Fairfax Chairman and Chief Executive Officer (CEO), Prem Watsa, commented: "The entire Fairfax family mourns the sudden and unexpected loss ... Read the full article
LSM adds AIG’s Paul Kunzer to lead new trade credit multi-buyer product line
21st May 2019
Liberty Specialty Markets, part of Liberty Mutual Insurance, has announced the appointment of Paul Kunzer to the role of Head of Trade Credit Multi-buyer and Excess of Loss. He will be leading the development of LSM’s new Trade Credit offering for Multi-Buyer and XOL programs. Kunzer will be based in Chicago and ... Read the full article
Voce accuses Argo of underhanded tactics, withdraws nominations
21st May 2019
Voce Capital Management has accused Argo of underhanded tactics that the firm states underscores its "culture of deception and entrenchment", as two states revoke their prior approvals of the filing of Voce's definitive proxy statement. The latest twist in the ongoing saga between the companies has cast doubt over Voce's ability to ... Read the full article
Greenlight Re Innovations backs online dispute resolution start-up
21st May 2019
Greenlight Re Innovations, part of the specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has announced a strategic investment in FairClaims, an online insurance and consumer dispute resolution start-up. Based in Los Angeles, FairClaims has developed an online system that helps claimants to drive settlement via negotiation and mediation. It ... Read the full article
Beazley adds Cal Spessard to lead environmental liability claims team
21st May 2019
Specialist insurer Beazley has appointed Cal Spessard to lead a team responsible for handling claims arising from the company’s environmental liability business. Spessard, who will be based in New York, joins from environmental risk management specialists WCD Group, where he served as Director of claims and litigation services. Prior to joining WCD ... Read the full article
Lloyd’s misconduct cases could appear by next week: Carnegie-Brown
21st May 2019
Lloyd’s Chairman Bruce Carnegie-Brown has said that two or three cases of serious misconduct in the insurance and reinsurance marketplace could emerge by next week, according to reports from City A.M. Speaking to the publication at the City Week conference in London, Carnegie Brown revealed that there were “two or three ... Read the full article
Munich Re Life US appoints RGA’s Quentin Marsh to CFO role
21st May 2019
The US Life division of reinsurance giant Munich Re has announced the appointment of Quentin Marsh as Chief Financial Officer, US Life and Health. Marsh, who was most recently Vice President in the Global Financial Solutions unit of Reinsurance Group of America, will report to Marc-André Giguère, President and Chief Executive ... Read the full article
Aviva’s James Drew joins Brit as Head of Outwards Reinsurance
21st May 2019
James Drew, previously Head of Reinsurance at Aviva, has been appointed as Head of Outwards Reinsurance at Brit, effective July 1st, 2019. Based in London, Drew will report to Christiern Dart, Brit's Group Chief Underwriting Officer (CUO) and will also work closely with Reinhard Seitz, currently Head of Outwards Reinsurance at ... Read the full article
Insurers could pay more than $750 million in claims from Las Vegas shooting
21st May 2019
MGM Resorts has said that it could payout up to $800 million to settle liabilities from the 2017 mass shooting in Las Vegas. The attack on the crowd at an open-air concert claimed the lives of 58 people and injured more than 800, and plaintiffs are looking for compensation for a ... Read the full article