Reinsurance News
Amerisure hires Robert Bateman as CFO & Treasurer
10th May 2019
Amerisure Mutual Insurance Company, the U.S property and casualty insurer, has announced the appointment of Robert Bateman as its new Chief Financial Officer (CFO) and Treasurer. He will succeed outgoing CFO Matthew Simon, who is retiring from Amerisure after 21 years of service. Bateman joins the company from Infinity Property & Casualty ... Read the full article
PERILS updates Townsville flood loss estimate to AUD $1.04bn
10th May 2019
Catastrophe loss data aggregator PERILS has updated its insured loss estimate to AUD $1.041 billion (USD $728.28 million) for the floods that hit the Australian city of Townsville, Queensland in February 2019. The update compares with PERILS’ initial loss estimate of AUD $957 million (USD $669 million), which was issued ... Read the full article
Cat losses push Peak Re’s profit down to $19.5mn in 2018
10th May 2019
Hong Kong domiciled reinsurer Peak Reinsurance Company Limited (Peak Re) reported net profit of $19.5 million for 2018 as its earnings were impacted by several large natural catastrophe events. The reinsurer’s combined ratio for the year was 98.3%, with 2018 representing the sixth consecutive year of growth for the company despite ... Read the full article
ProSight names Hannon CEO, as Beneducci takes Exec Chairman role
10th May 2019
ProSight Specialty Insurance has announced that Larry Hannon will take over as its Chief Executive Officer (CEO), succeeding Joe Benducci, who will be moving into the role of Executive Chairman. Beneducci, who founded ProSight in 2009, will remain as Chairman until May 2020. He has previous experience as President & CEO of ... Read the full article
Investment return more than offsets underwriting loss for Third Point Re in Q1
10th May 2019
Hedge fund style reinsurer Third Point Re has announced record net income of $132.9 million for the first-quarter of 2019, a significant improvement on the $26 million net loss reported for the same period in 2018. The improvement was driven by an investment gain of $155 million for the quarter, which ... Read the full article
Lloyd’s participants that fail to meet standards could face deregistration
10th May 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has warned that failure to meet its expectations regarding harassment, bullying, discrimination or misconduct related to alcohol or drugs, could result in deregistration from the marketplace. As Lloyd's continue to modernise, it recently published a bulletin introducing an updated set of rules applicable ... Read the full article
Bredahl resigns from Third Point Re as Malloy named CEO
10th May 2019
Third Point Reinsurance Ltd., the Bermuda-based, hedge fund backed reinsurer, has announced that Daniel Malloy is to take over the role of Chief Executive Officer (CEO) from Robert Bredahl, whose resignation has been accepted by the Board of Directors. Malloy, who currently leads the company’s main operating subsidiary, Third Point Reinsurance Company ... Read the full article
Growth trends continue for commercial lines rates in April: IVANS
10th May 2019
Commercial lines rate movements were mixed in April but generally showed a continuation in the trend of increases across most lines, according to data from the latest IVANS Index. IVANS, which is a division of Applied Systems, observed an uptick in premium renewal rates for General Liability, Umbrella, and Workers’ Compensation ... Read the full article
RSG expands specialty footprint with Atlantic Specialty Lines acquisition
10th May 2019
Ryan Specialty Group (RSG) has reached an agreement to purchase the assets and operations of wholesale insurance brokerage, Atlantic Specialty Lines, Inc. (ASL), expanding the firm's specialty footprint in the Mid-Atlantic and Southeast regions. ASL is headquartered in Richmond, Virginia, and has additional offices in Illinois, Florida, Louisiana, New York, Pennsylvania, ... Read the full article
AFL Insurance Brokers names Jonathan Bines as UK CEO
10th May 2019
Independent Lloyd’s broker AFL Insurance Brokers Ltd has announced the appointment of Jonathan Bines as Chief Executive Officer (CEO) of AFL UK, effective June 1. Bines joined AFL in April 2018 as Chief Commercial Officer, having arrived from JLT, where he was a Senior Partner for Specialty Property & Casualty. He ... Read the full article
LockerGoga cyber attack was a wake-up call: Johansmeyer, PCS
9th May 2019
The LockerGoga ransomware attack was a wake-up call for the insurance and reinsurance industry and underlines the complex, emerging, and fast-moving nature of cyber risk, according to Property Claim Services (PCS) Co-Head, Tom Johansmeyer. LockerGoga is the strain of ransomware behind the recent Norsk Hydro cyber attack, as well as multiple attacks on ... Read the full article
Allianz (AGCS) makes senior appointments to alternative risk transfer unit
9th May 2019
Allianz Global Corporate & Specialty SE (AGCS) has announced that Grant Maxwell, current Head of Alternative Risk Transfer (ART) for its Regional Unit London (RUL), is to move into a newly created global role as Head of Underwriting and Portfolio Management. Additionally, Dan Tomlinson, currently a senior ART underwriter in London, ... Read the full article
Downturn in TransRe profits offset Alleghany’s Q1 growth
9th May 2019
Alleghany Corporation posted a 46.4% increase in revenue for the first quarter of 2019, offset by a downturn in the underwriting profit of its reinsurance subsidiary, Transatlantic Reinsurance Company (TransRe). TransRe generated underwriting profits of $40.0 million in Q1 2019, down 59.5% from $98.8 million when compared with the same period ... Read the full article
Liberty Specialty appoints new Claims Manager for Energy, Property and Construction
9th May 2019
Gavin Coley has joined Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, as Claims Manager - Energy, Property and Construction, effective immediately. Coley joins LSM from Neon Underwriting, where he was Technical Head of Claims for two years, contributing to the delivery and implementation of the company's claims ... Read the full article
Lloyd’s modernisation plans entail high execution risk: Moody’s
9th May 2019
The modernisation reforms proposed by insurance and reinsurance market Lloyd’s of London are credit positive, according to analysts at Moody’s, but will be subject to a high degree of execution risk due to the substantial investments and cultural changes required. The plans, which aim to reduce the cost of doing business ... Read the full article