Reinsurance News
Ben Dunning joins Robus Risk Services as a Director
26th July 2017
Captive insurance management, fiduciary and financial advisory firm, Robus Risk Services Limited, has hired Ben Dunning as a Director. Dunning will serve as Director of Finance and 'Client Lead' on a range of client-managed entities at Robus Risk Services, explains the firm in a statement. He started his career at insurance ... Read the full article
Lloyd’s competitive position challenged: A.M. Best
26th July 2017
Rating agency A.M. Best says that the "increasingly difficult operating environment" poses a challenge to the Lloyd's of London insurance and reinsurance market's competitive position. Despite benefiting from its structure, scale and access to business, the Lloyd's business model faces pressures like every other insurance and reinsurance entity today. A.M. Best warns ... Read the full article
QIC’s underwriting income drops 40% on Ogden & large risk losses
25th July 2017
Qatar Insurance Company (QIC) has revealed that its net underwriting income declined by 40% in the first-half of 2017 when compared with the previous year, which the firm says was driven by large losses and the UK government's decision to lower the Ogden Discount Rate to -0.75%. QIC Group's net underwriting ... Read the full article
Buffett’s Berkshire Hathaway in talks to acquire IRB Brasil Re stake: Reports
25th July 2017
Bloomberg has reported that Warren Buffett's Berkshire Hathaway is in talks to acquire a stake in Brazilian reinsurer, IRB Brasil Resseguros S.A. (IRB Brasil Re), after the Rio de Janeiro-based firm launched an initial public offering (IPO) on Friday July 7th, 2017. Reinsurance News reported that IRB Brasil Re, Brazil's largest ... Read the full article
Global reinsurers’ interest in India government crop scheme dampens
25th July 2017
Indian government officials have raised concerns over potentially inadequate reinsurance supply for the Pradhan Mantri Fasal Bima Yojana (PMFBY), the government-sponsored crop insurance scheme, as global reinsurers appear to be losing interest in supporting the scheme. Money Control cited industry sources who said global reinsurers operating in India have reduced exposure ... Read the full article
Pioneer adds Stephanie Doggart as a Marine Underwriter, Preferred Partners unit
25th July 2017
Insurer Pioneer Underwriters has hired Stephanie Doggart from IGI UK as a Marine Underwriter within its Preferred Partners division. Doggart will report to Sophie Chapman, Head Underwriter of Preferred Partners and will be based in the firm's London office. She brings 20 years of marine industry experience to the role, and joins Pioneer from IGI ... Read the full article
Ironshore International appoints Krishnan Ethirajan to Chief Operating Officer
25th July 2017
Ironshore International has appointed Krishnan Ethirajan to Chief Operating Officer (COO) - a role he's set to take on in addition to his current position as COO of IronServe. IronServe is a segment that delivers support in specialized underwriting, finance and technological support throughout the firm's global platform. Mark Wheeler, Chief Executive ... Read the full article
Insurance Europe voices support of EC’s sustainable finance goals
25th July 2017
Following the release of a report from the European Commission’s (EC) High-Level Group on Sustainable Finance, and a recent EC public hearing, Insurance Europe has said the insurance industry is ready to collaborate and engage with policymakers to support their goals. The EC's High-Level Group on Sustainable Finance was launched in ... Read the full article
Beach names Julian Goldberg as senior Vice President
25th July 2017
Beach & Associates has named Julian Goldberg, joining from RenaissanceRe Syndicate 1458, as newly appointed Senior Vice President (SVP). As Beach SVP Goldberg will be London-based, reporting to partner, Adam Hedley, and will help steer the firm's growth and management of its casualty reinsurance business and product development. Hedley commented; “Beach’s growing ... Read the full article
ITI Reinsurance calls on the IRDAI to level the playing field
25th July 2017
India's first private reinsurance firm, ITI Reinsurance, is reportedly considering whether to surrender its licence as it feels regulations implemented by the Insurance Regulatory and Development Authority of India (IRDAI) hinder the growth and development of new reinsurers, according to reports from the region. Reports from India, citing a discussion between industry executives ... Read the full article
Sirius strengthens casualty team with Erik Soria as new Vice President
25th July 2017
Sirius Group has strengthened its casualty reinsurance team with the appointment of Erik Soria, who joins from QBE Re Bermuda, to Vice President of Casualty. In his Bermuda based role, Erik will underwrite the firm's casualty portfolio, reporting to Sirius Bermuda CEO Warren Trace. Trace commented on the appointment; “I have known ... Read the full article
Swiss Re reinsures life portfolio for Bansabadell Vida
25th July 2017
Swiss Re has entered into a reinsurance arrangement with Zurich subsidiary Bansabadell Vida which will see the firm reinsure and take on the risks of a portfolio of individual life risks, in return for a reinsurance commission payment of EUR 683.7 million. Bansabadell Vida is a Spanish life insurance joint venture ... Read the full article
Everest Re’s continued growth drives profits higher
25th July 2017
Global reinsurance firm Everest Re is the first of the majors to report second-quarter 2017 earnings and the statement shows that the expansive underwriter continues to find opportunities for growth, with premiums written up 17%, helping to drive profits higher, with after-tax income rising almost 70% to $227.5 million. President and ... Read the full article
McLaughlin named EVP & Property Manager, NA Commercial Insurance, Chubb
24th July 2017
Michelle McLaughlin has been named as the new Executive Vice President (EVP) and Property Manager for property and casualty insurer, Chubb's North America Commercial Insurance unit, replacing Edward Radzinski. McLaughlin has 25 years of experience working with Chubb, and most recently held the position of Package Property Manager for Commercial Insurance. In her new role, she ... Read the full article
Brit agrees on XL Catlin exclusive yacht portfolio renewal rights deal
24th July 2017
Brit Global Specialty USA (BGSU) has reached an agreement for exclusive renewal rights to part of XL Catlin's directly written yacht portfolio. Under the agreement, Brit BGSU’s Yacht team will service legacy Catlin policies written before the firm's acquisition by XL until expiration, and then provide eligible customers with renewal quotes. Matthew Wilson, CEO, ... Read the full article
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