Reinsurance News
Liberty adds cyber underwriter to Zurich office
16th October 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Roland Heinesch to serve in a newly-created cyber underwriter role in its Zurich office. Reporting to Felix Böni, Switzerland General Manager, Heinesch will be responsible for the development of LSM’s cyber book in the region. Prior to joining Liberty in ... Read the full article
Michael will not meaningfully impact reinsurance pricing: J.P. Morgan
16th October 2018
Analysts at J.P. Morgan have claimed that even a loss towards the upper end of the range of initial insured loss estimates for Hurricane Michael would be manageable for the property and casualty (P&C) industry and unlikely to meaningfully affect reinsurance prices. Catastrophe modellers currently put the range of insured losses ... Read the full article
Victor appoints Eric Solash as Head of Capital Markets
16th October 2018
Victor Insurance Holdings, the managing general underwriter previously known as The Schinnerer Group, has announced the appointment of Eric Solash to the newly created position of Global Head of Capital Markets. In this role, Solash will be responsible for developing Victor’s capital markets strategies globally across all classes of property ... Read the full article
José Manuel Fonseca appointed Chairman of Brokerslink
16th October 2018
Global broking business Brokerslink has appointed José Manuel Fonseca to replace Grégory Allard as chairman, who steps down after a two-year tenure. One of Brokerslink's original founders, Fonseca has overseen the successful transformation of the business from global network to international broker. He is also the Chief Executive Officer of MDS Group and ... Read the full article
Satellite imagery hastening Florence and Michael claims payments
16th October 2018
Aided by the London Market Association's satellite imagery and intelligence service, Lloyd’s managing agents have started the process of assessing and paying claims to policyholders affected by hurricanes Florence and Michael. The service, which was introduced last year and is now used by all Lloyd’s managing agents, utilises detailed satellite imagery ... Read the full article
Cincinnati Financial announces $120m Q3 cat losses
16th October 2018
Cincinnati Financial Corporation has today announced that its property and casualty business expects its Q3 results to include pre-tax catastrophe losses of approximately $120 million, representing an impact on the Q3 2018 combined ratio of approximately 9.5% to 10%, based on estimated P&C earned premiums. The company's 10‑year historical average contribution ... Read the full article
Talanx warns of profit hit from industrial property claims
16th October 2018
Large and frequency losses across its industrial property insurance portfolio are set to drive Hannover Re's parent Talanx Group to a negative third-quarter in that division, the company said yesterday. Talanx has pre-warned of these losses ahead of its November results statement, in order to alert the market to the negative ... Read the full article
Competition from insurtech to increase: Geneva Association
15th October 2018
A report by leading think tank the Geneva Association suggests the current symbiosis between insurtech startups and re/insurers is likely to shift, as an increasingly digitised business landscape looks set to blur the line for traditional players. Insurance startups and other market entrants have not had a major disruptive impact on ... Read the full article
ArgoGlobal appoints Marcello Lombardini to Director role
15th October 2018
ArgoGlobal Assicurazioni, a member of Argo Group International Holdings, an international underwriter of specialty re/insurance, has appointed Marcello Lombardini as Distribution and Business Development Director. Lombardini joins from Banca IFIS, where he most recently served as Senior Insurance Consultant. In his new role, he will report to Giovanni Tucci, Managing Director of ... Read the full article
Insured Hurricane Michael losses may reach $10bn, says AIR Worldwide
15th October 2018
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has estimated that industry insured losses resulting from Hurricane Michael’s winds and storm surge will be between $6 billion and $10 billion. Michael made landfall in Florida last week as a Category 4 storm, with sustained wind speeds of up ... Read the full article
Reinsurers to absorb the majority of FedNat’s Michael exposure
15th October 2018
FedNat Holding Company estimates that its aggregate gross losses from Hurricane Michael will be approximately $275 million, of which it will retain just $23 million, with the remainder being passed on to its reinsurers. The firm has a combined reinsurance program for its subsidiaries FedNat Insurance Company and Monarch National Insurance ... Read the full article
SCOR’s portfolio pricing “back at the 2014 level,” says P&C CEO Victor Peignet
15th October 2018
SCOR’s overall portfolio pricing is “now almost back at the 2014 level” in terms of technical ratio, and at the 2015 level for the return on risk-adjusted capital, according to Victor Peignet, Chief Executive Officer (CEO) of SCOR Global P&C. Speaking in an interview with Reinsurance News, Peignet said that SCOR ... Read the full article
Lloyd’s welcomes new CEO John Neal
15th October 2018
John Neal has today been welcomed by Lloyd’s as its new Chief Executive Officer; he replaces Inga Beale who has led the specialist re/insurance marketplace for the past five years. Neal, whose appointment was approved unanimously by a meeting of the Council of Lloyd’s, most recently served as Group CEO of ... Read the full article
RFIB Singapore appoints Simon McCrum as Managing Director, Asia Pacific
15th October 2018
RFIB Group Limited, the international Lloyd’s re/insurance broker, has announced the appointment of Simon McCrum as Managing Director, Asia Pacific at RFIB Singapore. McCrum takes up his position with immediate effect and will be reporting to Regional Head of Asia Pacific, Chris Bracegirdle. Subject to the appropriate regulatory/ministry approvals, he will be ... Read the full article
JLT FAC names Joe Ameruoso as Head of North America Construction Casualty
15th October 2018
JLT FAC, the facultative reinsurance division of broker JLT Re (North America) Inc., has announced the appointment of Joe Ameruoso as Head of North America Construction Casualty, Facultative. Ameruoso will be based in JLT FAC’s New York Office, and joins the company from Starr Indemnity & Liability Co in Primary Construction, ... Read the full article