Reinsurance News
PartnerRe appoints ex Google director to Chief Corporate & People Operations Officer
14th July 2017
PartnerRe has appointed a former Google People Operations Director to Chief Corporate and People Operations Officer, effective from October 2, 2017. In her new role as a member of PartnerRe's executive management team, Dorothee Burkel will assume responsibility for Human Resources, Communications, Legal and Internal Audit. Burkel has led international and decentralized teams in ... Read the full article
National Surety Underwriters secures $8mn i2B Capital funding for reinsurance subsidiary
14th July 2017
i2B Capital has closed an $8 million structured term loan to National Surety Underwriters (NSU) to fund the capitalization of a new reinsurance subsidiary and the merger of McCabe and Independent Corporate Underwriters. NSU - a special-purpose surety reinsurance captive and underwriting agency headquartered in Philadelphia - is the sole owner ... Read the full article
Re/insurers could face up to $2.5 billion loss from next global cyber attack
14th July 2017
Graeme Newman, Chief Innovation Officer at CFC Underwriting, warned in a recent interview that the next global WannaCry cyber attack could cost the industry up to $2.5 billion, Bloomberg reported. "It’s exceptionally likely that we will see an event over the next months that will seriously affect insurers," said Graeme ... Read the full article
European cyber demand to grow as re/insurers prepare for GDPR: A.M. Best
13th July 2017
Re/insurers are taking steps to shore up their data usage as new data protection laws, the General Data Protection Regulation (GDPR) are set to be implemented across the European Union (EU), bringing an anticipated boom in cyber insurance revenues, according to A.M. Best's recent market briefing. The GDPR will come into force ... Read the full article
Willis adds Divisional Director to Financial Solutions Division
13th July 2017
Global insurance and reinsurance broker, Willis Towers Watson, has hired Stephanie Pariot as a Divisional Director within its Financial Solutions Division, which is part of the firm's Global Financial Lines and Corporate Risk and Broking unit. Pariot joins Willis Towers Watson with more than a decade of investment banking experience, having ... Read the full article
National General enters into auto & homeowners quota shares with panel of reinsurers
13th July 2017
National General Holdings Corp. has entered into individual two-year quota share reinsurance arrangements with a number of reinsurers, including Hannover Re, Munich Re and Everest Re, covering its auto and homeowners business lines. The first two-year quota share reinsurance agreement concerns National General's auto business, the Auto Quota Share Agreement, and sees the ... Read the full article
P&C sector underwriting to deteriorate until at least 2020: KBW
13th July 2017
Keefe, Bruyette & Woods (KBW) has warned that rising loss ratios, lower reserve releases, and normalised catastrophe losses will maintain underwriting pressure across the North American Property & Casualty (P&C) sector to at least 2020, in a recent equity research note. KBW analysts have revealed that it's updated its North American P&C ... Read the full article
Reports claim Generali is looking to sell its $50bn German life insurance portfolio
13th July 2017
Reports from Reuters claim that Italian insurer Generali is looking to sell its €44 billion (US$50 billion) German life insurance portfolio, as low-interest rates and more rigorous capital rules across Europe hinder operations. According to Reuters' sources close to the matter, Morgan Stanley is looking at options, which includes the sale ... Read the full article
Premia hails ability to “quickly & quietly deliver” complex reinsurance transactions
13th July 2017
Premia Holdings Ltd. Chief Executive Officer Bill O’Farrell has hailed the company's ability to "quickly and quietly deliver" on complex reinsurance transactions, such as the loss development reinsurance agreement the company completed with AmTrust recently. Premia Re was founded in January as a start-up Bermuda-based property & casualty insurance and ... Read the full article
Ross Bertossi appointed Vice President of Global Underwriting, Chubb
13th July 2017
Ross Bertossi has been announced as the new Vice President of Global Underwriting for Chubb Group, succeeding Jacques Bonneau who is to retire at the end of the year after nearly 40 years in the insurance and reinsurance industry. Bertossi held the position of Executive Vice President, Excess Casualty, North America Insurance ... Read the full article
Beazley receives green light to establish Dublin-based insurer
13th July 2017
The Central Bank of Ireland has authorised specialist insurer Beazley to convert its Dublin reinsurance firm into an insurer, after Beazley requested to transfer insurance transactions to Ireland to protect its European business after the Brexit vote. The reinsurer, Beazley Reinsurance Designated Activity Company (dac) was first established in 2009, with ... Read the full article
Soft reinsurance market a plus for Caribbean insurers: A.M. Best
13th July 2017
Despite intense competition, low-interest rates and persistent soft markets, the majority of rated Caribbean general insurers maintained profitability in 2016, as players took advantage of soft reinsurance market pricing and the benign loss environment, according to A.M. Best. In a recent industry note, analysts at A.M. Best have underlined the extensive ... Read the full article
Philippine re/insurers association to lobby for non-life insurance tax cuts
12th July 2017
The Philippine Insurers and Reinsurers Association (Pira) has announced plans to continue to lobby for lower tax rates for non-life insurers to ensure the insurance market environment is competitive and sustainable over the long-term, the Business Mirror reported. The non-life insurance sector is currently taxed at 27.5%, over five times the ... Read the full article
Stonybrook Capital forms Board of Directors
12th July 2017
Stonybrook Capital has announced the formation of a formal Board of Directors, including two independent directors, John DiGregoria, and Ian Winchester, and three internal directors, Dwight Evans, Ravi Arps, and Joe Scheerer. Each member brings unique experience and perspective to the board in the areas of operations, corporate finance, reinsurance, and capital ... Read the full article
XL Catlin has named Ashish Umre as partner of its Accelerate AI team
12th July 2017
Insurer and reinsurer XL Catlin has added a key Artificial Intelligence (AI) expert, with the appointment of Ashish Umre as the new London-based partner of its Accelerate AI team. Accelerate was set up in November 2016 as XL Catlin's internal innovation team to leverage new technologies to grow market reach, while ... Read the full article
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