Reinsurance News
Sompo GRS forms new life sciences team, names head
15th May 2019
Sompo Global Risk Solutions (GRS), a subsidiary of Bermuda-based specialty property and casualty (P&C) re/insurer Sompo International, has formed a new team offering insurance solutions to clients in the life sciences industry. The team will be led by newly appointed Senior Vice President (SVP) Todd Lauer, and is comprised of dedicated ... Read the full article
BIBA names new Chair, adds non-exec director
15th May 2019
The British Insurance Brokers' Association (BIBA) has appointed former Insurance Minister and current board member, Jonathan Evans, as its new Chair, effective January 2020. Evans replaces outgoing Chair David Hunt, whose tenure as Chair expires in December 2019. Hunt announced the appointment of Evans at the organisation's annual conference in Manchester, ... Read the full article
African Risk Capacity to assist Mozambique with extreme weather risks
15th May 2019
The African Risk Capacity (ARC) Agency and the Government of Mozambique have signed a Memorandum of Understanding (MoU) to provide mid to long-term solutions against the risk of drought, flood, and tropical cyclone events in the country. The MoU defines the terms under which the ARC will provide support for Mozambique, ... Read the full article
LMA adds Execs from TMK, Beazley & AXA XL to Board
15th May 2019
The Lloyd’s Market Association (LMA), an organisation set up to represent the interests of the Lloyd's community, has announced the results of its recent Board election process. Effective from the Annual General Meeting (AGM) on May 22, the members will include Paul Culham, Group Chief Underwriting Officer, Tokio Marine Kiln; Adrian ... Read the full article
Nexus appoints CEO and Non-Exec Chairman of Asia business
15th May 2019
Specialty Managing General Agent (MGA) Nexus Group has announced the appointments of Tony Egerton and Gerard Pennefather as Chief Executive Officer (CEO) and Non-Executive Chairman of its Nexus Asia subsidiary, respectively. Egerton previously worked as Principal Officer at Nexus Structured Solutions Limited and has over 35 years’ experience in re/insurance and ... Read the full article
Lee Equity takes majority stake in K2 Insurance Services
15th May 2019
Growth-focused middle market private equity firm, Lee Equity Partners, LLC has agreed to acquire a majority ownership in specialty insurance services holding company, K2 Insurance Services. K2 owns and controls 14 managing general agents (MGAs) that operate in the property and casualty sector. The firm's senior management team, which is led ... Read the full article
Kenya Re to establish Uganda office in expansion push
15th May 2019
Kenya Reinsurance Corporation (Kenya Re) intends to establish a new subsidiary in Uganda as part of its strategy of expansion into new markets. Shareholders are set to vote on the proposal at the reinsurer’s annual general meeting (AGM) on June 14. "That the company be and is hereby authorised to establish a ... Read the full article
Castel launches specialty e-trading solution for complex risks
15th May 2019
Castel Specialty, the division of club-style MGA formation platform Castel Underwriting Agencies Limited, has launched a new e-trading solution for brokers with complex and unusual small business risks. The solution, called Square Pegs, offers brokers access to a range of commercial coverages through an online trading platform, allowing them to quote ... Read the full article
Aspen reshuffles management, puts MGA into run-off
14th May 2019
Bermuda-headquartered Aspen Insurance Holdings has announced a series of key changes to its management team, as well as issued confirmation that its UK-based MGA Aspen Risk Management Limited (ARML) will be put into run-off. Aspen states that it is working with the management team at ARML to ensure all policyholder obligations ... Read the full article
Lloyd’s to implement faster approval process for syndicate business plans
14th May 2019
Lloyd’s of London, the insurance and reinsurance marketplace, is planning to implement a faster approval process for syndicates’ 2020 business plan and capital submissions. In a recent market bulletin, Director of Performance Management Jon Hancock explained that Lloyd’s will commit to approving plans in four weeks by introducing a phased approach ... Read the full article
RMS launches new risk modelling & data platform, as it sunsets RMS(one)
14th May 2019
Catastrophe risk modelling and analytics firm RMS has announced the launch of a new strategic risk modelling and data platform for the re/insurance industry, called Risk Intelligence. At the same time, RMS said that it is sunsetting the RMS(one) platform, which faced numerous delays in implementation following its 2014 launch and ... Read the full article
AkinovA receives first regulatory sandbox licence from Bermuda regulator
14th May 2019
AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has become the first company to be granted an insurance regulatory sandbox licence from the Bermuda Monetary Authority (BMA). The licence will authorise AkinovA (Bermuda) Ltd, the company’s Bermuda trading subsidiary, to carry out business using its electronic trading ... Read the full article
ArgoGlobal hires international A&H underwriter from TMK
14th May 2019
ArgoGlobal, the Lloyd’s insurer and member of Argo Group, has announced the appointment of Zachary Tan as Accident and Health (A&H) Underwriter, effective immediately. He will focus on business in the Asia Pacific and Middle East regions, and will report to Michael Scala, Chief Underwriting Officer for Asia Pacific at ArgoGlobal. Tan ... Read the full article
PartnerRe strikes second longevity reinsurance deal with Manulife
14th May 2019
Bermudian reinsurer PartnerRe has completed a second deal with The Manufacturers Life Insurance Company (Manulife) to reinsure longevity risk for an in-force block of Canadian individual payout annuities. The announcement follows an earlier transaction with Manulife this year, which saw PartnerRe reinsure the longevity risk of roughly 25,000 annuitants. The new ... Read the full article
Commercial property rates firm as underwriting discipline improves: WTW
14th May 2019
Commercial insurance buyers are facing upward pressure on pricing for most lines of business for the remainder of 2019 as the market turns toward more disciplined underwriting, according to broker Willis Towers Watson (WTW). The analysis came as part of the firm’s Insurance Marketplace Realities 2019 Spring Update, which serves as ... Read the full article