Reinsurance News
Geopolitical risks flagged as primary concern in WTW, AIRMIC report
5th June 2019
Risks associated with geopolitical tensions have been flagged as a primary concern among members of UK-based association and representative body Airmic, in a report published today by re/insurance brokerage Willis Towers Watson. More specifically, Airmac members expect geopolitical risks - risks emanating from the interaction between geography, policy and the economy ... Read the full article
Stephen Catlin joins Motive Partners as Global Advisory Council member
5th June 2019
Motive Partners, an investment firm focused on technology companies in the financial services industry, has announced that Stephen Catlin has been appointed as a member of its Global Advisory Council. Catlin was the Founder and CEO of Catlin Group, the specialty insurance and reinsurance company that was acquired by XL Group ... Read the full article
UPC secures $4bn of reinsurance, expands coverage
4th June 2019
United Insurance Holdings (UPC Insurance) has announced the completion of its 2019/2020 catastrophe reinsurance programs, revealing the purchase of additional limit at only a very slight increase in cost, when compared with its 2018/2019 programs. The 2019/2020 catastrophe reinsurance programs are effective June 1st, 2019 and were renewed through UPC Insurance's ... Read the full article
Risk modeller Kovrr adds Lloyd’s of London’s David Clouston to Advisory Board
4th June 2019
Israel-headquartered cyber risk modeller Kovrr has added David Clouston to its Advisory Board. Clouston previously served as interim Head of Catastrophe Risk at Lloyd’s of London and currently advises multiple global firms on exposure management processes and cyber strategy. His previous roles have included underwriter, broker, reinsurance buyer, IT systems, and run-off ... Read the full article
AmWINS wraps up acquisition of Atlantic Risk Specialists
4th June 2019
Global specialty insurance provider AmWINS has completed its acquisition of ARS, a full-service wholesaler and managing general agent comprised of the companies Atlantic Risk Specialists and ARS-Latiff. ARS will become part of AmWINS’ brokerage division and will be aligned to strengthen the firm’s property and casualty capabilities. “We’re excited to partner with ... Read the full article
Global interdependencies creating a “new era of liability,” says Russell Group
4th June 2019
A lack of underwriting discipline, more robust market regulation, exposure management deficiencies, and growing global interdependencies are threatening re/insurers with a “new era of liability,” according to analysts at Russell Group. In a new report, the risk modelling firm argued that global interdependencies fostered by corporate connectivity, the Internet of Things ... Read the full article
Individual disability market growth continues but at slower rate: Gen Re
4th June 2019
The U.S individual disability insurance market continued to grow in terms of new sales in 2018, although at a slower rate than in 2017, according to a report from Gen Re, the global reinsurance subsidiary of Berkshire Hathaway. Analysts reported that overall new individual disability sales were up 2.8% to $413 ... Read the full article
Markel appoints Chubb’s Proferes to professional liability underwriting role
4th June 2019
Re/insurance holding company Markel Corporation has announced the appointment of James Proferes as Executive Underwriting Officer for Global Professional Liability. Proferes joins from Chubb, where he worked for close to three decades across a number of executive roles in the professional lines markets. Reporting to Executive Vice President and CUO Robin Russo, ... Read the full article
European insurance market shifting towards firmer conditions: Aon
4th June 2019
A new report by global re/insurance brokerage Aon suggests that the commercial European insurance is beginning to show a more consistent shift towards firmer conditions. For buyers, this shift is likely to result in higher rates, capacity constraints, and a tightening of terms and conditions. Aon says this shift is partly a ... Read the full article
Protective completes reinsurance transaction with Great-West Lifeco
4th June 2019
Great-West Lifeco Inc. subsidiary, Great-West Life & Annuity Insurance Company (GWL&A) has completed the sale, via reinsurance of all of its individual life insurance and annuity business to Protective Life Insurance Company, a subsidiary of Protective Life Corporation. The transaction was previously announced on January 24th, 2019 and the business sold includes bank-owned ... Read the full article
New Zealand’s Earthquake Commission increases reinsurance cover to $6.2bn
4th June 2019
The Earthquake Commission (EQC) of New Zealand has increased its reinsurance coverage at the June 1 renewals, securing NZ $6.2 billion (US $4.1 billion) of protection for the next 12 months, according to reports from Stuff. The reinsurance will cover disaster events such as earthquakes, tsunamis and volcanic eruptions. Last year, the ... Read the full article
Arthur J. Gallagher acquires Australian broker The Protectors Insurance Group
4th June 2019
Global insurance brokerage Arthur J. Gallagher & Co. has announced the acquisition of The Protectors Insurance Brokers and Regent Insurance Brokers, collectively known as The Protectors Group. Founded in 1982, The Protectors Group is a retail broker specialising in construction, hospitality and transport coverage. It is based in Liverpool, New South Wales, ... Read the full article
Everest Insurance expands Professional Liability team with trio of hires
4th June 2019
Everest Insurance, a division of Bermuda-based reinsurer Everest Re, has announced the addition of three new members to its Professional Liability group. This segment, which operates within the Everest Insurance Financial Lines unit, provides coverage for architects and engineers, lawyers, accountants, as well as miscellaneous professional liability. Brittany Lannan joins the Lawyers ... Read the full article
East-West business confidence split as reputational risk rises: CNA survey
4th June 2019
A survey published by specialist commercial insurer CNA Hardy suggests that, as global interconnected risk becomes a reality, reputational risk is rising and business confidence is on the slide. CNA says its survey data highlights a clear East-West divide in terms of confidence, with optimism having fallen among executive leading European, ... Read the full article
P&C insurers positioned well as Atlantic hurricane season gets underway: Fitch
3rd June 2019
Despite significantly elevated levels of catastrophe losses in both 2017 and 2018, analysts at Fitch Ratings state that increased policyholders' surplus during this period supports its view that U.S. property and casualty (P&C) insurers are well placed to manage a significant landfalling storm. The 2019 Atlantic hurricane season officially started on ... Read the full article