Reinsurance News
Three additional reinsurers participate in B3i’s current funding round
3rd April 2019
The Blockchain Insurance Industry Initiative (B3i) has announced the addition of three new shareholders, which, alongside existing investors are participating in the current funding round. The new additions are Mapfre Re, Deutsche Rück, and VIG Re, and take the total number of B3i shareholders to 16. It was revealed recently that B3i ... Read the full article
Boeing faces first lawsuit from Ethiopian Airlines crash
3rd April 2019
U.S aircraft manufacturer Boeing is facing its first liability lawsuit from the family of a victim of the March 10 Ethiopian Airlines crash, which resulted in the death of all 157 passengers. The lawsuit was filed in Chicago federal court by the family of Jackson Musoni, a citizen of Rwanda, and ... Read the full article
PIC completes £1.2bn full pension buy-in with Dresdner Kleinwort
3rd April 2019
Pension Insurance Corporation plc (PIC), the specialist insurer of defined benefit pension funds, has concluded a full buy-in deal with the pension plan of investment banking firm Dresdner Kleinwort, covering £1.2 billion of liabilities. The full buy-in covers the whole pension plan but is split across smaller transactions, consisting of a ... Read the full article
A.M. Best stable on UK life sector, expects strong near term growth opportunities
3rd April 2019
International financial services ratings agency, A.M. Best, has a stable outlook on the UK life insurance sector, and is expecting a focus on annuities and defined contribution pensions to drive strong near-to-medium-term growth opportunities. Key products in the UK life insurance industry are experiencing healthy growth and profitability, but A.M. Best ... Read the full article
Nexus acquires Warranty & Indemnity MGA Capital Risks, eyes further deals
3rd April 2019
Specialty Managing General Agent (MGA) Nexus Group has announced its acquisition of Capital Risks (CRML), a London-based Warranty and Indemnity MGA. Founded by Nathan Sewell and Jason Edwards in August 2017, CRML was launched to provide Transaction Liability Insurance for small and medium sized deals. Through its acquisition of CRML, Nexus says ... Read the full article
Beach expands London wholesale operation with two new hires
3rd April 2019
Reinsurance brokerage Beach & Associates has expanded its London wholesale operation with two new hires. Nick Fearon joins from Miller Insurance Services where he led its US Professional Liability team. Beach says his appointment will bring further expertise in the financial and professional lines space. Lee Bonnett joins from Marsh Specialty, where ... Read the full article
Japan renewals were orderly with stable reinsurer capacity: Willis Re
2nd April 2019
The April renewals in Japan were orderly despite the level of catastrophe losses in 2018, with reinsurance capacity remaining stable, according to broker Willis Re, the reinsurance arm of broker Willis Towers Watson. Buyers sought increased capacity, both on an aggregate basis and for earthquake occurrence, analysts observed in Willis Re’s ... Read the full article
QBE to phase out thermal coal exposure in climate action push
2nd April 2019
Global re/insurer QBE Insurance Group has announced that it plans to stop insuring thermal coal projects as part of its recently implemented climate plan to mitigate the effects of global warming. CEO Patrick Regan explained that from 1 July 2019, QBE will exclude any new direct insurance services for new construction ... Read the full article
Eleonora Geamanu named Head of Willis Towers Watson in Romania
2nd April 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has appointed Eleonora Geamanu as Head of WTW in Romania. Based in Bucharest, she will take responsibility for driving revenue growth and meeting clients' needs across the Romania marketplace, for a broad set of business lines. She joined WTW in 2007 and has ... Read the full article
Everest Insurance appoints two Underwriters from Ironshore
2nd April 2019
Everest Insurance, a division of global insurer and reinsurer Everest Re Group, has announced the appointments of Graeme McGeachie and Pete Graham to its International division. McGeachie has been named Casualty Class Underwriter at Everest’s Lloyd’s Syndicate 2786. He joins Everest from Ironshore Insurance, where he was the Lead Underwriter within ... Read the full article
Helios Underwriting sees attractive near-term opportunities
2nd April 2019
Helios Underwriting, the Lloyd's of London investment and underwriting vehicle, is seeing attractive near-term opportunities as it continues to outperform the Lloyd's market. Helios acquires and consolidates private underwriting capacity at the specialist Lloyd's of London insurance and reinsurance marketplace, and has recently announced current mid-point forecasts of its portfolio of ... Read the full article
LiquidX, Marsh partner on electronic platform for trade credit insurance
2nd April 2019
LiquidX, the international network for illiquid assets, has partnered with global insurance and reinsurance broker Marsh, on the launch of a "next generation" platform for the trade credit insurance sector, called the Liquid Trade Credit Insurance Marketplace. The new electronic marketplace went live recently, with numerous transactions executed and underwritten by ... Read the full article
Guy Carpenter & JLT Re combo an opportunity to provide the best of service
2nd April 2019
The combination of Guy Carpenter (GC) and JLT Re provides the brokerage with an opportunity to offer the best of service to clients around the world, according to GC President and Chief Executive Officer (CEO), Peter Hearn and Ross Howard, Vice Chairman of GC. Marsh & McLennan Companies, Inc. (MMC) ... Read the full article
Tokio Marine HCC acquires cyber specialist NAS Insurance Services
2nd April 2019
Specialty insurance group Tokio Marine HCC has announced it has acquired NAS Insurance Services, LLC, a U.S specialist in cyber and professional liability solutions. NAS is a Lloyd’s coverholder with a background in specialty product innovation, flexible policy development, open market and reinsurance solutions, and online broker portals providing 24/7 quoting ... Read the full article
Munich Re U.S to offer new personal lines homesharing product
2nd April 2019
Munich Reinsurance America, Inc. (Munich Re U.S) has announced that it plans to offer a new personal lines homesharing insurance product for hosts who rent their homes out for a profit in the U.S. The coverage will help to enhance a personal lines homeowner, renter or condo insurance policy by filling ... Read the full article