Reinsurance News
Former XL exec Susan Cross to serve as a Director of Unum Group
26th February 2019
Former XL Group executive, Susan Cross, has been elected to serve as a Director of Unum Group, a provider of financial protection benefits in the U.S. and the UK. Cross served as Executive Vice President (EVP) and Global Chief Actuary at insurer and reinsurer XL Group from August 2008 until September ... Read the full article
Hiscox’s Jonathan Fletcher named CFC’s new Chief Technology Officer
26th February 2019
Specialist insurer CFC Underwriting has announced the appointment of Jonathan Fletcher from Hiscox as its new Chief Technology Officer (CTO). In his new role, Fletcher will take oversight of the insurer's technology and infrastructure strategy, while leading the firm's expanding development and support teams. David Walsh, CFC's Chief Executive Officer (CEO), commented: ... Read the full article
R&Q’s Accredited forms program underwriting partnership with Stabilis
26th February 2019
Accredited Insurance (Europe), the European subsidiary of Bermuda-based specialist non-life re/insurance investor Randall & Quilter Investment Holdings (R&Q), has signed a new program underwriting partnership with Stabilis MGA limited. Stablilis is a UK managing general agency (MGA) that provides private motor insurance. “We are delighted to confirm this transaction and to add ... Read the full article
JLT reports organic growth across all divisions in 2018
26th February 2019
Global insurance and reinsurance broker, JLT Group recorded organic revenue growth across all divisions year-on-year, leading to a 21% rise in trading profit in 2018. In light of JLT's takeover by MMC, expected to close in spring of this year, the firm has released preliminary financial results for 2018, which includes ... Read the full article
Pool Re completes first terrorism cat bond, securing £75mn retro cover
26th February 2019
Pool Re, the UK’s government-backed terrorism reinsurer, has completed what it claims to be the first-ever standalone terrorism catastrophe bond, providing £75 million of retrocession protection for losses in excess of £500 million. The bond, which was issued through special-purpose vehicle Baltic PCC Ltd, is designed to move UK taxpayers even ... Read the full article
ABI Director urges Brexit delay to avoid “economic self-harm”
26th February 2019
Huw Evans, Director General of the Association of British Insurers (ABI), has urged the UK Government to delay the UK's planned withdrawal from the European Union (EU) in order to avoid a no-deal scenario, which he claims would be “an unforgivable act of economic and social self-harm that the UK ... Read the full article
Argo labels CEO criticisms “misleading, inaccurate”
26th February 2019
Recent claims that Argo Group Chief Executive Officer Mark E. Watson III has perpetuated “shockingly high and shockingly inappropriate” expenses over the past decade have been labelled misleading and inaccurate by the company. In a statement released this morning Argo accused Voce Capital Management (Argo’s fourth-largest shareholder) of ignoring the ... Read the full article
MGAA adds Markerstudy co-founder Humphreys to board
26th February 2019
The Managing General Agents’ Association (MGAA) has announced the addition of Gary Humphreys as a Board Director. Humphreys is currently Group Underwriting Director at Markerstudy Group, a UK MGA he co-founded in 2001. The Group, a member of the MGAA, includes Zenith Insurance and Markerstudy Insurance Services, and recently acquired the Co-op’s ... Read the full article
Study shows how augmented data sets significantly impact flood loss estimates
26th February 2019
Insurdata, in collaboration with speciality insurer and reinsurer Canopius, flood risk modeller Fathom and ModEx, a catastrophe risk modelling platform from Simplitium, has released the findings of a new flood data survey that focuses on altered risk profiles in light of augmented property exposure data. The report highlights a number of ... Read the full article
Argo CEO under expenses fire from fourth-largest shareholder
25th February 2019
Argo Chief Executive Officer Mark E. Watson III has been accused of perpetuating “shockingly high and shockingly inappropriate" corporate expenses over the past decade by Voce Capital Management LLC, the owner of approximately 5.8% of Argo Group’s shares. Voce, whose 1.9 million shares in Argo make them the fourth-largest shareholder, argues ... Read the full article
Global property & FinPro lines drive Q4 commercial insurance price increases: Marsh
25th February 2019
Global commercial insurance pricing increased by an average of 2% in the final quarter of last year, driven mostly by increases in global property and financial and professional (FinPro) lines, according to international re/insurance broker Marsh. The market remained stable overall, says Marsh, and the 2% average increase in the fourth-quarter ... Read the full article
Aon expands restructuring plan, estimates additional job losses
25th February 2019
Insurance and reinsurance broker Aon's global Restructuring Plan, initiated in 2017, is now expected to result in estimated job losses of between 4,800 to 5,400, which is up 12% from the 4,200 to 4,800 expected job eliminations announced in early 2018. The updated range was announced in the global broker's most ... Read the full article
RTG’s Limehouse acquires Decyber
25th February 2019
Limehouse Agencies, the managing general agency (MGA) subsidiary of RFIB’s Risk Transfer Group Limited (RTG), has acquired the online specialist sport and leisure resilience firm Decyber. This acquisition forms part of RTG’s new corporate strategy first outlined in May 2018 that aims to increase revenue from approximately £50 million to ... Read the full article
Germany agrees to extend passporting rights for UK insurers
25th February 2019
Germany has adopted preliminary provisions to authorise the temporary extension of UK financial institutions’ passporting rights, including insurers, in the event of a no-deal Brexit, Clyde & Co analysts have reported. These measures are reportedly part of a wider set of legislation concerning primarily tax matters and allows the extension of ... Read the full article
Brit’s third-party capital hits $440m as Versutus sidecar renewed
25th February 2019
Global specialty re/insurer Brit Limited has completed the fifth annual renewal and expansion of its Versutus sidecar, bringing the total amount of third-party capital under management to $440 million. This capacity is spread across the Versutus 2019, Sussex Capital (its multi-use collateralised reinsurance PCC vehicle in the UK) and its Lloyd's Syndicate ... Read the full article