Reinsurance News
SCOR rejects “unfounded” calls for Kessler to leave Board
26th March 2019
French reinsurer SCOR has called on its shareholders to reject a draft resolution that was presented by investment management firm CIAM yesterday, which recommended that Denis Kessler be removed from the Board of SCOR. CIAM contended that Kessler should step down from his role as Chairman of SCOR and continue as ... Read the full article
B3i raises a further $16 million, shuffles board
26th March 2019
According to reports, the Blockchain Insurance Industry Initiative (B3i) now has total capital of more than $22 million, after raising a further $16 million over the last month. Corporate registry filings in Switzerland reveal that just over half, approximately $8.34 million, was raised in the form of cash, with the remainder ... Read the full article
PCS looks into Norsk Hydro cyber attack losses
26th March 2019
Property Claims Services (PCS), a Verisk business, has begun investigating the loss potential of the recent cyber attack on aluminium manufacturing giant Norsk Hydro. Co-Head of PCS Tom Johansmeyer told our sister publication, Artemis, that the firm was watching the event to determine whether it qualifies for designation under PCS Global ... Read the full article
MENA re/insurance markets face short term volatility: A.M. Best
26th March 2019
Insurance and reinsurance companies operating in the Middle East and North Africa (MENA) region face significant volatility in the short to medium term due to an economic slowdown, regulatory changes, social unrest, and a lack of diversification, according to A.M. Best. Analysts said that navigating these risks is becoming increasing important, ... Read the full article
Technology is Swiss Re’s solution to market challenges: Ojeisekhoba
25th March 2019
Swiss Re views the integration of new technologies as both a critical opportunity for growth and the solution to many of the challenging market conditions that have tested the re/insurance industry in recent years. This is according to Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re, who told Reinsurance News that ... Read the full article
Cohen & Company’s acquisition unit completes $150mn IPO
25th March 2019
Cohen & Company Inc. has announced that its subsidiary, Insurance Acquisition Corp., has completed its initial public offering, raising $150.65 million. Insurance Acquisition Corp., which Cohen & Company describes as a “blank check company” formed for the purpose of acquiring or merging with other insurance entities, issued 15,065,000 units at a ... Read the full article
Lawmakers introduce bill to exclude Puerto Rican insurers from federal excise tax
25th March 2019
Legislation has been introduced that would exempt certain policies issued by Puerto Rico insurers from the foreign insurer excise tax. The bill, introduced by Puerto Rico’s resident commissioner in Washington, D.C., Jenniffer González and other lawmakers, is titled ‘Puerto Rico Insurance Excise Tax Exemption of 2019, House Bill 1483’ and was ... Read the full article
Concirrus adds former Munich Re Exec Dieter Berg to Board
25th March 2019
London-based insurtech Concirrus has added former President of the International Union of Marine Insurance, Dieter Berg, to its Board as Non-Executive Director. Berg served across a number of senior positions at Swiss Re before joining Munich Re as an Executive Manager in 2001. He would go on to serve in a ... Read the full article
Monument Re completes acquisition of Robein Leven
25th March 2019
Bermuda-based reinsurer Monument Re has announced the completion of its acquisition of Robein Leven N.V. from Amerborgh Financial Services B.V. Monument Re acquired the Dutch insurer and its subsidiaries following receipt of regulatory approval by the De Nederlandsche Bank (DNB). First announced in July 2018, Monument Re previously stated that the ... Read the full article
Investors call for Denis Kessler to step down from SCOR Board
25th March 2019
French investment management firm CIAM has called on Denis Kessler to step down from his role as Chairman of SCOR and continue as CEO without a Board position. CIAM, which holds less than a 1% stake in the reinsurer, levelled several criticisms against SCOR and Kessler after its management ... Read the full article
U.S life & annuity income up 8.5% in 2018: A.M. Best
25th March 2019
The U.S life and annuity industry’s total income increased by 8.5% in 2018, according to a recent report by A.M. Best, which attributed the rise to a $54.1 billion increase in other income. Analysts explained that this boost offset modest increases in premium and annuity considerations and net investment income. The report ... Read the full article
QIC Global partners with Verisk’s Sequel on cyber exposure
25th March 2019
QIC Global, the umbrella organisation for Qatar Insurance Company's (QIC) international trading brands, has signed a contract to use software from Sequel, a Verisk business, to model cyber risk. By utilising Sequel’s Impact system, QIC Global hopes to be able to better capture and aggregate complex cyber exposure. The company is already ... Read the full article
European Commission clears Marsh-JLT takeover
25th March 2019
The previously-announced acquisition of Jardine Lloyd Thompson (JLT) by Marsh & McLennan Companies (MMC) has been approved by the European Commission. The Commission examined the proposed deal’s effect on competition in markets where the two companies' activities overlap. This includes the supply of insurance broking services for specialty sectors - such as ... Read the full article
Boeing losses could become “major event” for re/insurers: Deutsche Bank
25th March 2019
Losses resulting from the recent Ethiopian Airlines crash and subsequent grounding of Boeing’s 737 Max 8 aircraft have the potential to spread throughout the industry and become a “major event” for re/insurers, according to analysts at Deutsche Bank. The firm stated that the complexity of the case means claims could come ... Read the full article
Willis Re appoints new Head of London Market Reinsurance Claims
25th March 2019
Willis Re, the global reinsurance arm of broker Willis Towers Watson (WTW), has appointed claims veteran Steve Robson as Head of London Market Reinsurance Claims, effective today. Robson has 36 years of experience in the sector, and brings extensive client-side experience to the role, supporting the closer alignment of the servicing ... Read the full article