Reinsurance News
AXA saves nearly $200mn on reinsurance costs with 2019 integrated program
22nd February 2019
Global insurer AXA has outlined its restructured, integrated reinsurance program for 2019, the placement of which resulted in a cost saving of almost $200 million, according to AXA Group's Chief Risk Officer (CRO), Alban de Mailly Nesle. The firm announced previously that it expected the placement of its 2019 integrated reinsurance ... Read the full article
Berkshire Hathaway expected to report elevated combined ratios
22nd February 2019
Warren Buffett's insurance and reinsurance divisions of Berkshire Hathaway are expected to report elevated combined ratios in the firm's annual results this week, with catastrophes, attritional weather claims and adverse development of longer-tailed liabilities all expected to have dented its performance. Berkshire Hathaway is scheduled to report its annual results on ... Read the full article
WTW adds Chubb’s Ben Dunston as Head of Broking in Asia
22nd February 2019
Global re/insurance brokerage Willis Towers Watson (WTW) has announced the appointment of Ben Dunston as Head of Broking in Asia, effective March. Dunston was previously the Head of Marine at Chubb Insurance Company, Singapore. Prior to that he held key leadership positions, including at Chubb Syndicate London and Pembroke Managing Agency London. “With ... Read the full article
Cyber analytics insurtech Arceo.ai launches with new platform
22nd February 2019
Arceo.ai, a risk analytics provider for the cyber re/insurance market, has launched with the debut of a new platform that allows carriers to automate their cyber insurance solutions, while increasing the security of policyholders. The Arceo platform seeks to bridge the gap between insurance and cybersecurity by providing clients with a ... Read the full article
TransRe reduced cat exposure due to climate concerns: Alleghany CEO Hicks
22nd February 2019
Weston Hicks, Chief Executive Officer (CEO) of Alleghany Corporation, has said that the firm's reinsurance arm, Transatlantic Reinsurance Company (TransRe), has reduced its catastrophe exposure in response to concerns about growing climate risks and other adverse market conditions. In a letter to shareholders, Hicks addressed the challenge of writing catastrophe business ... Read the full article
Hong Kong reinsurers boosted by mainland China regulation changes
22nd February 2019
The performance of certain reinsurers based in Hong Kong has received a significant boost thanks to favourable regulation changes in mainland China, according to a report by South China Morning post. The Co-Founder and Chief Executive Officer of Peak Re remarked in a recent interview that the firm’s strong growth in ... Read the full article
Swiss Re pilots satellite imaging for use in crop claim settlements
22nd February 2019
Global reinsurance giant Swiss Re has piloted the use of satellite imaging in the claim settlement process of its crop insurance scheme, according to a report by The Hindu Business Line. The use of satellite imaging can reportedly be used to quickly estimate the drought level or soil moisture content level ... Read the full article
THB bolsters board with four senior appointments
22nd February 2019
Specialist insurance and reinsurance broker THB Group has made four senior board appointments including Kay Smith, who joins as Group Chief Financial Officer. Smith takes over from Rob Wilkinson, who transitions to commercial director. Smith has held a number of senior financial positions in the insurance broking sector, most recently at Arthur ... Read the full article
Argo adds two independent directors to board
22nd February 2019
Bermudian specialty insurer and reinsurer, Argo Group International Holdings, Ltd. has added Samuel Liss and Tony Latham to its Board, as Independent Directors. Liss is currently managing principal of advisory firm Whitegate Partners LLC, and is also a board member of Verisk Analytics and J.S. Held. He previously served as an executive ... Read the full article
Catastrophes drive $132mn full-year loss for PartnerRe
22nd February 2019
The impact of catastrophe events in the third and fourth-quarter of 2018 significantly dented the 2018 underwriting result for Bermuda-based reinsurer PartnerRe, with the firm recording a net loss of $132 million for the year. The $132 million net loss compares with net income of $218 million in 2017, and is ... Read the full article
Aquiline Capital announces takeover of broker Relation Insurance Services
22nd February 2019
Aquiline Capital Partners LLC, a private equity firm that invests in financial services and technology, has announced that it's to acquire U.S. independent insurance brokerage Relation Insurance Services from private equity firms Parthenon Capital and Century Equity Partners. Founded in 2007, Relation Insurance specialises in numerous industries, including agribusiness, education, employee ... Read the full article
Brokerslink adds regional manager for Europe
22nd February 2019
Global broking network Brokerslink has announced the appointment of Christos Gavriel as regional manager for Europe. Gavriel currently serves as Managing Broker for Renaissance Insurance Brokers, a leading independent corporate insurance brokerage in Cyprus he established in 2008. Previously, he worked as Regional Property Underwriting Manager Middle East, Mediterranean, South Asia at ... Read the full article
TransRe cat losses drive full year underwriting loss for Alleghany
21st February 2019
Investment holding company Alleghany Corporation has posted an underwriting loss of $161.5 million for the full-year 2018, which was partially driven by catastrophe losses incurred by its reinsurance arm, Transatlantic Reinsurance Company (TransRe). TransRe experienced $500.1 million of catastrophe losses in 2018, of which $167.2 million was attributable to Typhoon Jebi, ... Read the full article
Costly natural disasters see AXA XL slump to €233m full year loss
21st February 2019
AXA XL, the newly-formed division of French insurance and investment giant AXA, has seen significant impacts from two major natural catastrophes in the fourth quarter of 2018 result in the posting of a €233 million full year loss. The California wildfires, which consisted mainly of the Camp and Woolsey fires in Northern ... Read the full article
Jeff Burt named President of Hannover Re US
21st February 2019
Hannover Life Reassurance Company of America (Hannover Re US), a division of German-based reinsurance giant Hannover Re, has promoted Jeff Burt to President. The appointment sees Burt take responsibility for the reinsurer's life and health reinsurance operations in the U.S. He first joined Hannover Re US roughly 16 years ago as Vice ... Read the full article