Reinsurance News
Munich Re collaborates with DXC Technology to enhance cyber services
11th December 2018
Global reinsurance giant Munich Re has selected DXC Technology to provide post cyber-attack services and expertise to insurance companies across the Asia Pacific. Under the new partnership, insurers stand to benefit from industry-leading experience and extensive service networks. The partnership sees Munich Re provide clients with holistic risk management solutions, designed to ... Read the full article
Blackstone leads $2bn investment in Acrisure
11th December 2018
U.S investment giant Blackstone has led a $2 billion investment in U.S. insurance broker Acrisure via funds managed by its GSO Capital Partners and Tactical Opportunities businesses. The group of investors led by Blackstone also consisted of Partners Group and Harvest Partners SCF. Acrisure remains over 83% owned by its own management ... Read the full article
No-deal Brexit poses risk for re/insurers despite fall-back plans: Fitch
11th December 2018
Interim solutions and contingency planning are reducing some of the risks of a ‘no-deal’ Brexit, but it remains uncertain how restrictions on cross-border authorisation could potentially impact re/insurers and other financial institutions (FIs), according to analysts at Fitch Ratings. The rating agency noted that a range of potential Brexit outcomes still ... Read the full article
QBE benefits from early reinsurance renewal as it restructures placement
11th December 2018
Australian and global primary insurance and reinsurance group QBE said it has benefited from favourable terms and better pricing by getting to market early with its 2019 reinsurance renewal. The insurer said that by hitting the market early it has been able to achieve lower pricing, avoiding any uptick in market ... Read the full article
Artex’s Malta PCC offers UK brokers no-deal Brexit alternative
10th December 2018
As the UK’s exit from the European Union continues to stir uncertainty throughout the financial sector, Artex Risk Solutions hopes to provide small-to-medium sized brokers with a relatively low-cost and convenient way of continuing operations on the continent with the formation of a Malta-based Protected Cell Company (PCC). Theresa May’s draft ... Read the full article
Everest Insurance Canada names Kevin Pinto CUO
10th December 2018
Everest Re Group has announced the appointment of Kevin Pinto to the role of Chief Underwriting Officer at Everest Insurance Company of Canada (EvCan). In his new role, Pinto will be responsible for overseeing the underwriting strategy for the various EvCan underwriting units, implementing and promoting best practices throughout the organisation, ... Read the full article
Athene announces $7.7bn block reinsurance deal with Lincoln Financial Group
10th December 2018
Athene Life Re (ALRe), a subsidiary of one of Bermuda's leading retirement services companies, Athene Holding, has entered into a reinsurance agreement with The Lincoln National Life Insurance Company, a subsidiary of Lincoln Financial Group. Under the agreement, ALRe has agreed to reinsure an 80% quota share of a $9.6 billion in-force block ... Read the full article
RFIB hires Kevin Stratton from Willis Re to lead specialty broking
10th December 2018
RFIB Group Limited, the international and Lloyd’s re/insurance broker, has announced the hiring of Kevin Stratton to lead its specialty business as Managing Director. Stratton joins RFIB as of January 1st 2019, taking on the role of Managing Director of its recently restructured Specialty business and reporting directly to the CEO, ... Read the full article
Richard Houghton to replace Oliver Corbett as Hyperion CFO
10th December 2018
London-headquartered Hyperion Insurance Group has announced the appointment of Richard Houghton as Interim Group Chief Financial Officer. Houghton will undertake a full handover from Oliver Corbett before he leaves the Group later this month. Houghton was most recently Interim CFO at the Co-Operative Insurance Society. Prior to that he was Group CFO at ... Read the full article
Cat losses returned to ‘normal’ levels over 2018: Peel Hunt
10th December 2018
2018 is likely to be a ‘normal’ catastrophe year for the re/insurance industry as overall losses are expected to be in line with the 10-year average of $50 billion, according to analysts at Peel Hunt. Losses will be particularly weighted towards Japan in Q3 and the U.S in Q4 due to ... Read the full article
Coverys agrees to back DTW Syndicate 1991
10th December 2018
Coverys Managing Agency Limited, the Lloyd’s managing agent of Syndicates 1975, 1991, 3330 and 1110, has agreed to provide capacity for DTW Syndicate 1991. The managing agent revealed that it will join DTW’s panel of capacity providers as one its largest backers from 1 January 2019. Both Syndicate 1991 and Coverys Syndicate ... Read the full article
AXA XL promotes Shellé Hendrickson to Head of Healthcare, Bermuda
10th December 2018
AXA XL has announced that Shellé Hendrickson is to succeed Vivenne Moniz as Head of Healthcare in its Bermuda Insurance business. In her new role, Hendrickson will be responsible for developing, implementing and driving the strategies of the Healthcare underwriting unit. She will report to Moniz, who was promoted to Head ... Read the full article
New data shows Willis Towers Watson PPL push
10th December 2018
The risk advisory and broking firm Willis Towers Watson has revealed that, during Q3 2018, over 57% of eligible risks were placed through the London Market Group’s (LMG) Placing Platform Limited (PPL) across all lines of business, with certain lines of business regularly exceeding 75% of eligible risks. PPL is a ... Read the full article
Ed appoints new London CEO as Hearn named head of BGC’s insurance division
10th December 2018
Global reinsurance, wholesale and specialty broker, Ed, has appointed Andrew Draycott Chief Executive Officer (CEO) designate of Ed Broking in London, with current Group CEO of Ed Broking, Steve Hearn, set to become the new head of BGC Partners' insurance division. Draycott's appointment remains subject to regulatory approvals and he is ... Read the full article
Topsail Re obtains license ahead of January launch
10th December 2018
Topsail Reinsurance SPC, Ltd (Topsail Re), a newly formed reinsurer domiciled in the Cayman Islands, has obtained its operating license ahead of the 1 January 2019 renewals, when the firm is due to begin writing business. Parent company Topsail Holdings, Inc. confirmed that the Cayman Islands Monetary Authority had granted Topsail ... Read the full article