Reinsurance News
One third of Defined Benefit schemes now targeting buyout: Willis Towers Watson
7th September 2018
One third (32%) of Defined Benefit (DB) pension scheme trustees are now targeting a buyout with an insurer, with a further 5% aiming to run the scheme off over time with a buyout-like level of funding, according to re/insurance broker Willis Towers Watson (WTW). It found that the remainder of DB ... Read the full article
Innovisk Capital launches U.S. specialty MGA for brokers
7th September 2018
Innovisk Capital Partners (Innovisk) has established a U.S.-based MGA offering specialty products and solutions for both traditional and digital brokers, serving small to medium sized businesses, called Vindati. Innovisk states that Vindati's first products are Contractors Equipment, Builder's Risk, and Farm / Ranchowners packages, with Commercial Articles, Motor Truck Cargo, and ... Read the full article
Liberty Specialty names Ronan Gerety General Manager of Insurance, Germany
7th September 2018
Liberty Specialty Markets, a division of Liberty Mutual Insurance Group, has named Ronan Gerety as General Manager, Insurance, Germany, based in Cologne. Gerety has more than 30 years of experience in the insurance industry, and joins the firm from Ironshore International, where he was Head of Continental European distribution since 2016. ... Read the full article
Insured losses from Carr and Mendocino Complex wildfires to exceed $845mn
7th September 2018
Insured residential and commercial losses from the Carr and Mendocino Complex wildfires, which burnt through Northern California from late July through August 2018, are expected to exceed $845 million, according to the California Department of Insurance (CDI). More than 10,000 claims have been filed related to the fires, which collectively damaged ... Read the full article
Locke Lord appoints Keith Andruschak to New York office as Partner
7th September 2018
Global law firm, Locke Lord, has announced that Keith Andruschak is to join its New York office as a Partner in the Firm’s Regulatory and Transactional Insurance Practice Group. The company says his experience advising clients on complex transactions involving the insurance industry, including mergers, acquisitions and dispositions of insurers and ... Read the full article
Swiss Re welcomes FCSP call for protection & disability income gap to be closed
7th September 2018
Swiss Re has welcomed a paper from the Financial Services Consumer Panel which states the life assurances protection gap and disability income protection gap have both grown since the reinsurance giant first calculated them 15 years ago. The panel has called on the insurance industry, regulators and other stakeholders to tackle ... Read the full article
Bermuda’s re/insurance sector is committed to the EU: ABIR
7th September 2018
Bermuda's insurance and reinsurance industry remains committed to the European Union (EU), and companies domiciled on the island continue to assume increasing volumes of risk in EU member states, according to the Association of Bermuda Insurers & Reinsurers (ABIR). A recent survey by the ABIR, which collected 2017 data from all ... Read the full article
JLT Re hires Michel Fontaine from Guy Carpenter
7th September 2018
JLT Re, the reinsurance broking arm of global brokerage JLT Group, has hired Michel Fontaine, former Senior Reinsurance Broker at Guy Carpenter, as a Partner in its Paris Office. Fontaine has nearly 20 years of re/insurance market experience, having also previously held a number of senior positions Swiss Re, and started ... Read the full article
R&Q announces corporate restructure, establishes newly named unit, Accredited
7th September 2018
R&Q Investment Holdings Ltd. has announced a corporate restructuring to establish a newly named unit, Accredited, which comprises its U.S. and European program management business. At the same time, this restructuring is a renaming of R&Q’s Malta-based insurance platform, R&Q Insurance (Malta) Limited, to Accredited Insurance (Europe) Limited, effective immediately. Todd Campbell will jointly ... Read the full article
Aon’s reinsurance business announces new hire & series of UK leadership changes
7th September 2018
Global re/insurance broker Aon has announced a series of role changes within its London-based UK leadership team as well as the hiring of Peter Stubbings as a replacement for outgoing Chief Executive Officer of Global ReSpecialty, Bob Bisset. Bisset will become UK Growth Leader, overseeing Aon’s nine UK business divisions. He ... Read the full article
Nexus completes acquisition of Huntington Underwriting
7th September 2018
Specialty managing general agent (MGA) Nexus Group has completed its acquisition of Huntington Underwriting Limited (HUL), a structured solutions underwriting manager and associate of the Singapore headquartered services group Huntington Group Pte Ltd. HUL has operated out of Labuan International Business and Financial Centre, Malaysia since 2014, and is licensed by ... Read the full article
Gallagher promotes Steve Kluting within Food & Agribusiness Practice Group
7th September 2018
Gallagher has announced that it has promoted Steve Kluting to national director of product recall, within its Food & Agribusiness Practice Group. Kluting joined Gallagher in 2014, and has 18 years of experience as a "food lawyer", says Gallagher. He helps the firm's food, beverage and restaurant clients prepare for food ... Read the full article
Occam adds Alan Punter to Board as Non-Exec Director
7th September 2018
Specialty Lloyd’s of London managing general agent (MGA), Occam Underwriting, has added Dr Alan Punter to its Board as a Non-Executive Director. Punter worked for 25 years in global insurance broking groups Sedgwick, Alexander & Alexander and then Aon, where he was Managing Director in the Chairman's Office, and Chief Executive ... Read the full article
Results of our reinsurance market survey now available to view
6th September 2018
We've teamed up with our sister-site Artemis, the longest running publication focused on insurance-linked securities (ILS), to conduct a survey aimed at taking the temperature of the global reinsurance market. Hundreds of responses from identifiable participants were received, including numerous reinsurance market Chief Executive Officers and ... Read the full article
H1 natural catastrophes will have “limited impact” on reinsurers: S&P
6th September 2018
Losses relating to natural catastrophe events that have occurred thus far in 2018 are likely to have only a “limited impact” on reinsurers, with primary insurers and the U.S National Flood Insurance Program (NFIP) expected to bear the majority of the costs, according to a recent report by S&P Global ... Read the full article