Reinsurance News
Alesco appoints Sebastian Graham to Partner of North American power unit
29th January 2018
Alesco Risk Management Services (Alesco) has announced the appointment of Sebastian Graham as a partner to head up the North American power business. His appointment takes effect from May 2018, and is the newest hire to Alesco’s expanding, specialist energy division. Jonathan Lyne, chairman of Alesco’s energy division, said; “it has been ... Read the full article
Pockets of re/insurance growth remain despite largely flat 1/1 rates: S&P
26th January 2018
Much of the hype around significant pricing gains for reinsurers at the January renewals has faded as demand overall was flat to marginally up, but hope remains for some higher demand from regional insurers focused on Florida and the Caribbean, as well as U.S. mortgage credit risk and other emerging ... Read the full article
U.S. P&C insurers to gain 15% on net income from tax regime
26th January 2018
With a 15% net income gain for U.S. P&C insurers expected for the first two years after the corporate tax rate reduction to 21%, Conning’s fourth quarter forecast for P&C insurers outlines a clear positive impact to the sector. The new tax regime will reduce the relative attractiveness of tax exempt ... Read the full article
“InsurTech ideas have to win industry approval as well as customer hearts”: Globaldata
26th January 2018
After UK InsurTech and pioneering brand for motor insurance, Guevara, went under - GlobalData analysts highlighted some of the key stumbling blocks of re/insurance start-ups that fail to get off the ground, stating the entity offered ideas the industry isn't yet ready for. As an early entrant into the UK InsurTech ... Read the full article
Aspen names David Cohen to lead Insurance, as CEO Postlewhite departs
26th January 2018
Aspen Insurance Holdings Limited, the Bermudian insurance and reinsurance group, has named David Cohen, President and Chief Underwriting Officer of Aspen Insurance, to lead the insurance business on a day-to-day basis, as Stephen Postlewhite is departing the firm. With the new responsibility of leading insurance at Aspen, Cohen will now report directly ... Read the full article
Changes to U.S. tax law threaten Bermudians’ competitive advantage
26th January 2018
Challenges are looming on the horizon for Bermuda re/insurers whose relative competitive advantage to U.S. firms stands to be somewhat diminished by the recent sweeping U.S. corporate tax law changes. In a report on the Bermudian market Fitch said; "U.S. tax reforms will shrink the profitability gap between Bermuda and U.S. ... Read the full article
Lockton names Debbie Goldstine EVP & U.S. Casualty leader
26th January 2018
Broker Lockton has announced the appointment of Debbie Goldstine as Executive Vice President (EVP) and U.S. Casualty leader. Goldstine has been with Lockton for 12 years, and most recently served as Senior Vice President (SVP) and U.S. excess casualty practice leader. In her new, expanded role, she will support the delivery of strategic ... Read the full article
Pioneer promotes Dave Sarnoski within Misc, Tech & Cyber Liability unit
26th January 2018
Pioneer Underwriters has promoted Dave Sarnoski to Senior Underwriter within its Miscellaneous, Technology and Cyber Liability division, reporting to David Lucey. Sarnoski will be responsible for E&O liability business within the West Coast region, and prior to his promotion was a Senior Underwriter, underwriting E&S technology and miscellaneous E&O risks. He started his career ... Read the full article
Aspen CEO “deeply disappointed” with 2017 performance
26th January 2018
Chris O’Kane, Chief Executive Officer, Aspen Insurance (CEO) said the firm is "deeply disappointed" with its financial performance in 2017 after the firm reported a pre-tax loss estimate of $135 million from California wildfires, net of reinsurance and reinstatement premiums,and a $245 million underwriting loss in Q4. Aspen's Q4 losses from ... Read the full article
Public-private sector collaboration vital to tackling climate protection gap
26th January 2018
The re/insurance industry has contributed significantly to building resilience to climate change, one of the biggest socio-economic threats faced globally, however, the successful transition to a low-carbon economy needs additional support and collaboration from third-party stakeholders to mitigate obstacles to overcoming the protection gap (disparity between economic and insured losses ... Read the full article
Bermudians hit with profit deterioration following 2017 catastrophe season: Fitch
26th January 2018
2017 was a challenging year for global re/insurers and particularly hard-hitting for Bermudians who saw earnings dashed with $6.9 billion of losses causing combined ratios to rise to an average 108-109% with over 20% points from catastrophe losses, according to Fitch Ratings. Underwriting results weakened significantly for the group of 10 ... Read the full article
Sompo International makes senior London market specialty lines appointments
26th January 2018
Bermuda-based specialty insurance and reinsurance carrier Sompo International has announced a number of senior appointments within its London market specialty underwriting business. Paul Ashworth has joined Sompo International from his most recent role at AXIS Capital and will lead London Market Insurance marine business, as Head of Marine Insurance. In the role ... Read the full article
R&Q acquires Connecticut risk retention group auto liabilities
26th January 2018
Randall & Quilter Investment Holdings (R&Q) has announced the acquisition of auto liabilities from a Connecticut domiciled risk retention group (RRG) to R&Q’s wholly owned A- admitted carrier, Accredited Surety and Casualty Company. Ken Randall, Chairman and Chief Executive Officer of R&Q, said; “we are very pleased to announce our first ... Read the full article
Paris flood waters expected to rise after river Seine breaks banks
25th January 2018
Intense rainfall continues to hit Paris with the already swelled river Seine expected to continue rising until Saturday, causing roads, metros and monuments to be closed across the City. Forecasters have predicted that the flooding in Paris is going to worse, with authorities predicting that the river Seine will reach more ... Read the full article
Beazley adds cyber breach advisory services to breach response cover
25th January 2018
Beazley has added post-breach consultation and remediation services to its Beazley Breach Response (BBR) cover for small and mid-sized policyholders in the U.S., in conjunction with its specialist advisory subsidiary Lodestone Security. The expanded cover provides up to 100 hours post-breach consultation services to help policyholders who have suffered unauthorized access or ... Read the full article