Reinsurance News
Resolution Re reinsures $5.7bn of Symetra Life annuity liabilities
13th September 2018
Resolution Re has entered into a reinsurance agreement with Symetra Life Insurance Company to transfer financial responsibility for all of Symetra’s structured settlement annuity contracts and a smaller block of income annuities to Resolution Re. The reinsured block had $5.7 billion in total statutory reserves at December 31, 2017, the parties ... Read the full article
Sirius Group reshapes leadership team ahead of Easterly merger
13th September 2018
Sirius International Group, a global multi-line re/insurance group, has announced a series of promotions and the formation of a new management committee in anticipation for its merger with Easterly Acquisition Corp. Kernan V. Oberting has been appointed President of Sirius Group, and will manage the corporate, investment management, finance and public ... Read the full article
Legal & General completes £4.4bn pension buy-in with British Airways
13th September 2018
Legal & General has completed a £4.4 billion buy-in for British Airways PLC’s pension scheme, Airways Pension Scheme (APS), in what it claims to be the largest ever bulk annuity policy arranged with a UK pension scheme. The transaction, which covers nearly 22,000 pensioners under British Airways’ APS scheme, also included ... Read the full article
Premia Holdings acquires Alan Gray LLC
13th September 2018
Bermuda-based property & casualty insurance and reinsurance run-off group, Premia Holdings Ltd., has announced the acquisition of Alan Gray LLC, an international claims, audit and risk management advisory firm. Alan Gray was established in 1988 as a claims and audit advisory firm, and offers its clients claims administration and audit services, actuarial, underwriting, ... Read the full article
Water threat high as a weakened Hurricane Florence tracks towards the Carolinas
13th September 2018
Hurricane Florence has weakened slightly but is still on track towards North and South Carolina. Despite the slow approach, the storm is still expected to result in dangerous impacts, with recent changes in the forecast track suggesting that water is becoming more of a threat to the re/insurance market than ... Read the full article
AXA completes acquisition of XL Group
13th September 2018
French insurance and investment giant AXA has announced that it has completed its acquisition of Bermudian property and casualty (P&C) insurance and reinsurance firm XL Group Ltd. The completion of the transaction follows the fulfilment of all necessary closing conditions, including approval by XL Group shareholders and obtention of all necessary ... Read the full article
Willis Towers Watson to work with Cloud Constellation satellite system
13th September 2018
Willis Towers Watson has announced that its space industry specialist division, Inspace, has been appointed as an exclusive risk advisory and insurance broker to Cloud Constellation Corporation and SpaceBelt, a system of eight low earth orbit satellites (LEO) that offer space-based secure data storage and services. The appointment will see Inspace ... Read the full article
SCOR showing strong progress across key growth areas: Laurent Rousseau
12th September 2018
SCOR has made strong progress over H1 2018 in all four of its core growth areas; the U.S, international (including Lloyd’s), SCOR Business Solutions big ticket insurance business, and its MGA business, according to Laurent Rousseau, Deputy Chief Executive Officer (CEO) of SCOR Global P&C. Speaking with Reinsurance News, Rousseau outlined ... Read the full article
Colony Specialty names Jeff Canfield Head of Casualty
12th September 2018
Colony Specialty, member of insurer and reinsurer Argo Group International Holdings, Ltd., has announced the appointment of Jeff Canfield to serve as Head of Casualty, effective immediately. Canfield replaces Jim Cornwell, who is now Senior Vice President (SVP) of Argo Construction. He will report to President of the U.S. Excess & Surplus ... Read the full article
U.S. commercial insurance prices up in Q2: Willis Towers Watson
12th September 2018
According to insurance and reinsurance broker Willis Towers Watson's Commercial Lines Insurance Pricing Survey, commercial insurance prices in the U.S. in Q2 2018 increased by almost 3%. The broker states that price changes of this level have not been reported for almost four years, with price changes for most lines being higher ... Read the full article
Portfolio optimisation needed as market volatility rises: Guy Carpenter
12th September 2018
Optimised portfolio construction is becoming an increasingly vital strategy for re/insurers to tackle growing market volatility, which is being driven by excess capacity and rising claim costs, according to Guy Carpenter, the reinsurance broker and wholly owned subsidiary of Marsh and McLennan Companies. A global roundtable of Guy Carpenter leaders agreed ... Read the full article
IDF appoints AXA’s Denis Duverne as Chair of Steering Committee
12th September 2018
The Insurance Development Forum has announced the appointment of Denis Duverne as Chair of its Steering Committee, effective September 11. Duverne, who succeeds Stephen Catlin, is Chairman of AXA Group and has held senior roles, including Chief Financial Officer and Deputy Chief Executive Officer, at the global insurer since 1995. “I would ... Read the full article
AIG needs to be a disciplined taker of risk: Brian Duperreault
12th September 2018
AIG CEO Brian Duperreault spoke at the annual PwC briefing in Monte Carlo yesterday, saying that discipline needs to be at the heart of everything AIG does. Duperreault took the reins at AIG after the insurer had years of issues, leaving the seasoned CEO with a job to do. In his speech ... Read the full article
Everest Insurance adds three to cyber liability team
12th September 2018
Everest Insurance has announced the expansion of its Everest Specialty Underwriters Financial Lines Group, with the addition of three new cyber liability team members. The team, which is led by Vice President and Cyber Practice Leader Kevin Sherry, is focused on providing cyber liability coverage and solutions to companies across all industries. Firstly, Raphael ... Read the full article
Cycles are not dead: Emmanuel Clarke, PartnerRe
12th September 2018
Emmanuel Clarke, the President and Chief Executive Officer (CEO) of reinsurer PartnerRe, has said that the cycle is not dead, and that he believes we will continue to see cycles in reinsurance, too. Clarke made the comments speaking at the annual meeting of the reinsurance industry in Monte-Carlo, in response to ... Read the full article