Reinsurance News
THB names Declan Durkan as Head of UK Risk Solutions business
29th August 2018
THB, the specialist insurance and reinsurance broker, has announced the appointment of Declan Durkan as Managing Director of THB UK Risk Solutions, the company’s wholesale broking operation that places UK risks on behalf of 1,300 brokers. Durkan joined THB in 2017 as Commercial Placement Director, before which he held a variety ... Read the full article
Focus on emerging ecosystems supports growth at ZhongAn Online in H1
29th August 2018
China's largest online-only insurance company, ZhongAn Online P&C Insurance Co., Ltd., has recorded solid growth during the first-half of 2018, driven by its increased focus on "emerging ecosystems" and growing demand among the younger generation. The internet-based InsurTech firm recorded total premiums of RMB 5,148.2 million (US$756.4 million) during the first ... Read the full article
India’s planned nat cat re/insurance pool falters over funding disagreements
29th August 2018
A proposed natural catastrophe re/insurance pool that would provide coverage for incidents like floods, earthquakes, and landslides in India has been delayed for almost five years now due to a lack of consensus on funding and size, according to sources at Moneycontrol. Re/insurance companies have reportedly been unable to agree on ... Read the full article
Luxembourg proving attractive but post-Brexit EU domicile choice varied
28th August 2018
A number of UK insurers and reinsurers have established new EU hubs to ensure continuity post-Brexit amid a real lack of clarity, with the new domicile of choice being driven by specific considerations, according to A.M. Best. UK insurers and reinsurers continue to move forward with their post-Brexit plans amid ... Read the full article
China & India drive premium growth at Peak Re in 2018
28th August 2018
Hong Kong domiciled reinsurer, Peak Reinsurance Company Limited (Peak Re), grew its gross written premiums by more than 42% in the first-half of the year to US$671.2 million, driven by the continued strengthening of its presence in the Asia-Pacific region. The reinsurer has reported premium income of US$671.2 million for the ... Read the full article
Lloyd’s reviewing under-performing members of marine unit, reports WSJ
28th August 2018
Lloyd’s of London is in the process of reviewing underperforming members of its marine unit, with brokers telling the Wall Street Journal that hull premiums may need to double to make them sustainable. The review follows a £2 billion loss across the market in 2017 compared to a pre-tax profit of ... Read the full article
Canopius bolsters specialty unit with addition of Chubb’s Sean Redden
28th August 2018
Global specialty lines re/insurer Canopius has announced the appointment of Sean Redden as Underwriting Counsel for its specialty division, a new London-based role with a specific focus on credit and political risk. Redden, who joins from Chubb Insurance with over 15 years’ experience as a legal practitioner, will report to Canopius’ ... Read the full article
Allstate to acquire identity protection firm InfoArmor for $525mn
28th August 2018
The Allstate Corporation, one of the largest primary insurers in the U.S, has entered into an agreement to acquire InfoArmor, an Arizona-based provider of employee identity protection, for an all-cash consideration of $525 million. Headquartered in Scottsdale, Arizona, InfoArmor is a privately held company that provides identity protection to more than 1 ... Read the full article
European insurers favouring profitability over top-line growth, A.M. Best
28th August 2018
An increasing focus on delivering profits to shareholders over top-line growth is driving European insurers to favour high margin lines in order to meet return on equity (ROE) targets, says A.M. Best in a new report. For others, mergers and acquisition (M&A) deals represent a means of optimising portfolios whilst providing ... Read the full article
LMA selects Sheila Cameron to succeed David Gittings as CEO
28th August 2018
The Lloyd’s Market Association (LMA) has announced that the current Head of International Operations at Navigators Underwriting, Sheila Cameron, is to succeed David Gittings as its Chief Executive Officer (CEO), who departs the role after 12 years. “David has worked successfully over many years to ensure that the interests of market ... Read the full article
Aon names leader of Global Financial Institutions
28th August 2018
Global insurance and reinsurance broker, Aon, has announced the appointment of Joel Sulkes to the newly created role of Global Financial Institutions leader. In his new role, Sulkes will be based in New York, and will focus on large, multinational financial institutions in order to drive strategic growth in both the ... Read the full article
Allied World Re names Yeo Meng Wong as Head of Asia Pacific Treaty Reinsurance
28th August 2018
Allied World Assurance Company Holdings has appointed Yeo Meng Wong as Senior Vice President & General Manager, Asia Pacific Reinsurance Division, effective immediately. Wong first joined Allied World Re in 2010 as Assistant Vice President, International Treaty based in Singapore, before which he held senior positions at Aon Benfield, including as ... Read the full article
Argo appoints Marsh Duncan as Senior VP of U.S Specialty
28th August 2018
Global specialty re/insurer Argo Group International Holdings has appointed Marsh Duncan as Senior Vice President of U.S Specialty Programs, effective immediately. “Marsh has an outstanding background in the specialty insurance business,” commented Kevin Rehnberg, President of Argo Group’s U.S Operations. “This, combined with his strong relationships and solid leadership abilities, makes him ... Read the full article
U.S. P&C reinsurers grow premiums in H1 2018: RAA
28th August 2018
The Reinsurance Association of America (RAA) has released data on the performance of 18 U.S. property and casualty (P&C) reinsurers during the first-half of 2018, revealing a combined net income of $5.1 billion, compared with a net loss of $286 million a year earlier. Gross premiums written (GPW) increased from $33 ... Read the full article
CyberCube adds former Swiss Re CUO Matthias Weber to Board
28th August 2018
Cyber risk analytics firm CyberCube has announced the addition of Matthias Weber, former Group Chief Underwriting Officer (CUO) at Swiss Re, to its Board of Directors. Weber joined Swiss Re in 1992, and worked across a diverse number of roles and markets during his 25-year tenure at the company, including as Head ... Read the full article