Reinsurance News
For reinsurers that can increase relevance, the future is bright: PartnerRe
9th September 2018
Global reinsurer PartnerRe sees a bright future for reinsurance companies that can increase their relevance in an evolving risk landscape, according to the firm's President and Chief Executive Officer (CEO), Emmanuel Clarke and CEO of P&C, Charles Goldie. Speaking at the Monte Carlo Reinsurance Rendez-vous 2018, the pair underlined the importance ... Read the full article
JLT Re appoints Henry Sanderson to London Global Markets division
9th September 2018
JLT Re, the reinsurance broking arm of global brokerage JLT Group, has announced that Henry Sanderson is to join the London Global Markets division this week. He will be focusing on Digital Risks & Innovation - Cyber and related products. “With our recent hiring of Erica Davis in New York and ... Read the full article
Alternative reinsurance capital increasing in size and maturity: Aon Securities
9th September 2018
As at June 30th, 2018, the volume of alternative capital in the re/insurance industry reached a record $98 billion, according to the investment banking division of insurance and reinsurance broker Aon, Aon Securities. Aon Securities recently published its annual report on the insurance-linked securities (ILS) space, which highlights continued growth across ... Read the full article
Economic momentum will not offset low insurance profitability: Swiss Re
9th September 2018
Current economic momentum is not enough to compensate for the phase of low profitability currently being experienced across most global non-life insurance markets, according to the latest sigma report from Swiss Re. The report found that insurers in major western markets and Japan need to improve underwriting margins by around 5 ... Read the full article
John Neal to succeed Inga Beale as CEO of Lloyd’s
9th September 2018
John Neal has been appointed to succeed Inga Beale as the Chief Executive Officer (CEO) of the specialist Lloyd’s of London insurance and reinsurance marketplace, beginning on 15 October 2018. The search for a new head has been underway since June, when it was revealed that Beale, who has led Lloyd’s ... Read the full article
Aspen signs $65mn IT agreement to add efficiency
9th September 2018
Aspen Insurance Holdings, via its subsidiaries Aspen Insurance UK Services Limited, Aspen Insurance U.S Services Inc, and Aspen Bermuda Limited, has entered into a $65 million information technology agreement with Cognizant Worldwide to improve its operating efficiencies. The agreement, effective from August 31, 2018 has an initial term period of five ... Read the full article
Guy Carpenter launches GC Genesis, an expanded InsurTech advisory service
9th September 2018
Guy Carpenter & Company, LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has launched an expanded InsurTech advisory offering called GC Genesis. The new service represents a comprehensive, insurer-centric approach to the evolving space of data, analytics, and digital technology-based solutions, and is designed to go ... Read the full article
Re/insurers search for growth as pace of market change accelerates: Priebe, Guy Carpenter
8th September 2018
Global insurers and reinsurers are seeking new growth avenues in response to numerous challenges being driven by the accelerate pace of change across the sector, according to the Vice Chairman of reinsurance broker Guy Carpenter, David Priebe. An abundant supply of capital from both traditional and alternative sources continues to hinder ... Read the full article
Lagging personal lines’ growth a challenge for reinsurers in Southeast Asia & India: A.M. Best
7th September 2018
Ratings agency A.M. Best has highlighted challenges for reinsurers operating in Southeast Asia and India, driven in part by growth in personal lines business which typically requires less reinsurance protection. As is the case in other parts of the world, reinsurance companies operating in Southeast Asia and India are pressured by ... Read the full article
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