Reinsurance News
JC Partners could challenge Korean Re with KDB Life takeover: reports
7th July 2020
Following reports that JC Partners has been selected as the preferred bidder for a takeover of KDB Life in Korea, there has been speculation that the private equity firm could challenge Korean Re’s dominant market share. According to the The Korea Times, its possible that JC Partners could seek to change ... Read the full article
COVID-19 a threat to insurers positive momentum: OECD
6th July 2020
Analysis by the Organisation for Economic Co-operation and Development (OECD) warns that positive premium and investment income growth in 2019 for the majority of insurers might not be maintained in 2020 as a result of the ongoing COVID-19 pandemic. For the majority of countries, gross written premiums increased in 2019, most ... Read the full article
Canopius launches property product to address ‘silent cyber’ gap
6th July 2020
Global specialty re/insurer Canopius has announced the launch of a set of cyber property products for medium to large corporations across all sectors. The Canopius Cyber Property Damage Product Range (PDPR) will be sold on a consultative basis and in close collaboration with brokers. As well as replacing cyber cover excluded from property ... Read the full article
Oneglobal adds Vanessa Macdonald-Smith to lead D&F build out
6th July 2020
Oneglobal Broking has appointed Vanessa Macdonald-Smith to lead its Direct and Facultative business as Executive Director. Macdonald-Smith will also join the Group Executive Committee and reports to Mike Reynolds, Oneglobal’s Chief Executive Officer. She has more than thirty years’ international experience and was most recently CEO of JLT Facultative. Her previous roles have included ... Read the full article
TigerRisk adds Aon’s Joe Jackson to North American team
6th July 2020
Re/insurance broker TigerRisk Partners has announced the appointment of Joe Jackson to its North American team. Jackson joins from Aon after 14 years' service and most recently was Managing Director of Reinsurance Solutions. He will join Kevin Abramson’s team and be based at TigerRisk’s New York office. TigerRisk recently entered a partnership with Flexpoint ... Read the full article
Industry leaders call for investment in climate resilience
6th July 2020
A panel of industry leaders at a Coalition for Climate Resilient Investment (CCRI) event have called for a systemic shift in the way projects are financed to build resilience to climate change. With $90 trillion in infrastructure investment needed globally over the next decade to achieve global growth expectations, speakers argued ... Read the full article
Nassau acquires Foresters Life Insurance and Annuity Company
6th July 2020
Nassau Financial Group, an insurance and financial services firm based in Hartford, CT, has completed the acquisition of Foresters Life Insurance and Annuity Company (FLIAC) from The Independent Order of Foresters. Nassau offers a range of insurance and fixed annuity solutions, as well as reinsurance, insurance distribution, and asset management capabilities ... Read the full article
Argo updates leadership roles, as CFO departs
6th July 2020
Specialty re/insurer Argo has announced an update to its senior leadership team responsibilities, as well as the departure of its Chief Financial Officer Jay Bullock. The update comes at a tumultuous time for Argo, after it was dealt a $900,00 fine by the Securities and Exchange Commission (SEC) last month. The ... Read the full article
DXC business targeted in ransomware attack
6th July 2020
IT services provider DXC Technology has confirmed that its subsidiary, Xchanging, has been targeted in a recent ransomware attack. Xchanging is an insurance managed services business based in London that operates on a standalone basis. DXC said it was confident that the incident is isolated to the Xchanging environment, and does not ... Read the full article
Mike Rice announces retirement from Ryan Specialty Group
6th July 2020
Mike Rice, Sr. has announced his intention to retire from Ryan Specialty Group, LLC (RSG) at the end of the year. Rice joined RSG in 2010 as Chairman and CEO of RSG Underwriting Managers, LLC (RSGUM) and will have completed eleven years of valuable service upon his retirement. Patrick G. Ryan, Founder, ... Read the full article
Amanda Blanc takes over from Maurice Tulloch as Aviva CEO
6th July 2020
Global insurer Aviva plc has announced the appointment of Amanda Blanc as its new Chief Executive Officer (CEO), effective immediately, as Maurice Tulloch steps down from the role and his position on the company's Board for family health reasons. Currently, Blanc serves as an Independent Non-Executive Director at Aviva having Read the full article
Lloyd’s Lab adds three start-ups to COVID-19 program
6th July 2020
Insurance and reinsurance marketplace Lloyd’s of London has started working with three new insurtech start-ups to help the market respond to the COVID-19 pandemic. As part of a package of measures to respond to the crisis, Lloyd’s has expanded the scope for new applicants to the Lloyd’s Lab innovation accelerator. The ... Read the full article
Pacific Life Re makes senior appointments in Asia
6th July 2020
Life reinsurer Pacific Life Re has announced the appointments of Wil Chong as General Manager, Asia Markets, Joanne Yeo as General Manager, Business Services and Operations, and Ong Qian Hao as new Head of Pricing, Asia. All three appointments will report to Andrew Gill in his role of Managing Director, Asia ... Read the full article
ARC pays $2.13mn to Madagascar under drought policy
6th July 2020
The African Risk Capacity Insurance Company Limited (ARC Ltd) has paid US $2.13 million to the Government of Madagascar to cover anticipated losses to livelihood after crop failure in the last farming season. The ARC payout is the result of drought insurance taken by the country with the support of the ... Read the full article
COVID-19 impact on investments has been “nearly erased”: Willis Re
3rd July 2020
With markets continuing to rebound, analysts at reinsurance broker Willis Re believe that the negative impact of investments markets on re/insurer capital position has been “nearly erased.” For the global reinsurance industry, which hit -30% when markets were bottoming in March, Willis Re now estimates the impact on capital is now ... Read the full article
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