Reinsurance News
Jonathan May takes International CFO role at Lloyd’s
26th June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced the promotion of Jonathan May to the role of International Chief Financial Officer (CFO). As International CFO, May will now be responsible for finance across Lloyd’s international network. May previously served as CFO for the APAC region, having joined Lloyd’s London office in ... Read the full article
RKH expands aviation team with 14 senior hires
26th June 2020
Specialty lines broker RKH Specialty has added 14 senior aviation experts in London and Colombia, as the company looks to build the largest independent logistics team. New hires in London include Alex Robinson as Divisional Director; Chris Vince as Divisional Director; Marcio Rosset as Divisional Director; David Clewley as Associate Director; ... Read the full article
Guernsey re/insurers sign up to UN sustainability framework
26th June 2020
The Guernsey International Insurance Association (GIIA) has signed up to a United Nations climate program to support the development of sustainable finance. GIIA is now a supporting institution of the United Nations’ Principles for Sustainable Insurance (PSI) Initiative. PSI serves as a global framework for the insurance industry to address environmental, social ... Read the full article
Atrium Underwriters adds Chris Stooke as Non-Exec Chairman
26th June 2020
Atrium Underwriters, the managing agent for Lloyd’s Syndicate 609, has announced the appointment of Chris Stooke as Non-Executive Chairman. Effective January 2021, Stooke will replace Steve Cook, who is set to retire at the end of this year. Stooke will work closely with the company's Chief Executive Officer Richard Harries and its ... Read the full article
Lloyd’s to reopen underwriting room in September
26th June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to reopen its London headquarters and underwriting room on September 1, with new safety measures in place. The Lloyd’s underwriting floor at 1 Lime Street has been closed since March 19 due to the ongoing COVID-19 crisis in the ... Read the full article
Marsh announces Sport, Entertainment & Media group in the UK & Ireland
26th June 2020
Global insurance and reinsurance broker Marsh has established a dedicated Sport, Entertainment & Media (SEM) industry group in the UK & Ireland, led by global events specialist, Richard Tolley. The new group brings together more than 60 client management, technical, placement and risk management specialists from across Marsh to support the ... Read the full article
UK personal lines insurance to decline in 2020 off COVID-19, says GlobalData
26th June 2020
The personal lines market in the UK will contract in 2020 as a result of COVID-19 impacting a range of different lines of business, says data and analytics company GlobalData. Travel insurance is expected to be the worst affected personal lines product in the UK. In a new report, GlobalData says gross written ... Read the full article
Chinese regulator extends preferential treatment for Hong Kong
26th June 2020
The China Banking and Insurance Regulatory Commission (CBIRC) has announced it will extend the preferential treatment afforded to Hong Kong under its solvency system for another year. The decision means mainland insurers who cede business to local reinsurers can continue to enjoy lower capital requirements until 30 June 2021. According to the ... Read the full article
Cedent needs were met at June 1 renewals despite challenges, says GC
25th June 2020
Despite the challenges, cedent needs were met at the June 1st reinsurance renewals as the market continued to function well, a trend analysts at Guy Carpenter (GC) expect to persist through the July 1st renewals and into next year. In a recent industry note, Guy Carpenter, the reinsurance broking arm of ... Read the full article
Trust Re to cease underwriting from Labuan & Morocco
25th June 2020
Bahrain domiciled reinsurer Trust Re has announced that it plans to cease underwriting activities from its Labuan and Morocco branch offices, instead centralising all operations to its head office. The move comes as part of a new strategic plan that will also see the company stop underwriting both Facultative Aviation and ... Read the full article
Brad Perilman joins Worldwide Facilities as Head of M&A
25th June 2020
Worldwide Facilities, a US wholesale insurance broker, managing general agent and program underwriter, has announced that Brad Perilman has joined the company as Senior Executive Vice President, Mergers & Acquisitions. As part of the executive management team, Perilman will lead Worldwide Facilities' M&A activities. His responsibilities will include transaction sourcing, strategic and ... Read the full article
CCRIF SPC pays $200k to Belize for Cyclones Amanda & Cristobal
25th June 2020
Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) has made a payout of US $203,136 to the Government of Belize under its excess rainfall (XSR) parametric insurance policy following Tropical Storms Amanda and Cristobal. Amanda was a tropical cyclone that originated in the Pacific Ocean and brought rains that ... Read the full article
Global Indemnity reveals plan to redomicile to the U.S.
25th June 2020
Global Indemnity Limited, a specialist provider of property and casualty insurance, has revealed that its Board of Directors have approved a plan to redomesticate the firm and its Bermuda arm, Global Indemnity Reinsurance, Ltd., to the U.S. At the same time, the Board also approved the filing of a preliminary proxy ... Read the full article
Ransomware attacks up 25% in Q1, says Beazley
25th June 2020
Specialist insurer Beazley has reported a 25% spike in ransomware attacks in the first quarter of 2020 versus the fourth quarter of 2019. This figure is based on incidents reported to in-house breach response team Beazley Breach Response (BBR) Services. While nearly all industries reported incidents, the manufacturing sector was the hardest ... Read the full article
Herman Kerremans named CEO of Howden’s new Belgian start-up
25th June 2020
International independent insurance brokerage, Howden Broking Group, has announced that it has been granted its licence to operate in Belgium. The new Belgian start-up is to be led by industry veteran Herman Kerremans and, with an established team, will provide best-in-class specialty solutions to clients across the Benelux region, strengthening the ... Read the full article
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