Reinsurance News
Life/Annuity insurance industry posts $23bn Q1 income hit: AM Best
9th June 2020
An AM Best report says the US life/annuity industry posted a $23.1 billion net income loss in the first quarter of 2020, driven mainly by a 51% increase in expenses over the same prior-year period. Data from the report is derived from companies’ three-month 2020 interim period statutory statements that were ... Read the full article
Allianz (AGCS) names Head of Aviation for Regional Unit London
9th June 2020
Allianz Global Corporate & Specialty (AGCS), a division of global re/insurer Allianz, has announced the appointment of Jonathan Milford-Cottam as Head of Aviation for the company’s Regional Unit London. He succeeds Tom Fadden, current Global Head of Aviation, who has had a dual role since June 2019. Going forward, Milford-Cottam will have ... Read the full article
Lemonade files for NYSE IPO & reveals new reinsurance arrangements
9th June 2020
Insurance technology start-up Lemonade has announced plans for an initial public offering (IPO) of its common stock, while also revealing the arrangements of its new reinsurance program. The firm, which is backed by Japanese conglomerate SoftBank among others, filed a registration statement with the US Securities and Exchange Commission (SEC) to ... Read the full article
Xavier Veyry named CEO Asia & Europe at AXA XL
9th June 2020
AXA XL, the property & casualty and specialty risk division of AXA, has announced the appointment of Xavier Veyry as Chief Executive Officer (CEO) Asia & Europe. In his new role, Veyry will join the company's newly configured leadership team, and will report to CEO, Scott Gunter. Currently, Veyry serves as Country ... Read the full article
Gallagher acquires CA Insurance Brokers
9th June 2020
International re/insurance broker Gallagher has announced the acquisition of Brisbane, Queensland-based CA Insurance Brokers. Founded in 2002 by Andrew Howard, CA Insurance Brokers is a mid-market insurance broker specialized in commercial transportation; construction, earthmoving and professional risks. Howard and his associates will relocate to Gallagher's Brisbane office, operating under the direction of ... Read the full article
AXA & Friday Health Plans enter into multi-year reinsurance arrangement
9th June 2020
Friday Health Plans, a health insurance company focused on the individual consumer, has entered into a multi-year quota-share reinsurance agreement with the Life and Health international solutions arm of global re/insurer AXA. The financing arrangements are designed to accelerate Friday Health Plans' growth plans in both its current and new markets, ... Read the full article
COVID-19 impact could take 5 years to be fully understood: survey results
9th June 2020
The results of the second COVID-19 survey by Reinsurance News suggest that it may take up to five years to fully understand the impact that the pandemic will have on the insurance and reinsurance markets. The survey, undertaken in collaboration with ILS focused sister-site Artemis, acted as a follow-up ... Read the full article
Atradius names Stuart Ramsden Regional Director for UK & Ireland
9th June 2020
Trade credit insurer Atradius has named Stuart Ramsden Regional Director UK & Ireland, effective July 1. Ramsden has been with the firm since 1991 and succeeds Alun Sweeney, who steps down from the role he has held for over 10 years at the end of June. Ramsden has held a number of ... Read the full article
Up to 300% ROI for automation in London Markets: NTT DATA
9th June 2020
IT services and consultancy firm NTT DATA UK says automation could drive ROI of between 30% and 300% annually in London Markets, depending on the process. NTT DATA notes how the approval of claims can reduce the time taken from hours, to just minutes, meaning more claims can be processed in ... Read the full article
Calif. Insurance Commissioner opposes new wildfire bill; warns of unfair rates
8th June 2020
California Insurance Commissioner, Ricardo Lara, alongside the California Department of Insurance and a host of other organisations, have stressed that a new wildfire bill set to be voted on this week would harm policyholders in the region with higher rates. Assembly Bill 2167 is scheduled to be voted on by the ... Read the full article
Barclays names Gautam Chawla as Vice Chairman for FIG Banking
8th June 2020
Barclays has announced the appointment of Gautam Chawla as Vice Chairman, Financial Institutions Group (FIG) Banking. He joins Barclays with more than 28 years of experience in banking, most recently as Co-Head of Global Insurance & Co-Head of North American FIG at Citigroup, where he started his career. Chawla has led the ... Read the full article
Global Risk Solutions announces new complex claims unit
8th June 2020
International loss adjuster Global Risk Solutions has announced the launch of Complex Claims Solutions, a major and complex loss operation based in London. Led by Mike Reeves as Director, CCS will be supported by Director of Global Specialty Markets David Brocklehurst, Global Head of Cyber Risks Sarah Reynolds and Forensic Accountant ... Read the full article
Topsail Re adds Eric Hubicki as Underwriting SVP
8th June 2020
Cayman Islands-based Topsail Re has announced the appointment of Eric Hubicki as Senior Vice President of Underwriting. His responsibilities will include underwriting, marketing and account management. Hubicki brings over 25 years' experience in primary and reinsurance underwriting operations and most recently served as Director of Treaty for Arch Reinsurance. Before that, he worked at ... Read the full article
Stonybrook Capital advises on Anchor Specialty sale
8th June 2020
Stonybrook Capital has announced its role as exclusive strategic and financial advisor to Anchor Insurance Holdings (AIH) on their sale of Anchor Specialty Insurance Company to Weston. A purchase price was not originally disclosed and, according to reports filed with regulators last year, Anchor had 43,209 policies in force representing ... Read the full article
S&P panellists praise US Federal response to pandemic
8th June 2020
A panel of Chief Investment Officers at the S&P Global Ratings’ Annual Insurance Conference have applauded the swift action of the US Federal response to the COVID-19 pandemic. During the virtual conference, Peter Gailliot of BlackRock Inc. said that the Fed had acted quickly to the unprecedented shock of the pandemic ... Read the full article
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