Reinsurance News
PIC completes £3.5bn of bulk annuity deals in H1
11th September 2020
Pension Insurance Corporation Group Limited (PICG), the parent company of specialist insurer Pension Insurance Corporation plc (PIC), completed £3.5 billion of bulk annuity deals in the first half of 2020. The firm also completed £47.7 billion in financial investments, compared to £40.9 billion across the whole of 2019. Reinsurance transactions covered £3.9 billion ... Read the full article
MS Amlin hires Claims Binder Manager for European Marine team
11th September 2020
Re/insurer MS Amlin has announced the appointment of Wilfred Jansen as the new Claims Binder Manager for its European Marine team. Jansen will be the first contact for their coverholders for on boarding and renewals where he brings a wealth of experience from a coverholder perspective. Prior to joining MS Amlin, Jansen ... Read the full article
Chubb appoints Diego Sosa as Regional President for Far East
11th September 2020
Chubb Limited has announced that Diego Sosa has been named Regional President for the Far East. Sosa is currently serving as Chief Operating Officer for Chubb in Brazil but will have full overall responsibility for the management and business results of Chubb's general insurance operations in Japan. Sosa will be succeeding Read the full article
Supply chain restructuring to generate $63bn in premiums: Swiss Re
10th September 2020
Swiss Re believes that supply chain restructuring resulting from the COVID-19 pandemic could drive new demand for insurance protections, and estimates that additional global premium volumes of around $63 billion could be generated over the next five years. The latest Swiss Re Institute sigma study explores the idea that global supply ... Read the full article
Marsh’s Dean Klisura named President of Guy Carpenter
10th September 2020
Guy Carpenter, the reinsurance arm of global brokerage Marsh, has appointed Dean Klisura as its new President, effective October 1st, 2020. Klisura will report to Guy Carpenter's Chief Executive Officer (CEO), Peter Hearn, and will continue to be based in New York. In this newly-created role, he takes responsibility for Guy Carpenter's ... Read the full article
FedNat to tap reinsurance cover for Hurricane Laura losses
10th September 2020
Florida based primary insurer FedNat is expecting to tap into its reinsurance coverage to pay claims resulting from Hurricane Laura, which are likely to exceed its single-event retention of $25 million. FedNat will bear approximately $19 million of this retention, after accounting for the quota-share treaty that it has in place ... Read the full article
Brit names Mark Allan as CEO of Ki
10th September 2020
Global specialty re/insurer Brit has announced the appointment of Mark Allan as CEO of Ki, its fully digital and algorithmically-driven Lloyd’s of London syndicate, launched in collaboration with Google Cloud. Allan has served as Brit Group CFO and Brit Limited Group Executive Director since 2015, following roles as CRO and Director ... Read the full article
Billions at stake ahead of FCA court ruling: Deutsche Bank
10th September 2020
Commentary from Deutsche Bank highlights that billions of pounds in potential insurance claims are at stake ahead of the imminent court judgement on the FCA’s business interruption (BI) case. The re/insurance industry is anxiously awaiting a verdict from the UK courts in the coming days about whether insurers will ultimately ... Read the full article
AIG appoints StarStone’s Chris Rash as CEO of Talbot
10th September 2020
Chris Rash, most recently the interim Group Chief Executive Officer (CEO) of StarStone Group, has been named as the new CEO of global re/insurer AIG's Talbot Underwriting Ltd, which operates in the Lloyd's marketplace through Syndicate 1183. At the same time, Rash has been appointed to the Talbot Underwriting Board and ... Read the full article
Greenlight Re announces key leadership changes
10th September 2020
Specialist property and casualty reinsurer Greenlight Capital Re has announced the appointment of Simon Burton to the role of Chief Underwriting Officer, which he will serve along his current responsibilities as Chief Executive Officer. Additionally, Neil Greenspan will serve as Chief Financial Officer while Faramarz Romer will take up the role of ... Read the full article
RGA adds Stephen O’Hearn & Ng Keng Hooi to Board of Directors
10th September 2020
Global life and health reinsurance company, Reinsurance Group of America (RGA), has increased its number of board directors to 12 with the additions of Stephen T. O'Hearn and Ng Keng Hooi. O'Hearn, who most recently served as the Global Leader of PwC's Insurance Practice from 2015 to 2020, will join on ... Read the full article
Commercial rate hardening continues in August: IVANS
10th September 2020
Average premium renewal rates continued to harden across nearly all major commercial lines of business during the month of August 2020, according to the results of the IVANS Index, a division of Applied Systems. Year over year, all lines of business experienced an increase in average premium renewal rate, except Workers’ ... Read the full article
WTW and the University of Oxford collaborate on cyber risk research
10th September 2020
Global insurance and reinsurance broker, Willis Towers Watson (WTW), has partnered with the University of Oxford to develop research exploring three key areas of cyber security risk. Specifically, Willis Research Network is set to engage with the University to examine increases in systemic risks; the nature of cyberattack resilience; and, the ... Read the full article
Lockton Re adds Dominic Riley to lead aviation, aerospace practice
10th September 2020
Lockton Re has announced the appointment of Dominic Riley to the company's London office to Lead its aviation & aerospace practice, effective early next year. Riley joins from Guy Carpenter where he most recently served within its aviation team. He joined as part of the MMC acquisition of JLT in 2019 and ... Read the full article
Beazley enhances BBR, MediaTech policies for businesses in Canada
10th September 2020
Specialist insurer Beazley has announced a series of enhancements to its Beazley Breach Response and MediaTech policies for businesses in Canada. The insurer has streamlined key policy wordings and integrated cyber extortion, business interruption, dependent business interruption and eCrime coverages into the main policy, rather than being added by endorsement. The BBR ... Read the full article
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