Reinsurance News
Richard Milner appointed CEO of Aspen UK, Managing Agency
13th November 2020
Richard Milner, former senior managing director of Aspen Re International, has been promoted to serve as Chief Executive Officer Aspen Insurance UK & Aspen Managing Agency. Milner appears to have transitioned to the new role earlier this year, after having served in his previous position for five months. Milner holds over 20 years’ ... Read the full article
Marine P&I market in “turbulent times”: Gallagher
13th November 2020
Insurance broker Gallagher has reviewed the state of the marine protection and indemnity (P&I) market ahead of the upcoming renewals, noting that it is a “turbulent time” for re/insurers in this sector. The pandemic’s impact on the economy, international trade and safety of crew members has made it a very challenging ... Read the full article
Generali’s net profit dips 40% but operating result spikes on P&C improvement
13th November 2020
Generali has reported a 40% decline in Group net profit for the first nine months of the year to approximately €1.3 billion, while gross written premiums (GWP) increased slightly, year-on-year, to roughly €52 billion. The Group's net profit was impacted by €310 million in net impairments on investments related to the ... Read the full article
AIG makes two senior hires
13th November 2020
Global insurer American International Group, has announced that Lucy Fato, Executive Vice President & General Counsel, has taken on additional responsibilities in the newly created position Global Head of Communications and Government Affairs. In her expanded role, Fato has assumed responsibility for Global Communications in addition to the Government Relations and ... Read the full article
Brookfield Asset Management to launch reinsurance entity
13th November 2020
Alternative asset management company Brookfield Asset Management has announced the launch of a new reinsurance entity that will enable it to grow its reinsurance business "in the most efficient fashion.” Brookfield Asset Management Reinsurance Partners (BAM Reinsurance) will operate as a ‘paired’ entity to Brookfield, meaning shareholders will have flexibility in ... Read the full article
Obsidian Insurance Holdings receives A- from AM Best
13th November 2020
Obsidian Insurance Holdings has announced that AM Best has assigned an A- (Excellent) financial strength rating to its recently-formed Obsidian Specialty Insurance Company, an excess and surplus (E&S) lines insurer. Obsidian Specialty Insurance Company was established in Delaware as a domestic surplus lines insurer with the carrier receiving its certificate of ... Read the full article
Insurance Council of Australia adds four directors
13th November 2020
The Insurance Council of Australia Limited (ICA) Board has announced the appointment of four new directors. The new directors are Frank Costigan, Tracy Green, Jarrod Hill, and Ralph Ronnenberg. Costigan has worked for QBE Australia as Interim Managing Director for just over two years, previously working at insurers such as Berkshire Hathaway ... Read the full article
Moody’s provides stable outlook for US P&C in 2021
12th November 2020
Moody's has has provided a stable outlook for the US Property & Casualty commercial insurance sector in 2021. Analysts highlight an acceleration in price increases and solid capital positions. However these factors could be mitigated by headwinds from loss cost trends, catastrophes and coronavirus related losses "For commercial lines insurers, the coronavirus-related economic downturn ... Read the full article
Chubb appoints John Latter to Claims Director role
12th November 2020
Global re/insurer Chubb has announced the appointment of John Latter as Senior Vice President, Claims Director for the company's Europe and Eurasia & Africa regions. In his new role, Latter will have overall responsibility for the strategy and delivery of Chubb's claims services in these two regions. He will continue to be based ... Read the full article
Munich Re Automation Solutions expands partnership with ExamOne
12th November 2020
Munich Re Automation Solutions, the insurtech-focused subsidiary of Munich Re Group, has expanded its partnership with ExamOne, a Quest Diagnostics company, to leverage its LabPiQture results. LabPiQture is a service from ExamOne that provides automated access to clinical lab data on an individual for use in insurance underwriting. Individuals must provide authorisation ... Read the full article
QBE North America makes two senior hires
12th November 2020
QBE North America has announced two new appointments, Dan Fortin as President, Financial Lines, and Todd Greeley as Chief Operating Officer, Financial Lines. Fortin is to lead and build upon QBE’s existing Management Liability, Professional Liability and Transactional Liability practices, while Greeley is to help further expand its Management Liability, Professional Liability and Transactional ... Read the full article
AXA XL launches new Risk Scanning service
12th November 2020
AXA XL Risk Consulting has announced the launch of Risk Scanning, a new risk assessment service. The service is to be made available globally, as the solution combines the expertise of AXA XL’s risk consultants with data mining capabilities and probabilistic algorithms to carry out multi-peril assessments of a company’s physical ... Read the full article
AM Best provides US P&C impairment update
12th November 2020
Rating agency AM Best identified thirteen new insurance company impairments in the US property and casualty (P&C) industry in 2019, which was two more than in the previous year. A new report found that four impairments of medical professional liability writers and another four commercial auto writers led the 2019 impairments. Overall, ... Read the full article
Palomar announces agreement with Marsh’s Torrent Technologies
12th November 2020
California-based insurance holding company Palomar has agreed to integrate its residential flood insurance program Flood Guard onto the flood processing platform of Torrent Technologies, part of Marsh. It's hoped this will provide agents of Torrent's Write-Your-Own (WYO) carriers even more choice to meet the flood risk needs of their customers and help close ... Read the full article
Conduit Re to proceed with IPO; expects to raise $1.1bn
12th November 2020
Neil Eckert and Trevor Carvey's new property and casualty (P&C) and specialty reinsurance underwriting business, Conduit Re, has today confirmed its intentions to proceed with an initial public offering (IPO) and apply for admission of its Shares on the London Stock Exchange (LSE). The news comes after Conduit's previous announcement ... Read the full article
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