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Reinsurance News

Brit partners with international law firm on kidnap offering

13th December 2018

Global specialty re/insurer Brit Limited has partnered with Schillings Critical Risk, part of Schillings, an international issues and crisis law firm, on the creation of a comprehensive kidnap for ransom offering. Brit cites a rapidly changing geopolitical and economic climate as a primary driver for the offering and states that roughly ... Read the full article

AXIS Insurance appoints Markel’s Andre Maher as Senior Cyber Underwriter

13th December 2018

AXIS Insurance, the insurance business segment of AXIS Capital Holdings Limited, has appointed Andre Maher as Senior Cyber Underwriter, effective immediately. Maher will be based in London and will report to Dan Trueman, Global Head of Cyber and Technology at AXIS. He joins AXIS from Markel, where he spent two years as ... Read the full article

RSA appoints Arc Legal as legal expenses services supplier

13th December 2018

RSA Group, one of the largest UK commercial insurers, has appointed Arc Legal Assistance as its supplier of legal expenses insurance services across its personal and commercial product lines. The deal represents a significant growth in Arc Legal’s family and commercial legal expenses portfolio, increasing policy count by over 15% for ... Read the full article

AIG hires Arch’s Michael Price as Deputy CUO, General Insurance

13th December 2018

Global insurer and reinsurer American International Group (AIG) has appointed Michael Price as Deputy Chief Underwriting Officer (CUO) for General Insurance. He joins AIG from Arch Insurance Group, where he most recently served as its CUO for North America. As AIG's Deputy CUO, Price will work closely with CUO Tom Bolt, Read the full article

Bulk annuities to reach £30bn in 2019: Willis Towers Watson

13th December 2018

The bulk annuity market in 2019 is set to show further strong growth, with deals expected to top £30 billion over the course of the year, according to Willis Towers Watson. Key themes the firm has said to look out for in 2019 include a doubling to over £10 billion in ... Read the full article

Gallagher Bassett acquires PCMS, boosting size & offering in UK

13th December 2018

Multiline claims services provider Gallagher Bassett has acquired Property Claims Management Services Limited (PCMS), boosting its size and offering in the UK. Staffordshire-based PCMS provides property claims management services to insurers and commercial third-party claims administrators. The service delivery team covers the full range of perils including escape of water, fire, flood, ... Read the full article

Ascent Underwriting adds Alex Smith as head of transactional risk

13th December 2018

Cyber and specialty lines managing general agent (MGA), Ascent Underwriting, has announced the appointment of Alex Smith as head of transactional risk, effective February 2019. He joins from Capital Risks where he served as Underwriting Director and was previously an underwriter at AIG within the mergers and acquisition (M&A) insurance group. Smith ... Read the full article

California regulator’s data shows over $9bn insured wildfire loss

13th December 2018

Preliminary claims data from the California Department of Insurance reflects $9.05 billion in actual losses for commercial and residential coverage, personal and commercial vehicles, and agricultural and other coverages from November’s Camp, Woolsey and Hill wildfires. It’s important to underline the preliminary nature of this estimate and that the market is ... Read the full article

LMG exceeds targets for delegated authority platform adoption

13th December 2018

The London Market Group (LMG) has announced that market uptake for its Delegated Authority: Submission, Access and Transformation Solution (DA SATS) has been high, with 100% of managing agents involved in live delegated authority business now signed up for the platform. Additionally, 88 brokers in the coverholder market have also signed ... Read the full article

Allied World to develop multinational policy platform for Fairfax

13th December 2018

Allied World Assurance Company Holdings, GmbH is developing a new multinational platform to allow Fairfax Financial Holdings Limited to collaborate across its group of companies and issue locally admitted insurance policies. The platform, called Fairfax WorldWideSM, will enable the issuance of locally admitted insurance policies using Fairfax subsidiary licensing capabilities and ... Read the full article

Philip Willcock named CEO of AIG Life Limited (UK)

13th December 2018

AIG Life Limited (UK), a division of global insurer and reinsurer American International Group, Inc. (AIG), has announced the appointment of Philip Willcock as its new Chief Executive Officer (CEO), effective March 1st, 2019. Willcock will be based in London, and will report to Adam Winslow, CEO, International, Life & Retirement, AIG Life ... Read the full article

Allstate hit with $670m Camp and Woolsey wildfire losses

13th December 2018

American insurer Allstate has announced pre-tax catastrophe losses for the month of November of $685 million ($541 million, after-tax), of which $670 million ($529 million, after-tax) is attributable to California’s Camp and Woolsey wildfires and reflect the impact of reinsurance recoveries and reinstatement premiums. Allstate has said it has already provided ... Read the full article

Cyber not included in Australia’s terrorism reinsurance pool

13th December 2018

With the Australian Cyber Security Centre considering the current risk of terrorist groups using a cyber-attack to impact Australia’s interests and security as low, the threat has not been included in the country’s terrorism reinsurance pool. The Australian Reinsurance Pool Corporation (ARPC) was set up in 2003 to correct a market ... Read the full article

AkinovA adds Tokio Marine’s Daljitt Barn to Advisory Board

13th December 2018

AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has announced the addition of Daljitt Barn to its Advisory Board. Barn is the Global Head of Cyber Risk for Tokio Marine Group and an industry leader in cyber insurance and cyber risk, combining insurance value-chain expertise with a ... Read the full article

Hamilton’s investments with Two Sigma help generate consistent net income: KBRA

13th December 2018

Kroll Bond Rating Agency (KBRA) has assigned a stable outlook and an insurance financial strength rating (IFSR) of A to Bermudian property and casualty (P&C) reinsurer Hamilton Re, citing the strengths of its investment fund. The company’s TS Hamilton Fund is managed by Two Sigma and has allowed Hamilton Re to ... Read the full article

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