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CRESTA updates info for geographic zoning system

21st October 2019

CRESTA, the re/insurance industry organisation that provides a standard global system of risk accumulation zones, has released an updated version of its zoning system for 2019. In its 2019 release, CRESTA has updated all 4,901 low-resolution and 242,172 high-resolution zones for the 137 countries covered by the organisation, following consultation with ... Read the full article

Legacy market set to go “from strength to strength”: DARAG’s Tom Booth

18th October 2019

The legacy re/insurance market is gearing up for further growth and is ready to go “from strength to strength,” according to Tom Booth, Chief Executive Officer (CEO) at DARAG. Speaking in an interview with Reinsurance News, Booth said that legacy re/insurers continue to enjoy an “active, vibrant marketplace” with no shortage ... Read the full article

Munich Re US names Juan Herrera as Head of Diversity & Inclusion

18th October 2019

Munich Reinsurance America, Inc. (Munich Re US), a subsidiary of reinsurance giant Munich Re, has announced the appointment of Juan Herrera as its first full-time Head of Diversity & Inclusion. Based in Princeton, New Jersey, Herrera will report to Brian Viscusi, U.S. Regional Head of Human Resources. He will be tasked with ... Read the full article

Davies Group acquires workers’ comp claims administrator

18th October 2019

Operations management, consulting and digital solutions provider Davies Group has announced the acquisition of Alternative Service Concepts, a workers’ compensation and property casualty third party administrator. ASC is set to join Davies’ newly formed North American Claims Solutions business, alongside its recently-acquired independent adjusting business, Frontier. ASC will form a new ... Read the full article

Swiss Re CorSo targets enhanced online portal with EigenRisk partnership

18th October 2019

Swiss Re Corporate Solutions (Swiss Re CorSo), a division of global reinsurance giant Swiss Re, has chosen EigenRisk as its partner to deliver enhanced capabilities for PULSE, Swiss Re's online client portal. Swiss Re CorSo hopes to achieve enhanced capabilities for PULSE through its partnership with EigenRisk via the InsurTech's EigenPrism ... Read the full article

Rothesay Life in £3.8bn pension buy-in deal with Asda

18th October 2019

Rothesay Life, the specialist insurer of defined benefit pension schemes, has agreed to a £3.8 billion bulk annuity buy-in of the Group Pension Scheme of Asda, the UK supermarket retailer owned by Walmart. The transaction has been secured in anticipation of a full buy-out of the Scheme, and will be enabled ... Read the full article

RAA’s Joe Sieverling added to Federal Reserve advisory committee

18th October 2019

The Reinsurance Association of America's senior vice president and director of financial services Joe Sieverling has been appointed to the Federal Reserve’s Insurance Policy Advisory Committee (IPAC). The IPAC consists of 21 members and was launched in 2018 to provide information, advice and recommendations to the Board of Governors on international ... Read the full article

IDF sees “untapped” potential for re/insurers to support climate resilience: Iyahen

18th October 2019

The role of the re/insurance industry in building global climate resistance is currently “significantly untapped,” according to Ekhosuehi Iyahen, Secretary General of the Insurance Development Forum (IDF). Speaking during a recent lecture in the Old Library at Lloyd’s of London, Iyahen discussed how the industry can help to build climate resilience ... Read the full article

Arch secures $577m of mortgage reinsurance from capital markets

18th October 2019

Arch Capital Group’s US mortgage insurance subsidiary, Arch Mortgage Insurance Company, has secured $577 million of indemnity mortgage reinsurance protection. This transaction, which covers a pool representing $7.2 billion of mortgages from special purpose reinsurer Bellemeade Re 2019-4 Ltd.,is Arch’s fourth of 2019; representing the most Insurance Linked-Note transactions ever conducted ... Read the full article

Talbot’s Gillingham named head of war, terrorism at StarStone

18th October 2019

Specialty insurer StarStone has announced the appointment of Henry Gillingham as head of war & terrorism within its crisis management division. Gillingham will be based in London and is set to join in the first half of 2020. He joins from Talbot Underwriting, where he most recently served as a senior ... Read the full article

Heightened reinsurance use amid potential TRIPRA expiration: A.M. Best

18th October 2019

In the event that the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is not renewed at the end of next year, insurers continue to take appropriate risk management measures, including the increased purchase of reinsurance protection, according to A.M. Best. Signed by President Obama in January 2015, TRIPRA extended the expiration ... Read the full article

Nassau agrees to acquire Foresters life insurance & annuity firm

18th October 2019

Hartford, U.S. domiciled insurer and reinsurer, Nassau Financial Group, L.P. has announced that its subsidiary, Nassau Life Insurance Company (NNY), is to acquire Foresters Financial Holding Company, Inc. and Foresters Life Insurance and Annuity Company (FLIAC) from The Independent Order of Foresters (Foresters). Both NNY and FLIAC are New York-based life ... Read the full article

WR Berkley names David LeBlanc as Acadia president

18th October 2019

Re/insurance holding company WR Berkley Corporation has promoted David LeBlanc to serve as president of Acadia Insurance, its commercial property and casualty subsidiary. LeBlanc succeeds Douglas Nelson, who joined as president in 2011 and will now transition to chairman of Acadia. With over 35 years’ experience in the P&C insurance space, LeBlanc ... Read the full article

Munich Re announces €850mn result in Q3 despite cats

18th October 2019

Despite the costly impacts of catastrophe events in the period, global reinsurance giant Munich Re produced a consolidated result of approximately €850 million in the third-quarter of 2019. The German reinsurer states that the Q3 result is driven by good operational performance, strong currency gains, and a very good investment result, ... Read the full article

Swiss Re Corporate Solutions & Brokerslink partner on business platform

18th October 2019

Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re Group, has agreed to develop a dedicated international insurance program management platform for the Brokerslink network. Brokerslink combines a global broking company with a worldwide network of independent brokers and risk consultanceis, comprising around 18,000 individuals. The new business ... Read the full article

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