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Avery Dennison transfers $750mn in pension obligations to AIG

24th April 2019

American International Group, Inc. has announced that Avery Dennison Corporation has agreed to transfer $750 million of pension obligations to American General Life Insurance Company, part of AIG’s Life & Retirement business. The agreement covers approximately 8,500 retirees, beneficiaries, and deferred and active members. Avery Dennison is a global materials science company ... Read the full article

BAML’s Robert Giammarco named Chairman, CEO of Amynta

24th April 2019

The Board of Directors of the Amynta Group has elected Robert Giammarco as Chairman and Chief Executive Officer (CEO). Joining from the Bank of America Merrill Lynch (BAML), Giammarco brings extensive insurance sector expertise to the role. Giammarco succeeds Stuart Hollander, who is set to become an advisor to the Amynta Board of ... Read the full article

Aviva Director and CEO of UK Insurance, Andy Briggs to step down

24th April 2019

As part of changes to its senior management, insurer Aviva plc has announced that Andy Briggs is to step down from his role as Chief Executive Officer (CEO) UK Insurance and as a Director of Aviva plc, effective immediately. In order to support an orderly transition, Briggs will remain with the ... Read the full article

Early, but meaningful signs the market is responding to cat activity: Robert Berkley

24th April 2019

W. R. Berkley Corporation achieved a 6.4% rate increase, excluding workers' compensation, in the first-quarter of 2019, with much of the property market experiencing some of the most meaningful increases. "From our perspective, with the exception of workers' compensation, by and large, every line of business within the commercial line space ... Read the full article

Everest Insurance launches new lawyers professional liability policy

24th April 2019

Everest Insurance, a division of Bermuda-based reinsurer Everest Re, has announced the launch of Everest Elevation’s new Lawyers Professional Liability Policy. The policy is designed to provide law firms with liability coverage for financial loss suffered by third parties arising from acts, errors, and omissions in providing legal services. Everest Elevation was ... Read the full article

Lockton launches Food & Agribusiness Practice in Asia-Pacific, names head

24th April 2019

Re/insurance broker Lockton has launched a new Food & Agribusiness Practice across the Asia-Pacific region, and has hired Stephane Baldanoff to lead it as Regional Director. As head of the Food & Agribusiness team, Baldanoff will leverage Lockton’s experience in these industries and expand the group’s existing capabilities in Asia-Pacific. He will ... Read the full article

Brevard County hailstorm main driver of FedNat’s Q1 weather losses

24th April 2019

The March 27th, 2019 hailstorm that hit the Brevard County, Florida, has resulted in $11 million of weather-related losses, net of quota share reinsurance, for FedNat Holding Company. Both FedNat Insurance Company and Monarch National Insurance Company have residential property market share above their state-wide averages. Combined with $0.9 million of adverse ... Read the full article

Legal & General enters $200mn pension risk transfer deal in Canada

24th April 2019

Legal & General Group plc has announced that it has agreed its first pension risk transfer (PRT) transaction in Canada for more than CAD $200 million (£114 million). The transaction is being written by Brookfield Annuity Company and Legal & General Reinsurance Company Limited, which will provide quota-share reinsurance for Canadian ... Read the full article

Prudential completes $2.6bn in longevity reinsurance contracts

24th April 2019

Prudential Retirement has completed approximately $2.6 billion in previously undisclosed longevity reinsurance contracts, assuming the longevity risks of roughly 16,000 pensioners. A division of Prudential Financial, Inc., Prudential Retirement provides retirement plan solutions for public, private, and non-profit organisations. The closing of roughly $2.6 billion in longevity reinsurance agreements highlights the unprecedented ... Read the full article

Arig investigation uncovers “glaring deficiencies” in governance

24th April 2019

An investigation into Arab Insurance Group (Arig), a Bahrain-domiciled treaty and facultative reinsurance provider, by the Central Bank of Bahrain has uncovered “glaring deficiencies” in the company’s governance framework. The regulator conducted an onsite examination of the reinsurer after A.M. Best downgraded and withdrew its credit ratings for Arig last month ... Read the full article

Stephanie Penner named Mercer’s Tri-state office leader

24th April 2019

Mercer, the global consulting subsidiary of broking and advisory giant Marsh & McLennan Companies, has announced the appointment of Stephanie Penner as Tri-state Office Leader. Penner, who has been with Mercer for over 20 years, will be responsible for building strong local client relationships, driving revenue growth and bolstering market presence ... Read the full article

Aon creates new Global Construction & Inland Marine unit

23rd April 2019

Global insurance and reinsurance broker, Aon, has announced the combination of its Construction & Engineering and Inland Marine teams into a single practice within its Reinsurance Solutions operation. The new unit will be known as the Global Construction & Inland Marine practice group, and Aon states that its formation reflects recognised ... Read the full article

Axon Underwriting expands into LatAm with launch of reinsurer, Axon Re

23rd April 2019

Axon Underwriting Services LLC has announced the establishment of Axon Re, launched to expand the firm's cargo and stock throughput reinsurance program across Latin America. The new reinsurance unit is to provide both facultative and treaty reinsurance protection for cargo and stock throughput risks, and also for property and environmental lines ... Read the full article

Everest Insurance CUO elected chairman of WCIRB Governing Committee

23rd April 2019

Mike Mulray, the Chief Underwriting Officer at Everest Insurance, has been unanimously approved as Chairman of the Workers' Compensation Insurance Rating Bureau of California (WCIRB) Governing Committee. The WCIRB is a private, nonprofit association comprised of all companies licensed to transact workers' compensation insurance in California and has over 400 member ... Read the full article

Nasdaq issues delisting warning to Maiden Holdings as challenges hit share price

23rd April 2019

The Nasdaq has issued a statement to Maiden Holdings, Ltd. informing the reinsurer that the bid price of its common stock had closed below the required minimum $1 per share for 30 consecutive days, notifying the firm that is has 180 calendar days to regain compliance with the rule. Specifically, on ... Read the full article

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