Reinsurance News
Fednat’s reinsurance spend up $8mn per quarter, says CEO
6th March 2020
Florida based primary insurer FedNat is currently working through an $8 million per quarter increase in its reinsurance spend, according to CEO Mike Braun. Speaking in an earnings call alongside the release of the company’s 2019 results, Braun said that FedNat had seen substantial rate increases in the reinsurance market in ... Read the full article
Rating agencies view Covéa takeover as beneficial for PartnerRe
5th March 2020
Rating agencies Fitch and Moody’s have said that they view the recently confirmed acquisition of PartnerRe by Covéa as potentially beneficial for the Bermudian reinsurer. Fitch has placed PartnerRe’s ratings on Rating Watch Positive after the news emerged yesterday, while Moody’s affirmed its ratings and noted that PartnerRe would likely ... Read the full article
Sirius International’s ratings downgraded, placed under review by A.M. Best
5th March 2020
International financial services ratings agency A.M. Best has downgraded the credit ratings of Sirius International Insurance Group, Ltd. and its main rated subsidiaries, and, at the same time, has placed these ratings under review with negative implications. Specifically, A.M. Best has downgraded the Financial Strength Ratings (FSR) to A- (Excellent) from ... Read the full article
Alliant announces Pend Oreille acquisition
5th March 2020
US specialty insurance broker Alliant Insurance Services has announced the acquisition of Pend Oreille Insurance. Based in Idaho, Pend Oreille is one of the area’s largest independent insurance agencies and is led by co-owners Stefanie Nostdahl and Jodie Corless. The company provides an array of regionally focused insurance solutions to its list ... Read the full article
AFL adds Sarah Stephen as head of binding authorities
5th March 2020
Independent Lloyd’s broker AFL Insurance Brokers has announced the appointment of Sarah Stephen as head of binding authorities. She brings over 25 years’ experience to the role and most recently served as senior client manager for Munich Re’s Hartford Steam Boiler. Before that, Stephen spent 10 years as underwriting manager for two ... Read the full article
Maureen Hackett named President of Berkley Luxury Group
5th March 2020
W. R. Berkley Corporation has announced the appointment of Maureen Hackett as President of Berkley Luxury Group, its division focused on upscale residential condo, co-op and rental properties and fine dining restaurants. She takes over the role from William Johnston, who has been appointed as Chairman of Berkley Luxury Group. Hackett most ... Read the full article
Retailer insured losses from Chile riots could hit $1bn, says PCS
5th March 2020
Property Claim Services (PCS), a Verisk Analytics business, estimates that around 33% of the insured losses from the 2019 Chilean riots will come from retailers, and could reach as high as USD 1 billion. Earlier this week, PCS announced the expansion of its industry loss index coverage to the Latin ... Read the full article
Tim Nagle joins Miller from rival broker Integro
5th March 2020
Specialist re/insurance broker Miller has added motorsport insurance specialist, Tim Nagle to its team in order to support growth in all areas of sport and entertainment. In his new role, Nagle will focus primarily on individual athletes and drivers, companies and associations with event liabilities and governmental organisations involved in sport. Over ... Read the full article
Lockton Re names Ross Howard chairman amid leadership reshuffle
5th March 2020
Lockton Re, the reinsurance division of broker Lockton, has named Ross Howard as global chairman alongside a series of high profile leadership appointments. Howard is the former Chief Executive Officer of Towers Watson and was most recently chairman at JLT Re. He also served as vice chairman of Guy Carpenter for a ... Read the full article
Beazley selects Concirrus’ Quest Marine platform
5th March 2020
Specialist insurer Beazley has started leveraging Concirrus’ behaviour-based data analytics platform Quest Marine as an additional underwriting tool. Richard Young, Beazley’s head of hull and war, said the platform enables the company to examine its existing data in new and innovative ways build up a more detailed view of the risks ... Read the full article
Admiral CEO David Stevens to retire, successor named
5th March 2020
Admiral Group's Chief Executive Officer David Stevens has announced his retirement from the company after nearly 30 years of service. Stevens co-founded the insurer in 1991 before stepping into the CEO role in 2016. Upon his retirement in 12 months’ time, Stevens will be replaced by Milena Mondini de Focatiis, the group’s ... Read the full article
Hamilton appoints Division Head, Excess Casualty, Hamilton Insurance Agency
5th March 2020
Bermuda-based insurer and reinsurer Hamilton Insurance Group has appointed Fergus Fergusson as Division Head, Excess Casualty for Syndicate 4000 and for Hamilton Insurance DAC. Syndicate 4000, a diversified multi-line re/insurance syndicate, is managed by Hamilton Insurance Agency Limited, and Hamilton Insurance DAC is the company's Dublin-based arm. Fergusson joins Hamilton after nine ... Read the full article
Property damage from Tennessee tornadoes to exceed $1bn, says CoreLogic
5th March 2020
An outbreak of tornadoes that severely impacted parts of Nashville, Tennessee on March 3rd, 2020 is expected to result in total damage to property of more than $1 billion, according to catastrophe risk modeller, CoreLogic. Around 2am local time, a line of severe thunderstorms produced tornadoes with an estimated intensity of ... Read the full article
IRB Brasil Re leaders resign amid Berkshire confusion
5th March 2020
Brazilian reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has replaced its President and Chief Financial Officer (CFO) after confusion about a possible investment by Berkshire Hathaway caused the company’s shares to plummet by 32%. President José Carlos Cardoso and CFO Fernando Passos submitted their resignations to the Board on March ... Read the full article
Chubb appoints Construction Industry Practice Leader
5th March 2020
Global insurer Chubb has announced the appointment of Stephen Buonpane as Construction Industry Practice Leader for its large account segment. In this capacity, he will oversee strategic direction, while leading a team of construction underwriting and service specialists across multiple lines of business. Buonpane will succeed Bill Hazelton who was recently named ... Read the full article
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