Reinsurance News
SCOR reports limited exposure to social inflation
28th February 2020
SCOR Global P&C claims to have only limited exposure to social inflation due to the modest size of its casualty portfolio, as well as its small appetite for impacted business lines. The French reinsurer noted that its recently built US casualty portfolio represents approximately 12% of reserves and 11% of gross ... Read the full article
The Hanover names Cynthia Egan vice chair amid board reshuffle
28th February 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has named Cynthia Egan vice chair of its board of directors. Egan has served The Hanover’s board since 2015 and has been elected to eventually succeed Kevin Condron, who is due to retire in 2021. She was president of retirement plan services for ... Read the full article
Hamilton adds Langhorne Re’s Pestcoe to Board of Directors
28th February 2020
Bermuda-based insurer and reinsurer, Hamilton Insurance Group, has announced the addition of Marvin Pestcoe of Langhorne Re to its Board of Directors. Langhorne Re is the joint-venture, third-party capital-backed life and annuity reinsurer that was launched by reinsurer RenaissanceRe and life reinsurer, Reinsurance Group of America. At Langhorne Re, Pestcoe ... Read the full article
AXA LM acquires reinsurance portfolio from German unit
28th February 2020
AXA Liabilities Managers (AXA LM), a division of AXA and an acquirer and manager of legacy re/insurance business, has received regulatory approval for the acquisition of a legacy assumed treaty reinsurance portfolio from AXA Versicherung AG. German regulator BaFin gave the green light for AXA LM to move ahead with the ... Read the full article
Munich Re exceeds FY19 profit target but major losses dent P&C result
28th February 2020
Global reinsurance giant Munich Re has announced that it exceeded its original profit guidance by €200 million in 2019, despite a high impact from catastrophe losses hitting the performance of its P&C reinsurance segment in the fourth-quarter. For the full year 2019, Munich Re has announced profits of €2.7 billion, which ... Read the full article
AIG names Jon Hancock of Lloyd’s as CEO, International General Insurance
27th February 2020
Jon Hancock, who since 2016 served as Director of Performance Management at Lloyd's of London, has been appointed as the Chief Executive Officer (CEO) of International General Insurance at AIG, effective spring 2020. The specialist Lloyd's of London insurance and reinsurance marketplace announced in January that Hancock was to step ... Read the full article
Capitalisation to remain strong, reinsurers to be more cautious: KBRA
27th February 2020
Traditional reinsurance companies are expected to report strong levels of capital at year-end 2019 and while capitalisation is likely to remain adequate throughout 2020, reinsurers are expected to become more cautious, according to Kroll Bond Rating Agency (KBRA). The recovery in the capital markets through the first nine months of 2019 ... Read the full article
Maiden Re gets approval for move to Vermont
27th February 2020
Maiden Reinsurance Ltd. (Maiden Re), the principal operating subsidiary of Maiden Holdings, has been approved to go ahead with its planned re-domestication from Bermuda to the State of Vermont in the US. The Vermont Department of Financial Regulation (DFR) has now issued a certificate of authority to Maiden Re, allowing it ... Read the full article
Q4 loss weighs on Liberty Mutual’s 2019 income
27th February 2020
Liberty Mutual Holding Company Inc. (LMHC) and its subsidiaries reported a 51.7% decrease in net income over 2019, weighed down by a net loss of $300 million during the fourth quarter of the year. The company’s net income was $1.04 billion in 2019, versus $2.160 billion in the previous year. Q4 ... Read the full article
UIB adds Miles Taffs to Aviation & Space team
27th February 2020
International re/insurance broker UIB has announced the appointment of Miles Taffs as Deputy Managing Director of its Aviation & Space team. He joins on March 16 and will report directly Craig Fisher, UIB’s Managing Director of Aviation and a Board Director of UIBL. Taffs has more than 30 years of experience in ... Read the full article
Chubb promotes Dawn Miller to country president, Switzerland
27th February 2020
Global insurer Chubb has announced the promotion of Dawn Miller to the role of country president, Switzerland. Effective March 1, Miller will be responsible for establishing and growing Chubb’s insurance business in Switzerland. She will be based in Zurich and succeeds Florian Eisele following his appointment as senior vice president director of ... Read the full article
Enstar’s Sandra Boss to depart board of directors
27th February 2020
Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has announced the departure of Sandra Boss from its board of directors. Effective April 1, Boss will vacate her position to pursue a full-time executive role with another company. Boss has been a director of Enstar since 2015, serves as chair of ... Read the full article
Thomas Miller Americas CEO Mike Jarrett retires
27th February 2020
Global insurance provider Thomas Miller has announced the retirement of Mike Jarrett, president and Chief Executive officer of Thomas Miller Americas. Jarrett had been with the company for 40 years and has been succeeded by Leo Kirchner. Kirchner has spent 25 years with the firm and most recently served as regional director ... Read the full article
Gen Re names new L&H International leaders as Heinen retires
27th February 2020
Gen Re, the global reinsurance subsidiary of Berkshire Hathaway, has announced that Winfried Heinen, its long-standing Head of Life and Health International business, has decided to retire on July 31, 2020. Heinen joined the company in 1988 and currently serves as Chairman of the Executive Board of General Reinsurance AG, Gen ... Read the full article
RSA announces record current year underwriting profit
27th February 2020
RSA Insurance Group has announced a current year underwriting profit of £314 million for 2019, representing growth of £229 million when compared with the prior-year while the total group underwriting result increased by almost 39% to £346 million. Excluding exit portfolios, RSA's underwriting profit reached £405 million in 2019, while the ... Read the full article
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