Reinsurance News
Allianz board member Axel Theis to retire, successor named
24th February 2020
Axel Theis, Allianz SE’s member of the board responsible for insurance in German speaking countries and Central and Eastern Europe is set to retire on March 1 after 33 years with the company. Klaus-Peter Röhler, currently chairman of the board of management of Allianz Deutschland AG and Allianz Versicherungs-AG, has been ... Read the full article
TigerRisk hires Bill Cooper as Head of Advisory Capital
24th February 2020
Reinsurance broker TigerRisk Partners LLC has announced the appointment of Bill Cooper as Managing Director and Head of Advisory Capital. Cooper joins the company from Lloyds Bank where he was Managing Director of Insurance and Specialist Finance. In his new role, he will work with TigerRisk clients to help optimise their capital ... Read the full article
Assured Guaranty in €342mn Spanish solar bond deal
24th February 2020
Assured Guaranty (Europe) SA (AGE SA), an indirect subsidiary of financial guaranty insurer Assured Guaranty, has entered into a financial guarantee transaction related to €342 million of solar bonds issued by Madrid-based asset manager Qualitas Equity. The deal guarantees principal and interest payments on the bonds, which were issued on February ... Read the full article
North P&I Club breaks 230mn GT barrier
24th February 2020
Early projections suggest North P&I Club increased its total entered tonnage to over 230 million gross tonnes, a move the company says strengthens its position as a leading member of the International Group of P&I Clubs. North also saw owned P&I tonnage reach 160 million GT. Paul Jennings, North’s Chief Executive, explained ... Read the full article
MGAA welcomes new board members, updates election process
24th February 2020
The Managing General Agents’ Association (MGAA) has announced new board members Chris Harman of Resolution Underwriting Partnership Limited and Lyndsey Thompson of Incorporated Insurance Group Limited. They join Charles Manchester of Manchester Underwriting Management, Jonathan Skinner of Pen Underwriting, Marco Del Carlo of MGA Union and Jeff Turner of Miramar Underwriting ... Read the full article
Berkshire Hathaway’s reinsurance division falls to loss in 2019
22nd February 2020
Berkshire Hathaway's insurance earnings dipped in 2019 as reinsurance related businesses suffered and dragged that segment of the Warren Buffett owned conglomerate to a loss for the year. The Berkshire Hathaway Reinsurance Group fell to an underwriting loss of -$1.472 billion for 2019, worse than 2018's -$1.109 billion. Impacting the insurance and ... Read the full article
Gianfranco Lot takes over as Swiss Re’s Head of Globals Reinsurance
21st February 2020
Swiss Re has announced that Gianfranco Lot will succeed Jonathan Isherwood as Head of Globals Reinsurance, following Isherwood’s recent appointment as CEO Reinsurance Americas, Regional President. Lot, who is currently a Client Executive for Globals, will take up his new position and join the Reinsurance Management team on 1 April. He ... Read the full article
SCOR names Paul Christoff CEO of Canadian reinsurance arm
21st February 2020
French reinsurer SCOR has announced that Paul Christoff will be proposed as President and Chief Executive Officer (CEO) of SCOR Canada Reinsurance Company. He will succeed Joseph El-Sayegh, who joined SCOR in 2000 but has now decided to leave the firm to pursue other career opportunities. Following the appointment, Christoff will also ... Read the full article
AGCS reserve strengthening stunts Allianz’ P&C performance
21st February 2020
Global insurer Allianz has seen its property and casualty segment full year results negatively impacted following €600 million of reserve strengthening within Allianz Global Corporate & Specialty SE (AGCS). AGCS was also afflicted by lower operating investment income, although this was partly compensated by an improved expense ratio. As a result, the ... Read the full article
James River post $20.5mn net income amid robust Q4 results
21st February 2020
James River Group Holdings, the Bermuda-based insurance holdings company, has posted a fourth quarter 2019 net income of $20.5 million, up from $11.6 million in the prior year quarter. The firm’s gross written premiums reached $375 million in Q4, representing a 27% increase from the same period in 2018. Excess and surplus ... Read the full article
Ping An grows profits by 36%, helped by tech investments
21st February 2020
Ping An Insurance (Group) of Company of China, Ltd. has reported 36.5% growth in net profits in 2019, helped by its technology and data focused transformation strategy. Net profit totalled RMB 164,365 million (US $23.4 billion) for the year, while operating profit similarly rose 18.1% to RMB 132,955 million ($18.9 billion). The ... Read the full article
MAPFRE takes majority stake in Dominican health insurer
21st February 2020
MAPFRE has entered into an agreement with the León BHD Financial Center, its bancassurance partner in the Dominican Republic, to acquire 51% of the health insurance company ARS Palic. The transaction is expected to help MAPFRE consolidate its position in the country, and will leave the León BHD Financial Center with ... Read the full article
Former Ironshore CEO Kevin Kelley joins Aquiline
21st February 2020
Aquiline Capital Partners LLC, a private equity firm that invests in financial services and technology, has announced that Kevin Kelley has joined the firm as an Executive Advisor. Kelley previously served as Chief Executive Officer at Ironshore, prior to the company’s acquisition by Liberty Mutual Insurance. Most recently, he worked as Vice ... Read the full article
United Insurance posts $30mn loss after “tough year”
21st February 2020
United Insurance Holdings Corp (UPC Insurance) has posted a $29.9 million loss for 2019, following what President and CEO John Forney described as a “tough year” for the company. Core income also fell to a loss of $46.2 million, compared to $17.3 million in the previous year. Net income in 2018 ... Read the full article
Is Willis Towers Watson just preparing the ground for a bigger M&A deal?
21st February 2020
After insurance and reinsurance brokerage and consultancy Willis Towers Watson (WTW) confirmed yesterday that it is exploring “strategic alternatives” for its wholesale arm, Miller, it's interesting to consider how a sale of its majority stake could clear the decks for a much larger M&A deal. Willis Towers Watson (WTW) and ... Read the full article
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