Reinsurance News
Report finds disconnect between cyber & property risk management
4th May 2017
Global organisations are spending almost four times as much on property related risks than on cyber risks, despite a broad expectation of heightened cyber exposure over the next two years and the greater impact of business disruption to cyber assets than to property, plant and equipment (PP&E) assets, according to Aon ... Read the full article
ArgoGlobal names Paul Harris professional indemnity underwriter
4th May 2017
Lloyd's of London insurer and Argo Group subsidiary, ArgoGlobal, has announced the appointment of Paul Harris as professional indemnity underwriter, effective immediately. Harris will report to James McPartland, professional indemnity class underwriter, and joins the firm from Starr Companies, where he was most recently a professional indemnity underwriter. Before Starr Companies ... Read the full article
BMS names John Hoare MD of specialty marine unit, BMS Harris & Dixon Marine
3rd May 2017
Specialist insurance and reinsurance broker, BMS Group Limited, has named John Hoare Managing Director (MD) of its BMS Harris & Dixon Marine subsidiary, effective immediately. Hoare replaces Tony Pryce, who is set to remain as Chairman of the company, and the pair will work together on the development and expansion of ... Read the full article
Risk managers not up-to-par on disruptive technologies: Marsh/RIMS
3rd May 2017
Risk management professionals show an "alarming" lack of understanding and preparation to assess risks from disruptive technologies, including telematics, sensors, the Internet of Things (IoT), smart buildings, and robotics, said insurance broker Marsh in a joint report with the Risk Management Society (RIMS). 60% of respondants surveyed said they don't conduct ... Read the full article
U.S. commercial P&C market competitive and growing in Q1: Lockton
3rd May 2017
Commercial U.S. property and casualty (P&C) market conditions are competitive and profitable in 2017's first quarter, with market growth coming despite low-interest rates and an influx of capital, broker Lockton stated in its April Market Update. Favorable pricing, coverage terms, and programme structures have created a buyer's market, and insurers refining products ... Read the full article
StarStone hires new Global Head of Accident & Health
3rd May 2017
Enstar Group's international specialty insurer, StarStone, recently announced the appointment of Jeff Herman as its Global Head of Accident & Health, effective immediately. Herman brings over three decades of industry experience to the role, and will report to U.S. Chief Executive Officer (CEO) Norman Brown, and Group Chief Underwriting Officer (CUO), ... Read the full article
Reinsurers to come out “unscathed” if US/EU Covered Agreement unravels: S&P
3rd May 2017
Standard & Poor's (S&P) Global Ratings said the U.S. - EU Covered Agreement (CA), which it called a "milestone in improving transparency and regulatory cooperation" could come under threat from fierce U.S. opposition and the Trump administration's preference for deregulation, but this isn't expected to have a significant material impact ... Read the full article
InsurTech start-ups partnering with small insurers could take the lead in digital innovation: Willis
3rd May 2017
Small insurance businesses could be the front-runners of the digital transformation revolution, with 25% of their total premium digitally underwritten by 2020, Willis Towers Watson and CB Insights said in a dual Q1 report on InsurTech industry trends. In the innovation game, small insurers could have an edge over their larger ... Read the full article
Risk preparedness at lowest level since 2007: Aon
3rd May 2017
Reinsurance broker Aon Benfield has said firms are at their lowest levels for risk preparedness since 2007 - when it first began to assess the risk environment for businesses in its bi-annual global risk management survey. This is down to firms not yet having caught up with the speed of the ... Read the full article
Adam Szakmary named new Director of Underwriting for Hiscox Insurance, Bermuda
3rd May 2017
Specialist global re/insurer Hiscox has named the new Director of Underwriting for Hiscox Insurance in Bermuda as Adam Szakmary - who joins from Sompo International's asset management platform, Blue Capital Management. Szakmary will oversee underwriting activities in Bermuda, as Director of Underwriting, reporting to incoming Hiscox Re Chief Executive Officer (CEO) and ILS, ... Read the full article
Arthur J. Gallagher UK adds Simon Green to Board as non-executive director
3rd May 2017
Simon Green has been appointed as an independent non-executive director of Arthur J. Gallagher Holdings Limited's (UK) Board, effective June 1st 2017. Green will also serve as an independent non-executive director on the firm's Risk Committee and Audit Committee for the UK business, and will also become an independent non-executive ... Read the full article
Argo Group to simplify organisational reporting
2nd May 2017
International insurer and reinsurer Argo Group International Holdings, Ltd. has revealed that it plans to make changes to its reporting of financial results, with two reporting segments, U.S. operations and International operations. The change looks to simplify how the re/insurer reports its operational results, with the company now reporting on two ... Read the full article
Liberty Mutual completes specialty insurer Ironshore acquisition
2nd May 2017
Liberty Mutual Insurance - one of the largest property and casualty insurer's in the U.S. - has announced the completion of its acquisition of global specialty insurer Ironshore. Liberty purchased the firm from Fosun International for $2.935 billion after receiving regulatory approvals. The transaction took place under the guidance of Barclays Capital as financial ... Read the full article
Fidelis looks to expand niche specialty reinsurance business with backing of new MGA
2nd May 2017
Fidelis Insurance has revealed plans to expand its capabilities in the niche specialty reinsurance sector by backing Hiscox Re executive, Rob Ashton's plans to establish a managing general agent (MGA) in partnership with Nexus. Fidelis has announced that it will sponsor Ashton's new entity, which is expected to start writing business ... Read the full article
Influence of reserves on results to continue to shrink: KBW
2nd May 2017
Reserve releases are expected to continue to bolster the results of North American insurers and reinsurers over the next two years, albeit at a lower rate than previously and with fewer firms expected to benefit as redundancies fall further, according to analysis from Keefe, Bruyette & Woods (KBW). Throughout the soft ... Read the full article