Reinsurance News
KBRA stable on US P&C re/insurance in 2020
10th February 2020
Kroll Bond Rating Agency (KBRA) has assigned a stable outlook to the US property and casualty (P&C) insurance sector in 2020, based on the expectation that the industry’s strong capital, improved pricing, and disciplined underwriting will provide stability through the year. These strengths will likely offset declining support to profit margins ... Read the full article
Lloyd’s anticipating a more liberal Indian market, says Chairman
10th February 2020
Bruce Carnegie-Brown, Chairman of insurance and reinsurance marketplace Lloyd’s of London, has said that he believes the market in India is “on path to liberalisation,” according to reports from The Economic Times. In an interview with the publication, Carnegie-Brown suggested that Lloyd’s was still uncomfortable with the order of preference rules ... Read the full article
Coverys Syndicate 1975 adds Beazley’s Minetti as Active Underwriter
10th February 2020
Coverys Managing Agency Limited has announced the appointment of Beazley's Valentina Minetti as Active Underwriter for Syndicate 1975. Minetti is scheduled to join Coverys, the Lloyd's managing agent of Syndicates 1975, 1991, and 3330, following the expiration of her notice period. She joins the firm from Beazley, where she most recently had ... Read the full article
HWI appoints international political violence, terror and cyber expert
10th February 2020
Independent global insurance brokerage, HWI International, has added political violence, terror and cyber specialist, Paul Loring, to its London office. As HWI continues to build out its International Political Violence, Terrorism and Cyber placements, the addition of Loring adds more than three decades of industry expertise to the division. Most recently, he ... Read the full article
The ARC Ltd appoints new CEO as Dolika Banda departs
10th February 2020
The African Risk Capacity Limited (the ARC Ltd), a financial affiliate of the Africa Risk Capacity (ARC), has announced Lesley Ndlovu as its new Chief Executive Officer (CEO), effective March 1st, 2020. Ndlovu's appointment comes after the expiration of the tenure of previous CEO Dolika Banda, who took over the post ... Read the full article
PIC converts longevity swap into £1.6bn buy-in for MNOPF
10th February 2020
Pension Insurance Corporation plc (PIC) has completed the conversion of a longevity swap transaction into a £1.6 billion buy-in with the Merchant Navy Officers Pension Fund (MNOPF). The buy-in secures the pension of approximately 14,000 members and coverts a longevity hedge written in 2014 between MNOPF and Pacific Life Re. The 2014 ... Read the full article
ICA declares catastrophe for east coast storms & flooding
10th February 2020
The Insurance Council of Australia (ICA) has declared the sixth catastrophe in the past five months, following property losses caused by recent storms and flooding across the east coast since February 5th, 2020. According to the ICA, insurance companies have received 10,000 claims with the value of claims estimated at AUD ... Read the full article
AXA confirms €1bn sale of Central European businesses
10th February 2020
French insurance and investment giant AXA has confirmed that it plans to sell its operations in Poland, Czech Republic and Slovakia to UNIQA Insurance Group AG for €1 billion. UNIQA had been pegged as one of three bidders in the running to secure AXA’s Central and Eastern European operations after Read the full article
Argo confirms addition of Carol McFate to its Board
10th February 2020
Bermuda-based insurer and reinsurer Argo Group International Holdings, Ltd. has announced the addition of Carol A. McFate to its Board of Directors. McFate retired from Xerox Corporation in 2017 after serving as Chief Investment Officer for more than a decade. During this time, she was responsible for the insourcing, oversight and ... Read the full article
LMA sets Future at Lloyd’s & Brexit as key objectives for 2020
10th February 2020
The Lloyd’s Market Association (LMA) has revealed its objectives for 2020, which include a focus on the Future at Lloyd’s reforms and Brexit planning. Engaging with Lloyd’s on the delivery of its new strategy is the primary objective for the LMA this year, and is expected to underpin the Association’s priorities ... Read the full article
ArgoGlobal-backed Loadsure secures Lloyd’s coverholder approval
10th February 2020
Loadsure, a managing general agency (MGA) focused on the U.S. spot freight industry, has been granted coverholder status by the specialist Lloyd's of London insurance and reinsurance marketplace. ArgoGlobal, a division of re/insurer Argo Group, has partnered with Loadsure to provide capacity and support for its development, and has been working ... Read the full article
Exor confirms talks with Covéa on rumoured $9bn PartnerRe sale
10th February 2020
Partner Re, the Bermuda-based reinsurance firm, is said to be the subject of discussions over a $9 billion potential sale between its current owner the Agnelli family-owned Exor and French insurance group Covéa. Already rumoured, Exor has now confirmed that PartnerRe is the subject of sale talks. The still rumoured price of ... Read the full article
Iran continues to work with foreign reinsurers amid U.S. sanctions: Reports
10th February 2020
In spite of sanctions imposed by the U.S., Iran's Central Insurance Agency, Bimeh Markazi, has reportedly said that global reinsurers will continue to share risks that pose a threat to Iranian businesses and industries. The Governor of Bimeh Markazi, Gholamreza Soleimani, told local news site ILNA that foreign reinsurers that are ... Read the full article
Norsk Hydro claims a further $20.2mn from its cyber insurance in Q4
7th February 2020
Aluminium manufacturing giant Norsk Hydro has announced that during the fourth-quarter of 2019, it recognised NOK 187 million (USD 20.2 million) of insurance compensation in relation to the cyber-attack on its operations in March, 2019. The firm detected unusual activity on its servers that disabled part of its smelting operations, leading ... Read the full article
Pacific Life Re Australia names Head of Client Solutions
7th February 2020
Pacific Life Re Australia has announced the appointment of Martyn Gilling to the position of Head of Client Solutions. He will now be responsible for Pacific Life Re Australia’s market strategy and sales, as well as developing solutions for its clients. Prior to joining Pacific Life Re, Gilling lived in Canada and ... Read the full article
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