Reinsurance News
Munich Re’s HSB warns crypto adoption can raise SME cyber risk
6th February 2020
HSB, part of reinsurance giant Munich Re, has underlined the risks of cryptocurrency after a survey found at least one-third of US small and medium-sized businesses accept it as a payment method. The survey, conducted in conjunction with Zogby Analytics, found that 36% of SMEs accepted cryptocurrency, while 59% of those ... Read the full article
WTW reports 6% overall growth for 2019
6th February 2020
Global insurance and reinsurance broker Willis Towers Watson has reported 6% overall growth for 2019, with revenue standing at $9.04 billion. Organic revenue growth was reported at 6% for the quarter and 5% for the full year. Also for the fourth quarter, WTW’s Investment, Risk & Reinsurance segment posted revenue of $314 ... Read the full article
Policygenius secures $100 million investment led by KKR
6th February 2020
InsurTech Policygenius, an online marketplace for comparing and purchasing insurance, has announced $100 million in Series D funding led by global investment firm, KKR. Existing major investors in Policygenius, which includes Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the latest ... Read the full article
MultiStrat completes $205m casualty linked security transaction
6th February 2020
Specialty reinsurer MultiStrat has completed a $205 million casualty ILS reinsurance transaction covering prospective and retrospective general liability risks. The coverage was written by a protected cell of Garden Insurance Company of Vermont, MultiStrat’s affiliated entity. MultiStrat’s capital advisory team, MultiStrat Advisors, and its affiliate, the Annapolis Consulting Group, played a key ... Read the full article
PPL chair calls for talent to build next generation of e-placement
6th February 2020
The chair of Placing Platform Limited (PPL), the digital risk transfer platform deployed across the London market, has called on new talent to help build the next generation of e-placement. Bronek Masojada was speaking at a meeting of over 100 Chief Executive Officers across the London market which sought to examine ... Read the full article
RenRe adds Chief Human Resources Officer
6th February 2020
Bermudian reinsurer RenaissanceRe Holdings Ltd. (RenRe) has appointed Ann Manal as Chief Human Resources Officer. In her new role, she will be responsible for overseeing the firm’s global HR function, and will be based in RenRe’s Bermuda headquarters. She brings more than 25 years of industry experience to the role, most recently ... Read the full article
White Mountains returns to profitability in 2019
6th February 2020
Bermuda domiciled financial services holding company White Mountains Insurance Group has posted comprehensive income of $413 million for 2019. Improvement in the performance of White Mountains’ investment portfolio helped return the company to profitability, after it recorded a loss of $146 million in 2018. Looking at the fourth quarter alone, the company ... Read the full article
Hub International acquires Canadian employee benefits firm, Benefex
6th February 2020
Global insurance brokerage, Hub International, has announced the acquisition of Alberta, Canada-based employee benefits and retirement consulting firm, Benefex Consulting Inc. Benefex has a specialised focus on group insurance programs, retirement, wellness solutions, and special risk coverage that addresses the unique requirement of clients. Currently, Benefex serves clients in British Columbia, Alberta, ... Read the full article
CAC Specialty, Cobbs Allen adds Chris Trotter as CFO
6th February 2020
CAC Specialty, the specialty insurance brokerage and investment banking platform recently established by Cobbs Allen, has announced the appointment of Chris Trotter as Chief Financial Officer and member of the executive committee for both firms. Trotter joins from Arlington Family Offices, where, as a Partner and Chief Investment Officer, he led ... Read the full article
Xceedance partners with cloud-based insurance platform Novidea
6th February 2020
Re/insurance service provider Xceedance has partnered with data-driven insurance distribution platform Novidea to help its broker management platform meet growing market demand. Novidea provides a core cloud-based platform designed to connect insurance distributors to a modern insurance ecosystem which leverages the Salesforce Cloud and artificial intelligence. By partnering with Xceedance for assistance ... Read the full article
SCOR notes 2.8% pricing increase, looks to improve reinsurance profitability
6th February 2020
French reinsurer SCOR Global P&C has announced that it secured an increase in reinsurance underwriting profitability at the January 1st, 2020 renewals, which reflects a 2.8% increase in pricing. SCOR notes that trends witnessed at the important January 2020 renewals were consistent with those seen during 2019, with the firm securing ... Read the full article
AXA XL adds Chief Underwriting Officer, Cyber
5th February 2020
AXA XL, the property and casualty and specialty risk unit of AXA, has named Elizabeth W. Benet to Global Chief Underwriting Officer (CUO), Cyber, a newly created position. The appointment is expected to assist with the management of the firm's international cyber risk portolfio. In her new role, Benet will report ... Read the full article
Hannover Re exposure to coronavirus not significant, says CEO
5th February 2020
Hannover Re does not anticipate any significant exposure to losses that could stem from the ongoing coronavirus outbreak, according to its Chief Executive Officer (CEO), Jean-Jacques Henchoz. While it remains too early to assess losses, Hannover Re’s management is confident that the company has limited exposure to pandemic risk in Asia, ... Read the full article
Hannover Re posts 2.3% rate rise at ‘solid’ January renewal
5th February 2020
Reinsurance giant Hannover Re expects to generate net income of around €1.28 billion in 2019 and grew its premium volume in traditional property and casualty reinsurance by 14% at January 1 renewals, with the price increase for the renewed business amounted to 2.3%. At 15.5%, the strongest growth in the renewals ... Read the full article
Lower cat losses help Markel results to rebound
5th February 2020
Re/insurance holding company Markel Corporation saw its results return to profitability in 2019, as lower catastrophe losses and investment gains helped to boost its performance. Markel recorded operating revenues of $9.53 billion over 2019, compared with $6.81 billion in 2018. Income (before tax) similarly improved to $2.26 billion, versus a loss ... Read the full article
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