Reinsurance News
The Hanover’s Q4 non-cat property losses above expectations
16th January 2020
The Hanover Insurance Group, Inc. has revealed that it expects its fourth-quarter 2019 non-catastrophe property losses to exceed expectations by roughly $20 million, pre-tax. The holding company states that the losses were mainly driven by non-catastrophe weather activity in homeowners, and also large property losses in commercial multiple peril and certain ... Read the full article
Liberty Insurance to quit Irish commercial liability market
16th January 2020
Liberty Insurance is set to withdraw from the commercial liability, commercial property and development bonds markets in Ireland, according to reports from RTE. The company said the decision would enable it to focus on developing products and lines of business that fit better with its wider business objectives. Changes are due to ... Read the full article
AXA XL strengthens pricing team with hires from Beazley & AIG
16th January 2020
AXA XL, the property and casualty and specialty risk unit of AXA, has named Katy Bradica as Head of Pricing, Long Tail, and Mary Latham as Head of Pricing for Global Specialty. Latham brings two decades of actuarial experience to the role, and joins the global insurer and reinsurer from specialty ... Read the full article
Carey Olsen Bermuda adds Michael Frith to corporate practice
16th January 2020
Law firm Carey Olsen Bermuda has announced the appointment of Michael Frith to the firm’s corporate practice. Frith previously served with global offshore law firm Conyers and specialises in all aspects of Bermuda corporate law. He is a member of the Insurance Advisory Committee, advising the Bermuda Ministry of Finance on matters ... Read the full article
Chubb endorses Phase One of US-China trade agreement
16th January 2020
Global re/insurance firm Chubb has issued a statement endorsing the completion of the Phase One trade agreement between the United States and China. The agreement, signed yesterday by US President Donald Trump and China’s chief negotiator, Liu He, aims to defuse parts of the trade conflict that has developed between the ... Read the full article
Avatar to acquire Centauri’s coastal underwriting units
16th January 2020
Avatar Partners LP, the parent of Florida's Avatar Property & Casualty Insurance Company, is set to acquire Centauri Specialty Insurance Company and its Louisiana-based subsidiary, Centauri National Insurance Company. Centauri Specialty Insurance Company is part of Centauri Specialty Insurance Holdings, Inc., a Delaware-based holding company. The firm was established in 2006 in ... Read the full article
Swiss Re CorSo names Sergio Bunin CEO of Mexico
16th January 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurance giant Swiss Re, has announced the appointment of Sergio Bunin as Chief Executive Officer (CEO) of Mexico, effective January 15th, 2020. Bunin has worked in the industry for more than three decades and has spent the majority of ... Read the full article
State Farm’s venture arm invests in Cape Analytics
16th January 2020
State Farm Ventures, the venture arm of U.S. P&C insurer State Farm, has made a significant investment in Cape Analytics, a provider of AI-powered geospatial property data. Cape Analytics is set to use the proceeds from the investment to accelerate the development of ground-breaking solutions for property insurance firms, utilising geospatial ... Read the full article
Reinsurance pricing momentum to be carried forward in 2020: S&P
16th January 2020
Analysts at S&P Global Ratings believe that the positive reinsurance pricing momentum seen at the recent January renewals is likely to be carried forward into the other upcoming renewals in 2020. According to S&P data, global average rate increases were in the low-to-mid single digits in aggregate at the 1/1 reinsurance ... Read the full article
Allianz bolsters claims supply and experts team with dual hire
16th January 2020
Global insurance giant Allianz has appointed Nathan McLay and Kevin Knight to its claims supply and experts team. McLay, who joined Allianz in 2012, has been appointed to the role of motor engineer services manager, following the retirement of Paul Roberts. He will be responsible for the embedding recent structural and operational ... Read the full article
Premium renewal rates continue to climb in Q4: IVANS
16th January 2020
Premium renewal rates continued to increase during the fourth quarter of 2019 for almost all major commercial lines products, according to the IVANs Index, a division of Applied Systems. The IVANS Index is released on a monthly basis as a data-driven report of current conditions and trends for premium rate renewal ... Read the full article
CorRisk Solutions expands to include CorPro
16th January 2020
Ryan Specialty Group subsidiary CorRisk Solutions has expanded to include the business and management team of CorPro Underwriting Managers. CorPro, a series of RSG Underwriting Managers, will continue to operate as usual to provide the market access to best-in-class Management Liability products. Moving forward, CorRisk will provide professional liability for architects & ... Read the full article
The Hartford’s Kathleen Creedon joins Falvey Cargo Underwriting
16th January 2020
Falvey Cargo Underwriting has announced the appointment of Kathleen Creedon to its team of underwriters. Creedon joins with over 20 years’ experience and most recently served at The Hartford. Based in Denver, Colorado, she will be responsible for managing and developing a cargo insurance portfolio which includes underwriting management, production, and broker/client-centric ... Read the full article
DARAG concludes reinsurance arrangement with Lloyd’s Syndicate
15th January 2020
Legacy acquirer, DARAG Group Limited has today announced the completion of a transaction with a leading Lloyd's of London syndicate, to provide reinsurance for a book of U.S. liability business. Under the terms of the agreement, DARAG'S Malta-based risk carrier, DARAG Malta Insurance and Reinsurance PCC Ltd., will provided the reinsurance. Tom ... Read the full article
Fairfax Brasil partners with Farmers Edge on data-driven crop insurance
15th January 2020
Fairfax Brasil, a wholly-owned subsidiary of Canada's Fairfax Financial Holdings Limited, has collaborated with digital agriculture firm, Farmers Edge, to bring bespoke, data-driven crop insurance to growers in Brazil. This landmark partnership between the two companies is expected to create new opportunities for growers to capitalise on their data with premium ... Read the full article
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