Reinsurance News
Philip Turner appointed UK Head of Specie, Marsh JLT Specialty
24th January 2020
Global re/insurance brokerage Marsh has announced that Philip Turner has rejoined the company as UK Head of Specie within Marsh JLT Specialty, based in London. Turner brings more than four decades of experience to the role, and is expected to join the firm in the first-quarter of 2020. Previously, Turner served as ... Read the full article
LSM Bermuda promotes Tremblay to Chief Risk & Compliance Officer
24th January 2020
Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, has promoted Snjezana Tremblay to Chief Risk & Compliance Officer in Bermuda. Since October 2018, Tremblay has served as Transformation Strategy and Risk Manager, Global Risk Solutions (GRS) Transformation office at Liberty Mutual Insurance. She joined Liberty Mutual after more than ... Read the full article
Starr Insurance appoints VP for Southeast Region
24th January 2020
Starr Insurance Companies has announced the appointment of Kathleen Murphy as Regional Vice President (VP) for the Southeast Region. Effective from January 13, 2019, Murphy will be responsible for field leadership as well as broker and client relationships. In this role, Murphy will report directly to Robert Cruz, Senior Vice President, Sales ... Read the full article
Climate threats dominate long term risk landscape: report
24th January 2020
Severe threats to the climate dominate the long-term risks identified in the latest Global Risks Report by the World Economic Forum (WEF), with economic confrontations and domestic political polarisations ranking among the shorter-term risks for 2020. The report, which was produced in partnership with Marsh & McLennan and Zurich Insurance Group, ... Read the full article
ACORD reveals 2020 Board of Directors
24th January 2020
ACORD, the international standards-setting body for the insurance sector, has announced that the ACORD Board will be chaired by Tony Mattioli, the Chief Information Officer (CIO) at AssuredPartners Inc, with Kirk Behrens, Global COO at Aon as Vice-Chair. ACORD's Board of Directors for 2020 is comprised of 24 members, including seven ... Read the full article
AM Best maintains status for credit ratings of Weston Insurance
24th January 2020
AM Best has maintained the ‘under review with negative implications’ status for the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” of Weston Insurance Company. AM Best says these ratings reflect Weston’s balance sheet strength, which it categorises as adequate, as well as its marginal ... Read the full article
Atlas to offload subsidiary as MGA transition continues
24th January 2020
US-based commercial auto insurer Atlas Financial Holdings looks set to sell its subsidiary Gateway Insurance Company to ride-sharing insurance provider Buckle, as it looks to continue its transition towards an MGA model. Atlas’ strategic focus includes transitioning business previously written on its insurance subsidiaries, which are currently in rehabilitation, to alternative ... Read the full article
Global insured catastrophe losses below average at $53bn in 2019: WTW
24th January 2020
A combination of smaller and medium-sized events resulted in total insured catastrophe losses of approximately $53 billion in 2019, according to insurance and reinsurance broker Willis Towers Watson (WTW). At $53 billion, insurance industry losses from catastrophe events during 2019 come in roughly 18% lower than the annual average since 2011, ... Read the full article
Transverse completes acquisition of Arrowood’s E&S insurer
24th January 2020
Virgo Investment Group backed program carrier, Transverse Insurance Group, has completed its acquisition of Arrowood Surplus Lines Insurance Company (ASLIC) from Arrowood Indemnity Company (Arrowood), which is a subsidiary of Arrowpoint Capital. ASLIC is domiciled in Delaware and operates as an excess & surplus insurer, authorised to write business in most ... Read the full article
Hailstorms see Australia’s IAG claim under its main catastrophe program
24th January 2020
Australian insurer IAG has revealed that losses as a result of hailstorms which hit parts of Melbourne, Canberra, and Sydney earlier this month, will see it make a claim under its 2020 main catastrophe reinsurance program. The insurer's calendar year 2020 main cat reinsurance program provides it with per-occurrence coverage for ... Read the full article
Australia bushfires become costliest ever as payouts top AU $1.65bn
24th January 2020
The devastating series of fires that continue to rage across southeastern Australia have officially become the costliest bushfire event on record, with payouts now exceeding AU $1.65 billion (US $1.13 billion), according to the Insurance Council of Australia (ICA). The latest data from the ICA shows that 20,000 bushfire-related claims have ... Read the full article
AXA considering sale of Middle Eastern operations, reports
24th January 2020
French insurance and investment giant AXA may be looking to offload its Middle Eastern operations as Chief Executive Officer Thomas Buberl looks to continue streamlining efforts, according to reports from Bloomberg. While AXA is yet to begin a formal sale process, people close to the matter have told Bloomberg that the ... Read the full article
Ping An pushes for poverty alleviation using insurance at Davos
24th January 2020
Ping An Insurance, China’s largest insurer by market value, has used its platform at the World Economic Forum Annual Meeting 2020 in Davos to advocate for the alleviation of poverty using insurance. The theme of this year’s Davos Forum is ‘Stakeholders for a Cohesive and Sustainable World,’ with poverty alleviation as ... Read the full article
Too early to understand China coronavirus threat, Swiss Re CEO explains
24th January 2020
The emerging outbreak of a previously unknown coronavirus in China is still in its early stages and data remains scarce making it challenging to understand how large a threat the virus could be, Swiss Re CEO Christian Mumenthaler explained recently. Speaking during an interview with Bloomberg TV at the World Economic ... Read the full article
CFC acquires London-based insurtech ThreatInformer
24th January 2020
Specialist insurer CFC has announced the acquisition of London-based insurtech ThreatInformer. ThreatInformer leverages big data and machine learning tools to help insurers better understand their customers’ exposures. The insurtech compiles readily-available information about their risk profile from a variety of external sources. CFC hopes to streamline and improve its underwriting process and uncover ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
