Reinsurance News
MetLife secures $1.9bn pension deal with Lockheed Martin
29th January 2020
Life insurer MetLife has entered into an agreement with Lockheed Martin to provide annuity benefits to approximately 20,000 members of its defined benefit pension plan, representing obligations of around $1.9 billion. Lockheed Martin purchased a group annuity contract via its master retirement trust from MetLife subsidiary Metropolitan Tower Life Insurance Company, ... Read the full article
Bushfire claims will remain manageable through Q1: Analysts
29th January 2020
Mounting bushfire claims are likely to impact the profitability of Australian property and casualty (P&C) re/insurers throughout the first quarter of 2020, but will remain manageable overall, with no threat to industry capitalisation, according to analysts at financial research firm Morningstar. Recent estimates from the Insurance Council of Australia put Read the full article
Coronavirus a low-risk threat for AIG, says Credit Suisse
29th January 2020
The potential impact of the Coronavirus on insurer AIG appears to be fairly low despite the company’s considerable exposure to pandemic risk and its high share in the Chinese P&C market, according to Credit Suisse. However, analysts cautioned that they were “not highly confident” in their assessment, given AIG’s evolving global ... Read the full article
ProSight strikes captive solutions partnership with departing founder
29th January 2020
Property & Casualty insurer ProSight Global is set to expand its insurance solutions portfolio into the captive market. As part of the move, founder and former Chief Executive Officer Joe Beneducci will step down from his role as executive chairman in order to form an independent agency named Altruis Group. Altruis Group ... Read the full article
CCR Re hires PartnerRe’s Bertrand Petras as Vice President
29th January 2020
French reinsurance firm CCR Re has announced the appointment of Bertrand Petras, formerly of PartnerRe, as Vice President. In his new role, Petras will be tasked with expanding the firm's Life & Person branches, covering countries in the MENA region. He joins the state-backed reinsurer from Bermuda-based reinsurer PartnerRe, where he most ... Read the full article
Insurtech Bold Penguin in workers comp partnership with Berkshire
29th January 2020
Commercial insurtech provider Bold Penguin has partnered with biBerk, a member of the Berkshire Hathaway Group, to address growing demand for workers compensation coverage. Under the arrangement, agents and brokers using the Bold Penguin platform will now be able to triage, quote, and bind commercial insurance coverage available through an API ... Read the full article
Digitalisation is evolving the role of insurance, says Swiss Re
29th January 2020
Swiss Re’s latest Sigma report has highlighted the effect that growing granularity of insight into customer behaviour is having on the role of insurance. Insurance’s role, Swiss Re says, is evolving from indemnification of losses to a broader consultative service on risk prevention and mitigation covering both private and commercial clients’ ... Read the full article
Lloyd’s mandates electronic placement for 80% of risks bound
29th January 2020
The Lloyd's of London insurance and reinsurance marketplace has announced an update to the Electronic Placement Mandate, increasing the target on risks bound for each quarter of 2020 to 80%. The specialist Lloyd's re/insurance marketplace introduced a mandate for electronic placement for syndicates in 2018. Initially, and from Q2 2018, Read the full article
Watford strengthens loss reserves, warns of Q4 net loss
29th January 2020
Loss reserve strengthening in U.S. casualty reinsurance is to push Bermuda-based Watford Holdings Ltd. to a net loss in the fourth-quarter of 2019. The firm has announced a strengthening of net loss reserves of approximately $28 million across the current and prior accident years. Watford states that the reserve strengthening is in ... Read the full article
W.R. Berkley reports $114m Q4 underwriting profit, 9% rate rises
29th January 2020
Re/insurance holding company W.R. Berkley Corporation saw its fourth quarter underwriting income increase 71.1% against the prior year quarter to $114.7 million, while average rate increases excluding workers' compensation were approximately 9%. The company noted that, as rate increases remain robust, it expects continued opportunities to grow the top line. Gross and ... Read the full article
THG acquires Massachusetts-based Group Brokerage Insurance Agency
29th January 2020
Virginia headquartered middle market insurance agency, The Hilb Group, LLC (THG) has announced the acquisition of Group Brokerage Insurance Agency, LLC (GBIA), a firm located in Waltham, Massachusetts. The transaction became effective on January 1st, 2020 and sees THG acquire an employee benefits agency primarily providing group medical, dental, life, short ... Read the full article
Re/insurance industry deals total $14.31bn in December: GlobalData
29th January 2020
Global re/insurance industry deals during the month of December 2019 totalled $14.31 billion, according to data and analytics firm GlobalData. This marked an increase of 233.5% over the previous month and a rise of 224.4% when compared with the last 12-month average of $4.41 billion. In terms of number of deals, GlobalData ... Read the full article
Gallagher taps Capsicum Re for head of Property Casualty & Special Risks business
29th January 2020
Re/insurance broker Gallagher has added Malcolm Payton to its London-based Specialty division to lead its newly combined Property Casualty & Special Risks business. Since 2015, Payton has been a Managing Partner at Gallagher subsidiary Capsicum Re, where he has run the company’s facultative reinsurance division. He will take up his new role ... Read the full article
WTW bolsters cyber modelling suite with security ratings platform
29th January 2020
Re/insurance broker Willis Towers Watson has integrated SecurityScorecard security ratings into its cyber risk quantification modelling platform. SecurityScorecard reviews a company’s technical security and in order to forecast potential data breach frequencies and related impacts. Ratings are provided to companies which can be used to improve their cyber security as well as ... Read the full article
TransRe restructures underwriting management team
28th January 2020
TransRe, the wholly owned reinsurance subsidiary of Alleghany Corporation, has announced a series of promotions within its underwriting management team, as well as some structural changes. Firstly, Paul Bonny and Ken Brandt have been promoted to Co-Presidents of Global Underwriting Operations. Bonny previously served as President of the Europe and Asia Pacific ... Read the full article
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