Reinsurance News
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
The Co-operators in CA$660mn longevity insurance deal with CSS
28th January 2020
The third longevity insurance deal in Canada sees The Co-operators assume the longevity risk for CAD 660 million (approximately USD 500 million) of pension plan liabilities from the Co-operative Superannuation Society (CSS) Pension Plan. The longevity arrangement is designed to provide greater financial security to more than 6,300 members of the ... Read the full article
Swiss Re CorSo adds Bianca Willauer to lead EMEA property & specialty
28th January 2020
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re Group, has appointed Bianca Willauer as head of property and specialty lines in Europe Middle East and Africa. Effective February 1, Willauer will be responsible for the development and underwriting performance of property & specialty portfolios throughout EMEA. Based ... Read the full article
Aon’s Brad Lorimer appointed EVP & Health leader in Canada
28th January 2020
Brad Lorimer, previously National Director Financial Services Group at Aon in Canada, has been named as the new Executive Vice President (EVP) and Health leader in the insurance and reinsurance broker's Canada operation. Lorimer joined Aon 13 years ago, and brings significant industry knowledge to his new role, having spent years ... Read the full article
AJ Gallagher acquires North Carolina’s Hanover Excess & Surplus
28th January 2020
International insurance brokerage, risk management and consulting services firm, Arthur J. Gallagher & Co. (AJ Gallagher), has acquired Hanover Excess & Surplus, Inc. Based in Wilmington, North Carolina, Hanover Excess & Surplus was established in 1970 and operates as a regional managing general agency offering hard-to-place coastal commercial and personal P&C ... Read the full article
Bushfire losses will dent earnings, but insurers are well placed, says AM Best
28th January 2020
The current fire season in Australia is expected to hit the full-year earnings and loss ratios of the region's direct insurance companies, however, non-life insurers in the country are well placed to withstand the record level of losses from the ongoing series of devastating fires, according to A.M. Best. As of ... Read the full article
Swiss Re to exceed large loss budget, FY19E income revised down: JP Morgan
28th January 2020
A "noisy" period for catastrophe events is expected to see global reinsurance giant Swiss Re exceed its large losses budget in both Q4 and full-year 2019, which, combined with other factors has seen analysts at JP Morgan reduce their full-year 2019 net income for the reinsurer by 20%. The Switzerland-based reinsurer ... Read the full article
Reinsurance capacity down at political risk renewals: Willis Re
28th January 2020
A decline in reinsurance capacity has helped to trigger price hardening in some quarters of the political risk and trade credit market at the January renewals, according Willis Re. The broker noted that, while there remains an abundance of headline insurance capacity in the political risk space, actual capacity is down ... Read the full article
Three in race to buy AXA’s €1bn-rated Eastern Europe operations, reports
28th January 2020
There are currently three bidders in the running to secure the €1 billion-rated Central and Eastern Europe business operations of French insurance and investment giant AXA, according to a Bloomberg insider. Only the Italian insurer Assicurazioni Generali SpA and Austrian insurers Vienna Insurance Group and Uniqa Insurance Group are supposedly still ... Read the full article
PIC announces £750m capital raise, posts record business for 2019
28th January 2020
Pension Insurance Corporation (PIC), the specialist insurer of defined benefit pension funds, has announced plans to issue up to £750 million of new equity to support growth off the back of detailing its performance in 2019. PIC has described the pension risk transfer market as “exceptionally buoyant” and says it exceeded ... Read the full article
Risk Strategies promotes Hoffman, Smith to EVP of healthcare practice
28th January 2020
US insurance broker and risk management firm Risk Strategies has promoted Tracy Hoffman and Matthew Smith to executive vice president of its National Health Care Practice. Both Hoffman and Smith previously served as senior vice president within the organisation. In addition to her current responsibilities, Hoffman will work alongside managing director Riggs ... Read the full article
Brown & Brown’s organic revenues up in Q4 & full-year 2019
28th January 2020
Insurance brokerage Brown & Brown, Inc. has reported an increase in revenues for both the fourth-quarter and full-year 2019, of $579 million and $2.4 billion, respectively. Reported revenues are under U.S. generally accepted accounting principles (GAAP) and represent growth of 13.8% and 18.8% for Q4 and the full-year, respectively, when compared ... Read the full article
Swiss Re CorSo names Head of Casualty & FinPro North America
28th January 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurer Swiss Re, has named Laura Coppola as Head of Casualty & FinPro North America, effective January 27th, 2020. Based in New York, Coppola takes over responsibility for the company's Financial and Professional Liability (FinPro) operation in the U.S. ... Read the full article
Finance is a “critical lever” to climate transformation: Swiss Re’s Mumenthaler
28th January 2020
Swiss Re CEO Christian Mumenthaler has argued that finance – and reinsurance in particular – is a “critical lever” to achieving the kind of global transformation necessary to mitigate the impacts of climate change. Writing in an article for the World Economic Forum (WEF), Mumenthaler expressed concern about the lack of ... Read the full article
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