Reinsurance News
Resolution Life to acquire Voya’s in-force individual life business
19th December 2019
Resolution Life Group Holdings Ltd has entered into an agreement to acquire the in-force individual life business of Voya Financial, Inc., for a total consideration of USD 1.25 billion. The blocks of business being divested by Voya Financial include those that the firm had previously closed to new sales and include ... Read the full article
MS Amlin puts UK P&C classes into run-off
19th December 2019
Global re/insurer MS Amlin has confirmed that it will cease underwriting certain lines of UK property and casualty (P&C) business from January 31, 2020, in line with its new strategic direction. Corporate Property, Real Estate, Casualty and Package Binders are among the classes the company plans to exit. The move follows the ... Read the full article
Yacht insurer Safewaters in underwriting agreement with Nationwide
19th December 2019
SafeWaters Underwriting Managers, a specialist in yacht insurance solutions, has announced a new delegated authority underwriting agreement with insurance and financial services firm Nationwide. Safewaters is a subsidiary of RSG Underwriting Managers, which is itself a unit of international specialty insurer Ryan Specialty Group. The company provides physical damage coverage and P&I ... Read the full article
Eurobase partners with ACORD, becomes Licensed Integrator Partner
19th December 2019
Eurobase, a global software and service provider, has announced a new partnership with ACORD, designed to aid data standardisation. Specifically, Eurobase has become a Licensed Integrator Partner of ACORD Solutions Group, enabling the firm to maximise the value of leveraging ACORD assets and services for its customers. Eurobase states that by ensuring ... Read the full article
Retro pricing dynamics could disrupt market shares: Third Point Re execs
18th December 2019
Reinsurers that rely heavily on retrocession could be in danger of losing market share next year if prices continue to increase in response to the shortage of capacity, according to executives at Third Point Re. Speaking in an interview with Reinsurance News, David Govrin, President of Third Point Reinsurance (USA) Ltd., ... Read the full article
Munich Re confirms purchase of New York skyscraper
18th December 2019
Munich Re Group has confirmed earlier reports that it is in an agreement to acquire the 39-story 330 Madison Avenue high-rise building in New York City. Reinsurance News previously reported that the German reinsurance giant was in talks to buy the Manhattan building from the Abu Dhabi sovereign wealth fund ... Read the full article
McGill & Partners highlights “dramatic” early growth, names key hires
18th December 2019
Specialty risk solutions business McGill & Partners, founded this year by insurance broking veteran Steve McGill, has grown its employee headcount from five to 134 and is set to oversee $250 million of premium flow going into 2020. The build-out and growth of the business was financed through an initial ... Read the full article
Bank of England publishes climate stress test proposals for financial services
18th December 2019
The Bank of England (BoE) has outlined proposals for the 2021 Biennial Exploratory Scenario (BES) exercise, designed to test the resilience of banks, insurers and the financial system to both the physical and transition risks from climate change. The BES looks to expand on the current efforts being made by banks ... Read the full article
Assured Guaranty appoints Steven Kahn as Senior MD, Structured Finance
18th December 2019
Assured Guaranty Corp. (AGC), a subsidiary of financial guaranty insurer Assured Guaranty Ltd., has announced the appointment of Steven Kahn as Senior Managing Director, Structured Finance. He will lead the structured finance team alongside Managing Director Dan Bevill, who has been part of Assured Guaranty’s structured finance team for 15 years. Both ... Read the full article
Peter Zaffino takes President role at AIG
18th December 2019
American International Group, Inc. (AIG) has announced the appointment of Peter S. Zaffino as President of the company, effective from January 1, 2020. Zaffino currently serves as Global Chief Operating Officer (COO) of AIG and as Chief Executive Officer (CEO) of General Insurance. AIG explained that he will continue to serve in ... Read the full article
Chubb develops financial institution fidelity bond for asset managers
18th December 2019
Global re/insurer Chubb has introduced a new fidelity insurance solution to address the risks currently faced by asset managers. The Financial Institution Bond for Asset Managers provides coverage for a range of risks that can result in loss of customer capital. These risks often stem from fraudulent activities of employees, computer hacking ... Read the full article
Starr Insurance Companies’ names lead for new aviation insurance unit
18th December 2019
Carsten Nawrath is set to lead Starr Insurance Companies' new aviation insurance operation based in Munich, Germany, as Aviation Underwriting Manager. In his new role, Nawrath will report directly to Joost Vink, Head of Europe for Starr. Starr Insurance Companies explains that its new aviation insurance unit will write Aerospace and ... Read the full article
Fitch revises Sri Lanka’s NITF outlook to negative as claims hit reinsurance
18th December 2019
Fitch Ratings Lanka has revised the Outlook on Sri Lanka domiciled National Insurance Trust Fund Board (NITF) to Negative from Stable, citing the impacts of higher claims in its inward reinsurance business. At the same time as the outlook revision, Fitch has also affirmed the insurer's National Insurer Financial Strength Rating ... Read the full article
The CII names Newman as Chair of the Professional Standards Committee
18th December 2019
The Chartered Insurance Institute (CII) has appointed Clyde & Co's Jennette Newman as Chair of the Professional Standards Committee, replacing David Hertzell, who stepped down as Chair in November after six years in the role. Newman is a Partner in the insurance division at law firm Clyde & Co and also ... Read the full article
Liberty Specialty Markets creates new senior terrorism underwriting role
18th December 2019
Liberty Specialty Markets has appointed Jennifer Rubin to a newly created position as Senior Underwriting Executive and Head of Terrorism Underwriting in North America. In this role, Rubin will be based in New York and takes up the position effective immediately. She will report to Alex Montoya, President of US, Bermuda ... Read the full article
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