Reinsurance News
Protecdiv adds Jose Montemayor to its board
9th April 2020
US reinsurance broker Protecdiv has announced the appointment of Jose Montemayor to its board. Montemayor has more than twenty-five years’ experience in all aspects of insurance regulation, operations, and mergers and acquisitions. He spent six years as the Commissioner of Insurance for the State of Texas and currently sits on a number ... Read the full article
RiskBook approved by Lloyd’s as reinsurance e-placement tool
9th April 2020
RiskBook Ltd., an independent provider of reinsurance placement technology, has been approved by the specialist Lloyd's of London re/insurance marketplace as a recognised electronic placement system for open market reinsurance business. The announcement marks the first time that brokers from any firm can leverage a single user-friendly placement tool for global ... Read the full article
WTW calls for long-term view to M&A deals amid COVID-19 uncertainty
9th April 2020
As the global merger and acquisition (M&A) market continues to trend downwards, re/insurance broker Willis Towers Watson (WTW) has called on business leaders to draw on lessons from the 2008 financial crisis and take a long-term view to deals amid widespread uncertainty. Insurance and reinsurance brokerage firm WTW notes that since ... Read the full article
West of England P&I Club adds senior underwriter to London team
9th April 2020
The West of England P&I Club has announced the appointment of Sumit Madhu to the Club’s London Underwriting Team as a Senior Underwriter, effective April 14, 2020. Madhu previously served as a Captain on LNG vessels with a major Japanese shipowner, and later joined the claims department of another International Group ... Read the full article
Gallagher appoints Simon Collings as MD within UK retail division
9th April 2020
International insurance broker Gallagher has appointed Simon Collings as managing director of its national broking and placement team within its UK retail division. Collings has over 30 years’ industry experience and joined Gallagher in 2017 as market management director for UK retail. Prior to joining Gallagher, he held several senior positions at ... Read the full article
Pen Underwriting promotes Hinken to Head of Claims Operations
9th April 2020
Multi-territory managing general agent Pen Underwriting has enhanced its core claims capabilities with the promotion of Billy Hinken to Head of Claims Operations. In this newly created position, Hinken will take responsibility for the delivery of several projects that form part of Pen’s claims transformation program and the establishment of its ... Read the full article
Lloyd’s asks members hit by COVID-19 to recapitalise fast
8th April 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has reportedly asked members who have experienced sizeable losses as a result of the COVID-19 coronavirus pandemic to accelerate capital injections. In response, analysts at S&P Global Ratings have said that calling on certain Lloyd's members to accelerate recapitalisation will ultimately help ... Read the full article
Travelers accelerates commission payments for agents & brokers
8th April 2020
US primary insurer Travelers has announced plans to accelerate more than $100 million in commission payments to eligible distribution partners, building on the company’s COVID-19 relief efforts. Travelers explained that the distribution support plan will speed up payments for agents and brokers to help them address the liquidity impacts of the ... Read the full article
Lloyd’s revises Claims Scheme amid ongoing COVID-19 challenges
8th April 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has announced changes to the Lloyd's Claims Scheme to help managing agents respond effectively during the global coronavirus pandemic. Lloyd's, the oldest insurance market in the world, explains that the changes, which are effective immediately, amend the Claims Scheme requirements to empower ... Read the full article
IAG CEO Harmer announces retirement, Nick Hawkins named Deputy CEO
8th April 2020
IAG Managing Director and Chief Executive Officer Peter Harmer has announced his decision to retire by the end of 2020. A search process is underway, supported by the Board’s ongoing succession planning, that will look to identify a suitable successor. He will remain responsible for the overall strategic direction and performance of ... Read the full article
AM Best negative on US commercial lines, stable on personal lines
8th April 2020
AM Best has revised its outlook on the US commercial lines industry to negative from stable due to the impact of COVID-19, but has maintained a stable outlook on US personal lines. The rating agency does not expect significant claims activity in commercial lines owing directly to the pandemic, although virus-related ... Read the full article
Global Atlantic sets up Ivy reinsurance co-investment vehicle
8th April 2020
Life and annuity re/insurance firm Global Atlantic Financial Group has announced the establishment of Ivy Co-Investment Vehicle (Ivy), which will allow Global Atlantic and Ivy to co-invest in new reinsurance opportunities sourced by Global Atlantic’s institutional reinsurance business. The vehicle is designed to co-invest approximately $1 billion with Global Atlantic and ... Read the full article
PPL usage and adoption growing at pace during COVID-19
8th April 2020
In the three weeks since the London insurance and reinsurance market started working remotely as a result of the global coronavirus pandemic, the number of unique users on the Placing Platform Limited (PPL) has increased by 40%. PPL, the London market's electronic placing platform, has been tracking both activity and performance ... Read the full article
Brokerslink adds Pedro Moura Ferreira as Business, Placement Director
8th April 2020
Global broking business Brokerslink has bolstered its senior team with the appointment of Pedro Moura Ferreira as Business & Placement Director. Ferreira will work closely with the organisation’s global Partners & Affiliates to strengthen the network and support multinational business opportunities. He has an insurance career spanning over 25 years and has ... Read the full article
RenRe has “far exceeded” initial goals of the TMR acquisition: CEO, O’Donnell
8th April 2020
More than a year since RenaissanceRe (RenRe) acquired Tokio Millennium Re (TMR) in a $1.5 billion deal, and the former's President and Chief Executive Officer (CEO), Kevin O'Donnell, feels the company has "far exceeded" its initial targets. It was announced in October 2018 that RenRe had entered into a definitive ... 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.
