Reinsurance News
Aston Lark appoints Stevenson as Associate Director, head of new office
7th April 2020
Chartered insurance broker Aston Lark has announced the appointment of Jim Stevenson as Associate Director and head of its new Cheltenham office. Stevenson joins after a 19-year career at Clarke Roxburgh, Jelf and Marsh Commercial where he was Regional Director in the South Midlands and South Wales leading offices in Worcester, ... Read the full article
LMG announces new market sponsor
7th April 2020
The London Market Group has announced that Kate Markham, Chief Executive Officer of Hiscox London Market, has taken over as the sponsor for the activities which promote the London Market. She replaces Richard Dudley, CEO of Aon Global Broking Centre UK who has recently taken over as Chair of Liiba. Andrew Horton, ... Read the full article
Ageas UK CEO Watson to depart, successor named
7th April 2020
Brussels-headquartered multinational insurer Ageas has announced that Andy Watson is set to step down from his role as Chief Executive Officer of Ageas UK and will be succeeded by Ant Middle. Watson has decided to step down from his role and embark on the next stage of his life, including further ... Read the full article
Cost of COVID-19 BI losses for small firms dwarfs annual premiums: APCIA
7th April 2020
Business continuity losses for small businesses as a result of the COVID-19 pandemic could reach between USD 255 billion and USD 431 billion per month, which is significantly higher than monthly commercial property insurance premiums, says David Sampson, President and Chief Executive Officer (CEO) of the American Property Casualty Insurance ... Read the full article
QBE names Jason Harris as CEO, International
7th April 2020
QBE Insurance Group has announced that Jason Harris will take over the role of Chief Executive Officer (CEO), International from Richard Pryce, who is set to retire at the end of the year. Harris joins QBE from AXA XL where he held the position of Chief Executive, Global Property and Casualty ... Read the full article
Analysts put Q1 cat losses below average at $5.0-6.5bn
7th April 2020
Analysts at Wells Fargo Securities have said that insured natural catastrophe losses are expected to be below average for the first quarter of 2020 at between $5.0 billion and $6.5 billion. This is well below the $10 billion historical average, with very few losses, if any, likely to hit reinsurer attachment ... Read the full article
AM Best turns negative on France, Italy & UK life markets
7th April 2020
AM Best has revised its outlook for the life insurance markets in France, Italy and the UK to negative, due to concerns about the financial and economic headwinds caused by the coronavirus (COVID-19) pandemic. In France, the rating agency noted that technical margins have already been under pressure for a number ... Read the full article
AXIS Re appoints TMR’s Mark Julian as Chief Pricing Actuary
7th April 2020
AXIS Re, the reinsurance arm of AXIS Capital Holdings Limited, has announced that Mark Julian has joined from Tokio Millennium Re to serve in the newly created position of Chief Pricing Actuary, effective April 20th, 2020. In his new role, Julian will be responsible for the oversight of the reinsurer's new ... Read the full article
COVID-19 impacts to dent insurance brokers’ organic growth: Analysts
6th April 2020
The impacts of the COVID-19 pandemic on the global economy is expected to mitigate organic growth for insurance brokers, but firms cost saving initiatives and a hardening commercial lines market could offset some of the negative pressures, according to analysts at Wells Fargo Securities. It's going to be some time before ... Read the full article
Orchid adds Michael Garamoni as CFO
6th April 2020
Independant MGU Orchid Underwriters Agency has appointed Michael Garamoni as Chief Financial Officer. Garamoni has spent the past 13 years in finance, reporting and planning, which included roles as Vice President of Global Finance for Ryan Specialty Group, LLC., and at Pricewaterhouse Coopers, LLP. “Michael’s experience in financial operations and technology systems ... Read the full article
Allstate announces $600mn payback scheme for customers amid COVID-19
6th April 2020
U.S. insurer The Allstate Corporation (Allstate) has announced the establishment of a Shelter-in-Place Payback scheme designed to assist its personal auto insurance customers during the ongoing COVID-19 pandemic. Customers that insure their vehicle with Allstate, Esurance, and Encompass will receive 15% of their monthly premium in April and May, which amounts ... Read the full article
Marsh appoints Rahr as Global Leader, Multinational Client Service
6th April 2020
Global insurance broker Marsh has appointed David Rahr as Global Leader, Multinational Client Service. Based in Chicago, Rahr will report to Flavio Piccolomini, President, Marsh International, and Martin South, President, US and Canada. Rahr succeeds Justin Walsleben, who has retired from the firm. He will oversee Marsh’s Multinational Client Service team and most ... Read the full article
AXA’s Buberl proposes pandemic risk pooling scheme
6th April 2020
Thomas Buberl, Chief Executive Officer (CEO) of AXA, has said that the company is “ready to take the initiative” to work with governments to develop a risk pooling scheme for pandemics. Speaking in an interview with Le Journal du Dimanche, Buberl said that the industry needs to think about creating a ... Read the full article
Aqueous Underwriting moves to help restaurants hit by COVID-19
6th April 2020
Technology-focused MGA Aqueous Underwriting has launched a series of measures designed to help the food, hospitality and leisure sectors in the face of the unfolding coronavirus pandemic. These measures include free liability insurance add-ons for businesses now offering takeaway services, and three-month policies for businesses uncertain about their future. Aqueous will also ... Read the full article
Scott Kreuzer appointed senior MD, Americas at Aspen Re
6th April 2020
Bermuda-based re/insurer Aspen has appointed Scott Kreuzer to the role of Senior Managing Director, Americas, at Aspen Re. In this new role, Kreuzer will lead the team at Aspen Re America and work closely with Aspen Re’s leadership team, continuing to develop the Group’s North America reinsurance property, casualty and specialty ... Read the full article
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