Reinsurance News
Lloyd’s of London launches space insurance policy
4th December 2019
Insurance and reinsurance marketplace Lloyd’s of London has launched a new space policy for the emerging private spaceflight industry. The solution, called Llift Space, is backed by a consortium of 18 syndicates, led by Brit and Hiscox MGA, with a $25 million capacity per risk. Only available in the Lloyd’s market, Llift ... Read the full article
Munich Re Specialty Insurance names Head of Property for E&S
4th December 2019
Munich Re Specialty Insurance, the global reinsurer’s specialty property and casualty (P&C) insurance unit in North America, has announced the appointment of Jim Wallace as Head of Property for Excess & Surplus (E&S) Lines. Wallace joins Munich Re from Navigators, where he most recently served as President of the Property Excess ... Read the full article
BMS launches Private Equity, M&A and Tax Insurance unit
4th December 2019
Specialist insurance and reinsurance broker BMS Group has launched a Private Equity, Mergers & Acquisitions (M&A) and Tax Insurance unit, and has named Tan Pawar as Managing Director of the new team. Pawar is set to join the firm once he has completed contractual obligations, and, will report to Ian Gormley, ... Read the full article
Pricing power to challenge reinsurers in 2020, says Deutsche Bank
4th December 2019
While pricing has picked up over the past couple of years, Deutsche Bank analysts argue that the level of increases post-major events is not as large as it might have been several years ago and remains a challenge for reinsurers going into 2020. While an oversupply of capacity and the resulting ... Read the full article
Generali announces distribution agreement in Argentina with Mercado Libre
4th December 2019
Italian insurance giant Generali, via its Argentinian subsidiary La Caja, has entered into a new distribution agreement with large South American e-commerce operator, Mercado Libre. The agreement sees Generali distribute motor and home policies through Mercado Libre's digital portal, enabling Mercado Libre's customers to be able to prepare quotes and underwrite ... Read the full article
Austral Re & Terra Brasis commence operations after merger
4th December 2019
Brazilian reinsurance companies Austral Re and Terra Brasis have commenced their operations as a combined entity following a merger between the two firms. The new company, whose brand is still under development, has offices in Rio de Janeiro, Sao Paulo and Bogota. Austral Re and Terra Brasis claim that the combined ... Read the full article
Chubb may look to acquisitions after €1.4bn senior notes offering
4th December 2019
Global insurance and reinsurance company Chubb Limited has announced the pricing of a €1.4 billion senior notes offering, the proceeds of which could be used to fund future acquisitions. The offering will consist of €700 million of 0.30% senior notes due 2024 and €700 million of 0.875% senior notes due 2029. The ... Read the full article
Reinsurers pushing higher life premiums for vapers, reports claim
4th December 2019
Global reinsurers are increasingly pressuring their US primary life insurer clients to charge higher premium rates for people who use e-cigarettes, according to reports from Reuters. People that vape or smoke have both typically had to pay almost double the premiums of non-vapers or non-smokers. However, new warnings issued by major reinsurance ... Read the full article
QBE North America promotes Mark Pasko to Chief Legal Officer
4th December 2019
The North American operations of global primary re/insurance group QBE has promoted Mark Pasko to the role of Chief Legal Officer. Pasko, whose appointment is effective immediately, most recently served as senior vice president and general counsel, Business Unit Support. He will report jointy to Todd Jones, QBE North America Chief Executive ... Read the full article
Marsh names Anita Sathe global head of Bluestream platform
4th December 2019
Global re/insurance brokerage Marsh has appointed Anita Sathe global leader of its cloud-based digital broker platform Bluestream, as well as leader of its US Affinity business. Sathe is based in Portland, Oregon and will report to Kevin Tobin, president of Marsh’s Insurance Services Group. She brings over 15 years’ experience to the ... Read the full article
Burns & Wilcox hires John Woods to lead Transportation practice group
4th December 2019
Burns & Wilcox, the North American wholesale insurance broker and underwriting manager, has announced the appointment of John Woods as Vice President, National Practice Group Leader, Transportation. Woods has spent more than 25 years leading transportation-focused teams at insurers such as Reliance, W.R. Berkley and its member companies, National Interstate and ... Read the full article
Fitch turns negative on French & German life insurance
4th December 2019
Fitch Ratings has revised its sector outlooks for French and German life insurance from stable to negative, citing the impact of ultra-low interest rates on capital, earnings, and business models. Ratings for most insurers still remain stable, however, due to strong capital positions and ongoing efforts to reduce sensitivity to interest ... Read the full article
Hyperion X opts for Reltio Cloud to enhance data capabilities
4th December 2019
Hyperion X, the data and technology focused unit of the global Hyperion Insurance Group, has selected software as a service (SaaS) provider Reltio Cloud as the core client data platform to power its data and analytics capabilities. The company believes Reltio Cloud will enable it to better personalise product and service ... Read the full article
SCOR renews €300mn catastrophe & mortality contingent capital facility
4th December 2019
Global reinsurance giant SCOR has announced the launch of a new three-year, €300 million contingent capital facility, providing the firm with protection against extreme natural catastrophes or life events impacting mortality. The facility takes the form of a contingent equity line, and is the fourth launched by SCOR, replacing as of ... Read the full article
UnitedHealth & AXA remain world’s largest insurers by NPW
3rd December 2019
Three Japanese insurers have dropped out of the list of the world's 25 largest insurance companies by net premiums written (NPW) in 2018, while UnitedHealth Group Incorporated and AXA remain in the top spots. With NPW of more than $178 billion, in 2018, the world's largest insurance company ... Read the full article
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