Reinsurance News
Heritage boosted by shift away from Florida, says CEO
4th March 2020
Bruce Lucas, CEO of property and casualty (P&C) insurer Heritage Insurance Holdings, Inc, has said that the company’s performance has been boosted by its shift away from Florida business in recent years. Although it remains domiciled in Florida, since 2016 Heritage has been shutting off business in what it considers ... Read the full article
AXA XL promotes Peter O’Neill to lead UK downstream and power
4th March 2020
AXA XL, the commercial re/insurance arm of the AXA Group, has promoted Peter O’Neill to UK head of downstream and power. Effective immediately, O’Neill will manage the underwriting operations in the UK for downstream energy and power. Before joining AXA XL as an energy underwriter in 2014, he began his energy career ... Read the full article
Chubb bolsters NA Claims Leadership team
4th March 2020
Global insurer and reinsurer Chubb has announced the appointments of Bill Hazelton and Megan Watt to its North America claims leadership team as the firm looks to better address the complex litigation landscape. Hazelton, who joined Chubb in 2005, has been named Head of Chubb North America Claims. In this role, ... Read the full article
Tokio Marine HCC to acquire renewable energy insurer GCube
4th March 2020
Tokio Marine HCC, a member of Tokio Marine Group, has announced the signing of a purchase agreement to acquire renewable energy risk specialist MGA, GCube. Specialist renewable energy insurer GCube is one of the largest underwriters of renewable energy, covering wind, solar, bio, hydro, wave, and tidal projects across the globe. The ... Read the full article
PERILS estimates Australia’s January hailstorm loss at AU $670mn
4th March 2020
Catastrophe loss data aggregator PERILS has released its first industry loss estimate for the January 2020 hailstorms that impacted south-eastern Australia, putting losses at AU $670 million (US $443 million). This figure compares with the latest estimate of AU $805 million (US $527 million) from the Insurance Council of Australia ... Read the full article
Economic rebound in Latin America could spur re/insurance markets: AM Best
4th March 2020
Analysts at AM Best expect economic and political risks to subside in Latin America over 2020, which should help the re/insurance markets in these countries to better realise their growth potential. The rating agency noted that the Latin America region is coming off two years of low growth and headwinds due ... Read the full article
KCC submits flood model for certification in Florida
4th March 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has submitted its flood reference model to be certified by the Florida Commission on Hurricane Loss Projection Methodology. The firm claims that its flood model is the first to be submitted under the state of Florida’s flood model standards The KCC Flood Reference Model ... Read the full article
Pool Re completes record £2.4bn retro program
4th March 2020
UK government-backed terrorism reinsurer Pool Re has completed placement of a £2.4 billion retrocession program, its largest to date. Led by Munich Re, the £2.4 billion cover represents a £100 million expansion from its 2018 placement and includes £75 million provided by Pool Re’s terrorism catastrophe bond launched last year. The ... Read the full article
Marsh opens Cyber Catalyst 2020 evaluation program
4th March 2020
Re/insurance broker Marsh has announced the 2020 opening of its Cyber Catalyst program, which aims to evaluate and designate products and services that can be effective against major cyber threats. In the inaugural 2019 program, more than 150 products and services were submitted for evaluation, with 17 ultimately receiving a Cyber ... Read the full article
CAC Specialty adds Marsh’s John Kim as environmental exec
4th March 2020
Specialty insurance broker and investment banking platform CAC Specialty has announced the appointment of John Kim as senior vice president within its environmental practice group. Kim brings over 25 years’ experience and most recently served as a managing director at Marsh. He began his career as an industrial hygienist and environmental scientist, ... Read the full article
Allied World names Wes Dupont as COO
4th March 2020
Global insurer and reinsurer Allied World Assurance Company Holdings has announced the appointment of Wes Dupont as Chief Operating Officer (COO) of Allied World Group. As the Chief Operating Officer, he will have oversight of the day-to-day administrative and operational functions across the company. Following the appointment, Dupont will also continue to ... Read the full article
Reserve risk heightened by deteriorating workers’ comp tailwind, say analysts
4th March 2020
Analysts at Morgan Stanley have warned that despite workers' compensation (W/C) business currently accounting for around 60% of total favourable reserve development, this tailwind won't last long and adds to reserve risk over the coming months. In 2018, W/C favourable reserve development accounted for 60% of total industry development, which, while ... Read the full article
AIG’s Blackboard secures approval in Virginia
4th March 2020
AIG subsidiary Blackboard Insurance has received approval to operate its commercial insurance package in Virginia, expanding the list of approved states and territories to 47. Blackboard was formed in 2017 when AIG opted to rebrand a newly purchased US technology-focused firm. The Blackboard vision is to reimagine commercial insurance through digital technology, ... Read the full article
AJ Gallagher acquires NY-based insurance broker, CMS
4th March 2020
International insurance brokerage firm, Arthur J. Gallagher & Co. (AJG), has announced that it has acquired CMS, LLC, a New York-based full-service wholesale insurance broker. The terms of the transaction have not been disclosed but it has reported that Scott Charney, Rich Verdi, Michael Raab and their associates will remain in ... Read the full article
Covéa to acquire PartnerRe from EXOR for $9bn
4th March 2020
EXOR, the Agnelli family owned holding company, has reached an agreement with French insurance group Covéa over the sale of PartnerRe. The pair have entered into a Memorandum of Understanding (MoU) under which Covéa has agreed to acquire PartnerRe for a total cash consideration of $9 billion, plus a cash dividend ... Read the full article
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