Reinsurance News
Aviva to retain its Singapore & China businesses
18th November 2019
London headquartered insurer Aviva has revealed that following a comprehensive review of options for its Singapore business, it has decided to retain the operation. Over the past couple of months, reports in the media have claimed that a number of companies, including the likes of Allianz, MS&AD, Nippon Life and ... Read the full article
Arthur J. Gallagher’s Artex completes Horseshoe acquisition
18th November 2019
Arthur J. Gallagher & Co. has announced that its captive and alternative risk transfer solutions subsidiary, Artex Risk Solutions, has completed its acquisition of Horseshoe Insurance Services Holdings Ltd. Horseshoe is a Bermuda-headquartered provider of insurance management fund administration, advisory and corporate services to the insurance-linked securities (ILS) market. The firm, which ... Read the full article
AXA XL’s risk innovation incubator, Cube launches
18th November 2019
AXA XL, the property & casualty (P&C) and specialty risk division of insurer AXA, has announced the launch of its risk innovation incubator, Cube. Described by insurer and reinsurer AXA XL as the first of its kind, Cube is a six week programme that provides risk managers with the opportunity to ... Read the full article
Swiss Re’s Nicola Stacey joins Chaucer as CUO
18th November 2019
Specialty insurer and reinsurer Chaucer has appointed Swiss Re Europe's Nicola Stacey as Chief Underwriting Officer (CUO) as current joint Chief Executive Officer (CEO) and CUO, John Fowle, consolidates his duties to CEO. In her new role, Stacey will be responsible for both the development and execution of Chaucer's underwriting strategy, ... Read the full article
Lockton hires two from JLT for new APAC Transactional Risks Division
18th November 2019
Global insurance and reinsurance broker Lockton has launched a new Asia Pacific (APAC) Transactional Risks Division, and has appointed Will Seccombe as Business Leader based in Hong Kong, and Mindy Ng as Vice President, based in Singapore. Seccombe brings 30 years of experience in the insurance sector to Lockton, having joined ... Read the full article
Property market still hardening, set to persist through 2020: WTW
18th November 2019
Pricing conditions in the property re/insurance market have continued to harden over and above baseline predictions, with rate increases set to persist through 2020, according to broker Willis Towers Watson (WTW). The current “micro-hard market” has produced pricing increases of between 50% and 100%, according to WTW’s numbers, with some challenged ... Read the full article
Brit launches e-trading Cyber Portal
18th November 2019
Specialty re/insurer Brit has announced the launch of its e-trading portal for cyber risk. Launching in the UK and the US, the online platform will target SMEs in both regions and is designed to give brokers an agile, user-friendly outlet for Brit’s cyber underwriting capabilities, allowing them to quote and bind ... Read the full article
Helios Underwriting announces syndicate capacity forecasts
18th November 2019
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has announced the current mid-point forecasts for its portfolio of syndicate capacity for the 2017 and 2018 years of account, based on 3rd quarter 2019 estimates. The company, which acquires and consolidates private underwriting capacity at Lloyd's, recorded a capacity position ... Read the full article
Holderness to continue as Paraline senior advisor
18th November 2019
Andrew Holderness, former global practice head of insurance at law firm Clyde, is to continue to act as a senior advisor at insurance holding company Paraline Group. In his role as a senior advisor to Paraline, Holderness will advise across Paraline and other insurance investments of parent company Elliott Management. In addition ... Read the full article
Hamilton puts Acappella syndicate into run-off
18th November 2019
Bermuda-based reinsurer Hamilton Insurance Group has announced that it is placing Acappella Syndicate 2014 into run-off with immediate effect. Group CEO Pina Albo explained that the third-party capital-supported Lloyd's syndicate was not expected to produce an adequte return on capital. Hamilton took on the syndicate as part of its recent acquisition ... Read the full article
Hiscox pulls out of casualty reinsurance
18th November 2019
Global specialist re/insurer Hiscox has announced its intention to cease writing casualty reinsurance business, due to “ongoing, challenging market conditions.” Concerns over issues such as pricing and reserving mean that the company no longer considers this business to be sustainable. Instead, its reinsurance division, Hiscox Re & ILS, will continue to focus ... Read the full article
Sunshine Coast hailstorm declared catastrophe, losses to be above $40mn: ICA
18th November 2019
The Insurance Council of Australia (ICA) has declared a catastrophe following severe hailstorms that hit the Sunshine Coast yesterday, causing extensive damage across south-eastern Queensland. Severe thunderstorm activity South of Rockhampton combined with numerous significant storm cells on Sunday November 17th, resulting in large to giant hail hitting parts of Brisbane ... Read the full article
Plum Underwriting moves to consolidate claims operations
18th November 2019
Specialist home insurance managing general agent Plum Underwriting has consolidated its various outsourced claims operations in order to create a more streamlined process providing the company with greater control on the delivery of claims across its portfolio. As a result of this move to single dedicated claims service, its panel of ... Read the full article
Sirius confirms Meyer Frucher as Non-Exec Chairman of the Board
18th November 2019
The Board of Directors of global insurer and reinsurer, Sirius International Insurance Group, Ltd., has confirmed the appointment of Meyer Frucher as Non-Executive Chairman of the Board. Back in February 2019, during the announcement that Kernan Oberting was to succeed Allan Waters as Chief Executive Officer (CEO) of Sirius Group, ... Read the full article
Donegal targets simplified structure, consolidates insurance subsidiaries
18th November 2019
U.S primary holding company Donegal Group Inc. has revealed that in an effort to simplify its organisational structure and lower administrative costs, it's planning to consolidate a number of its wholly-owned subsidiaries, effective December 1st, 2019. Specifically, Donegal Group has announced that its Iowa-based property and casualty (P&C) insurer, Le Mars ... Read the full article
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