Reinsurance News
Munich Re approves €1bn share buy-back
26th February 2020
Reinsurance giant Munich Re is to buy back shares for a maximum total purchase price of €1 billion in the period between 30 April 2020 and, at the latest, the Annual General Meeting on 28 April 2021. Returning capital is one way to reduce the drag excess can cause if there ... Read the full article
RiverStone assumes reinsurance portfolio from Aioi Nissay Dowa
26th February 2020
RiverStone, the insurance run-off management firm owned by Fairfax, has assumed a portfolio of reinsurance business from the UK branch of Aioi Nissay Dowa Insurance Company, Ltd (ADI). The portfolio was transferred under Part VII of the Financial Services and Markets Act 2000 and is effective from January 31, 2020. The UK ... Read the full article
Lloyd’s confirms 2020 priorities in Blueprint One update
26th February 2020
Insurance and reinsurance marketplace Lloyd’s of London has published an update to Blueprint One of its Future at Lloyd’s strategy for change, outlining its progress so far as well as key priorities for 2020. As part of its execution plans for the first phase of strategy, Lloyd’s confirmed that it will ... Read the full article
QIC Global names Qatar Re’s van der Straaten as CEO
26th February 2020
QIC Global, the international specialty insurance and reinsurance division of Qatar Insurance Group, has named Michael van der Straaten as Chief Executive Officer (CEO) of QIC Global (International), effective March 1st, 2020. Alongside his new appointment, van der Straaten will continue to serve as CEO of Qatar Re. Joe Battle, who ... Read the full article
UK / EU reinsurance equivalence not guaranteed: Lloyd’s Chairman
26th February 2020
Lloyd’s of London Chairman Bruce Carnegie-Brown has warned that it would be “extraordinary but perhaps not entirely surprising” for the UK to lose reinsurance regulatory equivalence with the European Union (EU) after Brexit. Addressing the EU Financial Affairs Sub-Committee today, Carnegie Brown said that a loss of equivalence could pose a ... Read the full article
Moody’s gives stable outlook for UK P&C sector
26th February 2020
Robust capital levels and good operating performance has helped the UK property and casualty insurance sector secure a stable outlook from Moody’s Investors Service. In a report published today, Moody’s notes that the sector has achieved an average operating margin of between 8% and 9% in recent years, while pre-tax profit ... Read the full article
Berkshire (BHSI) bolsters leadership team in Spain
26th February 2020
The insurance arm of Warren Buffett's global insurance and reinsurance company, Berkshire Hathaway Specialty Insurance Company (BHSI), has announced the appointment of Alejandro Lovera as head of executive and professional lines and Silvia Sanchez as head of operations. Lovera brings over 15 years’ experience in the commercial insurance space, most recently ... Read the full article
Zurich launches new cyber security offering
26th February 2020
Global insurer Zurich has partnered with cybersecurity firm CYE on a new offering aimed at helping businesses define and deploy effective cyber risk management programs. Available to companies globally, Zurich Cyber Security Services is designed to close unknown security blind spots, reduce the risk and impact of security incidents, and protect ... Read the full article
Ascent integrates AI tech across transactional liability portfolio
26th February 2020
Specialty MGA Ascent Underwriting has integrated Luminance’s machine learning technology in an effort to expose potential risks across its transactional liability portfolio. Luminance is an artificial intelligence platform leveraging a pattern-detection approach and its proprietary technology LITE, or, Legal Inference Transformation Engine. This integration is hoped to enhance underwriter decision-making processes and ... Read the full article
Nationwide, Generali announce joint venture
26th February 2020
US-based insurance and financial services provider Nationwide is partnering with Generali on a joint venture aimed at supporting multinational solutions for international commercial clients. N2G Worldwide Insurance Services, LLC will exclusively promote, distribute and administer insurance solutions for multi-national exposures on behalf of both organisations. Business to N2G will be sourced through ... Read the full article
Garrett Hanrahan promoted to Global Head of Aviation, Marsh JLT Specialty
26th February 2020
Global insurance brokerage Marsh has announced that Garrett Hanrahan has been promoted to Global Head of Aviation, Marsh JLT Specialty, effective April 15th, 2020. Hanrahan has been appointed as the successor to Simon Harker, who is retiring after 44 years in the industry. In his new role, Hanrahan will be based ... Read the full article
Athene secures pension buyout with Armstrong World Industries
26th February 2020
Retirement services firm Athene Holding has announced a pension buyout agreement with Armstrong World Industries, a US manufacturing company. Under the terms of the transaction, three of Athene’s life insurance subsidiaries will provide annuity benefits for approximately 10,000 retirees who are currently receiving benefits from Armstrong’s pension plan. In aggregate, Armstrong is ... Read the full article
Life broker Reassured sells minority stake to fund growth plans
26th February 2020
UK life insurance broker Reassured has agreed to sell a minority stake to investor Bridgepoint Development Capital (BDC) in order to fund the future development of the business. The company said the transaction would allow it to focus on growth plans such as investment in new technologies and the development of ... Read the full article
WTW / Aon combination could require Willis Re sale: Analysts
25th February 2020
Analysts at Wells Fargo Securities have suggested that a potential combination with Aon could require Willis Towers Watson (WTW) to sell off its reinsurance arm, Willis Re. Speculation about a possible merger deal between the two broking giants was sparked last week after WTW confirmed that it was exploring “strategic ... Read the full article
Bank of Montreal (BMO) hit by typhoons after decision to exit reinsurance
25th February 2020
The Bank of Montreal (BMO) has revealed that it was hit by CAD 25 million (USD 19 million) of reinsurance claims from the Japanese typhoons in 2019, which occurred just week’s after its decision to wind down its reinsurance business. BMO underwrites reinsurance, including catastrophe risk, through its BMO Reinsurance Limited ... Read the full article
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