Reinsurance News
Guy Carpenter opts for modelling suite from KCC
24th February 2020
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, Inc., has agreed to license the catalogue of natural catastrophe models, execution software and analytics from risk modeller Karen Clark and Company (KCC). This multi-year agreement will provide Guy Carpenter’s clients with access to KCC’s suite of natural peril models, ... Read the full article
Radian appoints Derek Brummer as President of Mortgage
24th February 2020
Radian Group has announced the appointment of Derek Brummer as President of its Mortgage business. Upon taking up the role, he will also continue to oversee Radian’s Mortgage Insurance and Mortgage Risk Services businesses. Brummer joined Radian in 2002, serving as Chief Risk Officer since 2013 and as head of Mortgage Insurance ... Read the full article
TMK cyber policy includes physical damage cover
24th February 2020
Tokio Marine Kiln, part of global insurance group Tokio Marine, has launched an enhanced policy designed to protect against physical damage from cyber attacks. Cyber Ctrl PD+ offers affirmative cover for property damage and ensuing business interruption arising from a cyber attack. “As most cyber insurance policies exclude cover for property damage, ... Read the full article
Munich Re-backed At-Bay raises $34mn in Series B round
24th February 2020
At-Bay, a cyber insurance start-up writing policies through Munich Re’s HSB Specialty Insurance Company, has announced a $34 million Series B funding round. Led by Munich Re Ventures and Acrew Capital, the new investment brings At-Bay’s total funding to $51 million. At-Bay offers continuous vulnerability monitoring across the perimeter of each portfolio ... Read the full article
The Hartford adds former Allstate exec Matt Winter to board
24th February 2020
Property and casualty insurer The Hartford has announced the appointment of Matt Winter to its board of directors, effective February 24. Winter is also set to join the board’s finance, investment and risk management committee on the same date, while on May 20 he will join the compensation and management development ... Read the full article
TigerRisk adds Neon’s Conway to Bermuda Reinsurance & Retro teams
24th February 2020
Bermuda-based reinsurance broker TigerRisk Partners LLC has announced the appointment of Christopher Conway to a newly created senior role positioned across the firm's Reinsurance and Retro teams, reporting to Alex Bridges, Partner and Head of Retrocession. Conway joins TigerRisk from Neon Underwriting Bermuda, where he most recently served as Senior Vice ... Read the full article
How to secure your re/insurance future (with software)
24th February 2020
The insurance and reinsurance sector's tendency to become reliant on large, often unwieldy internal software systems can leave it open to disruption, Dmitry Mnushkin, President of Treefrog Consulting writes. When I first started working in the reinsurance industry in 1999 I was fortunate enough to work with RenRe, one of the ... Read the full article
Aon names Eric Andersen as president, Michael O’Connor departs
24th February 2020
Re/insurance broker Aon has announced the appointment of Eric Andersen as its new president, effective March 1. Michael O'Connor departs the company following a 12-year tenure in order to pursue new opportunities. The two had served together as co-president since 2018. Andersen has for the past 22 years served in several key ... Read the full article
Analysts expect Swiss Re’s capital level to absorb weaker earnings
24th February 2020
Despite reinsurer Swiss Re's net income for 2019 falling below analysts' expectations, S&P Global Ratings has said that it anticipates that the group will maintain its risk-based capital above the 'AA' level. Global reinsurance giant Swiss Re recorded net income of $727 million for 2019, which, although an improvement on ... Read the full article
Pro Global Solutions partners with Specialist MGA Katalyst
24th February 2020
Re/insurance consultancy firm Pro Global has announced that its distribution services and managing general agency incubator unit Pro MGA Solutions has formed a partnership with start-up Katalyst Financial. The move will see Pro MS provide a regulatory and compliance framework for Katalyst, a next generation MGA. Katalyst is focused on delivering a ... Read the full article
Coronavirus adds economic pressure for Southeast Asia re/insurers: AM Best
24th February 2020
The claims impact from the coronavirus is likely to be manageable for Southeast Asia-based re/insurers in the short-term, but the resulting economic slowdown could lead to additional pressures, according to analysts at AM Best. The rating agency expects the potential direct impacts of the coronavirus to include medical, personal accident, mortality, ... Read the full article
Allianz board member Axel Theis to retire, successor named
24th February 2020
Axel Theis, Allianz SE’s member of the board responsible for insurance in German speaking countries and Central and Eastern Europe is set to retire on March 1 after 33 years with the company. Klaus-Peter Röhler, currently chairman of the board of management of Allianz Deutschland AG and Allianz Versicherungs-AG, has been ... Read the full article
TigerRisk hires Bill Cooper as Head of Advisory Capital
24th February 2020
Reinsurance broker TigerRisk Partners LLC has announced the appointment of Bill Cooper as Managing Director and Head of Advisory Capital. Cooper joins the company from Lloyds Bank where he was Managing Director of Insurance and Specialist Finance. In his new role, he will work with TigerRisk clients to help optimise their capital ... Read the full article
Assured Guaranty in €342mn Spanish solar bond deal
24th February 2020
Assured Guaranty (Europe) SA (AGE SA), an indirect subsidiary of financial guaranty insurer Assured Guaranty, has entered into a financial guarantee transaction related to €342 million of solar bonds issued by Madrid-based asset manager Qualitas Equity. The deal guarantees principal and interest payments on the bonds, which were issued on February ... Read the full article
North P&I Club breaks 230mn GT barrier
24th February 2020
Early projections suggest North P&I Club increased its total entered tonnage to over 230 million gross tonnes, a move the company says strengthens its position as a leading member of the International Group of P&I Clubs. North also saw owned P&I tonnage reach 160 million GT. Paul Jennings, North’s Chief Executive, explained ... Read the full article
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