Reinsurance News
SCOR targets Brazilian agriculture sector with AgroBrasil acquisition
14th February 2020
French reinsurer SCOR has announced the acquisition of Brazil's family-owned agriculture focused Managing General Agent (MGA), AgroBrasil Administração e Participações Ltda (AgroBrasil). The acquisition of a majority stake in the firm marks a significant step in the continued development of SCOR's Specialty Insurance strategy, and provides the reinsurer with access to ... Read the full article
Lancashire expects further growth in a better market: CEO Maloney
14th February 2020
Executives at Lancashire Holdings Limited are more positive on the marketplace than they have been for quite some time, and expect the company to grow further in the year ahead. In its recently announced Q4 2019 financial results, Lancashire reported higher profit as a result of a measured pricing improvement, ... Read the full article
Carleen Patterson joins Alliant’s Public Entity Group from Aon
14th February 2020
Carleen Patterson, previously of insurance and reinsurance broker Aon's Risk Solutions division, has been appointed First Vice President, Practice Leader within Alliant's Public Entity Group. In her new role, Patterson will be based in the company's Dallas, Texas office and will be tasked with providing innovative insurance and risk management solutions ... Read the full article
Everest Re is optimistic but mindful of “choppy waters”, says John Doucette
13th February 2020
John Doucette, EVP, President and Chief Executive Officer (CEO) of Reinsurance at Bermuda-based Everest Re, has said that despite improving reinsurance market conditions, the company remains realistic that there are "choppy waters to navigate". Global reinsurer Everest Re announced recently improved year-on-year net income of $217.6 million for the fourth-quarter ... Read the full article
Canadian Premier acquires Gerber Life Canadian policies
13th February 2020
Canadian Premier Life Insurance Company has entered into an agreement to acquire a block of Canadian life insurance business from U.S. domiciled Western & Southern Financial Group. The block of Canadian life insurance business is marketed under the Gerber Life brand and includes individual life insurance policies, primarily the Grow Up ... Read the full article
Martha Notaras joins Palomar’s Board of Directors
13th February 2020
Palomar Holdings, Inc. has announced that Martha Notaras has been appointed to its Board of Directors, replacing Geoffrey I. Miller, who resigned from the company's board, effective February 12th, 2020. The appointment sees Notaras serve for an initial term expiring at the firm's 2021 Annual General Meeting of Shareholders and will ... Read the full article
Arthur J. Gallagher to acquire Affiliated Benefit Consultants in Illinois
13th February 2020
Arthur J. Gallagher & Co. has announced the acquisition of Affiliated Benefit Consultants, Inc., a US provider of benefit consulting services. Affiliated Benefit Consultants was founded in 1986 and is based in Oakbrook, Illinois. Following the acquisition, President John Araujo and his associates will continue to operate in their current location. Going forward, ... Read the full article
Premium growth helps lift Kuwait Re profits by 40%
13th February 2020
Kuwait Reinsurance Company K.S.C.P (Kuwait Re) has reported a 40% increase in net profit for 2019, helped by an increase in net earned premiums and investment income. Profit was recorded at KD 4.73 million (US $15.52 million) last year, compared with KD 3.37 million ($12.24 million) in 2018. This result was boosted ... Read the full article
Pension Insurance Corporation completes £750mn capital raise
13th February 2020
Pension Insurance Corporation Group Limited (PICG), the parent company of specialist insurer Pension Insurance Corporation plc (PIC), has announced the completion of its previously announced capital raise. Under the arrangement, PICG’s existing shareholders will invest £750 million of new capital to support the continued growth of PIC in the pension risk ... Read the full article
Australian disasters highlight need for long-term resilience: Aon analysts
13th February 2020
The increasing frequency and severity of weather-related disasters in Australia highlight a need to focus on more long-term resilience measures, according to analysts at re/insurance broker Aon. Australia recorded one of its most notable years for weather disasters in 2019, which is already the fifth largest insured loss year over the ... Read the full article
Mike Wilkins takes over as Chairman of QBE
13th February 2020
QBE Insurance Group has announced that former IAG CEO Mike Wilkins has been elected to take over as Chairman of the Group Board, starting from March 1, 2020. He will succeed W Marston Becker who is not standing for re-election, and who will retire from the Board on April 30. Wilkins joined ... Read the full article
TMK highlights positive impact of rate rises, cat losses hit 2017 account
13th February 2020
Tokio Martine Kiln (TMK) has said that rate rises are positively impacting the 2019 year of account and are continuing into 2020, while the 2017 and 2018 year of accounts remain pressured on the back of heavy catastrophe losses. TMK, which is part of large Japanese insurer, Tokio Marine, has released ... Read the full article
AIG benefits from favourable reserve development & investments in Q4
13th February 2020
American International Group, Inc. (AIG) has announced significantly improved net income of USD 922 million for the fourth-quarter of 2019, driven by the performance of its General Insurance underwriting, reinsurance actions, favourable prior year development, lower cat losses, and higher investment income. Q4 net income of USD 922 million is a ... Read the full article
CNA hires QBE’s Franzetti as EVP of Worldwide Claim
13th February 2020
US commercial property and casualty (P&C) insurer CNA has announced the appointment of Daniel Franzetti as Executive Vice President (EVP) of Worldwide Claim, effective April 6, 2020. He joins CNA from QBE North America, where he most recently served as Chief Operating Officer and Chief Claims Officer. In his new role, Franzetti ... Read the full article
Aon’s PathWise platform implemented by Korean insurer Kyobo Life
13th February 2020
Re/insurance broker Aon has announced that South Korean insurer Kyobo Life has implemented its PathWise computing platform in preparation for the IFRS 17 and K-ICS financial reporting regimes. The company embedded PathWise as its all-in-one financial risk management platform for a range of tasks, including assumption management, economic scenario generation (ESG), ... Read the full article
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