Reinsurance News
SCOR’s Channel Syndicate completes RITC transaction with RiverStone
11th February 2020
The Channel Syndicate at Lloyd’s of London, which is part of global re/insurer SCOR’s Specialty Insurance platform, has completed its reinsurance to close (RITC) transaction with legacy specialist, RiverStone. Effective January 1st, 2020 the transaction covers the 2017 and prior years of account of Syndicate 2015. First announced in November of ... Read the full article
Disaster losses eat into Suncorp’s reinsurance program
11th February 2020
Australian insurer Suncorp has said that natural catastrophe losses from bushfires and storms have used up around half the protection available in its aggregate reinsurance program. The company expects to have only around half of its AU $300 million (US $200 million) natural hazard aggregate protection (NHAP) reinsurance coverage left, after ... Read the full article
Premium renewal rate increases continue into 2020: IVANS
11th February 2020
Premium renewal rates have continued to improve into 2020, with increases across most major commercial lines products in January, according to the IVANs Index, a division of Applied Systems. The IVANS Index is released on a monthly basis as a data-driven report of current conditions and trends for premium rate renewal ... Read the full article
PartnerRe sale could reduce asset diversity for Exor: S&P
11th February 2020
Analysts at S&P Global Ratings have warned that Exor’s potential sale of Bermudian reinsurance firm PartnerRe could improve the company’s financial flexibility, but to the detriment of its asset diversity. Exor confirmed yesterday that it is in discussions with French insurance group Covéa regarding a deal that could see PartnerRe ... Read the full article
Gallagher announces new CEOs of UK Specialty business & Pen Underwriting
11th February 2020
Global re/insurance brokerage Gallagher has announced that Jonathan Turner will become Chief Executive Officer (CEO) of its UK domiciled Specialty operation, subject to regulatory approval. Turner's appointment comes as current CEO of the business, John Thompson, takes on a new role as Head of Business Development for the UK-based operation. As part ... Read the full article
Kemper reports significantly improved Q4 results
11th February 2020
Specialist insurer Kemper has reported net income of $124.7 million for the fourth-quarter of 2019, which represents a significant improvement from the $6.5 million posted for the prior year quarter. Kemper reveals that during Q4 2019, net income included a $30.9 million after-tax gain attributable to the change in fair value ... Read the full article
Lloyd’s confirms inaugural members of Culture Advisory Group
11th February 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has today confirmed the membership of its Culture Advisory Group, established as part of the market's comprehensive action plan to drive long-term culture change across the organisation. The new, independent Culture Advisory Group will provide expert advice and robust challenge to ensure ... Read the full article
UK motor claims inflation outpacing rate increases: Moody’s
11th February 2020
Analysts at Moody’s have reported that claims in the UK motor insurance sector are increasing at a faster pace than premium pricing, which is challenging the profitability of the market. According to the Association of British Insurers (ABI), the average comprehensive motor insurance premium paid in the UK during the fourth ... Read the full article
Miller adds facultative reinsurance specialist from Aon
11th February 2020
Specialist insurance and reinsurance brokerage, Miller, has announced the appointment of Michael Lazarus to its Facultative Reinsurance team. Lazarus started his career in the re/insurance industry in 1993 and joins Miller from rival re/insurance broker Aon in London. During his career, he has worked in London, Australia, the U.S., Hong Kong, ... Read the full article
H.W. Kaufman adds Director of Cyber Risk, Node International
11th February 2020
H.W. Kaufman Group, an international network of firms dedicated to shaping the future of the insurance industry, has announced the appointment of Matthew Lefchik to Node International as Director, Cyber Risk Management Services. In his new role, Lefchik is tasked with managing the firm's growth across North America, setting strategic direction ... Read the full article
Accenture to provide cyber response service for AXA XL clients
11th February 2020
As part of its existing partnership, professional services firm Accenture is to provide its Cyber Incident Response Service to help AXA XL clients respond to and recover from cyberattacks. Accenture will provide post-breach security services for AXA XL clients outside the US, including incident management and information technology (IT) forensics. The ... Read the full article
Caroline Pritchard joins Swiss Re CorSo as Head of Distribution UK
11th February 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurer Swiss Re, has appointed Caroline Pritchard as Head of Distribution UK, based in London. In her new role, Pritchard takes responsibility for driving the execution of Swiss Re CorSo's broker strategy in the UK marketplace, representing all of ... Read the full article
David Merry named Head of Besso Re
11th February 2020
London-headquartered insurance brokerage, Besso Insurance Group, has appointed David Merry as Head of Besso Re. Merry brings roughly 35 years of experience as a broker in both the London and international wholesale insurance markets. He joined the Lloyd's of London broker in 2018 to explore strategic growth and development opportunities for the ... Read the full article
Everest Re falls to Q4 underwriting loss but operating income up
11th February 2020
Bermudian reinsurer Everest Re Group, Ltd. has reported net income of $217.6 million and a combined ratio of 101.5% for the fourth-quarter of 2019, while premiums jumped 7% to $2.4 billion. Net income of $217.6 million is a significant improvement on the $385.3 million loss reported in the fourth-quarter of 2018, ... Read the full article
Tokio Marine completes $3.1bn acquisition of Pure Group
11th February 2020
Large Japanese property and casualty insurance group, Tokio Marine Holdings, Inc., has completed its previously announced acquisition of Privilege Underwriters, Inc. and its subsidiaries (Pure Group). It was announced in October of last year that Tokio Marine was set to acquire the US high net worth insurance specialist for $3.1 ... Read the full article
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