Reinsurance News
Argo confirms addition of Carol McFate to its Board
10th February 2020
Bermuda-based insurer and reinsurer Argo Group International Holdings, Ltd. has announced the addition of Carol A. McFate to its Board of Directors. McFate retired from Xerox Corporation in 2017 after serving as Chief Investment Officer for more than a decade. During this time, she was responsible for the insourcing, oversight and ... Read the full article
LMA sets Future at Lloyd’s & Brexit as key objectives for 2020
10th February 2020
The Lloyd’s Market Association (LMA) has revealed its objectives for 2020, which include a focus on the Future at Lloyd’s reforms and Brexit planning. Engaging with Lloyd’s on the delivery of its new strategy is the primary objective for the LMA this year, and is expected to underpin the Association’s priorities ... Read the full article
ArgoGlobal-backed Loadsure secures Lloyd’s coverholder approval
10th February 2020
Loadsure, a managing general agency (MGA) focused on the U.S. spot freight industry, has been granted coverholder status by the specialist Lloyd's of London insurance and reinsurance marketplace. ArgoGlobal, a division of re/insurer Argo Group, has partnered with Loadsure to provide capacity and support for its development, and has been working ... Read the full article
Exor confirms talks with Covéa on rumoured $9bn PartnerRe sale
10th February 2020
Partner Re, the Bermuda-based reinsurance firm, is said to be the subject of discussions over a $9 billion potential sale between its current owner the Agnelli family-owned Exor and French insurance group Covéa. Already rumoured, Exor has now confirmed that PartnerRe is the subject of sale talks. The still rumoured price of ... Read the full article
Iran continues to work with foreign reinsurers amid U.S. sanctions: Reports
10th February 2020
In spite of sanctions imposed by the U.S., Iran's Central Insurance Agency, Bimeh Markazi, has reportedly said that global reinsurers will continue to share risks that pose a threat to Iranian businesses and industries. The Governor of Bimeh Markazi, Gholamreza Soleimani, told local news site ILNA that foreign reinsurers that are ... Read the full article
Norsk Hydro claims a further $20.2mn from its cyber insurance in Q4
7th February 2020
Aluminium manufacturing giant Norsk Hydro has announced that during the fourth-quarter of 2019, it recognised NOK 187 million (USD 20.2 million) of insurance compensation in relation to the cyber-attack on its operations in March, 2019. The firm detected unusual activity on its servers that disabled part of its smelting operations, leading ... Read the full article
Pacific Life Re Australia names Head of Client Solutions
7th February 2020
Pacific Life Re Australia has announced the appointment of Martyn Gilling to the position of Head of Client Solutions. He will now be responsible for Pacific Life Re Australia’s market strategy and sales, as well as developing solutions for its clients. Prior to joining Pacific Life Re, Gilling lived in Canada and ... Read the full article
Satellite imagery home insurer Luko adds Julien Gigoi as Chief Actuary
7th February 2020
French satellite imagery home insurer, Luko has appointed Julien Gigoi to the role of Chief Actuary. Luko describes itself as France’s first neo insurance, and since the AI powered InsurTech launched roughly one year ago, it’s already attracted 10,000 customers in France and, this is despite it only offering protection for ... Read the full article
Marsh & McLennan adds Krause as Southeast Regional CEO
7th February 2020
Marsh & McLennan Agency, the middle market agency of global re/insurance broker Marsh, has announced the appointment of Peter Krause as Southeast Regional Chief Executive Officer. Effective immediately, Krause will report to David Eslick, chairman and CEO of MMA, and oversee MMA’s offices in Georgia , Alabama, Tennessee, Kentucky and Tallahassee. He ... Read the full article
IGI gains further approvals for public listing deal
7th February 2020
International General Insurance Holdings (IGI), the specialist commercial re/insurer, has gained further regulatory approvals for its planned business combination with Tiberius Acquisition Corp., which will result in the public listing of IGI. The Dubai Financial Services Authority is the latest regulator to give the transaction the green light, following approval ... Read the full article
Late reinsurance renewals signal supply-demand imbalance: KBW
7th February 2020
Analysts at KBW have observed a supply-demand imbalance at the January 1 reinsurance renewals, which they believe will persist throughout 2020, especially for loss-impacted property catastrophe accounts. The firm noted that reinsurance renewals were later than normal this year, including some placements that were not completed by year-end. Pricing trends are considered ... Read the full article
Bushfires & winter storms push economic bill to $3bn in January: Aon
7th February 2020
Devastating bushfires in Australia and powerful winter storms in the US have contributed to a costly natural catastrophe bill in January 2020, with re/insurance broker Aon estimating that economic losses will exceed $3 billion. Bushfires across sections of New South Wales, Queensland, South Australia, Victoria, and Western Australia destroyed more than ... Read the full article
Sompo GRS launches product built for life sciences industry
7th February 2020
Sompo Global Risk Solutions, a subsidiary of Bermuda-based specialty property and casualty re/insurer Sompo International, has introduced a state-of-the-art products-completed operations and errors and omission liability protection product built for the life sciences industry. Sompo Life Science Plus offers coverage for various life science products, including products used in human clinical ... Read the full article
Alliant adds Marianne Chow to property and casualty team
7th February 2020
US specialty insurance broker Alliant Insurance Services has announced the appointment of Marianne Chow as Vice President in its Bay Area property and casualty team. Prior to joining Alliant, Chow was Vice President with a national insurance and consulting firm. She also has experience as a risk manager and as a corporate ... Read the full article
Kemper elects United Airlines CFO Laderman as director
7th February 2020
US insurer Kemper has announced the appointment of Gerald Laderman as director, effective February 20. Laderman currently serves as Chief Financial Officer and executive vice president of United Airlines, and oversees the development of the firm’s overall financial strategy including cost management, capital allocation and balance sheet optimisation. He brings over 30 ... Read the full article
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