Reinsurance News
Allianz’ AGCS unit adds Henning Haagen as specialty CUO
23rd January 2020
Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance carrier of Allianz, has appointed Henning Haagen as Chief Underwriting Officer Specialty. Effective March 1, Haagen will succeed Paul O’Neill and serve as a member of the board of management. He brings over 20 years’ experience to the role and will take ... Read the full article
UK non-life insurers well positioned despite a challenging 2019: A.M. Best
23rd January 2020
Market conditions for UK non-life insurers remained challenging in 2019 as intense competition, claims inflation, and a volatile property sector pressured underwriting earnings, according to A.M. Best. Throughout 2019, says A.M. Best, competition across the UK non-life insurance sector was intense, driven in part by depressed premium rates in the property ... Read the full article
Indian insurtech Digit secures $84m from equity investors
23rd January 2020
Digit Insurance, an India-based insurance start-up backed by Fairfax Group, has secured regulatory approval to raise $84 million from three growth equity investors, bringing total investment to $224 million. Digit started its operations in October 2017 and has since expanded its distribution through direct channel partners such as e-commerce giants Policybazaar, ... Read the full article
Government could mandate catastrophe insurance: AIG’s Duperreault at Davos
22nd January 2020
Brian Duperreault, the President and Chief Executive Officer (CEO) of insurance giant AIG, has said that mandating insurance protection for catastrophes is "maybe something that the government could enable." The insurance industry expert made the comment on a panel during the annual World Economic Forum (WEF) in Davos, Switzerland. The panel ... Read the full article
Lovell Minnick completes acquisition of Charles Taylor
22nd January 2020
Charles Taylor has been acquired by an investment company managed and controlled by Lovell Minnick Partners LLC, a U.S. private equity firm that invests in the global financial services sector. It's expected that the takeover will support Charles Taylor's growth strategy, which has a focus on broadening client relationships and specialist ... Read the full article
Lions Gate Underwriting names Head of Surety & EVP for LatAm
22nd January 2020
Lions Gate Underwriting, an independent underwriting agency and Lloyd’s coverholder, has announced the appointment of Jairo Medina as Head of Surety and Executive Vice President (EVP) for Latin America. Based in Miami, he will work to expand Lions Gate’s existing portfolio of products into the surety space. Medina joins the company from ... Read the full article
BMS names StarStone’s Jani Kohonen senior vice president
22nd January 2020
Independent re/insurance broker BMS Group has announced the appointment of Jani Kohonen as senior vice president and Atlanta branch manager. Effective January 29, Kohonen will report to BMS Re US president and Chief Executive Officer Pete Chandler. He brings over 15 years’ experience to the role and joins from StarStone Insurance having ... Read the full article
Kin targets Florida homeowners with new flood solution
22nd January 2020
Catastrophe-focused insurance technology firm, Kin Insurance, now offers flood coverage for Florida homeowners through its Florida home insurance carrier, the Kin Interinsurance Network. In an announcement, Kin Insurance states that the flood protection is an insurance endorsement and can be tailor made to Florida homeowners in areas deemed low-risk, moderate-risk, or ... Read the full article
CoreLogic acquires geospatial data firm Location
22nd January 2020
Property information and analytics provider CoreLogic has announced the completion of its acquisition of Location, Inc., a firm specialising in geographic data sciences and predictive analytics for businesses in the US and Canada. CoreLogic believes the acquisition will expand its insurance risk analytics and real estate insights for non-weather water and ... Read the full article
S&P maintains stable outlook on US life insurance for 2020
22nd January 2020
Despite the current rate environment, S&P Global Ratings is maintaining a stable outlook on the U.S. life insurance industry for 2020. Analysts believe insurers are adept at managing headwinds and are supported by robust capitalisation and liquidity. Likewise, the prominence of block sale transactions and the rising popularity of adding macro hedges ... Read the full article
Beazley partners with HewardMills, expands cyber risk services
22nd January 2020
Specialist insurer Beazley is partnering with Data Protection Officer (DPO) HewardMills, as it expands the cyber risk management services provided to policyholders. Beazley’s new suite of services includes pre-breach and risk management services selected and managed by a dedicated in-house Beazley Breach Response (BBR) Services team. “Working closely with the Beazley team ... Read the full article
Bermuda enhances legislative framework as ISAC Act comes into effect
22nd January 2020
A new piece of legislation has been introduced in Bermuda, the Incorporated Segregated Accounts Companies Act 2019 (ISAC Act), that allows corporate group structures to operate multiple businesses under one umbrella. The ISAC Act came into effect on January 15th, 2020 as a standalone piece of legislation and a companion statute ... Read the full article
Hyperion & JLT reach confidential settlement
22nd January 2020
A statement from international insurance broking groups Hyperion and JLT announced today that the pair have reached a settlement following a legal process which centred on the hiring of 47 staff from JLT Specialty to Hyperion. JLT started legal proceedings in the summer of last year after the broker accused Hyperion ... Read the full article
Aon estimates insured nat cat losses at $71bn in 2019
22nd January 2020
Global re/insurance broker Aon has released its catastrophe loss estimate for 2019, putting overall economic losses at £232 billion, of which the insurance industry is thought to have covered $71 billion. Analysts based this figure on 409 recorded catastrophe events in 2019, and noted that the economic loss was 20% lower ... Read the full article
LMG appoints Liberty Specialty CEO Matthew Moore as chair
22nd January 2020
The London Market Group has announced the appointment of Matthew Moore, Chief Executive Officer of Liberty Specialty Markets, as its new chair. Effective May 1, Moore will succeed Beazley Chief Executive Officer Andrew Horton after two years in the role. “The past few years have seen real shifts in both the external ... Read the full article
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