Reinsurance News
Casualty market pressures see capacity tighten at 1/1: Guy Carpenter
17th January 2020
Casualty reinsurance capacity tightened at the recent January renewals against a backdrop of heightened litigation costs, more generous jury verdicts, and shifting attitudes in the US, according to Guy Carpenter. Analysts noted that many reinsurers were forced to adopt more cautious underwriting positions at 1/1 due to higher loss cost trends, ... Read the full article
Argenta adds Vibe underwriter team to Syndicate 2121
17th January 2020
Argenta Lloyd’s Syndicate 2121 has appointed a team of underwriters to help develop a book of casualty business. Argenta Holdings Limited, a wholly owned subsidiary of Hannover Re, is an underwriting and insurance services group operating in the Lloyd’s Market. Bradley Knight will lead the 15-member team and is supported by class ... Read the full article
NCCI recruits Chief Actuary from Liberty Mutual
17th January 2020
The National Council on Compensation Insurance (NCCI) has announced the appointment of Donna Glenn as its new Chief Actuary, effective February 3, 2020. Glenn joins NCCI from Liberty Mutual Insurance in Boston, where she led casualty product and underwriting for Liberty’s national insurance business segment. In this role, she was also responsible ... Read the full article
California fires push Mercury General’s 2019 cat losses to $53mn
17th January 2020
Mercury General Corporation, a Los Angeles-based multi-line insurer, has disclosed that it incurred $53 million ($52 million net of tax) of catastrophe losses in 2019. More than two thirds of these losses were incurred in the fourth quarter of the year alone, and primarily resulted from the wildfires in California and ... Read the full article
Galloway takes oversight of FM Global’s international operations & AFM
17th January 2020
Large commercial property insurer, FM Global, has announced the hiring of James Galloway as an Executive Vice President (EVP), tasked with overseeing the firm's international operations and AFM, a unit which provides commercial property cover for the middle market. Galloway succeeds Chris Johnson, who is set to leave the company after ... Read the full article
Eutelsat says 5 West B satellite market loss could be $106m
17th January 2020
Satellite operator Eutelsat has provided an update on its stricken EUTELSAT 5 West B geostationary satellite, saying that it expects a roughly 55% loss of capacity or function, which could equate to a roughly $106 million claim under a launch-plus-one-year insurance policy. We were first to report last October that ... Read the full article
Selective overhauls leadership team
17th January 2020
Selective Insurance Group, a P&C insurer holding company, has announced the appointment of a dozen key leadership team members, including Shadi Albert as executive vice president, insurance strategy and business development. Albert joined Selective in 2013 and most recently served as senior vice president, regional manager for the firm’s southwest region. Prior ... Read the full article
Cyber tops Allianz’ 2020 risk survey
17th January 2020
For the first time ever, Cyber incidents ranked as the most important business risk globally in the ninth Allianz Risk Barometer 2020. Cyber risk was selected by 39% of respondents, overtaking Business interruption, which was chosen by 37%. Awareness of the cyber threat has grown rapidly in recent years, driven by companies ... Read the full article
Sompo releases travel insurance product in Thailand with Slice Labs
17th January 2020
Sompo Holdings (Asia), part of international insurer Sompo Holdings, has partnered with Slice Labs, an on-demand insurance platform, to release a joint travel insurance product in Thailand called TravelJoy. The product will include life and medical, flight delay/cancellation, and baggage/belongings coverage, and will be made available using the LINE LIFF Platform. “SOMPO’s ... Read the full article
Insurance Europe calls for more focused Solvency II review
17th January 2020
Insurance Europe, the European insurance and reinsurance federation, has levelled a number of criticisms against the 2020 review of Solvency II recently drafted by the European Insurance and Occupational Pensions Authority (EIOPA). Analysts argue that the draft advice provided by EIOPA includes a very large number of ideas and proposals, some ... Read the full article
Castel adds Arch’s Raoul Carlos as head of specialty
16th January 2020
Club-style MGA formation platform Castel Underwriting Agencies has appointed Raoul Carlos as head of specialty. The appointment comes as the firm looks to structure its underwriting cells and MGAs into a number of ‘centres of excellence focused’ on core classes of business. Carlos will lead the centre and oversee the strategy and ... Read the full article
Cryptocurrency firm Gemini sets up captive insurer in Bermuda
16th January 2020
Gemini Trust Company LLC, a cryptocurrency exchange and custodian, has set up a captive insurance company in Bermuda, with support from re/insurance brokers Marsh and Aon. Licensed by the Bermuda Monetary Authority (BMA), the captive will provide insurance for customers of Gemini Custody, the crypto cold storage service by Gemini. The solution ... Read the full article
Deloitte’s Ian Jacob takes on Group Chief Risk Officer role at Aston Lark
16th January 2020
Goldman Sachs backed insurance broker, Aston Lark, has added Ian Jacob from Deloitte as Group Chief Risk Officer, a newly created role. He joins the firm after spending 13 years with Deloitte, where he served as a Director in the Insurance Regulation and Strategy Team with a focus on governance, regulatory ... Read the full article
Allianz opens historic insurance holding company in China
16th January 2020
Global insurer Allianz has opened China’s first fully foreign-owned insurance holding company. Based in Shanghai, it’s hoped the company will support Allianz’ growth ambitions in the country by enhancing its strategic and financial flexibility. Its opening follows recent business registration with the Shanghai Market Administration and Registration Bureau and earlier regulatory ... Read the full article
Allstate’s 2019 cat losses down after quiet end to year
16th January 2020
The Allstate Corporation has announced that catastrophe losses in the month of December reached $25 million (pre-tax), taking its fourth-quarter 2019 estimated cat loss total to $295 million (pre-tax). Combined with the firm's loss experience throughout the rest of 2019, Allstate's 2019 catastrophe loss bill stands at approximately $2.6 billion, which ... Read the full article
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