Reinsurance News
DXC announces CEO change as Mike Lawrie retires
16th September 2019
B2B IT services provider DXCTechnology has announced the appointment of Mike Salvino as its President and Chief Executive Officer following the retirement of Mike Lawrie. Lawrie had served as DXC’s Chairman, President and CEO since the firm’s launch in 2017. His retirement from DXC’s board will be effective on December 31. “Mike Salvino, ... Read the full article
VIBE to close A&H, Property D&F units
16th September 2019
Lloyd’s managing agent VIBE Syndicate Management has announced the closure of its Accident & Health and Property D&F units with immediate effect. Group Chief Executive Officer Joe England said the move follows a strategic review of Vibe’s businesses and that the decision will remain in effect until the market returns to ... Read the full article
AXA XL promotes three within its UK Client & Distribution team
16th September 2019
Global insurer and reinsurer AXA XL has promoted Allan Murley to Head of Broker Management as part of a number of changes to its UK Client and Distribution team. Murley's appointment is effective immediately and in his new role, he will be responsible for leading the UK Broker team and working ... Read the full article
Total industry losses from Dorian could reach $8.5bn: RMS
16th September 2019
Catastrophe risk modeller RMS has estimated that insured losses driven by Hurricane Dorian in the US, Canada and the Caribbean will total between US $4 billion and $8.5 billion. The firm previously released an industry loss estimate of between $3.5 billion and $6.5 billion for the impact of Dorian in ... Read the full article
AIR puts Typhoon Faxai insured industry loss at up to $7 billion
16th September 2019
Catastrophe risk modeller AIR Worldwide has estimated that insurance and reinsurance industry losses from Typhoon Faxai will be between $3 billion (JPY 340 billion) and $7 billion (JPY 740 million). Typhoon Faxai hit Japan on September 9th, impacting the Tokyo area with some of the most severe damage seen in the ... Read the full article
Convergence capital decreases for first time in 10 years, reports S&P
16th September 2019
The amount of convergence capital being provided to reinsurers globally has fallen for the first time in 10 years, according to S&P Global Ratings, reflecting more than two years of negative returns and trapped collateral from natural catastrophes. Despite these challenges, analysts believe capital will continue to flow into the market, ... Read the full article
Insurtech data provider NeuralMetrics announces launch
16th September 2019
NeuralMetrics, an insurtech data provider that uses natural language processing (NLP) technologies to power a real-time data engine for commercial lines general and P&C re/insurers, has announced its official launch. The company is headquartered in New York City, with additional offices in the UK, Europe, the UAE, and India, and was ... Read the full article
Casualty market disconnected from previous cyclical change: Newman, Willis Re
13th September 2019
In casualty lines of business the reinsurance tail is no longer wagging the primary dog, as the market has disconnected from previous cycle changes, according to Andrew Newman, President of Willis Re. In an interview with Reinsurance News, Newman discussed current dynamics within the casualty reinsurance market and underlined primary insurers’ ... Read the full article
Time to challenge the traditional life reinsurance paradigm, says GC’s David Rains
13th September 2019
David Rains, Managing Director at Guy Carpenter (GC), has argued that "the time has come to challenge the traditional life reinsurance paradigm" and elevate solutions for volatility management to the enterprise level. According to Rains, purchasing reinsurance protection at the corporate level could avoid the issue of overpaying for unneeded risk ... Read the full article
Clyde & Co adds Estelle Machell to casualty insurance team
13th September 2019
Global law firm Clyde & Co has announced the appointment of Estelle Machell as a partner in its casualty insurance team. Machell most recently worked at Keoghs, but previously spent nine years at Clyde & Co before leaving in 2013. She specialises in large loss catastrophic injury and major bodily cases, and ... Read the full article
CoreLogic finds 776,000 US homes at extreme risk of wildfire damage
13th September 2019
A new report from property information and analytics provider CoreLogic has found that nearly 776,000 homes in the US are at extreme risk of wildfire damage this year, representing a potential reconstruction cost value of more than $221 billion. California metropolitan areas comprise a significant portion of the top 15 regions ... Read the full article
Reinsurers confident of further rate increases, reports Morgan Stanley
13th September 2019
Reinsurers largely seem confident that the pricing momentum built over 2019 will continue into 2020 as the industry pushes for more sustainable margins, according to analysts at Morgan Stanley. Morgan Stanley’s analysis was based on its conversations with reinsurers at the Rendezvous event in Monte Carlo this year, who mostly seemed ... Read the full article
Neon CEO Martin Reith to step down from role
13th September 2019
The Group Chief Executive Officer of London-headquartered re/insurance specialist Neon, Martin Reith, will be stepping down from the role on September 30. He will remain on the board of Neon’s Lloyd’s Managing Agency, Neon Underwriting Limited (NUL) and work to ensure an effective transition while advising management on other strategic matters. “I ... Read the full article
Davies Group in first US claims deal with Frontier acquisition
13th September 2019
Operations management, consulting and provider of digital solutions, Davies Group, has announced the acquisition of multi-line independent claims adjusting provider, Frontier Adjusters. The deal is Davies Group's fourth acquisition of 2019 and its first U.S. claims deal. The acquisition sees Frontier form the independent adjusting arm of Davies' new US Claims ... Read the full article
TMK reveals leadership shuffle as CEO departs
13th September 2019
Tokio Marine Kiln, part of global insurance group Tokio Marine, has announced a series of senior leadership changes, including the departure of Charles Franks from his role as Chief Executive Officer. Franks, who at the end of 2019 will assume new responsibilities within the group, is to be replaced by Current ... Read the full article
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