Reinsurance News
GIAJ puts Typhoon Faxai costs at $3.1bn, Hagibis claims growing
24th December 2019
Claim payments from Typhoon Faxai have reached $3.1 billion, according to the General Insurance Association of Japan (GIAJ), up from $2.45 billion a month ago. Recent estimates from catastrophe modeller RMS indicate that the eventual cost of Faxai will be between $5 billion and $9 billion, while AIR ... Read the full article
Patrick Schepens to take over as CEO of the Benelux region, Guy Carpenter
24th December 2019
Global reinsurance broker Guy Carpenter has announced the appointment of Patrick Schepens as Chief Executive Officer (CEO) of the Benelux region, effective April 2020. In his new role, Schepens will be based in Brussels and will take responsibility for all of the company's activities in the Benelux region. At the same ... Read the full article
Admiral cancels Spanish joint venture with MAPFRE & Oakley Capital
24th December 2019
Admiral Group has agreed to terminate its proposed agreement to form a joint insurance venture in Spain with MAPFRE and Oakley Capital. First announced back in April 2019, the venture was intended to combine digital brokers Rastreator Comparador Correduría de Seguros S.L. (Rastreato) with Asesor Seguros Online S.L. and Asesor Consumer ... Read the full article
Analysts expect double-digit cyber premium growth
24th December 2019
For at least the next three to five years, equity analysts at Goldman Sachs expect double-digit compound annual growth rate (CAGR) from current global cyber premium base of less than $5 billion of global commercial premiums. Currently, cyber premiums account for less than 1% of the international commercial insurance market, and ... Read the full article
International Group of P&I Clubs maintains reinsurance structure at renewal
24th December 2019
The International Group of P&I Clubs (IGP&I), a provider of protection and indemnity (P&I) insurance to the global shipping industry, has largely maintained the structure of its reinsurance program during its renewal for the 2020/21 year. IGP&I decided to renew its program without significant changes this year, following a number ... Read the full article
President, CEO of Berkshire Hathaway’s GEICO to retire
24th December 2019
GEICO, the auto insurance arm of reinsurance and investments giant Berkshire Hathaway, has announced that its president and Chief Executive Officer, Bill Roberts, will retire in December 2020. Roberts began his career with GEICO in 1984 as an officer in the Marketing department. He will become vice chairman of GEICO effective ... Read the full article
Sirius adds underwriting team amid Asia expansion
24th December 2019
Global multi-line re/insurer Sirius Group is set to onboard a team of key underwriters as it looks to expand its facultative product offerings in Asia. The new appointments will include Jess Au and Steve Ng who will head the property and engineering divisions respectively. Au brings 22 years of underwriting experience in ... Read the full article
Bermuda’s BILTIR sees 11% membership growth in 2019
24th December 2019
The Bermuda International Long Term Insurers and Reinsurers (BILTIR) association, which represents Bermuda's long-term insurance companies and reinsurance firms who provide life and annuity solutions, saw its membership grow by 11% in 2019. The number of companies joining BILTIR increased from 55 to 61 in 2019, and includes five reinsurers and ... Read the full article
GCube strengthens US wind & solar book with senior hire from AXIS
24th December 2019
Specialist renewable energy insurer GCube Insurance Services Inc. has bolstered its US operations with the appointment of Brian Tyluki as Senior Vice President, Senior Underwriter. Based in the firm’s New York office, he will help GCube to re-sign a number of strategic clients for new and operational projects. Tyluki arrives from AXIS ... Read the full article
Lloyd’s facing enhanced scrutiny after whistleblowing hotline error
24th December 2019
Insurance and reinsurance marketplace Lloyd’s of London is facing enhanced scrutiny after it emerged that its whistleblowing hotline was out of commission for 16 months. Lloyd’s said it had forgotten to renew its contract with the company that managed the line, meaning roughly 1,000 staff had no way to anonymously report ... Read the full article
Insurtech Neptune Flood adds Jean-Luc Eckstein as Executive Director
24th December 2019
Neptune Flood Incorporated, an insurtech firm focused on the flood market, has announced the appointment of Jean-Luc Eckstein as Executive Director. He joins Neptune Flood from CDW, a Fortune 500 technology solutions provider, where he served as International Client Strategy Manager, overseeing a team responsible for cross border technology sales. In his ... Read the full article
Egyptian investors acquire stake in Tokio Marine Takaful subsidiary
23rd December 2019
EFG Finance Holding, a subsidiary of Egyptian investment bank EFG Hermes, along with GB Capital, a wholly owned subsidiary of GB Auto, have entered into a definitive sale and purchase agreement to acquire a 75% stake in Tokio Marine Egypt Family Takaful. The deal is worth £4.1 million and is subject ... Read the full article
Risk Consulting Partners adds Aynessazian as MD of finance, operations
23rd December 2019
Risk Consulting Partners has announced the appointment of Colleen Aynessazian as its new managing director of finance and operations. Aynessazian will help support the company’s high growth strategy and oversee all financial functions, corporate development, mergers, acquisitions, integrations as well as lead the day-to-day operations of the firm. She brings more than ... Read the full article
Bulk annuity market to return to ‘normal’ levels in 2020: WTW
23rd December 2019
Re/insurance broker Willis Towers Watson is expecting the bulk annuity market to return to ‘normal’ levels in 2020, with £30 billion worth of deals expected over the course of the year. Down from an anticipated £40 billion in 2019, WTW says 2020 should see a more balanced market, allowing greater traction ... Read the full article
The Hartford announces new thermal coal, tar sands policy
23rd December 2019
Property and casualty insurer The Hartford will no longer insure or invest in companies that generate more than 25% of their revenues from thermal coal mining or more than 25% of their energy production from coal. In addition, the company will also stop insuring and investing in companies that generate more ... Read the full article
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