Reinsurance News
Reinsurance disruption highest in years, says Flandro at Roundtable
12th September 2019
At the Reinsurance News Executive Roundtable in Monte Carlo, David Flandro, Managing Director of Analytics at Hyperion X, said that a combination of things is driving acute disruption in the reinsurance sector. “I can tell you that in all seriousness, I think the reinsurance market is going through its most acute ... Read the full article
AXA XL, insurtech Neptune Flood strike underwriting partnership
12th September 2019
Global re/insurer AXA XL has partnered with Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy. It’s hoped the underwriting partnership will expand Neptune’s flood insurance capacity to homeowners throughout the US. Chris Bressette, Senior Vice ... Read the full article
Global reinsurance sector needs global corrections, says AXIS Re CEO, Arora
11th September 2019
Overall, current rate increases are not sustainable and the reinsurance market needs to correct itself on a global basis, says Steve Arora, Chief Executive Officer (CEO) of AXIS Re. Speaking with Reinsurance News at the annual meeting of the reinsurance industry in Monte Carlo, Arora, CEO of the reinsurance arm of ... Read the full article
AM Best upgrades IGI’s rating to ‘A’ from ‘A-‘
11th September 2019
International financial services rating agency, A.M. Best, has upgraded the financial strength and credit rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to "a" from "a-" of International General Insurance Co Ltd., (IGICL) (Bermuda) and International General Insurance Company (UK) Limited. According to A.M. Best, the ... Read the full article
Suncorp appoints Steve Johnston as Group CEO
11th September 2019
Australian primary insurer Suncorp Group has announced the appointment of Steve Johnston as Group Chief Executive Officer (CEO), effective immediately. He succeeds Michael Cameron, whose departure was announced back in May 2019. He held the role for nearly four years. Johnston has been serving as acting CEO of Suncorp since that ... Read the full article
L&G announces £35m buyout of US law firm’s UK pension scheme
11th September 2019
Legal and General Assurance Society Limited has agreed a £35 million buyout for Edwards Wildman Palmer LLP’s UK pension scheme. The scheme was an existing Legal & General client through its partnership with Legal & General Investment Management’s fiduciary management team. L&G says it is one of the first schemes to have ... Read the full article
Munich Re expects “further stabilisation” of rates: Torsten Jeworrek
11th September 2019
Munich Re is expecting to see “further stabilisation and price increases” in the reinsurance market, according to Torsten Jeworrek, a member of the company’s board of management. Speaking at a briefing during the Reinsurance Rendezvous event in Monte Carlo this week, Jeworrek said that the reinsurance industry had seen “a worldwide ... Read the full article
Edward Flanagan joins Risk Strategies as New England Regional Leader
11th September 2019
Expanding U.S. insurance brokerage, Risk Strategies has announced the appointment of Edward Flanagan from Arthur J. Gallagher as New England Regional Operations Leader. Flanagan succeeds John Scroope, who has been promoted to National Director of Retail Operations, a newly created role. He brings three decades of industry experience to the role and ... Read the full article
David Perez takes North American CUO role at Liberty Mutual’s GRS unit
11th September 2019
Liberty Mutual Insurance has announced the appointment of David Perez as Chief Underwriting Officer (CUO), North America for Global Risk Solutions (GRS). GRS is a Liberty Mutual business that focuses on global commercial and specialty lines of insurance and reinsurance. Perez has been with Liberty Mutual since 2012, most recently as Executive ... Read the full article
Digital success requires both tech partnerships & internal agendas: GC’s Steven Jones
11th September 2019
Success in the increasingly digitalised re/insurance industry will require companies to focus equally on collaboration with insurtech firms and on improving internal transformation agendas, according to Steven Jones, Global InsurTech Client Services Lead at Guy Carpenter. Jones argued that technology in the re/insurance industry is advancing at an ever-increasing pace, with ... Read the full article
PERILS lowers cyclone Dragi-Eberhard industry loss estimate to €772 million
11th September 2019
Catastrophe loss data aggregator PERILS has disclosed its third loss estimate for windstorm Dragi-Eberhard, which, at €772 million is lower than the previous estimate of €798 million. Dragi-Eberhard consisted of two low pressure systems that affected areas of the British Isles, and Western and Central Europe over the 9th and 10th ... Read the full article
Beazley to leverage Guidewire’s Cyence analytics solution
11th September 2019
Specialist insurer Beazley has selected Guidewire Software’s Cyence product to help improve underwriting, capital and pricing efficiencies. Cyence offers a data listening and risk analytics solution that combines curation of external data with machine learning and risk modelling. Beazley will implement Cyence data models to augment its existing data modelling applications for ... Read the full article
BMS adds Neil Prior as Director of Global Risks division
11th September 2019
Independent specialist re/insurance brokerage BMS Group has announced the appointment of Neil Prior as Director in its Global Risks division. Prior, who brings over 30 years’ experience to the role, joins from Priority Underwriting, a company he Co-founded and served as Chief Executive Officer. Reporting to BMS Managing Director Ian Gormley, he ... Read the full article
TigerRisk hires new COO from Third Point Re
11th September 2019
Reinsurance broker TigerRisk Partners LLC has announced the appointment of Manoj Gupta as Chief Operating Officer (COO), based in New York. Prior to joining TigerRisk, Gupta was President of Third Point Reinsurance Ltd.’s US subsidiary. He held several senior level positions during his time at Third Point Re, including as Head of ... Read the full article
Brokerage is not an expense, says Willis Re Deputy Chair Hvidsten
11th September 2019
Reinsurance brokerage costs and commissions are not an expense for reinsurers and Willis Re sees little demand for substantial change on broker remuneration, according to Deputy Chairman Mark Hvidsten. Speaking to Reinsurance News in an interview, Hvidsten laid out the value that he feels a reinsurance broker brings to its clients, ... Read the full article
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