Reinsurance News
Coverys launches European Holdings platform, names leadership
6th January 2020
Coverys, a provider of medical professional liability insurance, has announced the launch of Coverys European Holdings Limited (CEH), an Agency platform and network that will invest in and collaborate with managing general agencies in Continental Europe and the UK. The new business will target non-competing MGAs across Europe with complementary portfolios ... Read the full article
Aston Lark appoints new CEO & CFO in Ireland
6th January 2020
Insurance brokerage Aston Lark has announced the appointments of a new Chief Executive Officer (CEO) and Chief Financial Officer (CFO) in Ireland following the acquisitions of Wright Insurance Brokers and Robertson Low. Specifically, Robert Kennedy joins as CEO Ireland and Mark Nolan as CFO Ireland, effective March 2020, subject to regulatory ... Read the full article
China’s Ping An joins Climate Action 100+ initiative
6th January 2020
Ping An Insurance (Group) Company of China, Ltd. has become the first Chinese asset owner to join Climate Action 100+, an investor initiative that aims to engage the largest corporate greenhouse gas emitters and help them take action on climate change. Currently, more than 420 investors across the world with more ... Read the full article
BGC Insurance reveals name & brand of new global aerospace broker
6th January 2020
BGC Insurance Group, a division of global brokerage and financial technology firm BGC Partners Inc., has now announced the name and brand for its global aerospace insurance and reinsurance brokerage, Piiq Risk Partners. The inception of the company's specialist global aviation and aerospace re/insurance brokerage was announced in the summer of ... Read the full article
Gallagher takes stake in specialist Malaysian broker SP&G
6th January 2020
Re/insurance broker Gallagher has expanded its presence in Asia with the acquisition of a minority stake in specialist Malaysian broker SP&G Insurance Brokers. SP&G is a multi-discipline commercial insurance broker that specialises in coverages for the aviation market, as well as in solutions for property & casualty, marine, engineering, and other ... Read the full article
Australia bushfire claims rise to USD 300 million: ICA
6th January 2020
The bushfires burning through New South Wales (NSW), Queensland, South Australia and Victoria have driven more than 6,000 insurance claims since September 5th, 2019, according to the Insurance Council of Australia (ICA). Insurance and reinsurance claims from the bushfires burning through parts of Australia are continuing to rise, with the ICA ... Read the full article
Non-marine retro renewals hit by ILS capacity squeeze: Willis Re
6th January 2020
Capacity constraints from the insurance-linked securities (ILS) market resulted in a challenging renewal for the non-marine retrocessional market, according to Willis Re, the reinsurance arm of global insurance brokerage Willis Towers Watson. Analysts noted that ILS capacity has been a driving force of retro capacity in recent years, but is now ... Read the full article
ILS investors sense opportunity in cyber if modelling can improve: CyberCube
6th January 2020
Insurance-linked securities (ILS) investors can sense opportunity in the growing cyber re/insurance market, but analysts at CyberCube believe that modelling capabilities must improve before this valuable source of capacity can be tapped. As part of a new report, CyberCube argued that the financial impact of future global software failure could be ... Read the full article
Jeff Saper promoted to CEO, Pacific at Guy Carpenter
6th January 2020
Reinsurance broker Guy Carpenter, part of Marsh & McLennan Companies, has named a new Chief Executive Officer (CEO) for the Pacific region, promoting Jeff Saper to the role. Saper is a long-time Guy Carpenter employee in the Australia and Pacific region, having joined the company in 1999 and working there for ... Read the full article
“Asymmetrical” renewal reflects ample capital supply: Guy Carpenter
3rd January 2020
Levels of available reinsurance capital continued to exceed demand at the January 1, 2020 renewals, according to analysts at Guy Carpenter, meaning rate increases only materialised in the most constrained areas of the market. The reinsurance broker said that the loss environment and shifting views of risk had been crucial factors ... Read the full article
IAG buys more reinsurance at Jan renewals, taps coverage for bushfires
3rd January 2020
Australian insurer IAG has finalised its catastrophe reinsurance program for the coming year, having increased its coverage from $9 billion to $10 billion at the recent January 1 renewals. Chief Financial Officer Nick Hawkins explained that the structure of the program remained similar to previous years, while the cost was in ... Read the full article
Assurant appoints Paul Cosgrove as President for Canada
3rd January 2020
US specialty insurance group Assurant has announced the appointment of Paul Cosgrove as President of its Canadian operations, effective immediately. Cosgrove, who formerly served as Vice President, Business Development and Client Management, will succeed Robert Zanussi, who is retiring from the role after 16 years with Assurant. Zanussi is set to continue ... Read the full article
Optio acquires political violence & terrorism MGA from Castel
3rd January 2020
Optio, the managing general agency (MGA) comprising Ascent Underwriting, Cove Programs and Bay Risk Services, has acquired specialist political violence and terrorism MGA Newbridge Risk Partners. Newbridge was launched in 2015 on the Castel MGA formation platform, writing a book of political violence and terrorism risks in emerging markets regions. With capacity ... Read the full article
Saudi Arabia bans combined insurance & reinsurance operations
3rd January 2020
Regulators in Saudi Arabia have enacted a ban on combining insurance and reinsurance brokerage activities in the same company, according to reports from Reuters. The Saudi Arabian Monetary Agency (SAMA) said in a statement on Thursday that combined operations would be prohibited, effective immediately. Companies that currently combine both insurance and reinsurance ... Read the full article
AJ Gallagher acquires Walsdorf Agency in New York
3rd January 2020
Arthur J. Gallagher & Co. has announced the acquisition of Walsdorf Agency, Inc., a commercial and personal lines insurance agency based in Huntington, New York. Founded in 1926, Walsdorf Agency is a third generation, family owned agency with niche expertise in real estate. Terms of the transaction were not disclosed, but will ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
