Reinsurance News
Jean to succeed Kelley as President and CEO of EMC
10th December 2019
Bruce Kelley, the President and Chief Executive Officer (CEO) of EMC Insurance Companies (EMC), has told the Employers Mutual Casualty Company (EMCC) Board of Directors that he is retiring from the company in March, 2020. Kelley has been with EMC since 1985 and has led the firm to high levels of ... Read the full article
CNA Hardy’s Peters-Venzano to join Beazley as Chief Marketing Officer
10th December 2019
Beazley, the London headquartered specialist insurer, has named Georgina Peters-Venzano as Chief Marketing Officer, effective March 2020. Based in London, Peters-Venzano will lead the firm's global marketing and communications strategy and lead a team based in the UK and US. In her new role, she will report to Lou Ann Layton, ... Read the full article
CEO Dominic Wheatley to depart Guernsey Finance
10th December 2019
The Board of Guernsey Finance has announced that its Chief Executive Officer (CEO), Dominic Wheatley, is set to depart next year after more than five years in the role. Guernsey Finance, which acts as a promotional agency for the island’s financial industry, reported that Wheatley will leave on 30 June 2020. The ... Read the full article
European captives’ underwriting results supported by portfolio knowledge, says A.M. Best
10th December 2019
The balance sheet strength of European captives currently rated by A.M. Best is very strong, and, the broad understanding and detailed knowledge of the portfolios they cover is driving robust underwriting performance. In a recent report, “European Captives 2019 – Building Block Rating Considerations”, global financial services ratings agency, A.M. Best ... Read the full article
WTW launches IFRS 17 software solution
10th December 2019
Global re/insurance broker Willis Towers Watson has launched an out-of-the-box software solution designed to help P&C insurers more easily implement IFRS 17. ResQ Financial Reporter is a calculation and data management solution designed to provide an efficient framework in order to generate the financial statements and supporting disclosure requirements of IFRS ... Read the full article
PG&E agrees to $13.5bn settlement with California wildfire claimants
9th December 2019
PG&E Corporation and Pacific Gas and Electric Company (PG&E) has agreed to a $13.5 billion settlement to resolve individual claims relating to the 2017 Northern California Wildfires and the 2018 Camp Fire. The settlement, which also covers claims arising from the 2015 Butte Fire and the 2016 Ghost Ship Fire in ... Read the full article
Fitch sees strong revenue expansion for US insurance brokers in 2020
9th December 2019
Favourable U.S. commercial lines pricing trends coupled with high levels of organic growth is expected to contribute to strong revenue expansion for publicly traded U.S. insurance brokers in 2020, according to Fitch Ratings. Fitch notes that current market conditions suggest a continuation of favourable margins for U.S. insurance brokers in 2020. ... Read the full article
Gallagher adds Drowley to aerospace practice as head of policy wordings
9th December 2019
Re/insurance broker Gallagher has added Neil Drowley to its global aerospace practice as head of policy wordings. Drowley, whose appointment is effective immediately, will be based in London while overseeing Gallagher’s specialist wordings team, managing all phases of contract administration and wordings review. He brings over 25 years’ experience and most recently ... Read the full article
Four investment firms inject $120 million into Duck Creek
9th December 2019
Duck Creek Technologies, a provider of SaaS-delivered software to the property and casualty (P&C) arena, has announced an investment of $120 million from Dragoneer Investment Group, funds advised by Neuberger Berman, Insight Partners, and Temasek. Established in 2016 as a new and independent firm after funds advised by Apax Partners acquired ... Read the full article
BMS names Chandler CEO of US reinsurance, restructures management
9th December 2019
Specialist insurance and reinsurance broker BMS Group has announced the appointment of Pete Chandler as President and Chief Executive Officer of BMS Re US, effective December 9th. Chandler joined BMS in May 2019 from JLT Re, taking up a role as President of US reinsurance operations. Now, in his expanded role, ... Read the full article
Chubb bolsters North America Commercial Insurance Division
9th December 2019
Global re/insurer Chubb has made a series of leadership appointments to its North America commercial insurance division. Ben Rockwell has been named vice president of Chubb group and will serve as division president, Chubb middle market. He currently serves as executive vice president and Chief Underwriting Officer of North America commercial insurance. Concurrently, ... Read the full article
“Unexciting” rate movements forecast for 1/1 renewals: analysts
9th December 2019
Analysts at JMP Securities are forecasting “unexciting” rate increases at the January re/insurance renewals, with more notable improvements likely to be seen later in the year during the April and June/July renewals. While the property and casualty (P&C) market does appear to be improving in all areas, it is doing so ... Read the full article
Moody’s maintains stable outlook for global P&C insurance
9th December 2019
Moody’s Investors Service has maintained its stable outlook for global property and casualty (P&C) insurance in 2020, as solid capitalisation and pricing trends continue to offset negative factors. Analysts believes that the global P&C sector will continue to benefit from overall economic growth in 2020, even as momentum begins to slow, ... Read the full article
Aon’s Stephen Nguyen joins AXA XL as Client Management Leader, Asia
9th December 2019
AXA XL, the property and casualty and specialty risk unit of AXA, has announced that Stephen Nguyen has joined from insurance and reinsurance broker Aon as Client Management Leader, Asia. In this role, he will be based in Hong Kong and will report to Jonathan Mead, Head of Client & Distribution, ... Read the full article
UK pension risk transfer to accelerate as schemes mature, says Mercer
9th December 2019
Mercer, the global consulting subsidiary of broking and advisory giant Marsh & McLennan Companies, expects the UK bulk annuity market to exceed £40 billion by the end of 2019, and has projected accelerated growth in pension risk transfer over the next decade as schemes mature. Overall, Mercer expects the total UK ... Read the full article
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