Reinsurance News
CAC Specialty names Michael Rice CEO
24th September 2019
CAC Specialty, an insurance brokerage and investment banking platform recently established by Cobbs Allen, has appointed Michael D. Rice II as its Chief Executive Officer. Rice, who joins after having led JLT Specialty USA as CEO for nearly five years, will lead CAC’s team of insurance and Wall Street executives including ... Read the full article
LMA heads pledge support to Lloyd’s harassment actions
24th September 2019
The Board of the Lloyd’s Market Association (LMA) has pledged to work actively through a CEO reporting network to tackle sexual misconduct in the market, following the implementation of new inclusivity measures at Lloyd’s. Lloyd’s said earlier today that it would introduce the new program of measures after the results ... Read the full article
Lloyd’s harassment survey prompts stronger inclusivity measures
24th September 2019
Lloyd’s of London has announced a new program of measures to foster a safer and more inclusive working environment after the findings of a recent survey revealed widespread issues regarding sexual harassment and employee wellbeing in the marketplace. The culture survey, which was commissioned by Lloyd’s in the wake of public ... Read the full article
New public-private ocean risk initiative launches at UN climate summit
24th September 2019
As part of the UN Secretary General’s Climate Summit, a collaborative initiative between the re/insurance and finance sectors, governments, and environment organisations is being launched to build resilience to ocean risk in vulnerable areas. The newly formed Ocean Risk and Resilience Action Alliance (ORRAA) will aim to support resilience in the ... Read the full article
Guernsey reports uptick in new captive inquiries
24th September 2019
Guernsey has reported a large rise in captive insurance inquiries over the second half of 2019, following a notable dip in numbers last year. Industry figures said that the level of significant inquiries received over the summer easily surpassed recent years. Guernsey is responsible for more than a third of the European ... Read the full article
Oligopoly of big three reinsurance brokers to largely persist: KBW
23rd September 2019
The big three broking houses in reinsurance, Aon, Guy Carpenter and Willis Re, continue to hold a significant advantage over smaller players, which leads analysts at Keefe, Bruyette & Woods (KBW) to say that their oligopoly is safe for now. Reinsurance brokers continue to earn a higher margin and return from ... Read the full article
PG&E confirms $11bn settlement with California wildfire re/insurers
23rd September 2019
PG&E Corporation and Pacific Gas and Electric Company (PG&E) has confirmed an $11 billion agreement to resolve all insurance subrogation claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire. The agreement was reached with entities representing around 85% of insurance subrogation claims, which were based on payments ... Read the full article
Ascent-Cove rebrands to Optio, adds Ian Beaton as Non-Exec Director
23rd September 2019
Cyber and specialty lines managing general agent Ascent Underwriting and US construction-focused MGA Cove Programs are to be rebranded under the single name Optio. The rebrand aligns with a move to larger premises later this month as Optio looks to build a tech-focused business and set new standards in the insurance ... Read the full article
Surplus lines market doubles premium growth rate in 2018: AM Best
23rd September 2019
The surplus lines market nearly doubled its pace of premium growth in 2018, according to AM Best, with momentum supported by a healthy US economy and new investments in operating platforms. Analysts noted that the specialty insurance segment grew by 11.2% last years, notably up from an increase of just under ... Read the full article
Berkshire (BHSI) expands into Spain, names country manager
23rd September 2019
Berkshire Hathaway Specialty Insurance Company (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced that it has expanded into Spain with the formation of a new office in Madrid. The company plans to initially underwrite property, casualty, financial lines, construction and engineering insurance in Spain, with an eye to later ... Read the full article
Travelers’ transfer of EU business to Dublin unit approved
23rd September 2019
Travelers Insurance Company, part of US primary insurer Travelers, has received approval from the High Court of England and Wales to transfer all relevant in-force policies and historic liabilities written out of its Irish, French, German and Netherlands branches to its newly established subsidiary, Travelers Insurance DAC. Read the full article
DARAG adds Zurich’s Andrew Hill as COO
23rd September 2019
Legacy acquirer DARAG Group Limited has announced the appointment of Andrew Hill as Chief Operating Officer, effective October 15. Hill joins from Zurich Legacy Solutions where since 2017 he has served as Head of Restructuring for North America. Prior to that, he worked in KPMG’s Financial Sector Transaction Services team in London, ... Read the full article
UN partnership sees IDF members pledge $5bn of capacity to climate resilience
23rd September 2019
As part of a new collaboration with the UN Development Programme (UNDP), members of the Insurance Development Forum (IDF) have committed to offer up to US $5 billion of risk capacity to support climate resilience in developing countries. The initiative hopes to increase insurance protection in climate-exposed countries in lines with ... Read the full article
Swiss Re Corporate Solutions appoints new Head of Italy
23rd September 2019
Reinsurance giant Swiss Re's commercial insurance arm, Swiss Re Corporate Solutions, has announced that appointment of Francesco Semprini as Head Italy, effective November 1st, 2019. In his new role, Semprini will be based in Milan and will be responsible for managing the strategy, development, and performance of the firm's business in ... Read the full article
Business leaders not prioritising cyber risk management, reports Marsh
23rd September 2019
Business leaders are not spending adequate time addressing cyber risk management, according to a new report by re/insurance broker Marsh, even as cyber risk increasingly ranks among the top concerns for most organisations. Marsh found that a majority of board members and senior executives responsible for their company’s cyber risk management ... Read the full article
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