Reinsurance News
Arch & Marsh develop $150mn policy for crypto security firm Ledger
15th November 2019
Arch Insurance (UK) Limited and Marsh have collaborated to provide a customised crime insurance program that covers digital assets secured by the Ledger Vault platform. Ledger Vault is a core business unit of Ledger, a security firm for cryptocurrencies and blockchain applications. It provides information technology infrastructure for financial institutions to securely ... Read the full article
Tokio Marine HCC adds Heath, Johnson to delegated property team
15th November 2019
Specialty insurance group Tokio Marine HCC has appointed Stuart Heath and Linda Johnson to its delegated property team as head and senior underwriter, respectively. Heath brings over 40 years of market experience and will be responsible for building a new account, focused on UK and European specialty property. He most recently served ... Read the full article
Pioneer Syndicate 1980 to be placed into run-off
14th November 2019
Pioneer Underwriters has announced that following a strategic review it has determined that the cost of capital within the structure of its Lloyd's syndicate, Pioneer Syndicate 1980, is no longer economically efficient when compared with its other capital arrangements, and will therefore be placing the syndicate into run-off. Syndicate 1980 is ... Read the full article
Allianz & Microsoft partner on open-source insurance platform
14th November 2019
Global insurance giant Allianz has partnered with multinational technology company Microsoft to re-imagine the insurance industry experience through digital transformation. The new strategic partnership has a focus on digitally transforming the insurance sector and is designed to simplify the insurance process while at the same time creating an improved experience for ... Read the full article
Tokio Marine Kiln recruits CUO Matthew Shaw from Chubb
14th November 2019
Tokio Marine Kiln, part of global insurance group Tokio Marine, has announced the appointment of Matthew Shaw as Chief Underwriting Officer (CUO). Shaw, who will take up his new position in the first half of next year, joins the company from Chubb, where he served as Divisional President for Global Markets. Chubb ... Read the full article
RenRe to join Mutual Re from Jan 1st as EMC departs
14th November 2019
Mutual Re, a joint reinsurance association that writes business through intermediaries, has announced that global reinsurer RenaissanceRe (RenRe) will be added to its group of assuming companies, effective January 1st, 2020. From the start of next year, the owners of Mutual Re will be Renaissance Reinsurance U.S. Inc, Church Mutual Insurance ... Read the full article
State National CEO Ledbetter steps down, as Freeman takes over
14th November 2019
Markel has announced that Terry Ledbetter, Chairman and Chief Executive Officer (CEO) of its State National division, will be retiring at the end of 2019. Matthew Freeman, currently State National President, will move into the role effective from January 1, 2020. Acquired by Markel in November 2017, State National is a specialty ... Read the full article
Oceanview life reinsurance start-up receives stable A- rating
14th November 2019
Oceanview Re, a recently established life reinsurer based in Bermuda, and its affiliate, Oceanview Life and Annuity Company, have received an A- (Excellent) Financial Strength Rating and an ‘a-‘ Long-Term Issuer Credit Rating from AM Best. The rating agency assigned a stable outlook to these ratings, noting the strong balance sheet ... Read the full article
P&C pricing momentum unlikely to result in hard market, says Fitch
14th November 2019
While favourable pricing trends in the US property and casualty (P&C) market have been gaining some momentum this year, analysts at Fitch Ratings do not believe these increases are likely to cause a return to hard market conditions. Competitive forces and less favourable claims trends in some key segments make it ... Read the full article
PwC panellists discuss Bermuda’s $500bn life reinsurance sector
14th November 2019
A panel of industry leaders has highlighted the impressive growth of Bermuda's life reinsurance sector over the last five years, noting how with assets of $500 billion it has become the largest insurance sector on the island. Marc-André Giguère, President and Chief Executive Officer at Munich Re, US (Life and Health), ... Read the full article
Allianz AGCS announces CEO succession amid leadership changes
14th November 2019
Allianz Global Corporate & Specialty (AGCS), Allianz's specialist carrier for corporate insurance business, has announced that Joachim Müller will replace Chris Fischer Hirs as Chief Executive Officer (CEO), effective December 1st, 2019. It was revealed in the media recently that AGCS CEO Fischer Hirs had departed the firm, and the ... Read the full article
Flood forecasting insurtech Previsico launches in UK
14th November 2019
Previsico, a SpinOut insurtech company from Loughborough University that specialises in flood modelling, has announced its nationwide launch in the UK. The firm aims to support re/insurers, brokers, and their customers with live actionable flood warnings, including uniquely for surface water flooding. Previsico believes that the growing threat of surface water flooding ... Read the full article
Risk Strategies acquires Ohio brokerage Zito Insurance Agency
14th November 2019
Risk Strategies, a privately held US insurance broker and risk management firm, has acquired Zito Insurance Agency, a full-service insurance brokerage headquartered in Mentor, Ohio. Established in 1963, Zito employs 36 people and provides property and casualty (P&C) and life and health insurance services to both individuals and business across a ... Read the full article
Zurich outlines new financial targets for 2022
14th November 2019
Zurich Insurance Group has outlined a new set of financial targets for the 2020 to 2022 period, including business operating profit after tax return on equity in excess of 14%. The company announced the new growth plans just one week on from its Q3 results release, which put it on ... Read the full article
Chubb appoints Jason Keen to lead global markets division
14th November 2019
Global re/insurer Chubb has announced the appointment of Jason Keen as president of its global markets division, effective early 2020. Keen will oversee and lead the strategy and performance of the division, which comprises Chubb’s London market wholesale and specialty business including the firm's Lloyd’s platform. He has served with the firm ... Read the full article
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