Reinsurance News
My Chi To named as head of New York State Insurance Division
25th November 2019
New York State financial regulator, the Department of Financial Services (DFS), has announced the appointment of My Chi To as Executive Deputy Superintendent of the Insurance Division. To is a partner in Debevoise & Plimpton’s restructuring group and global insurance practice. In this capacity, she represents clients across the insurance industry, including ... Read the full article
Chubb increases stake in Huatai Insurance Group to 46.2%
25th November 2019
Global insurer and reinsurer Chubb has reached an agreement to purchase an additional 15.3% stake in Huatai Insurance Group Company Limited, taking the firm's holding in the company to 46.2%. In March 2019, Chubb announced that it had increased its ownership in Huatai Insurance Group Company from 20% to 26.2%. Then, ... Read the full article
World Bank cat bonds to protect Philippines against quake & cyclones
25th November 2019
The World Bank has issued two tranches of catastrophe-linked bonds (cat bonds) to provide the Republic of the Philippines with financial protection against earthquakes and cyclones. The bonds, which were issued under a International Bank for Reconstruction and Development (IBRD) program, provide $225 million of total coverage for three years. This figure ... Read the full article
Apollo Syndicate Management hires Paul Grimsey as Chief Actuary
25th November 2019
Apollo Syndicate Management, the independent specialist insurer and reinsurer, has announced the appointment of Paul Grimsey as Chief Actuary, effective December 2nd. He will lead the Apollo actuarial team and report to Vinay Mistry, who joined Apollo as Chief Risk Officer this month. Grimsey joins Apollo from Antares Managing Agency, where ... Read the full article
AXA UK makes senior appointments to Delegated Authorities team
25th November 2019
AXA UK has announced the appointments of Gary Head and Joel Markham to senior positions within its Delegated Authorities team. Head has been appointed as Director of Delegated Authorities, joining the company from Hiscox where he has spent the previous 23 years. At Hiscox, Head served as Managing Director of Alternative Distribution, ... Read the full article
Genworth secures $300mn mortgage reinsurance from capital markets
25th November 2019
Genworth Mortgage Insurance (MI), part of Genworth Financial, Inc., has obtained £302.8 million of fully collateralised excess of loss reinsurance coverage from the capital markets. Genworth Mortgage Insurance Corporation, a wholly owned subsidiary of Genworth MI, secured the coverage from Triangle Re 2019-1 Ltd. Triangle Re is a special purpose insurer domiciled ... Read the full article
Swiss Re targets nat cat portfolio growth in strategy update
25th November 2019
Swiss Re has confirmed it’s strategy and targets ahead of 2020, outlining plans for profitable growth in its reinsurance segment, partly through further expansion and diversification of its natural catastrophe portfolio. The reinsurer also reported on the progress of its Corporate Solutions unit, which has been focused on returning to underwriting ... Read the full article
Gregory Schilz to lead CAC Specialty’s new Environmental Practice Group
25th November 2019
CAC Specialty, the specialty insurance brokerage and investment banking platform, has announced the establishment of an Environmental Practice Group, which is to be led by Gregory Schilz as Executive Vice President (EVP). The newly-formed national practice group has a focus on developing risk management solutions for clients who own, purchase, develop, ... Read the full article
London Market under threat from tech savvy competition: NTT DATA UK
25th November 2019
The London Market is ready to embrace technological change and innovation, but there are concerns that the market could fall behind more technologically capable competition, according to research from NTT DATA UK. Based on a survey of 100 individuals, ranging from brokers to managing agents and syndicates, NTT DATA UK reported ... Read the full article
Pure Group adds Jerry Hourihan as SVP, chief growth officer
25th November 2019
US high net worth insurance specialist Pure Group has announced the appointment of Jerry Hourihan as senior vice president, chief growth officer. Hourihan brings over 30 years’ experience in the high net worth space and joins from AIG, where he most recently served as president of the private client group. He will ... Read the full article
KatRisk adds treaty reinsurance capabilities to cat modelling engine
25th November 2019
Catastrophe risk modeller KatRisk has released an updated version of its SpatialKat modelling suite and FMKat financial model, which include the ability to model treaty reinsurance. As with previously released facultative modelling capabilities, the updated SpatialKat 3.0 and FMKat releases will allow treaties to be applied at the site, policy or ... Read the full article
The question is whether changes are cyclical or structural: Roundtable
22nd November 2019
With re/insurance a completely different market now than the one 18 months ago, key industry executives speaking at the 2019 Reinsurance News Monte Carlo Rendezvous Roundtable reflected on whether the longer-term decline in rates is cyclical or structural. If it has been cyclical and the factors driving this new ... Read the full article
Moody’s stable on US P&C personal insurance in 2020
22nd November 2019
Moody’s Investors Service has assigned a stable outlook to US property and casualty (P&C) personal insurance in 2020, reflecting ample capital, effective risk management, and evolving technology. Analysts noted that personal auto insurers reported good profitability for the majority of 2019, owing to cumulative rate increases and better than expected loss ... Read the full article
Indonesia insures state assets against natural disasters
22nd November 2019
The Government of Indonesia has signed an umbrella contract with a consortium of 56 re/insurers to protect state assets against natural disasters and other major risks. The agreement will cover ministry and institutional buildings in Indonesia against structural damage until 2023. Director General of State Assets of the Ministry of Finance Isa ... Read the full article
Accredited in new program underwriting partnership
22nd November 2019
Accredited Surety and Casualty Company, the Florida-based subsidiary of specialist non-life re/insurance investor Randall & Quilter Investment Holdings, has entered into a program partnership with Trinity Transportation Services (TTS) and its associated third party administrator, Global Claims Services. Moving forward, Accredited will be an issuing carrier on behalf of TTS and ... Read the full article
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