Reinsurance News
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
Charles Taylor launches pollution loss database for western Canada
22nd November 2019
Charles Taylor Technical Services (CTTS) has launched a service offering insurers, brokers, and oil & gas companies a pollution loss database of insurance losses related to oil field incidents in Western Canada over a 10 year period. The database aggregates data from 220 sudden and accidental oil field pollution-related insurance losses, ... Read the full article
US P&C sector’s underwriting income up 13% in 2019: A.M. Best
22nd November 2019
The U.S. property and casualty (P&C) sector's net underwriting income for the first nine months of 2019 increased 13% on the same period last year, while the industry's combined ratio weakened slightly from the prior year period, according to analysis by A.M. Best. The nine-month data is derived from companies' nine-month ... Read the full article
Consider parametric solutions for the more intangible losses: GC’s Franco
22nd November 2019
While parametric insurance solutions provide rapid payout post-event, offering welcomed transactional speed and transparency, risk transfer mechanisms that are structured this way might be best-suited to covering direct and well-defined physical damage, according to Guillermo Franco, Global Head of Cat Risk Research at reinsurance broker Guy Carpenter. Under a parametric insurance ... Read the full article
Freddie Mac closes $1.8bn MCIP Reinsurance Transaction
22nd November 2019
The Federal Home Loan Mortgage Corporation (Freddie Mac) has closed its second Multifamily Credit Insurance Pool (MCIP) offering, MCIP 2019-R2. The transaction reinsurers risk on a $1.87 billion reference pool made up of 88 multifamily loans. Partnering with reinsurance broker Aon, The U.S government-sponsored mortgage giant retains the first .75% of losses, ... Read the full article
John Drzik steps down as head of Marsh division, takes advisory role
22nd November 2019
Global re/insurance brokerage Marsh has announced that John Drzik will step back from his full time responsibilities as President of the Global Risk and Digital (GR&D) division, effective January 1, 2020. Drzik will, however, remain involved with the business as a senior advisor, working with John Doyle, President and CEO of ... Read the full article
Beazley adds Jade Cummings to M&A underwriting team in Singapore
22nd November 2019
Specialist insurer Beazley has announced the appointment of Jade Cummings as an underwriter in its global mergers and acquisitions (M&A) team, based in Singapore. The global M&A team underwrites companies engaged in M&A activity, including acquisitive corporations, private equity funds, corporate spinoffs, asset sales or purchases, and refinancing transactions. Cummings joins Beazley ... Read the full article
National General gets regulatory approval to sell Swedish health business
22nd November 2019
National General Holdings Corp. has received regulatory approval to go ahead with the sale of its Euro Accident Health and Care Insurance Sweden operation. The company was given the go-ahead by the Swedish Financial Supervisory Authority to offload the business to an investor group arranged by Impilo AB, a Swedish investment ... Read the full article
A.M. Best turns negative on Sirius International
22nd November 2019
Global financial services ratings agency, A.M. Best, has revised its outlooks to negative from stable for Sirius International Insurance Group, Ltd. and its main rated subsidiaries, citing the deterioration of the firm's operating performance metrics since 2017. Specifically, A.M. Best has revised the outlooks to negative and affirmed the Financial Strength ... Read the full article
Former Ironshore CEO Kevin Kelley to retire from Liberty Mutual
22nd November 2019
US primary insurer Liberty Mutual has announced that Kevin H. Kelley, vice chairman of Global Risk Solutions, will retire at the end of this year. Kelley has served at Liberty Mutual since its acquisition of Ironshore in 2017, a company he had helped build into the global excess and surplus specialty ... Read the full article
Arch adds Kilcoyne and Watjen to Board of Directors
22nd November 2019
Bermudian insurer and reinsurer, Arch Capital Group Ltd. has announced the addition of Moira Kilcoyne and Thomas Watjen to its Board of Directors, effective January 1st, 2020. Kilcoyne brings extensive experience in the technology and financial services sectors to Arch Capital Group, which includes serving as Co-Chief Information Officer (CIO) of ... Read the full article
Chubb names Grant Cairns as Head of P&C for Asia Pacific
22nd November 2019
Global insurance and reinsurance company Chubb has announced the appointment of Grant Cairns as Head of Property & Casualty (P&C) for Asia Pacific. He will succeed Jason Keen, who has been appointed as Division President for Chubb Global Markets, effective early 2020. Cairns is currently Chubb’s Head of Financial Lines for ... Read the full article
Munich Re completes $200mn oil & gas securitized financing
22nd November 2019
A subsidiary of global reinsurance giant Munich Re, Munich Re Reserve Risk Financing, Inc., has announced the completion of a $200 million securitized financing with Diversified Gas & Oil plc, a U.S. domiciled owner and operator of natural gas, natural gas liquids, oil wells, and midstream assets. Under the terms of ... Read the full article
Aon Securities launches Randolph Re for private cat bond placements
22nd November 2019
Aon Securities, the investment banking division of re/insurance brokerage Aon plc, has announced the launch of its new private placement catastrophe bond platform, Randolph Re. Randolph Re broadens the scope of Aon’s insurance-linked securities (ILS) offering, providing clients with a dedicated platform for private placement transactions above $25 million in issuance ... Read the full article
Jim Clark named HDI Global USA CEO
22nd November 2019
HDI Global USA has announced the appointment of Jim Clark as its new Chief Executive Officer, effective 1 January 2020. Clark currently serves as the firm’s Chief Underwriting Officer, and will succeed long-time CEO and President, Dr. Lothar Becker. Moving forward, Becker will serve as deputy chairman of HDI Global USA and ... Read the full article
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