Reinsurance News
Suncorp appoints Steve Johnston as Group CEO
11th September 2019
Australian primary insurer Suncorp Group has announced the appointment of Steve Johnston as Group Chief Executive Officer (CEO), effective immediately. He succeeds Michael Cameron, whose departure was announced back in May 2019. He held the role for nearly four years. Johnston has been serving as acting CEO of Suncorp since that ... Read the full article
L&G announces £35m buyout of US law firm’s UK pension scheme
11th September 2019
Legal and General Assurance Society Limited has agreed a £35 million buyout for Edwards Wildman Palmer LLP’s UK pension scheme. The scheme was an existing Legal & General client through its partnership with Legal & General Investment Management’s fiduciary management team. L&G says it is one of the first schemes to have ... Read the full article
Munich Re expects “further stabilisation” of rates: Torsten Jeworrek
11th September 2019
Munich Re is expecting to see “further stabilisation and price increases” in the reinsurance market, according to Torsten Jeworrek, a member of the company’s board of management. Speaking at a briefing during the Reinsurance Rendezvous event in Monte Carlo this week, Jeworrek said that the reinsurance industry had seen “a worldwide ... Read the full article
Edward Flanagan joins Risk Strategies as New England Regional Leader
11th September 2019
Expanding U.S. insurance brokerage, Risk Strategies has announced the appointment of Edward Flanagan from Arthur J. Gallagher as New England Regional Operations Leader. Flanagan succeeds John Scroope, who has been promoted to National Director of Retail Operations, a newly created role. He brings three decades of industry experience to the role and ... Read the full article
David Perez takes North American CUO role at Liberty Mutual’s GRS unit
11th September 2019
Liberty Mutual Insurance has announced the appointment of David Perez as Chief Underwriting Officer (CUO), North America for Global Risk Solutions (GRS). GRS is a Liberty Mutual business that focuses on global commercial and specialty lines of insurance and reinsurance. Perez has been with Liberty Mutual since 2012, most recently as Executive ... Read the full article
Digital success requires both tech partnerships & internal agendas: GC’s Steven Jones
11th September 2019
Success in the increasingly digitalised re/insurance industry will require companies to focus equally on collaboration with insurtech firms and on improving internal transformation agendas, according to Steven Jones, Global InsurTech Client Services Lead at Guy Carpenter. Jones argued that technology in the re/insurance industry is advancing at an ever-increasing pace, with ... Read the full article
PERILS lowers cyclone Dragi-Eberhard industry loss estimate to €772 million
11th September 2019
Catastrophe loss data aggregator PERILS has disclosed its third loss estimate for windstorm Dragi-Eberhard, which, at €772 million is lower than the previous estimate of €798 million. Dragi-Eberhard consisted of two low pressure systems that affected areas of the British Isles, and Western and Central Europe over the 9th and 10th ... Read the full article
Beazley to leverage Guidewire’s Cyence analytics solution
11th September 2019
Specialist insurer Beazley has selected Guidewire Software’s Cyence product to help improve underwriting, capital and pricing efficiencies. Cyence offers a data listening and risk analytics solution that combines curation of external data with machine learning and risk modelling. Beazley will implement Cyence data models to augment its existing data modelling applications for ... Read the full article
BMS adds Neil Prior as Director of Global Risks division
11th September 2019
Independent specialist re/insurance brokerage BMS Group has announced the appointment of Neil Prior as Director in its Global Risks division. Prior, who brings over 30 years’ experience to the role, joins from Priority Underwriting, a company he Co-founded and served as Chief Executive Officer. Reporting to BMS Managing Director Ian Gormley, he ... Read the full article
TigerRisk hires new COO from Third Point Re
11th September 2019
Reinsurance broker TigerRisk Partners LLC has announced the appointment of Manoj Gupta as Chief Operating Officer (COO), based in New York. Prior to joining TigerRisk, Gupta was President of Third Point Reinsurance Ltd.’s US subsidiary. He held several senior level positions during his time at Third Point Re, including as Head of ... Read the full article
Brokerage is not an expense, says Willis Re Deputy Chair Hvidsten
11th September 2019
Reinsurance brokerage costs and commissions are not an expense for reinsurers and Willis Re sees little demand for substantial change on broker remuneration, according to Deputy Chairman Mark Hvidsten. Speaking to Reinsurance News in an interview, Hvidsten laid out the value that he feels a reinsurance broker brings to its clients, ... Read the full article
Experts anticipate <$10bn industry loss from Hurricane Dorian
11th September 2019
The consensus among experts speaking at the Reinsurance Rendevzous event in Monte Carlo this week seems to be that Hurricane Dorian will result in an overall insured loss of less than $10 billion. Asked about the impact of Dorian, representatives from rating agencies and large reinsurers said that the storm was ... Read the full article
AM Best stays negative on China’s non-life re/insurance market
11th September 2019
Rating agency AM Best has maintained its negative outlook on the China non-life re/insurance sector, citing persistent pressure on motor business and a dependence on investment returns to support earnings. Analysts also highlighted potential execution risks as the market turns toward a non-motor-focused business model. Adding further pressure is the backdrop of ... Read the full article
Reinsurance is still as much art as science, says Allianz Re CEO, Amer Ahmed
10th September 2019
Despite the rise of technology and other market disruptions, relationships remain a key component of the reinsurance landscape and the business is still a combination of both art and science. This is according to Amer Ahmed, Chief Executive Officer (CEO) of global insurer Allianz’s reinsurance division, Allianz Re. Reinsurance News met ... Read the full article
Knowledge of wildfire risk vital in developing a proper underwriting strategy: Guy Carpenter
10th September 2019
Losses from wildfire events have increased significantly over the past couple of years, and as a result, it’s important that insurers and reinsurers have solid understanding of the exposure in order to maintain a sound underwriting strategy, says Managing Director, Guy Carpenter, Robert Reader. Underpinned by the devastating impacts of the ... Read the full article
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