Reinsurance News
Greenlight Re significantly improves underwriting & investment performance
7th November 2019
Investment-oriented reinsurer Greenlight Re has reported net income of $5.1 million for the third-quarter of 2019, as the firm produced underwriting income and an investment gain for the second quarter in a row. It would appear that the previously announced strategic review and ongoing efforts to diversify its portfolio are having ... Read the full article
Greg Solomon joins Peak Re as Head of Life & Health
7th November 2019
Hong Kong based global reinsurer Peak Reinsurance Company Limited (Peak Re) has announced that Greg Solomon has joined the company as Managing Director of Life & Health, effective November 1, 2019. Solomon arrives from Willis Towers Watson, where he was in charge of Life & Health Reinsurance Broking for all of ... Read the full article
Argo falls to Q3 loss on unfavourable prior year loss development
7th November 2019
Argo Group International Holdings, Ltd. has reported a net loss of $25.1 million for the third-quarter of 2019 versus net income of more than $40 million a year earlier, driven in part by an increase in current and prior accident year losses of $51.8 million. Argo's Q3 result was impacted by ... Read the full article
Johnston to succeed Whelan as CEO of Lancashire Insurance Company
7th November 2019
Lancashire Holdings Limited has announced that Hayley Johnston will become the Chief Executive Officer (CEO) of Lancashire Insurance Company Limited (LICL), the Group's Bermuda-based insurance and reinsurance carrier. Johnston previously held the role of Chief Underwriting Officer (CUO) at the Group's UK regulated insurer, Lancashire Insurance Company (UK) Limited (LUK), a ... Read the full article
Willis Re NA appoints Head of Global Accounts, promotes May to President
7th November 2019
Willis Re, the reinsurance business of global re/insurance brokerage Willis Towers Watson, has appointed David Schoenrock as Executive Vice President and Head of Global Accounts for Willis Re North America. Effective December 23, Schoenrock will report to Doug May, who has concurrently been promoted to President of Willis Re North America. Schoenrock ... Read the full article
Francis Aaron Henry joins CoreLogic as Chief Legal Officer
7th November 2019
Property information and analytics provider CoreLogic has announced the appointment of Francis Aaron Henry as Chief Legal Officer. Henry joins CoreLogic from MoneyGram International Inc., a global money transfer company. He has served at this company for the past seven years as Executive Vice President, General Counsel and Corporate Secretary. At CoreLogic, Henry ... Read the full article
Peter Clune appointed Lockton CEO
7th November 2019
Re/insurance broker Lockton has promoted Peter Clune to the role of Chief Executive Officer and appointed Ron Lockton as Chairman, effective May 2020. Clune has served with Lockton for over a decade and was most recently US President and Chief Operating Officer. He succeeds Ron Lockton, who is the son of Jack ... Read the full article
Munich Re surpasses Q3 profit prediction, eyes full year target
7th November 2019
Reinsurance giant Munich Re expects to surpass its initial profit and revenue targets overall for 2019 and has reported a third quarter profit of €865 million, up from €483 million in the prior year quarter. This profit represents an increase on the firm’s previous €850 million prediction for the quarter and ... Read the full article
Swiss Re exploring possible investment in China Pacific Insurance
6th November 2019
Swiss Re has confirmed that it is exploring a potential investment opportunity with China Pacific Insurance Company (CPIC), after partnering with the company earlier this year. Sources at Bloomberg reported earlier today that CPIC was angling to take a $2 billion stake in Swiss Re, through which it could expand its ... Read the full article
Hamilton’s Pembroke announces new cyber team, product
6th November 2019
Pembroke Managing Agency Limited, recently acquired by Bermuda-based re/insurer Hamilton Insurance Group, has established a new team of cyber underwriters and announced the launch of a new product. Pembroke’s four-person cyber team, led by divisional director Jacqueline Spencer-Sim, consists of senior underwriter Iain Ainslie, underwriter Maria Mathews, and assistant underwriter ... Read the full article
Michael Sevi named as Global Counsel for Guy Carpenter
6th November 2019
Marsh & McLennan has announced the appointment of Michael Sevi as General Counsel and Chief Compliance Officer of its reinsurance broking subsidiary, Guy Carpenter. Sevi will succeed Michael Borik, who has served as General Counsel of Guy Carpenter for the past four years. Going forward, Borik will move into a joint business ... Read the full article
Everest increasingly optimistic as market dislocation creates opportunity
6th November 2019
The global re/insurance industry would have hoped for a chance to regroup in 2019 following the volume of losses over the previous two years, but instead, further losses have driven additional market dislocation, which in turn creates opportunity, according to John Doucette, EVP, President and Chief Executive Officer (CEO) of ... Read the full article
Third Point Re reports 217.3% rise in GWP, adds board member
6th November 2019
Hedge fund-backed reinsurer Third Point Re has posted a 217.3% increase in gross written premiums for the third quarter. This $65.3 million increase was primarily driven by a single retroactive reinsurance contract written in the period. Third Point Re reported a Q3 net loss of $15.1 million, compared to a $13.3 million ... Read the full article
Chairman Ed Noonan departs StarStone
6th November 2019
Specialty insurer StarStone has announced the departure of Ed Noonan as chairman and member of the group board. Noonan, who arrived at the firm in April this year, joined from Validus Group, where for 13 years he served as Chairman and Chief Executive Officer. Noonan was President and CEO of American Re ... Read the full article
TransRe results help Alleghany return to profitability in Q3
6th November 2019
Alleghany Corporation has returned to profitability during the third quarter of 2019, helped by positive results from its reinsurance business, TransRe. Alleghany posted operating earnings of $109.8 million in Q3 2019, compared to a loss of $16.0 million for the same period last year. Similarly, the company recorded underwriting profits of $32.8 ... Read the full article
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