Reinsurance News
Assurant adds Paget Alves, Ogi Redzic to board
12th November 2019
US specialty insurance group Assurant has appointed Paget Alves and Ogi Redzic to its board of directors. A retired Chief Sales Officer at Sprint Corporation, Alves led 17,000 employees between the company’s consumer and business sales channels. Earlier in his career Alves also served as president and Chief Executive Officer of PointOne ... Read the full article
Quantum computing a potential cyber risk for re/insurers: Fitch
12th November 2019
The day when quantum computing power can be applied to real world scenarios is fast approaching, posing a number of important questions around the parameters of cyber risk and security of data encryption. Fitch Ratings analysts note how quantum computers - estimated to run 100 million times faster than current technology ... Read the full article
Improvements to Tokio Marine Kiln syndicates on back year releases
11th November 2019
The latest Lloyd's of London syndicate results and forecasts from Tokio Marine Kiln (TMK) reveals improvements to Syndicates 510 and 557 for the 2017 Year of Account. Improvements to both Syndicate 510 and 557 for the 2017 Year of Account was driven by back year releases, says TMK. Starting with the 2017 ... Read the full article
GIC Re falls to net loss in Q2 as agricultural & flood claims rise
11th November 2019
India’s national reinsurance company, General Insurance Corporation of India (GIC Re), has reported a consolidated loss of Rs 707.41 crore (approximately USD 98.9 million) for the second-quarter of this fiscal year, driven by higher agricultural losses and elevated flood claims. For the second-quarter ended September 30th, 2019 GIC Re experienced a ... Read the full article
Global commercial insurance pricing up 8% in Q3: Marsh
11th November 2019
Marsh's Q3 global insurance market index shows that commercial insurance pricing increased for the eighth consecutive quarter. The index offers a proprietary measure of global commercial insurance premium pricing change at renewal. Average commercial insurance pricing increased 8% in the third quarter of 2019, the largest increase since the survey began in ... Read the full article
Hannover Re’s parent Talanx reports 52% rise in net income
11th November 2019
The Talanx Group, which is the parent of reinsurance giant Hannover Re, has produced net income of €742 million for the first nine months of 2019, while the group-wide combined ratio remained relatively flat at 98.5%. Net income of €742 million represents growth of 52% on the same period in 2018, ... Read the full article
Hyperion promotes Craig to CFO, names Hudson as Finance Director
11th November 2019
Hyperion Insurance Group (Hyperion) has announced that Mark Craig will become Group Chief Financial Officer (CFO) and Mark Hudson will serve as Group Finance Director, effective January 1st, 2020. Both Craig and Hudson will undertake a full handover from Interim Group CFO, Richard Houghton, before he leaves the company later in ... Read the full article
Aon appoints new President of Health Solutions
11th November 2019
Global insurance and reinsurance broker Aon has announced the appointment of Dave Guilmette as President of Health Solutions. Most recently, Guilmette served as President of Global Employer and Private Exchanges for global health service company Cigna Corporation. He spent nine with years with the company in a series of roles with ... Read the full article
Expertise, diversification top issues for reinsurers in 2020: industry survey
11th November 2019
The second annual survey by our ILS focused sister-site Artemis has identified expertise and diversification as the top two key issues for the reinsurance industry going into 2020 and beyond. This year’s survey included responses from hundreds of identifiable market participants, including numerous company CEOs and senior decision makers. Out ... Read the full article
PPL adoption continues to rise in Q3, changes to syndicate leaderboard
11th November 2019
Lloyd’s of London Syndicates accepted 65% of in scope risks through electronic placement during the third quarter of 2019, while the use of Placing Platform Limited (PPL) amongst the International Underwriting Association (IUA) companies increased to 53%. This is according to LMG’s latest market-wide data for risks placed electronically in Q3 ... Read the full article
Kuwait Re’s profit up by 30% in 2019
11th November 2019
Kuwait Reinsurance Company K.S.C.P (Kuwait Re) has reported a 30% rise in net profit for the first nine months of 2019 versus the same period in 2018, to KD 3.87 million (USD 12.7 million). As well as a 30% rise in profits, which the firm attributes to premium growth and higher ... Read the full article
Alliant names John Ludwig co-Chief Operating Officer
11th November 2019
US specialty insurance broker Alliant Insurance Services has named John Ludwig co-Chief Operating Officer. Ludwig brings over thirty years experience to the role and previously served as president and Chief Executive Officer of EnRisk. He will continue to lead the Alliant Specialty retail vertical for Energy & Marine. Ludwig, who will work ... Read the full article
W. R. Berkley adds Talisman to board
11th November 2019
Re/insurance holding company W. R. Berkley Corporation has appointed Jonathan Talisman to its board of directors as a director. The move increases the number of board members to eleven and independent directors to nine. Talisman is a founder and managing partner of Capitol Tax Partners. Before forming the company in 2001, he ... Read the full article
Reinsurance industry CEOs frustrated at pricing environment
11th November 2019
Insurance and reinsurance industry Chief Executive Officers (CEOs) have expressed frustration at the reinsurance pricing environment and have highlighted a reliance on primary rate increases. This is according to CEOs who spoke at the 2019 Bermuda Reinsurance Conference hosted by S&P Global Ratings last week. The event took place over November ... Read the full article
Gallagher acquires automotive incentive firm BonusDrive
11th November 2019
Global insurance brokerage Arthur J. Gallagher & Co. has acquired BonusDrive from The EHE Group. BonusDrive promotes the purchase or leasing of vehicles of others by providing an award program whereby participants can purchase or lease new vehicles while receiving a cash rebate from the vehicle manufacturer. Consumers receive cash bonuses for ... Read the full article
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