Reinsurance News
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
SCOR’s Channel Syndicate agrees reinsurance to close transaction
11th November 2019
The Channel Syndicate at Lloyd's of London, which is part of global insurer and reinsurer SCOR's Specialty Insurance platform, has agreed a reinsurance to close (RITC) deal for its 2017 and prior years of account, subject to regulatory approval. In 2018, SCOR announced plans to consolidate its specialty insurance operations ... Read the full article
State of emergency declared across eastern Australia as bushfires rage
11th November 2019
Bushfires continue to rage across the east of Australia as the region prepares for what New South Wales state Emergency Services Minister David Elliott said could be “the most dangerous bushfire week this nation has ever seen." Both NSW and Queensland have declared a state of emergency as over 120 bushfires ... Read the full article
Improved P&C result boosts PartnerRe in Q3
11th November 2019
Bermuda domiciled reinsurer PartnerRe has announced net income of $216 million for the third-quarter of 2019 compared with a net loss of $106 million for the same period in 2018, supported by net realised and unrealised gains and an improved property and casualty (P&C) performance. The reinsurer has announced net realised ... Read the full article
IFTRIP highlights divergent views on cyber terrorism across commercial market
11th November 2019
Further collaboration and discussion is needed around the response to, and definition of, cyber terrorism, while more broadly, divergent views around the insurability of cyber risk remains across the commercial market. This is according to delegates that attended the 2019 International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference, held in ... Read the full article
Sompo Intl adds Allstate’s Harriet Harty to key human resources role
11th November 2019
Bermuda-based property and casualty re/insurer Sompo International has announced the appointment of Harriet Harty as executive vice president and chief human resources officer for the firm’s commercial P&C operations. Harty will have oversight of all human capital strategies globally for Sompo International P&C and will report to Brian Goshen, Chief Administrative ... Read the full article
Cyber market not as profitable as it appears: CyberCube CEO
8th November 2019
CyberCube's Pascal Millaire believes we’ve only seen the tip of the iceberg when it comes to cyber catastrophe aggregation in the insurance industry and that, once you start layering on the appropriate loads onto coverages, the market is not as profitable as it appears. “This is a market that’s expected to ... Read the full article
Opportunity at Jan renewals better than a year ago, says Lancashire CEO
8th November 2019
As positive rate momentum continues across virtually all lines of business, the Group Chief Executive Officer (CEO) of Lancashire Holdings Limited, Alex Maloney, is confident that the opportunity at the upcoming January renewals is better than what it was a year ago. The underwriting environment is "transitioning to the harder stage ... Read the full article
Allianz posts strong Q3 operating profit despite dip in P&C
8th November 2019
Global insurance giant Allianz has reported a slight increase in net income to €1.9 billion for the third-quarter of 2019, while operating profit was strong at €3 billion despite a decline in Property and Casualty (P&C). Overall, Allianz saw its total revenues increase by just over 8% to €33.4 billion in ... Read the full article
Beazley reports solid organic growth, rate rises across majority of lines
8th November 2019
Specialist insurer Beazley has announced premium growth of 12% to $2.2 billion for the first nine months of the year, while overall, the firm has reported rate increases of 6%. Beazley has announced gross premiums written (GPW) growth for the nine month period in all lines excluding property, which, fell by ... Read the full article
Compre announces second legacy reinsurance transaction with AG Insurance
8th November 2019
Legacy specialist Compre has announced the signing of agreements to transfer an inwards reinsurance portfolio from Belgian insurer AG Insurance SA, for an undisclosed sum. The transaction involves the transfer of a portfolio comprised of business in run-off across numerous lines and territories, predominantly U.S. The legacy portfolio transfer is the firm's ... Read the full article
Epitaph of Lloyd’s prematurely written several times before: Roundtable
8th November 2019
As the Lloyd’s of London wades into a pivotal phase of digital transformation, key industry executives speaking at the 2019 Reinsurance News Monte Carlo Rendezvous Roundtable reflected on how and why the marketplace will remain key to the industry for years to come. “I think over the course of ... Read the full article
Argo’s “diminished credibility” prompts AM Best ratings review
8th November 2019
Ratings agency AM Best has placed specialty re/insurer Argo under review with negative implications due to “diminished credibility” among shareholders. In particular, AM Best questions the decision to keep an SEC inquiry confidential while undergoing an extensive internal investigation on compensation governance matters. Another concern for AM Best are the pending ... Read the full article
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