Reinsurance News
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
FedNat hits 105.5% CR off nat cats, reinsurance costs
6th November 2019
Florida-based primary insurer FedNat Holding Company has reported a combined ratio for the third quarter of 105.5%, driven by 3.4 points of higher net catastrophe losses and 6.8 points from higher catastrophe reinsurance ceded premiums. The firm in the previous quarter of this year cited “severe and unusual” cat events ... Read the full article
HCI Group’s net income falls to $5.9 million in Q3
6th November 2019
InsurTech HCI Group has announced a decline in net income for the third-quarter of 2019 to $5.9 million, while a decline in underwriting profitability resulted in a combined ratio of 96%, compared with 92% for the same period last year. HCI Group's net income declined in Q3 2019 when compared with ... Read the full article
Tokio Marine HCC appoints Thomas Harmeyer as EVP
6th November 2019
Specialty insurance group Tokio Marine HCC has announced the appointment of Thomas Harmeyer as Executive Vice President (EVP), effective October 1, 2019. Harmeyer joined Tokio Marine HCC in 2003 and most recently served as Executive Chairman for its Cyber & Professional Lines and Public Risk Groups. Previously, he has held positions including ... Read the full article
Assurant falls to Q3 loss despite lower cat impact
6th November 2019
US specialty insurance group Assurant has posted a net loss of $59.5 million for the third quarter of 2019, despite a much smaller impact from catastrophe losses on its Global Housing segment. Assurant’s earnings were down from $48.3 million in Q3 2018, primarily due to charges related to the $124.8 million ... Read the full article
Malta could become alternative to the UK after Brexit: finance leaders
6th November 2019
Malta could develop into an alternative base for UK re/insurers after Brexit, according to leading figures from financial and re/insurance industry bodies in Malta. Speaking at a recent roundtable in London, Matthew Bianchi, Governor of FinanceMalta, said expected the jurisdiction to evolve into an attractive option for re/insurers looking to retain ... Read the full article
Concirrus names Adrian Turner as CFO
6th November 2019
InsurTech Concirrus has appointed Adrian Turner, previously of Guidewire, as its new Chief Financial Officer (CFO), reporting the firm's Chief Executive Officer (CEO), Andrew Yeoman. Turner brings more than two decades of industry experience to the role and joins from Guidewire, where he most recently served as International Finance Director. In ... Read the full article
Flood Re launches Flood Risk Charter
6th November 2019
Flood Re, the UK’s government-backed reinsurance scheme, has launched a Flood Risk Charter alongside the National Flood Forum (NFF) at a Parliamentary event. The charter contains a list of recommendations designed to help communities feel safe in the face of the increasing threat of flooding. It calls for more funding to improve ... Read the full article
Argo CEO Watson steps down with immediate effect
6th November 2019
Specialty re/insurer Argo has announced the departure of Mark E. Watson III as Chief Executive Officer, effective immediately. Watson’s retirement follows news that Argo had been subpoenaed by The US Securities and Exchange Commission over compensation practices for its executives. Before that, the re/insurer was locked in a messy back-and-forth ... Read the full article
AXIS Capital invests in health insurtech firm HealthCare.com
6th November 2019
Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has invested in health insurance-technology firm HealthCare.com. AXIS Capital participated in the insurtech’s Series B round of funding alongside CNO Financial Group and Second Alpha Partners, a New York-based private equity firm specialising in technology-enabled companies. The investment round brings HealthCare.com’s total capital ... Read the full article
Robert Fettman joins Global Insurance Practice at Debevoise & Plimpton
6th November 2019
International law firm Debevoise & Plimpton LLP has announced that Robert Fettman has joined its New York office as Counsel in the Global Insurance Practice. Fettman has represented insurance clients in a range of transactional and regulatory matters, including those related to insurtech such as blockchain, smart contracts, and AI. His representations ... Read the full article
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