Reinsurance News
Aon calls for further changes to reinsurance under IFRS 17
23rd October 2019
The Reinsurance Solutions business of Aon, the global re/insurance brokerage, has called for further changes to the way reinsurance will be reported under International Financial Reporting Standard (IFRS) 17. The recommendations came in response to a consultation draft for amendments to IFRS 17, published in June 2019 by the International Accounting ... Read the full article
Norsk Hydro claims first $3.6mn from its cyber insurance
23rd October 2019
Aluminium manufacturing giant Norsk Hydro has announced that it has claimed approximately USD 3.6 million (NOK 33 million) from its insurers in the third-quarter of 2019 following the cyber-attack on its operations in March. After detecting unusual activity on its servers that disabled part of its smelting operations on March 19th, ... Read the full article
CDPQ, OTPP invests $500m in Anurag Chandra’s new insurance platform
23rd October 2019
Former Chief Executive of Prosperity Life, Anurag Chandra, has secured $500 million in funding from Caisse de dépôt et placement du Québec (CDPQ) and the Ontario Teachers’ Pension Plan (OTPP) to launch Constellation Insurance Holdings, a platform set to focus on P&C and life insurer acquisitions and demutualizations. Chandra, who will ... Read the full article
Insurtech investments already ahead of 2018 at $4.36bn: Willis Towers Watson
23rd October 2019
New funding commitments to the insurtech sector totalled $4.36 billion during the first three quarters of 2019, according to Willis Towers Watson. This figure is already 5% up on the total amount of investments in insurtech during the previous year. The broker recorded 239 total transactions across the year so far, 83 ... Read the full article
Travelers losses close to triggering aggregate reinsurance
23rd October 2019
US primary insurer Travelers is fast-approaching the attachment point of its aggregate reinsurance layer, executives revealed in a recent earnings call, which would trigger its $500 million excess of loss coverage. The company has reportedly used up $1.2 billion of its $1.3 billion retention, so is 92% of the way to ... Read the full article
AIG targets US high net worth market with new Lloyd’s syndicate
23rd October 2019
American International Group, Inc. (AIG) has announced the launch of Syndicate 2019, a new Lloyd's of London syndicate designed to serve the specialist US high net worth market, subject to regulatory approval. Syndicate 2019 will be managed by Talbot Underwriting Limited, the MGA AIG acquired last year, and will start ... Read the full article
Lockton to provide Vizient members with P&C solutions
23rd October 2019
Re/insurance broker Lockton Companies has entered into an agreement with a subsidiary of Vizient, Inc., Vizient Insurance Services, LLC to offer property and casualty (P&C) insurance solutions and services for Vizient members. The contract became effective on July 1st, 2019 and under the terms of the agreement, Lockton now offers Vizient ... Read the full article
Reinsurance News Monte Carlo Executive Roundtable 2019
23rd October 2019
Introducing Reinsurance News’ first ever Monte Carlo Rendezvous Roundtable event, where industry executives examined disruption, catastrophe modelling and other key fundamental shifts currently sweeping the market. With our executive panel spoilt for topics to pick apart and discuss, focus first settled on the record catastrophe years in 2017 and ... Read the full article
Sompo GRS expands capabilities in Mexico
23rd October 2019
Specialty P&C re/insurer Sompo International Holdings has expanded its capabilities in Mexico with the addition of a new Global Risk Solutions team. The team will look to offer Mexico-based clients in the real estate, hospitality, financial institutions, professional services and life sciences industries a full suite of products including package, property, ... Read the full article
Everest Insurance recruits Head of Inland Marine from AIG
23rd October 2019
Everest Insurance, a division of global reinsurer Everest Re Group, has announced the appointment of Michelle Sipple as Vice President and Head of Inland Marine. She joins the company from American International Group (AIG), where she most recently served as Senior Vice President and Global Head of Inland Marine. In this position, ... Read the full article
Beazley takes 30% stake in Hong Kong coverholder Pegasus
23rd October 2019
Specialist insurer Beazley has announced a strategic investment in Pegasus Underwriting Limited, a Hong Kong-based Lloyd’s coverholder. The investment will see Beazley become a 30% shareholder in Pegasus, which it has been working with since January 2019. The collaboration has combined Pegasus’ broking relationships and market knowledge with Beazley’s global expertise in ... Read the full article
Further rate increases boosts WR Berkley in Q3
23rd October 2019
W. R. Berkley achieved over 7% rate increases across all lines excluding workers’ compensation in the third quarter of 2019, a trend the re/insurance holding company expects to persist for the foreseeable future. The firm cites growing opportunities presented by current market conditions, including accelerating rate increases, as having helped drive ... Read the full article
BMS appoints Rod Spurrell MD of Lions Gate Underwriting
23rd October 2019
Independent specialist insurance and reinsurance broker BMS Group has announced the appointment of Rod Spurrell as managing director at Lions Gate Underwriting, a specialist MGA launched in 2015 BMS’s Canadian subsidiary. Spurrell joins with over 24 years’ experience from Markel Canada, where he most recently served as vice president of underwriting. Effective ... Read the full article
Market competition demands distinctive strategies: John Trace, Guy Carpenter
23rd October 2019
With competition and change still the defining factors in today’s market, re/insurers must carve out “distinctive strategies” to maximise their potential for success, according to John Trace, CEO, North America, at Guy Carpenter. Commenting of the broker’s annual review of property and casualty (P&C) results, Trace noted that new sources of ... Read the full article
Insurance Europe calls for appropriate Solvency II application in all member states
23rd October 2019
Insurance Europe, the European insurance and reinsurance federation, has said it opposes an EU initiative on insurance guarantee schemes (IGS), maintaining that policymakers’ priority should be to ensure Solvency II is applied appropriately in all member states. The comments came in response to a recent consultation by the European Insurance and ... Read the full article
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