Reinsurance News
CIC Services launches P&C reinsurance pool, Knox Re
9th August 2019
CIC Services, LLC (CISC), a risk management and consulting firm, has announced the establishment of Knox Reinsurance Company Inc. (Knox Re), a new reinsurance pool for property and casualty (P&C) coverages. Knox Re is licensed and regulated by the North Carolina Department of Insurance and is designed for small and mid-market ... Read the full article
Cyber may force reinsurers to redefine boundaries of war: Capsicum Re
9th August 2019
A new report by specialist reinsurance broker Capsicum Re has contended that cyber perils transcend traditional lines of business and challenge the very concept of war as it has historically been understood by the re/insurance market. Analysts argue that current war exclusionary language has been rendered unfit for purpose, due to ... Read the full article
AmWINS acquires LISI, CoPower
9th August 2019
AmWINS Group, Inc. has announced that it's set to acquire LISI, Inc. and CoPower (Administrators), Inc., which will both become part of the company's Group Benefits division. LISI was founded in 1977 and is a California-based general agent with a specialist focus on medical and ancillary benefits. CoPower, a third-party administrator focused ... Read the full article
L&G announces over £6.6bn of bulk annuity transactions in H1 2019
9th August 2019
Legal & General (L&G) successfully completed more than £6.6 billion of global bulk annuity transactions in the first-half of 2019, with UK pension risk transfer business accounting for £6.3 billion of this total. The £6.6 billion figure is out of a publicly announced total market transaction level of £14 billion, which ... Read the full article
Fairfax promotes Jennifer Allen to group CFO
9th August 2019
Re/insurance holding company Fairfax Financial Holdings has announced the appointment of Jennifer Allen as the group’s Chief Financial Officer. Allen succeeds John Varnell, who will cease serving as CFO in an interim capacity and continue on as Vice President, Corporate Development of Fairfax. She has been with Fairfax for over 13 years, ... Read the full article
Strong investment return offsets higher losses for Sompo International in 1Q19
9th August 2019
Bermuda-based property and casualty re/insurer, Sompo International, saw its underwriting income increase by $4 million to $38 million in 1Q FY2019, driven by a huge spike in investment income. Overall, Sompo International has reported net income of $207 million for the period, which is roughly $154 million, or almost 300% up ... Read the full article
Paretchan appointed VP, East Region Lead for Everest Insurance division
9th August 2019
Everest Insurance has announced the appointment of Vahan Paretchan as Vice President and East Region Leader for its risk management casualty division. The division is primarily concerned with providing primary casualty solutions to customers in the large account marketplace. Vahan will oversee a team of underwriters operating in various US offices across ... Read the full article
Beazley appoints Roscoe to lead smart tracker syndicate
9th August 2019
Specialist insurer Beazley has appointed Will Roscoe to lead the company’s ‘smart tracker’ special purpose syndicate 5623 at Lloyd’s. Having joined the company in 2011 as an underwriter within open market property team, Roscoe will now oversee syndicate 5623's growth strategy whilst taking responsibility for underwriting the portfolio and working to ... Read the full article
Kaufman Group adds WTW’s Paul Smith as VP, Carrier Relations
9th August 2019
H.W. Kaufman Group, the parent company of wholesale brokerage and managing general underwriter Burns & Wilcox, has added Paul G. Smith as Vice President, Carrier Relations. Based in the Greater New York City area, Smith will lead and manage strategic relationships with Kaufman insurance company partners. He will also work closely with ... Read the full article
Greenlight Re Innovations invests in claims platform, Handdii
9th August 2019
Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in property insurance claims platform, Handdii. Handdii is an Australia-based company whose platform focuses on routine property claims with the aim of reducing claims handling costs and repair time, whilst also improving customer ... Read the full article
Saudi Re posts strong net income growth for first half of 2019
9th August 2019
Saudi Reinsurance Company has posted a net profit before Zakat (a religious obligation for all Muslims who meet the necessary criteria of wealth), of SAR 42.6 million (USD 11.3 million) for the first half of 2019. This figure represents a 203% increase from the SAR 14 million in the same period ... Read the full article
IAG lifts nat cat allowance after erosion of stop-loss reinsurance in FY19
8th August 2019
Australian insurer IAG has reported that at AUD 627 million, natural peril claims costs for the full-year 2019 exceeded its allowance by AUD 19 million, after the exhaustion of its FY19 stop-loss reinsurance protection, which provided the firm with AUD 101 million of cover in the second-half of the year. For ... Read the full article
Failure to screen for silent-cyber exposures could drive significant losses: S&P
8th August 2019
Analysts at S&P Global Ratings have called on insurers and reinsurers to better screen their insurance portfolios for non-affirmative cyber exposures or manage them, warning that failure to do so might result in significant losses in the future. In a recent report, S&P has said that economic and insured losses from ... Read the full article
There may be no future for small generalist brokers, says Gallagher CEO
8th August 2019
Small, generalist insurance and reinsurance brokers could find survival increasingly challenging as the need to be a specialist in order to remain relevant increases, according to the Chief Executive Officer (CEO) of brokerage Arthur J Gallagher, Patrick Gallagher. In a recent interview with the Financial Times (FT), Gallagher suggested that the ... Read the full article
Jebi loss creep drives Q2 underwriting loss for Sirius
8th August 2019
Further loss creep from typhoon Jebi has hit the performance of Sirius International Insurance Group, Ltd. in the second-quarter of 2019, driving the firm's net income down from $98 million in Q2 2018 to $7 million in Q2 2019. The impact of loss creep from Jebi also hit the firm's H1 ... Read the full article
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