Reinsurance News
Marchioni to become Selective CEO, as Murphy moves into Chairman role
31st October 2019
Selective Insurance Group, Inc. has announced that John Marchioni has been elected to take over as Chief Executive Officer (CEO) from February 1, 2020. Marchioni has served as Selective’s President and Chief Operating Officer (COO) since 2013, and was elected to the Board of Directors in May 2019. As CEO, he will ... Read the full article
Nassau selects digital administration platform from SE2
31st October 2019
Nassau Financial Group, L.P. has selected the digital platform from SE2, a third-party administration (TPA) services provider, to convert and manage existing life and annuity policies across multiple legacy systems. The SE2 Aurum platform is designed to enhance customer experience, optimise cost structure, and increase speed-to-market for future products. SE2 currently manages ... Read the full article
Willis Towers Watson announces three new cyber policies
31st October 2019
Global insurance and reinsurance broker, Willis Towers Watson (WTW) has launched a range of new cyber insurance policies for clients in the U.S., Canada, the UK, and Western Europe. WTW states that the three new policies offer innovative, bespoke solutions for large enterprises and mid-market clients, enabling them to fully assess, ... Read the full article
Tokio Marine Kiln launches flagship cyber product in Asia
31st October 2019
Tokio Marine Kiln, part of global insurance group Tokio Marine, has launched its flagship cyber product in Asia. Cyber Ctrl was developed in response to an increasing demand for comprehensive cyber coverage and prevention services, and offers businesses specialist breach preparation and threat monitoring services. Marketed as a policy enhancement to small ... Read the full article
Risk Strategies acquires specialty brokerage Dash & Love
31st October 2019
Risk Strategies, a privately held US insurance broker and risk management firm, has acquired full-service specialty brokerage Dash & Love. Dash & Love is a retail insurance brokerage providing insurance placement and risk management advice to organisations and successful individuals and families across Pennsylvania and the tri-state area. In its commercial lines ... Read the full article
Swiss Re’s net income up but catastrophes hit underwriting result
31st October 2019
Global reinsurance giant Swiss Re has reported group net income of $1.3 billion for the first nine months of the year, supported by growth in reinsurance. However, a $1.7 billion hit from natural catastrophes and man-made disasters resulted in a combined ratio of 101.4% in property and casualty reinsurance (P&C ... Read the full article
Labuan IBFC partners with China Construction Bank
31st October 2019
Labuan International Business and Financial Centre Incorporated (Labuan IBFC Inc) has signed a Memorandum of Understanding (MoU) with a branch of China Construction Bank Corporation. The agreement with China Construction Bank Corporation Labuan Branch (CCBL) aims to promote the benefits of Labuan IBFC to Chinese companies, in addition to supporting the ... Read the full article
CA wildfires continue to spread, putting $535mn of homes at risk
30th October 2019
Nearly 1,000 homes with a combined reconstruction cost value of $535 million are at risk of damage from the three large wildfires currently burning through California, according to catastrophe risk modeller CoreLogic. The Kincade, Tick and Getty Fires have already caused significant destruction in California, with the Kincade Fire in particular ... Read the full article
The Carlyle Group to acquire majority stake in brokerage Hilb
30th October 2019
Global investment giant The Carlyle Group has entered into a definitive agreement to acquire a majority interest of national insurance brokerage, The Hilb Group, LLC, from Boston-based private equity firm, Abry Partners. The transaction is expected to close in the final quarter of 2019 and once completed, Hilb's existing management team ... Read the full article
Enstar acquires legacy asbestos & environmental liabilities
30th October 2019
Bermuda-based re/insurance, run-off and legacy specialist, Enstar Group Limited, has announced that its Enstar Holdings (US) LLC division has acquired BorgWarner Morse TEC, LLC (Morse TEC) from BorgWarner Inc. This the second time that Enstar has purchased a non-insurance company, following its $91.5 million acquisition of Dana Companies, LLC for ... Read the full article
Significantly improved underwriting result boosts Markel in Q3
30th October 2019
Markel Corporation has reported an improved combined ratio of 94% for the third-quarter of 2019 compared with 99% a year earlier, as the firm produced a significantly better underwriting result in the period. In 2019, Markel's underwriting results included a loss of $42.6 million from Hurricane Dorian and Typhoon Faxai. This ... Read the full article
Apollo Syndicate names Vinay Mistry as Chief Risk Officer
30th October 2019
Independent specialist insurer and reinsurer, Apollo Syndicate Management has hired Vinay Mistry as its Chief Risk Officer, effective November 1st, 2019. He brings over 16 years of industry experience to the role, with a specialist focus on capital management, pricing and reinsurance. In his new role, Mistry will report to Apollo's Chief ... Read the full article
Hagibis impact on RenRe’s net income estimated 72% higher than Faxai
30th October 2019
Bermuda-based reinsurer RenaissanceRe (RenRe) has revealed that it expects Typhoon Hagibis to have a net negative impact on its net income of approximately $175 million on its fourth-quarter 2019 results. RenRe today announced its financial results for the third-quarter of 2019, announcing a decline in operating income, year-on-year, primarily as ... Read the full article
Argo set to incur $42mn prior year reserve charge
30th October 2019
Argo Group International Holdings, Ltd. has announced that it is set to incur prior accident year losses of approximately $42 million – or 9.3 points – on its consolidated loss ratio for the third quarter of 2019. The company released a statement ahead of its Q3 results warning of the reserve ... Read the full article
Allstate’s underwriting income up by over 45% in Q3
30th October 2019
The Allstate Corporation has announced that its total revenue increased by 5.8% in the third-quarter of 2019 to $11.1 billion, while the firm's underwriting income jumped by more than 45% and its combined ratio strengthened to 91.6, compared with 93.9 in the third-quarter of 2018. Underwriting income totalled $737 million for ... Read the full article
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