Reinsurance News
Rothesay Life in £520mn buy-in with Cadbury Mondelez Pension Fund
12th August 2019
Life insurer Rothesay Life has agreed a £520 million pensioner-only buy-in with the Cadbury Mondelēz Pension Fund, covering payments for c. 1,900 pensioner members. The bulk annuity transaction covers a representative subset of the liabilities for pensions already in payment, and will be held as an asset of the pension scheme. The ... Read the full article
Alliant names Dan Madej as SVP, Public Entity
12th August 2019
Alliant Insurance Services has announced the hiring of Dan Madej as Senior Vice President (SVP), Public Entity, based in the firm's Chicago office. In his new role, Madej will serve as the Practice Leader for the Public Entity Analytics Practice, a subdivision of Alliant Public Entity. He will be tasked with providing ... Read the full article
Evolving reinsurance use supports AIG’s refined underwriting approach
9th August 2019
Global insurer AIG expects to record an underwriting profit for the full-year 2019 as its General Insurance business continued to rebound in Q2 on the back of a "refined" underwriting approach, supported by the firm's evolving reinsurance use. The firm's net income increased to $1.1 billion in Q2 2019 with ... Read the full article
Argo to alter exec pay, shareholders to vote on board changes
9th August 2019
Specialty re/insurer Argo is to alter the way its executives are compensated, whilst also announcing a series of board proposals due to be put forward to shareholders. The move follows a messy back and forth between Argo and its fourth-largest shareholder Voce Capital Management, following accusations that the re/insurer’s Chief Executive ... Read the full article
Sompo GRS expands with new Small Business team
9th August 2019
Bermuda property and casualty (P&C) insurer and reinsurer, Sompo International Holdings Ltd., has announced that Sompo Global Risks Solutions (GRS) has expanded with a new team offering solutions to smaller businesses in the U.S. and Mexico, including the firm's industry vertical and Asian interest accounts. The newly created Sompo GRS Small ... Read the full article
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
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