Reinsurance News
MassMutual adds Prudential’s Arthur Wallace as Chief Actuary
22nd October 2019
Massachusetts Mutual Life Insurance Company (MassMutual) has appointed Arthur Wallace to succeed Elizabeth Ward in the role of Chief Actuary. Ward has been serving as both Chief Financial Officer and Chief Actuary for MassMutual since 2016 and will now continue solely as CFO. Wallace most recently served as Chief Actuary for Prudential ... Read the full article
London market needs efficiency, Lloyd’s needs to execute: Davies, Xceedance
22nd October 2019
As Lloyd’s and the broader London market strive for greater efficiency, it’s important that the specialist insurance and reinsurance marketplace is successful in at least some areas of its prospectus, says Justin Davies, Head of EMEA at re/insurance service provider, Xceedance. After unveiling its Future at Lloyd’s prospectus back in May, ... Read the full article
ICW Group appoints Wieczorek VP of assumed reinsurance
22nd October 2019
ICW Group Insurance Companies, a group of property and casualty carriers, has appointed Mirek Wieczorek vice president of assumed reinsurance, effective immediately. Wieczorek joins with close to 30 years of leadership experience in the reinsurance industry and joins from Tokio Millennium Re’s reinsurance operations, having served as executive vice president and ... Read the full article
Global Atlantic appoints Allstate’s John Rugel COO
22nd October 2019
Life and annuity re/insurance firm Global Atlantic Financial Group has announced the appointment of John Rugel as Chief Operations Officer. Rugel will be responsible for oversight of all of Global Atlantic’s in-force and new business insurance service and operations. He will be based in the company’s Hartford office and reports to co-president ... Read the full article
RLI enters excess liability binding authority partnership with Gridiron
22nd October 2019
US property and casualty (P&C) insurer RLI Corp. has entered into a new partnership with Gridiron Insurance Underwriters to offer RLI's excess liability binding authority insurance through Easy Excess. The Easy Excess platform is Gridiron's dedicated online wholesale excess liability portal, which allows appointed producers to quote, bind and issue excess ... Read the full article
Marsh & McLennan Agency promotes Paul Hering to Vice Chairman
22nd October 2019
Global re/insurance broker Marsh's middle market agency, Marsh & McLennan Agency LLC (MMA), has appointed Paul Hering to the newly created position of Vice Chairman. In his new role, Hering takes responsibility for helping to lead the firm's key growth strategies, which includes talent development, acquisitions, and carrier relations. He will ... Read the full article
Bermuda re/insurers set to improve earnings in 2019: Fitch
22nd October 2019
Bermuda re/insurers saw moderate net income improvement in 2018 despite heightened catastrophe losses, and look set to boost earnings further this year, according to analysts at Fitch Ratings. The sector returned to underwriting profits last year with a combined ratio of 99% recorded for the 22 companies in Fitch’s sample. This was ... Read the full article
Fidelis bolsters London underwriting team with Matthew Bellamy
22nd October 2019
Privately owned Bermuda-based holding company Fidelis Insurance has appointed Matthew Bellamy to Fidelis Underwriting Limited’s London team. Effective November 1, Bellamy will look to further build on FUL's property treaty reinsurance business. He brings over 13 years’ and joins from Lloyd’s Acapella Syndicate, where he most recently served as head of property ... Read the full article
Eight deals see £25bn of pension liabilities transferred in 2019: Aon
22nd October 2019
The eight largest bulk annuity transactions this year represents over £25 billion of pension scheme risk transferred to the insurance market and sets 2019 up to become another record-breaking year for risk settlement, according to analysis by re/insurance broker Aon. These transactions alone exceeds the previous annual record for total bulk ... Read the full article
Fortegra appoints CUO for specialty lines in London
22nd October 2019
Fortegra Financial Corporation, an international specialty insurer and subsidiary of Tiptree Inc., has announced the appointment of David Barber as Chief Underwriting Officer (CUO) for specialty lines in London. Barber is a recognised Lloyd’s underwriter with more than 30 years’ of experience specialising in US casualty business, on both a direct ... Read the full article
2019 cats to dent reinsurers’ earnings, accelerate rates: A.M. Best
22nd October 2019
Global financial services ratings agency, A.M. Best, expects an acceleration in rate increases for the key January 1st and April 1st, 2020 reinsurance renewals, but warns of another lacklustre performance for the reinsurance sector in 2019 after a series of major catastrophe events. After consecutive heavy loss years, insurers, reinsurers and ... Read the full article
S&P drops Argo outlook to “stable” on SEC subpoena
21st October 2019
S&P Global Ratings has dropped its outlook for Argo Group US and its subsidiaries from positive to stable, after the specialty re/insurer was issued with a subpoena by The US Securities and Exchange Commission. After news of the subpoena broke, Argo released a statement explaining that it was conducting an ... Read the full article
TRIPRA uncertainty may impact re/insurance availability: Metropoulos, Guy Carpenter
21st October 2019
Uncertainty regarding the future of the US Terrorism Risk Insurance Protection and Reauthorization Act (TRIPRA) may impact the “nature and availability" of re/insurance coverage, according to Emil Metropoulos, Terrorism Center of Excellence Practice Leader at Guy Carpenter. Metropoulos does not foresee major resistance to a reauthorisation of TRIPRA, which is currently ... Read the full article
Markel makes senior appointments to global strategy & national markets teams
21st October 2019
Specialist re/insurer Markel International has announced the appointment of Simon Wilson as Managing Executive of Global Strategy for Insurance Operations, Markel Corporation, effective January 1, 2020. At the same time, the company said Henrik Bjornstad will move into Wilson’s former role as Managing Director of Markel International’s national markets division. Based in ... Read the full article
Hannover Re’s E+S Rück sees positive rate development in Germany in 2020
21st October 2019
Improved conditions in Germany's primary insurance sector, coupled with increased demand for reinsurance protection in certain lines of business is expected to drive positive premium development across the German market in 2020, according to E+S Rückversicherung AG, Hannover Re's German business subsidiary. At the reinsurance industry meets in Baden-Baden this week, ... Read the full article
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