Reinsurance News
AXA XL announces new UK Head of Energy
15th October 2019
Peter Welton has been promoted to UK Head of Energy at AXA XL, succeeding Luis Prato, who was named Chief Underwriting Officer (CUO) for UK Legal entities earlier this year. In his new role, Welton takes responsibility for developing the UK energy book and providing and designing innovative insurance and ... Read the full article
Hagibis could exhaust AIG’s cat allowance for Japan, say analysts
15th October 2019
Typhoon Hagibis, which devasted the east coast of Japan over the weekend, could exhaust the catastrophe allowance of American International Group, Inc. (AIG) in Japan, according to analysts at Credit Suisse. The firm noted that AIG has likely already used its Japan $550 million excess of $200 million occurrence coverage ... Read the full article
B.P. Marsh’s profit falls, but NAV up 3%
15th October 2019
Specialist private equity investor B.P. Marsh & Partners Plc (B.P. Marsh) has announced profit after tax of £5.6 million for the six months to July 31st 2019, compared with £6.3 million for the same period in 2018. B.P. Marsh has released its unaudited results for the six month period ending July ... Read the full article
Cyber returns will diminish over time: S&P analysts
15th October 2019
The cyber insurance and reinsurance industry continues to be extremely profitable and shows vast potential for growth, but returns are likely to diminish as the sector becomes more firmly established. This according to Jean-Paul Huby Klein, Associate Director for Insurance Ratings at S&P Global Ratings, who commented on the prospects of ... Read the full article
Willis Towers Watson partners with RDT on Radar Live program
15th October 2019
Re/insurance broker Willis Towers Watson (WTW) has announced that insurance software house RDT has become the latest vendor to join its Radar Live Collaboration program. The program was developed to facilitate faster integrations with WTW’s Radar Live rating and rules solution through an ecosystem of insurtech software firms. WTW explained that the ... Read the full article
Voce accuses Argo of “evading responsibility” in wake of SEC subpoena
14th October 2019
Voce Capital Management has accused Argo Group's board of “evading responsibility” rather than acting in the best interests of the company and its stakeholders, days after the specialty re/insurer announced it had been issued with a subpoena by The US Securities and Exchange Commission. After news of the subpoena broke, Read the full article
Arthur J. Gallagher & Co. acquires Swedish broker Proinova
14th October 2019
Global insurance brokerage Arthur J. Gallagher & Co. has announced the acquisition of Proinova, an insurance broker based in Helsingborg, Sweden. Founded in 1989, Proinova specialises in group solutions for the real estate sector, offering insurance, loss prevention training and claims advocacy services for trade association members. It also serves clients in ... Read the full article
EmergIn Risk announces key hires to Miami, NYC offices
14th October 2019
EmergIn Risk, part of Ryan Specialty Group, has appointed David Overton and Ryan Kratz as director of sales and underwriter-cyber, respectively. Based in the EmergIn’s newly opened Miami office, Overton will oversee the development of growth globally and distribution strategy. He brings over 20 years’ experience and joins from Integro Insurance Brokers, ... Read the full article
MS Amlin exits aviation insurance market
14th October 2019
Global insurer and reinsurer MS Amlin has confirmed that it is to exit the aviation insurance market, effective October 14th, 2019. From this date, the re/insurer will no longer underwrite aviation insurance renewals or new business. MS Amlin states that this change excludes the aviation hull war portfolio which will continue ... Read the full article
Climate & tech disruption top CEO concerns in 2019, reports KPMG
14th October 2019
A new report by KPMG has determined that climate change is regarded as the most pressing concern to organisational growth amongst CEOs in 2019, with technological disruption also high on the agenda for re/insurance CEO’s in particular. The study, which surveyed 1,300 CEOs across 11 key markets and 11 industry sectors, ... Read the full article
Globe Underwriting recruits Senior Engineering Underwriter from Pioneer
14th October 2019
Globe Underwriting, the UK-based managing general agent, has announced the appointment of Dan Watson as Senior Engineering Underwriter, effective immediately. Watson joins Globe Underwriting from Pioneer, where he also worked as an Engineering Underwriter, having joined the company in March 2017. He has more than 15 years’ industry experience, including 12 years ... Read the full article
Berkshire’s MedPro gets renewal rights for Swiss Re CorSo health book
14th October 2019
MedPro Group, Berkshire Hathaway's U.S. healthcare liability insurer, has entered into a definitive agreement to acquire the renewal rights of Swiss Re Corporate Solutions' Healthcare Professional Liability book, effective October 11th, 2019. According to an announcement on the deal, the agreement includes Hospital and Senior Care accounts underwritten by Swiss Re ... Read the full article
Casualty markets undergoing abrupt shift to profitability: Lockton
14th October 2019
Pricing adequacy has continued to increase across the US casualty re/insurance market, with some lines undergoing an abrupt shift to a renewed focus on profitability, according to global re/insurance brokerage Lockton. The umbrella and excess casualty markets in particular have seen a positive turn, Lockton said, with carriers now demanding higher ... Read the full article
North P&I enters fixed premium market
14th October 2019
UK-based marine mutual liability re/insurer North P&I Club has entered the fixed premium business for smaller vessels up to 10,000 gross tonnage. Deployed under the Sunderland Marine trading name, the products’ policies will be secured by North, with certificates, blue cards and guarantees issued by North. “Diversification is a significant feature of ... Read the full article
Hagibis insured losses could exceed $9bn-rated Faxai: KBW
14th October 2019
Typhoon Hagibis, which carved a path of destruction along the east coast of Japan over the weekend, could prove to be more costly than last month’s Typhoon Faxai, according to Keefe, Bruyette & Woods analysts. Hagibis made landfall along Japan’s east coast as a category 2 on Saturday evening, carving a ... Read the full article
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