Reinsurance News
Liberty Mutual completes takeover of select AmTrust European businesses
3rd October 2019
Liberty Mutual Insurance has announced that it has completed the acquisition of the business and operations of certain European businesses of AmTrust Financial Services, following the satisfaction of customary closing conditions. Under the transaction, Liberty Mutual Insurance has acquired the operations of Nationale Borg, Nationale Borg Reinsurance, and AmTrust Insurance Spain. Read the full article
Canopius wraps up Lloyd’s merger with AmTrust
3rd October 2019
Global specialty re/insurer Canopius Group has completed its previously-announced merger with AmTrust's Lloyd's operations. The merger between Canopius Lloyd’s Syndicate 4444 and AmTrust Syndicate 1861 was first announced back in April and will result in the establishment of a top-five Lloyd’s insurer with combined premiums of roughly £2.2 billion. It is believed ... Read the full article
AXIS Capital withdraws support for Australia’s Carmichael mine, sources report
3rd October 2019
Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has dropped its bid to provide coverage for the controversial Carmichael coal mine project in Australia, according to sources at Reuters. The publication said that sources close to the company confirmed that AXIS had withdrawn its quotes for insurance of the mine’s ... Read the full article
Munich Re rolls out digital underwriting solution for Swedbank
3rd October 2019
Munich Re Automation Solutions Ltd, an insurtech specialist and subsidiary of the Munich Re group, has announced that Swedbank Försäkring has gone live with its digital underwriting solution, ALLFINANZ. The successful installation of ALLFINANZ will create a platform for innovation for Swedbank Insurance business, the parties explained. Swedbank AB is a Nordic-Baltic ... Read the full article
P&C claims up 5.6% for EU insurers, reports Insurance Europe
3rd October 2019
European insurers saw property and casualty (P&C) insurance claims increase by 5.6% to €253 billion last year, according to data from Insurance Europe. Of this figure, motor claims accounted for €100 billion, property €65 billion, general liability €26 billion, and accident €21 billion. P&C claims continued to make up roughly one quarter ... Read the full article
Chubb names Joe Vasquez as President of Combined Insurance
2nd October 2019
Global insurer and reinsurer Chubb has announced the appointment of Joe Vasquez as President of Combined Insurance, effective immediately. Vasquez was previously Senior Vice President at Chubb Group and head of the company’s global accident and health insurance business. In his new position, he succeeds Kevin Goulding, who is set to retire ... Read the full article
Executive team acquires Markel’s Brazilian insurance operations
2nd October 2019
Specialist insurer and reinsurer Markel International has announced the sale of Markel Seguradora do Brasil S.A., its Brazilian insurance operations, to its existing executive team. Markel Seguradora is authorised to operate in the direct insurance market in numerous classes across Brazil. The main focus of the entity is on the agricultural ... Read the full article
AmWINS Group to acquire specialty general agent Stealth
2nd October 2019
Global specialty insurance provider AmWINS Group is set to acquire Stealth Partner Group, an Arizona-based general agent specialising in medical stop-loss insurance. Under the terms of the agreement Stealth will combine with AmWINS subsidiary Stop Loss Insurance Services in early 2020. The move is designed to create a premier stop-loss general agency ... Read the full article
Further improvement of proposed IFRS 17 ED amendments required: WTW
2nd October 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has responded to the International Accounting Standards Board's (IASB) amendments to the IFRS 17 Standard, highlighting a number of areas which require further improvement. WTW has commented on the IFRS 17 Exposure Draft (ED), which was released on June 26th, 2019 and ... Read the full article
Sedgwick adjusts senior leadership roles for UK & International operations
2nd October 2019
Sedgwick, a global provider of technology-enabled risk, benefits, and integrated business solutions, has made several changes to its senior leadership team in the UK to support its international growth strategy. Firstly, Stewart Steel, currently CEO of Sedgwick UK, Middle East & Africa, has been selected to oversee a newly combined operating ... Read the full article
Reinsurers remain “strongly positioned” in shifting risk landscape: Guy Carpenter
2nd October 2019
The reinsurance market remains “strongly positioned” to support insurers even as the risk landscape continues to undergo rapid change, according to a new report from Guy Carpenter, the reinsurance arm of Marsh. Guy Carpenter observed that the risks at the top of re/insurers’ agendas have shifted from largely economic concerns 10 ... Read the full article
Fannie Mae secures $14.8bn of mortgage reinsurance with further CIRT deal
2nd October 2019
The Federal National Mortgage Association (Fannie Mae) has completed its sixth Credit Insurance Risk Transfer (CIRT) transaction of 2019, securing $14.8 billion of reinsurance on 30-year single-family loans. The deal forms part of Fannie Mae’s ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage ... Read the full article
R&Q recruits Chief Restructuring Officer from KPMG
2nd October 2019
Randall & Quilter Investment Holdings Ltd. (R&Q), the non-life legacy insurance investor and capacity provider of US and European program business, has appointed Mike Walker to the newly-created position of Chief Restructuring Officer. Walker arrives from KPMG, where he served as a Partner for more than 15 years and occupied a ... Read the full article
Assured Guaranty finalises takeover of BlueMountain
2nd October 2019
Assured Guaranty, the financial guaranty insurer, has announced that its subsidiary, Assured Guaranty US Holdings Inc. (AGUS), has completed the acquisition of alternative asset management firm BlueMountain Capital Management, LLC. The deal closed on substantially the same terms as when it was originally announced in August 2019, for a purchase ... Read the full article
Miller adds Financial Institutions, D&O specialist Thomas Coates
2nd October 2019
Global re/insurance broker Miller has appointed Thomas Coates to develop the firm’s financial institutions and directors & officers offering and to produce new business in North America and Asia-Pacific. Coates joins with close to 20 years’ market experience, during which time he has placed business across a number of markets globally. He ... Read the full article
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