Reinsurance News
AIG completes $200mn pension liability deal with Rollins
4th October 2019
American International Group, Inc. (AIG) has completed a transaction with global consumer and commercial services company Rollins for the transfer of $198.3 million of US pension obligations. Rollins distributed the pension obligations through a combination of lump sum payments to participants, payments to the Pension Benefit Guaranty Corporation (PBGC), and the ... Read the full article
African Risk Capacity & SADC partner on disaster risk financing
4th October 2019
The African Risk Capacity (ARC) and the Southern Africa Development Community (SADC) have signed a Memorandum of Understanding (MoU) to strengthen resilience in the region through disaster risk management and financing frameworks. Natural disaster risks in the SADC region include droughts, floods, tropical cyclones, storms, and epidemics. The agreement is intended to ... Read the full article
CAC Specialty forms Financial Sponsors insurance team
4th October 2019
CAC Specialty, the specialty insurance brokerage and investment banking platform recently established by Cobbs Allen, has announced the creation of a dedicated team providing insurance and capital market solutions to the private equity community. The newly-formed Financial Sponsors Group (FSG) will bring together seven interdisciplinary specialties, CAC Specialty explained. These include sponsor ... Read the full article
Munich Re’s HSB develops IoT water damage solution for schools
4th October 2019
The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of reinsurance giant Munich Re, has announced a new customised Internet of Things (IoT) solution for schools. HSB Connected Technologies is designed to monitor buildings and equipment 24/7 to protect against water leaks, freezing pipes, mold, and perishable goods spoilage. The solution’s ... Read the full article
Insurers to cover up to $751m of MGM’s Las Vegas shooting settlement
4th October 2019
American global hospitality and entertainment company MGM Resorts has reached a settlement agreement between $735 million and $800 million to settle liabilities from the 2017 mass shooting in Las Vegas. Additionally, MGM has confirmed that insurers could pay between $735 million and $751 million towards the settlement. Since the attack at an ... Read the full article
HDI Global Specialty bolsters London contingency team
4th October 2019
HDI Global Specialty SE, a joint venture of reinsurance giant Hannover Re and HDI Global SE, has appointed Martin Holness to lead its London contingency team, while Sheena Williams joins as Senior Underwriter. Holness brings over 30 years’ experience and was most recently head of contingency at Amtrust. He will report into ... Read the full article
ABIR members contribute $815 million to Bermuda economy in 2018
4th October 2019
Members of the Association of Bermuda Insurers & Reinsurers (ABIR) contributed $637 million in payroll to Bermuda-based employees in 2018, with the group's aggregate direct economic impact to the island's economy hitting almost $815 million. The figures are according to the 14th annual member survey results, which includes data reported for ... Read the full article
Tokio Marine HCC makes senior surety hires in France
4th October 2019
Tokio Marine HCC has announced the appointments of Jennifer Metcalfe as Senior Surety Underwriter for France, effective from 16 September. She will report to Aymeric Vinet Desrues, Head of Surety - France, who was appointed in February 2019. Based in Paris, Metcalfe and Vinet Desrues will support medium and large-sized businesses both ... Read the full article
AXA XL launches vehicle interruption cover for UK Uber drivers via new platform
4th October 2019
AXA XL has announced the launch of Vehicle Interruption Cover, an innovative, on-demand insurance solution designed to protect Uber drivers across the UK against a loss of earnings due to their vehicle being immobilised after an accident. The new solution works alongside Uber's newly implemented UK loyalty programme, UberPro, and provides ... Read the full article
Re/insurance opportunity as mass tort litigations escalate: Praedicat CEO
3rd October 2019
With mass tort style litigations reaching new highs in 2019, insurance and reinsurance companies should increasingly be thinking about how to capitalise on this emerging opportunity, according to Robert Reville, CEO of insurtech risk modelling and analytics firm Praedicat. Speaking at the Reinsurance Rendezvous event in Monte Carlo, Reville explained that ... Read the full article
Arthur J. Gallagher’s Artex to acquire Horseshoe Insurance Services
3rd October 2019
Arthur J. Gallagher & Co. has announced that its captive and alternative risk transfer solutions subsidiary, Artex Risk Solutions, has signed an agreement to acquire Horseshoe Insurance Services Holdings Ltd. Horseshoe is a Bermuda-headquartered provider of insurance management fund administration, advisory and corporate services to the insurance-linked securities (ILS) market. The firm, ... Read the full article
CFC adds Avraam to Medical Malpractice underwriting team
3rd October 2019
Specialist insurer CFC has recently announced the appointment of Avraam Avraam to its Medical Malpractice underwriting team. He will serve as team leader and work alongside practice leader Sharon Brennan in order to help develop the firm’s book of non-US international business. Avraam brings over 30 years’ experience in underwriting and broking, ... Read the full article
Everest Insurance Ireland’s UK branch now fully operational
3rd October 2019
Everest Insurance (Ireland), DAC (EIID) has revealed that its UK branch is now fully operational and has the ability to write a variety of business lines. Established in 2017, EIID enables insurer and reinsurer Everest to continue operating throughout the EU post-Brexit, providing its clients with continuity. In April of this year, ... Read the full article
Fannie Mae completes further $10bn mortgage reinsurance deal
3rd October 2019
The Federal National Mortgage Association (Fannie Mae) has completed a multi-tranche Multifamily Credit Insurance Risk Transfer (MCIRT) transaction covering a pool of $10.7 billion of multifamily loans. MCIRT 2019-02 is the sixth multifamily CIRT transaction as part of Fannie Mae’s ongoing effort to increase the role of private capital in the ... Read the full article
WEF survey ranks cyber, fiscal crises as top concerns for execs
3rd October 2019
A comprehensive survey conducted by The World Economic Forum has identified cyber attacks and fiscal crises as the primary risks to doing business at a global scale. Covering nearly 13,000 executives from 130 countries, the survey results show that three of the top five risks are economic-related with “unemployment or underemployment” ... Read the full article
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