Reinsurance News
MS Amlin reveals new underwriting strategy, scraps classes & operations
30th September 2019
Global insurer and reinsurer MS Amlin has announced a new underwriting strategy to support the delivery of its vision 2021 management plan and 2023 transformation plan. As part of the new strategy, the re/insurer will combine its Marine and P&C International platforms into a single Specialty insurance business, and it has ... Read the full article
Lloyd’s outlines strategy for change in Blueprint One
30th September 2019
Insurance and reinsurance marketplace Lloyd’s of London has released a new document outlining how the first phase of its strategy for change will be delivered, following the launch of the Future at Lloyd's prospectus back in May. Blueprint One proposes to enhance Lloyd’s value proposition to customers by offering better ... Read the full article
Armour Group hires Bruskova as Group Chief Risk Officer
30th September 2019
Bermuda headquartered property and casualty specialist run-off insurer Armour Group Ltd. has announced the hiring and appointment of Yulia Bruskova as its new Group Chief Risk Officer. Bruskova will take up the new position with legacy and run-off solutions and acquisitions specialist Armour in November and will report to the Group ... Read the full article
HW Kaufman acquires cyber MGA Node International
30th September 2019
HW Kaufman Group, the parent company of wholesale brokerage and managing general underwriter Burns & Wilcox has acquired Node international, a managing general agent focused on cyber-risk and technology-related insurance solutions. The deal marks the group’s 20th acquisition in nine years and has been described by Chairman, President and Chief Executive ... Read the full article
Aon & NAMIC report underlines financial strength of mutual insurers
30th September 2019
A new report by re/insurance broker Aon and the National Association of Mutual Insurance Companies (NAMIC) has underlined the overall strength and stability of mutual companies. The report included a comparison of nearly 30 performance metrics across mutual, stock, and other categories. Aon and NAMIC reported that mutual insurers were slightly less ... Read the full article
Sompo Intl expands partnership with data analytics firm Pharm3r
30th September 2019
Bermuda-based property and casualty re/insurer, Sompo International has expanded its partnership with life science and healthcare data analytics firm Pharm3r in a move aimed at enhancing its US life sciences risk modelling capabilities. Pharm3r’s data services are already leveraged by Sompo’s Bermuda excess casualty unit. Now, Its data sets and analytics will ... Read the full article
Turkey sets up reinsurer Turk Re to build out domestic capacity
30th September 2019
The Turkish Treasury and Finance Ministry has established a domestic reinsurance company, called Turk Reasurans A.S. (Turk Re), in an effort to support the country’s insurance sector and increase capacity. Turk Re, which was set up as part of Turkey’s 2018 economic program, will ensure that reinsurance premiums historically transferred abroad ... Read the full article
Deutsche Bank estimates Dorian & Faxai losses for biggest reinsurers
30th September 2019
Analysts at Deutsche Bank have released a set of estimates for the biggest four global reinsurers – Swiss Re, Munich Re, Hannover Re, and SCOR – that break down the losses they may have incurred from Hurricane Dorian and Typhoon Faxai in Q3. Overall, Deutsche Bank believes that Dorian and Faxai ... Read the full article
India’s GIC Re eyes expansion into Russia, Brazil: reports
30th September 2019
India’s national reinsurance company, General Insurance Corporation (GIC Re), could be moving to open a subsidiary in Russia as the firm looks to increase the volume of foreign business it writes, according to reports from The Hindu Business Line. GIC Re’s long-term goal is to maintain a 50:50 split in foreign ... Read the full article
D&O rates improve as carriers push to restore profitability: Fitch
30th September 2019
Premium pricing has improved significantly for directors and officers (D&O) liability in 2019 as carriers work to restore profitability, according to analysts at Fitch Ratings. Fitch noted that D&O liability business has seen several years of weaker performance, driven by flat premium growth and less favourable claims trends in a shifting ... Read the full article
AXIS Capital appoints Martin McCarty as Global Treasurer
30th September 2019
AXIS Capital Holdings Limited has announced the appointment of Martin McCarty to the position of Global Treasurer. In this role, McCarty will be responsible for overall capital, foreign currency, cash and liquidity management, as well as coordination with ratings agencies on behalf of AXIS Capital. Additionally, he will be tasked with providing ... Read the full article
More industry change in next three years than previous 30, says Hearn
27th September 2019
Chief Executive Officer for BGC Insurance Group, Steve Hearn, is anticipating more change to take place across the re/insurance industry in the next three years than in the previous 30. Speaking recently with Reinsurance News, Hearn added that after 330 years in existence, the industry is undergoing massive, technology-driven changes to ... Read the full article
Activist investor CIAM condemns “destructive” governance at SCOR
27th September 2019
Activist investor CIAM has addressed a new letter to the management at SCOR, accusing it of ignoring shareholder interests by pursuing “destructive” governance strategies in its negotiations with Covéa last year. Catherine Berjal, CEO of CIAM, renewed her public condemnation of Denis Kessler’s conduct today in an appeal to Augustin de ... Read the full article
Miller adds duo to UK & International professional risk business
27th September 2019
Global re/insurance broker Miller has announced the appointments of Dominic Leckie and Gareth Jones to its UK & International Wholesale Professional Risks team. Both will assume broking roles, with a focus on professional indemnity (PI) insurance for Miller’s UK and International wholesale/intermediary clients. Specifically, Leckie will be responsible for growing Miller’s Australia ... Read the full article
London Market Group to end TOM modernisation program
27th September 2019
The Board of the London Market Group (LMG) has confirmed today that the Target Operating Model (LM TOM) has been wound down in its current form, having delivered the majority of proposed solutions. The LM TOM was considered a core component of the market modernisation proposal, set out by the LMG, ... Read the full article
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