Reinsurance News
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
Willis Re appoints Aspen’s Donald Harrell as MD, COO of Specialty business
2nd October 2019
Willis Re, the reinsurance business of global re/insurance brokerage Willis Towers Watson, has appointed Donald Harrell as Managing Director & Chief Operating Officer of its Specialty business. Based in London, Harrell’s new role will see him oversee the international expansion of the business. He will also be responsible for the day-to-day operations, ... Read the full article
Everest Insurance appoints Kurt Hines to senior underwriting role
2nd October 2019
Everest Insurance, a division of global reinsurer Everest Re Group, has announced the appointment of Kurt Hines as Vice President of Underwriting within the firm’s Specialty Insurance Group. Hines, who will be responsible for overseeing all underwriting activities for the business, joins from Aslan Risk Advisors in Philadelphia where he served ... Read the full article
Enstar completes $500mn reinsurance transaction with Zurich NA
2nd October 2019
Bermuda domiciled re/insurance, run-off and legacy specialist Enstar Group, has announced that one of its wholly-owned subsidiaries has completed a transaction to reinsure a book of US asbestos and environmental liability insurance portfolios of Zurich North America. The transaction, which saw Enstar's subsidiary assume gross insurance reserves of roughly $500 million ... Read the full article
Rachel Conran named permanent CEO of RSA Luxembourg
2nd October 2019
Multinational insurance group RSA has announced that Rachel Conran has been appointed as the new permanent Chief Executive Officer (CEO) of RSA Luxembourg, the firm's hub for European business. Currently, Conran serves as interim CEO, having joined RSA earlier in the year as Chief Underwriting Officer (CUO) for global risks ... Read the full article
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