Reinsurance News
TRIPRA expiration could weaken global property terrorism market: Marsh
24th May 2019
While the global property terrorism insurance market remains strong and well capitalised, the potential expiration of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) could create capacity shortfalls, especially for businesses located in high profile cities and employers with significant workers’ compensation accumulations. In a new report, global re/insurance brokerage Marsh ... Read the full article
Swiss Re partners with Tencent’s WeBank to research AI use in reinsurance
24th May 2019
Swiss Re’s Beijing arm has partnered with WeBank, an online lender owned by Chinese investment comglomerate Tencent, to research the potential application of new artificial intelligence (AI) models in reinsurance, according to Shine. The parties signed a Memorandum of Understanding (MoU) to cooperate on federated learning, a new encrypted and distributed ... Read the full article
Need to adapt is testing L&H re/insurers’ reluctance to change, says Hannover Re’s Tony Laudato
23rd May 2019
The historical reluctance of life and health (L&H) re/insurers to change is starting to shift as boards and senior management increasingly understand the necessity of adapting and embracing new technological advances, says Tony Laudato, a Vice President at Hannover Re. “Life insurance companies are very reluctant to change, a lot of ... Read the full article
Allianz (AGCS) strengthens response services for environmental emergencies
23rd May 2019
Allianz’ corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), has expanded the emergency response services it offers as part of its Environmental Impairment Liability (EIL) coverage for pollution or contamination events. It has partnered with GM Consultant and HETI to offer a 24/7 support system, with the aim of limiting ... Read the full article
Ronald Natherson named CEO of Florida insurer Gulfstream
23rd May 2019
Gulfstream Property and Casualty Insurance Company, the Florida-based insurer, has announced the appointment of Ronald E. Natherson as President and Chief Executive Officer (CEO). Natherson joins Gulfstream from Southern Oak Insurance Company, where he most recently served as Chief Operating Officer, based in Ponte Vedra Beach, Florida. He has over two decades ... Read the full article
WTW integrates insurtech vendor Tia Technology into pricing platform
23rd May 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has partnered with insurtech vendor Tia Technology to enhance the offering of its Radar Live price delivery software. WTW intends to integrate the Tia rating engine into Radar Live, allowing users to take full advantage of both systems and providing more frequent ... Read the full article
Swiss Re Corporate Solutions names Head of A&H for North America
23rd May 2019
Swiss Re Corporate Solutions has announced the appointment of Katie McGrath as Head of Accident & Health (A&H) for North America, effective June 10. Based in Windsor, Connecticut, she will be responsible for A&H strategy, underwriting, marketing, claims and operations in the region. McGrath joins Swiss Re Corporate Solutions from AIG, where ... Read the full article
The Hartford completes Navigators takeover
23rd May 2019
The Hartford has closed its previously announced acquisition of The Navigators Group, Inc. for a total price of $2.2 billion in cash, including expenses. The deal, announced in August of 2018, expands The Hartford's product offerings and geographical footprint. Navigators has 22 locations across the U.S. and eight globally, and has roughly ... Read the full article
Verisk restructures Geomni unit to boost focus in UK & Europe
23rd May 2019
Data analytics provider Verisk has integrated GeoInformation Group into its Geomni business and rebranded it as Geomni UK in a push to enhance its solutions for customers in the UK and Europe. The GeoInformation Group was founded in 1998 and became part of Verisk in 2016, and has been focused on ... Read the full article
Etihad Credit Insurance and Dhaman sign reinsurance agreement
23rd May 2019
The UAE Federal credit insurer, Etihad Credit Insurance (ECI) has signed a reinsurance agreement with the Arab Investment & Export Credit Guarantee Corporation (Dhaman), to further enhance inter-Arab trade and UAE exports globally. The two companies will collaborate to improve economic growth in the MENA region through the sharing of knowledge ... Read the full article
Lockton posts $1.72bn revenue for fiscal year
23rd May 2019
Re/insurance broker Lockton has posted $1.72 billion in revenue for the 2019 fiscal year, a 10.3% increase from 2018. The successful expansion earlier this year of its global reinsurance business, Lockton Global Re, was described by its Chief Executive Officer Timothy Gardner as a critical pillar of Lockton's long-term growth ... Read the full article
Sean Kelly joins Ariel Re from Tokio Millennium Re
23rd May 2019
Ariel Re has named Sean Kelly as Senior Vice President (SVP), Specialty Underwriter, Credit and Financial products, effective June 10th, 2019. In his new role, Kelly will report to Ariel Re's Head of Professional Lines and Casualty Treaty Underwriting - Bermuda, Stephen O'Flynn. Kelly brings over 20 years of industry experience to ... Read the full article
Marks & Spencer completes £1.4bn pension buy-in with PIC, Phoenix Life
23rd May 2019
Marks & Spencer has secured two further pensioner buy-ins with Pension Insurance Corporation (PIC) and Phoenix Life totalling roughly £1.4 billion. The latest buy-in sees Marks & Spencer further de-risk its £10 billion defined benefits pension scheme. This £1.4 billion pension buy-in round, combined with two policies purchased in 2018, means ... Read the full article
ProAssurance appoints Edward Rand CEO
23rd May 2019
Specialty insurer ProAssurance has announced that its President and Chief Operating Officer (COO), Edward Rand, is to succeed W. Stancil Starnes as Chief Executive Officer (CEO), effective July 1st, 2019. On this data, Starnes will have served as CEO of the firm for twelve years, and will transition into the role ... Read the full article
Generali elects Frédéric de Courtois VP of Insurance Europe
23rd May 2019
Italian insurance giant Generali Group has elected its General Manager Frédéric de Courtois as Vice President of Insurance Europe, the European insurance and reinsurance federation. Courtois, who has been elected to serve for a three-year term, began his career in the insurance sector in 1993, holding several management positions in various ... Read the full article
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