Reinsurance News
Brokerslink adds three European firms to network
20th September 2019
Independent broker network Brokerslink has expanded its European operations with the addition of three regional firms. Bordeaux-based maritime brokerage Filhet-Allard Maritime, Latvian retail brokerage Colemont FKB and Draudimo Bités, a Lithuanian outfit specialising in transport and logistics, all join as part of Brokerslink’s global network. “Europe is an important region for us, ... Read the full article
Spanish floods to drive industry loss upwards of €287mn, says Aon
20th September 2019
The major flooding that occurred in southeast and central Spain last week is likely to drive an insurance and reinsurance industry loss in excess of €287 million (US $318 million), according to analysts at Aon. The broker also estimated that insured losses would represent only a fraction of the total economic ... Read the full article
Re/insurers’ increasing use of structured solutions to persist: S&P
20th September 2019
Analysts at S&P Global Ratings expect global insurers and reinsurers to increasingly leverage structured solutions to mitigate exposure to legacy business and prune unprofitable non-core products. The global re/insurance market remains competitive and challenging, and as a result, it's expected that companies will continue to strive for improved risk-adjusted returns by ... Read the full article
Markel names Brenton Slade President Of Lodgepine Capital
20th September 2019
Re/insurance holding company Markel Corporation has announced the appointment of Brenton Slade as President of its new retrocessional reinsurance ILS fund management unit, Lodgepine Capital Management Limited. Slade joins from Hamilton Capital Partners, where he served as a Senior Vice President. Before that he was Chief Operating Officer for the Horseshoe ... Read the full article
Nephila looks to reduce Lloyd’s costs with finance platform from Phinsys
19th September 2019
Nephila Syndicate Management Ltd (NSML) has selected the suite of finance and accounting products from software provider Phinsys to help streamline its financial processes and automate statutory, regulatory and management reporting. Nephila Syndicate 2357 is set to migrate from third party management to its own independent managing agency in October, and ... Read the full article
Generali US launches specialty insurance division
19th September 2019
The US branch of Italian insurance giant Generali has announced the launch of a new specialty insurance division that will focus on providing warranty services and solutions. The new division will provide both insurance and obligor services for warranty programs worldwide and partner with consumer retailers and dealers, third party administrators, ... Read the full article
QBE North America adds Charles Cygal as Head of Surety
19th September 2019
QBE North America has announced the appointment of Charles Cygal as Head of Surety, effective immediately. Cygal brings 20 years’ experience to the role and joins from Ironshore Insurance Services where for almost a decade he served as the Vice President of Surety, Political Risk and Trade Credit. Before that, he held ... Read the full article
RFIB Hong Kong Limited receives authorisation, Warwick named CEO
19th September 2019
Global insurance and reinsurance broker, RFIB Group Limited, has revealed that its Hong Kong subsidiary has been admitted as a member of the Hong Kong Confederation of Insurance Brokers, and has been approved to transact general insurance business. Stephen Warwick, who joined RFIB in January of this year from Hong ... Read the full article
Greenlight Re Innovations invests in API-based commercial insurer
19th September 2019
Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in Coterie Applications, a digital managing underwriter focused on the SME commercial insurance market. Greenlight Re Chief Executive Officer Simon Burton explained that the SME commercial space in the US has not yet ... Read the full article
Legal & General completes £930mn pension buy-in with Tate & Lyle
19th September 2019
Legal & General Assurance Society Limited has announced the completion of a £930 million full buy-in for the members of the Tate & Lyle Pension Scheme. Tate & Lyle, a global provider of solutions and ingredients for food, beverage and industrial markets, previously entered a buy-in deal with Legal & General ... Read the full article
Re/insurers reacting as “cracks” appear in casualty market: Peel Hunt
19th September 2019
Analysts at Peel Hunt have suggested that re/insurers are increasingly pushing for rate increases and management actions as “cracks” begin to appear in the casualty market. A new report by the firm noted that casualty claims trends have continued to deteriorate, triggering ongoing rate increases across US professional lines, a core ... Read the full article
Combined, Typhoon Faxai to cost Sompo, MS&AD at least $2 billion
19th September 2019
Typhoon Faxai, which struck Japan on September 9th, will cost Japanese insurers MS&AD Insurance Group Holdings, Inc. and Sompo Japan Nipponkoa Insurance Inc. a combined USD 2 billion, at least. Typhoon Faxai hit Japan on September 9th, impacting the Tokyo area with some of the most severe damage seen in the ... Read the full article
Willis Research Network partnership to focus on natural air traffic hazards
19th September 2019
Willis Research Network (WRN), the research arm of Willis Towers Watson, has partnered with Mitiga Solutions to help aviation and aerospace clients optimise air traffic management. The partnership aims to help airlines, airports and associated organisation in both the public and private sectors to predict and mitigate the impact of natural ... Read the full article
Charles Taylor to accept “compelling” acquisition offer
19th September 2019
Insurance service provider Charles Taylor is expected to accept a £261 million acquisition offer from Jewel Bidco, a company formed on behalf of funds advised by Lovell Minnick Partners LLC and its affiliates. The boards of LMP Bidco and Charles Taylor have reached an agreement on terms that will be put ... Read the full article
Insurance consortium CCS expects €203mn loss from Spanish floods
19th September 2019
The Consorcio de Compensación de Seguros (the Insurance Compensation Consortium, or CCS) is expecting to face a loss of approximately €203 million as a result of the recent flooding in Spain. Record-breaking rainfall in the south-east of the country last week caused catastrophic flash-flooding, bursting river banks, sweeping away cars, and ... Read the full article
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