Reinsurance News
Risk Strategies promotes Hoffman, Smith to EVP of healthcare practice
28th January 2020
US insurance broker and risk management firm Risk Strategies has promoted Tracy Hoffman and Matthew Smith to executive vice president of its National Health Care Practice. Both Hoffman and Smith previously served as senior vice president within the organisation. In addition to her current responsibilities, Hoffman will work alongside managing director Riggs ... Read the full article
Brown & Brown’s organic revenues up in Q4 & full-year 2019
28th January 2020
Insurance brokerage Brown & Brown, Inc. has reported an increase in revenues for both the fourth-quarter and full-year 2019, of $579 million and $2.4 billion, respectively. Reported revenues are under U.S. generally accepted accounting principles (GAAP) and represent growth of 13.8% and 18.8% for Q4 and the full-year, respectively, when compared ... Read the full article
Swiss Re CorSo names Head of Casualty & FinPro North America
28th January 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurer Swiss Re, has named Laura Coppola as Head of Casualty & FinPro North America, effective January 27th, 2020. Based in New York, Coppola takes over responsibility for the company's Financial and Professional Liability (FinPro) operation in the U.S. ... Read the full article
Finance is a “critical lever” to climate transformation: Swiss Re’s Mumenthaler
28th January 2020
Swiss Re CEO Christian Mumenthaler has argued that finance – and reinsurance in particular – is a “critical lever” to achieving the kind of global transformation necessary to mitigate the impacts of climate change. Writing in an article for the World Economic Forum (WEF), Mumenthaler expressed concern about the lack of ... Read the full article
Aston Lark acquires Exeter-based broker, Isca Barum
28th January 2020
Aston Lark, a Goldman Sachs-backed chartered insurance broker, has acquired Exeter, UK-based independent brokerage, Isca Barum Insurance Brokers. The acquisition of Isca Barum, a broker offering a full suite of insurance services to corporate and private clients across the UK, is Aston Lark's first acquisition of the year. The firm has a ... Read the full article
CRe Nigeria shares delisted as restructure moves forwards
28th January 2020
Pan-African reinsurer Continental Reinsurance (CRe Nigeria) has taken a step forward in its ongoing restructuring efforts with the delisting of its shares from The Nigerian Stock Exchange. This will now prevent trading in the company’s shares beyond the effective date of the scheme of arrangement, at which point the firm’s investment ... Read the full article
Despite slowdown, alternative capital remains integral to reinsurance: S&P
27th January 2020
The volume of alternative, or third-party capital in the global reinsurance market declined in 9M 2019 for the first time in more than a decade, but despite this, analysts at S&P Global Ratings have said that it is still an integral part of the marketplace. At $93 billion, the volume of ... Read the full article
Everest targets smaller law firms via new program with Embroker
27th January 2020
Everest Insurance, a division of Bermuda-based insurer and reinsurer Everest Re Group, Ltd., has announced plans to offer an online Lawyers' Professional Liability program via a new partnership with insurance brokerage, Embroker. The new online program is for law firms with up to ten employed attorneys, and, through Embroker's digitized platform, ... Read the full article
Beazley adds Tokio Marine healthcare underwriter to LA office
27th January 2020
Specialist insurer Beazley has announced the appointment of Justin Sanches as an underwriter within the firm’s US healthcare liability team. Joining Beazley’s Los Angeles office, Sanches will underwrite a range of global miscellaneous medical and life sciences risks for middle market and large US-domiciled healthcare providers. He joins from Tokio Marine HCC ... Read the full article
Aegis General partners with Homesite Insurance Group
27th January 2020
Aegis General Insurance Agency, a subsidiary of K2 Insurance Services, has announced the formation of a strategic partnership with Homesite Underwriting Managers, the program business unit of Homesite Insurance Group. Aegis and Homesite explained that the program administration partnership was based on foundation of common core values and would open up ... Read the full article
Travelers’ reinsurance program absorbed $101mn of Q4 cat losses
27th January 2020
US primary insurer Travelers has disclosed that it recovered $101 million of catastrophe losses from its aggregate reinsurance treaty during the fourth quarter of 2019. The company recorded a total of $186 million of pre-tax catastrophe losses in the quarter, but only incurred an $85 million loss after factoring in its ... Read the full article
Arch promotes Prashant Nema to Chief Information Officer
27th January 2020
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has announced the promotion of Prashant Nema to Group Chief Information Officer (CIO). Most recently, Nema served as Senior Vice President (SVP), Divisional CIO for Insurance and U.S. Mortgage Insurance at Arch, and has been with the firm since October of 2015. Prior to ... Read the full article
Climate change adaptation must happen at scale: Swiss Re’s Scotti at Davos
27th January 2020
The potential impacts of climate change and required adaptation has been on the re/insurance industry’s radar, but what needs to happen, is adaptation at scale, according to Veronica Scotti, Chairperson Public Sector Solutions, Swiss Re. Speaking on a panel last week at the annual World Economic Forum (WEF) in Davos, Swiss ... Read the full article
Bermuda re/insurers set for improved pricing trends in 2020: Fitch
27th January 2020
Bermuda re/insurers are likely to see continued price firming in 2020, with surplus growth and modest gains in underwriting profits driven by organic growth opportunities and solid capital levels, according to Fitch Ratings. The rating agency noted that the market’s financial performance has recently been supported by higher unrealised investment gains ... Read the full article
Allianz promotes Margo Young to Chief Compliance Officer
27th January 2020
Global insurer Allianz has promoted Margo Young to the role of Chief Compliance Officer, replacing the recently-retired Ann Alexander. Young has been with Allianz’ compliance team since 2003 and most recently served as deputy to Alexander. In her role as deputy CCO she supported the transfer of Allianz’s home and personal motor ... Read the full article
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