Reinsurance News
HK airport protests highlight exposure risk for re/insurers: Russell Group
22nd August 2019
The recent standoff at Hong Kong International Airport between Chinese authorities and protesters has underscored the potential airport ground accumulation exposures faced by international re/insurers, according data from risk management firm Russell Group. By quantifying aerospace industry and portfolio peak exposure, Russell Group showed that 69 aircraft with a combined value ... Read the full article
Hamilton “greatly enhanced” by Pembroke, Ironshore acquisitions: KBRA
21st August 2019
Kroll Bond Rating Agency (KBRA) has underscored the inherent benefits of Hamilton Group’s acquisition of Pembroke Managing Agency and its platform at Lloyd’s, as well as Dublin-based carrier Ironshore Europe DAC (IEDAC), from Liberty Mutual Group. KBRA believes the deal, which is expected to provide Hamilton with an opportunity to ... Read the full article
Axinan first Southeast Asian insurtech to secure Labuan license
21st August 2019
Singapore-based insurtech Axinan has become the first Southeast Asian company of its kind to secure a combined general and reinsurance license from Labuan FSA, the financial regulator for Labuan International Business and Financial Centre. The license, obtained via its subsidiary Axinan Labuan Limited, will allow the firm to underwrite general and ... Read the full article
Specialty insurer JenCap Holdings set to acquire Aran Insurance Services
21st August 2019
Specialty insurer JenCap Holdings LLC (JCH) has announced an agreement to acquire Aran Insurance Services Group, a specialty program administrator with offices in Arizona, Colorado, Massachusetts, and New York. Founded in 2009, Aran has been built into a successful platform under the leadership of Tim Kenny and John LaCava. The acquisition marks ... Read the full article
SSL Endeavour bolsters leadership with two senior appointments
21st August 2019
SSL Endeavour, the specialist independent Lloyd’s broker and delegated authority expert, has announced the appointments, with immediate effect, of Jonathan Palmer-Brown and Hugh Crossland as group Non-Executive Chairman and group Chief Financial Officer respectively. Jonathan Palmer-Brown joins with over 50 years’ experience, having first entered the London market in 1968 with ... Read the full article
Modest shift in asset allocation for US Life Insurers in 2018: Fitch
21st August 2019
US life insurers in 2018 continued to shift towards less liquid asset classes in search for yield, according to Fitch Ratings analysts. Insurers are believed to have increased allocation to commercial mortgage loans and collateralised loan obligations (CLO) over the year in order to mitigate the impact of a protracted low ... Read the full article
XL Innovate leads auto insurtech Zendrive’s $37m funding round
21st August 2019
Data and analytics firm Zendrive has raised $37 million in a Series B funding round led by XL Innovate, AXA XL’s venture capital insurtech fund. The funding round also saw the involvement of Hearst Ventures and existing investors including ACME Capital, BMW iVentures, NYCA, SignalFire. Zendrive plans on using the funds to ... Read the full article
DARAG names James Insley CFO, as Halley departs
21st August 2019
Legacy acquirer DARAG Group Limited has announced the appointment of James Insley as Group Chief Financial Officer (CFO), effective from September 2. He will succeed outgoing CFO James Halley, who is due to leave the business in mid-September. Insley joins DARAG from the Warranty Group, where he most recently served as European ... Read the full article
Commercial carriers poised to benefit from continued rate improvements: JP Morgan
21st August 2019
Broad industry pricing improvements are expected to provide a tailwind to commercial carriers’ top-line growth and earnings, according to JP Morgan analyst Keith Cornelius. This is likely to be supported by year-on-year improvements in bet investment income, as well as a manageable quarter in terms of catastrophe activity. Cornelius believes that small ... Read the full article
MS Amlin begins trading on Whitespace platform
21st August 2019
MS Amlin, the re/insurance subsidiary of Japanese insurance group MS&AD Insurance Group Holdings, has commenced trading risks on the Whitespace platform, a cloud-based solution aiming to digitise the placing process of insurance contracts at Lloyd’s. The re/insurer joined a consortium alongside AXA XL, Neon, RFIB and Antares last year in ... Read the full article
R&Q’s Accredited strikes new program underwriting partnership deals
21st August 2019
Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings (R&Q) has announced that its Accredited subsidiaries have formed two new program underwriting partnerships, in addition to securing an extension to an existing deal. From July 2019, Accredited US will be the issuing carrier on behalf of Paragon Insurance Holdings for ... Read the full article
AIG recruits Sabra Purtill from The Hartford as Deputy CFO
21st August 2019
American International Group, Inc. (AIG) has announced the appointment of Sabra Purtill as Deputy Chief Financial Officer (CFO), Head of Treasury, Investor & Rating Agency Relations, and Corporate Development. In this newly established role, Purtill will oversee AIG’s engagement with key financial stakeholders, including ratings agencies and the investor community, in ... Read the full article
Hamilton seals Liberty acquisitions, adds Tony Ursano as group CFO
21st August 2019
Bermuda-based re/insurer Hamilton Insurance Group has completed its previously announced acquisition of Pembroke Managing Agency and its platform at Lloyd's, as well as Dublin-based carrier Ironshore Europe DAC (IEDAC), from Liberty Mutual Group. The addition of both the Pembroke and IEDAC businesses accelerates Hamilton’s growth plans in specialty insurance, whilst ... Read the full article
Paul Brady to lead London Market TOM delegated authority
21st August 2019
The London Market Group has appointed Paul Brady to lead the delegated authority workstream for the London Market Target Operating Model (LM TOM). Paul Brady serves as Head of Policyholder & Third Party Oversight at Lloyd's and succeeds Ian Fantozzi in this new role. Fantozzi is the Chief Operating Officer at Beazley ... Read the full article
FHCF renews $920m program. Swiss Re now largest market, as RenRe downsizes
21st August 2019
The Florida Hurricane Catastrophe Fund (FHCF) has renewed its reinsurance program for 2019 at a slightly smaller size of $920 million, but with flat risk-adjusted pricing. Swiss Re is now the largest participating market in the FHCF's reinsurance program, as the reinsurer took the same $185 million slice as the prior ... Read the full article
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