Reinsurance News
Asta to support BPBUW, equestrian underwriter David Ashby
15th January 2020
Lloyd's third party managing agent Asta has agreed to provide its MGA platform and operational services to newly-formed underwriting agency BPBUW Management. BPBUW said that it hopes to build out a number of specialist niche MGA subsidiaries, with the key underwriters in each holding an equity stake in their own ... Read the full article
Weston Insurance to acquire Anchor P&C subsidiary
15th January 2020
Specialty insurer, Weston Insurance Holdings Corporation, is set to acquire Anchor Specialty Insurance Company, a subsidiary of Anchor Property & Casualty Insurance Company. In light of the impending acquisition, financial analysis firm Demotech has announced that the Financial Stability Rating (FSR) of A, Exceptional, assigned to Anchor Specialty is being sustained. Demotech's ... Read the full article
Korean Re sets up second branch in China
15th January 2020
Korean Reinsurance Company (Korean Re), the Seoul-based reinsurer, has continued to accelerate its overseas expansion with the establishment of a branch in Shanghai. The new office is the second location in China for Korean Re, which previously set up operations in Beijing in 1997. The reinsurer explained that the new branch would ... Read the full article
Chubb, Grab launches app-based travel insurance product
15th January 2020
Global insurer Chubb has partnered with Southeast Asian ride-hailing firm Grab on an app-based travel insurance product available for customers in Singapore. ‘Travel Cover’ allows Singapore-based customers to purchase cover from S$2.50 per day for travel to any destination globally. The product is distributed by GrabInsure Insurance Agency, Grab Financial Group’s insurance ... Read the full article
Chubb puts Q4 cat losses at $430mn
15th January 2020
Global insurer and reinsurer Chubb has announced net catastrophe losses of an estimated $430 million pre-tax ($353 million after-tax) for the fourth-quarter of 2019, net of reinsurance. Chubb states that the losses are primarily a result of severe, global weather-related events, including tornadoes in Texas, the California wildfires, and also typhoon ... Read the full article
Against its peers, Hannover Re is the main beneficiary from P&C rate rises: MS
15th January 2020
Analysis of Europe's big four reinsurers by Morgan Stanley (MS) states that when compared with its peers, German reinsurance giant Hannover Re is the main beneficiary from improving property and casualty (P&C) rates. In a recent industry report, analysts at Morgan Stanley discuss the current rate environment following the January 1st ... Read the full article
R&Q’s Joint CEO Roger Sellek resigns
15th January 2020
Changes at the top continue at non-life legacy and run-off investor and capacity provider to program business Randall & Quilter Investment Holdings Ltd. (R&Q), with one of its Joint CEO's resigning and set to depart immediately. The company said this morning that Roger Sellek has resigned from his position at R&Q ... Read the full article
SCOR automates financial processes with Accenture tech
15th January 2020
SCOR has improved the efficiency of its internal functions by utilising technology from professional services firm Accenture, which has enabled the reinsurer to automate financial processes, among other benefits. Previously, many of SCOR’s key processes within the finance function, including the quarterly-close process, were conducted manually, using spreadsheets, email and the ... Read the full article
BPB UW Management launches underwriting agency
15th January 2020
BPB UW Management Ltd (BPBUW) has launched an underwriting agency focused on supporting individual managing general agent (MGA) businesses. The agency will be led by Chairman Jonathan Palmer-Brown, CEO John Holm, Chief Operating Officer (COO) Margaret Ryan and Executive Director Robin Blunt. BPBUW said that it hopes to build out a number ... Read the full article
Lloyd’s of London’s Jon Hancock to step down in 2020
14th January 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has announced that Performance Management Director, Jon Hancock, has decided to step down in 2020. In 2019, Hancock took the lead on Blueprint One as part of the Future at Lloyd's strategy, designed to modernise the oldest insurance market in the world. His ... Read the full article
Tysers announces minority investment in Bermuda’s Helix
14th January 2020
Tysers, the specialty London-based wholesale broker, has announced a minority investment in Helix Underwriting Partners Limited, the first multi-line independent Managing General Agent in Bermuda. Helix, which was founded by re/insurance industry veterans Claude Lefebvre, Nicholas Lucking and Neville Watson, launched in Bermuda last week after receiving all necessary approvals ... Read the full article
HCI Group subsidiary to acquire policies of P&C insurer Anchor
14th January 2020
Florida-headquartered HCI Group has announced that its subsidiary, Homeowners Choice Property & Casualty Insurance Company, will acquire the insurance policies of Anchor Property & Casualty Insurance Company. A purchase price was not disclosed and, according to reports filed with regulators last year, Anchor had 43,209 policies in force representing approximately $69 ... Read the full article
Liberty Mutual Re opens Singapore office, adds regional manager
14th January 2020
Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance Group, has opened a new office in Singapore and appointed Annie Leong as regional underwriter manager in Asia Pacific. The reinsurer will be operating with a full treaty license as part of the LSM Asia Pacific office in Singapore and will ... Read the full article
ArgoGlobal bolsters leadership team with dual hires
14th January 2020
Lloyd's of London insurer and Argo Group subsidiary ArgoGlobal has added Jeremy Shallow as head of international specialty and Ross MacDonald as head of non-US international casualty. Both appointments are effective immediately and will report to John Moffatt, active underwriter of Syndicate 1200 and Nigel Mortimer, head of international casualty, respectively. Shallow ... Read the full article
Blackstone hires Gilles Dellaert to lead Insurance Solutions business
14th January 2020
U.S investment giant Blackstone has announced the appointment of Gilles Dellaert as Head of its insurance division, Blackstone Insurance Solutions (BIS), effective April 1, 2020. Dellaert was formerly Co-President and Chief Investment Officer at retirement and life insurance company Global Atlantic. In these roles, he was responsible for investment and reinsurance activity ... Read the full article
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