Reinsurance News
Talanx lifts FY19 net income outlook after strong first-half result
12th August 2019
Reinsurance giant Hannover Re's parent, The Talanx Group, has raised its outlook for Group net income in 2019 to above €900 million on the back of a strong first-half performance, supported by a greater contribution from its reinsurance division despite the impact of losses. For the first-half of 2019, the company's ... Read the full article
PERILS raises Townsville flood loss estimate to AUD 1.2bn
12th August 2019
Catastrophe loss data aggregator PERILS has raised its property loss estimate for the floods that hit the Australian city of Townsville earlier this year to AUD 1.217 billion (USD 822 million). PERILS’ third estimate, which does not include losses from motor and other lines of business, represents a AUD 176 ... Read the full article
Lockton adds Aon’s Barber to lead global healthcare practice
12th August 2019
Global re/insurance brokerage Lockton has appointed William Barber to lead an international healthcare practice focused on driving collaboration and integration across its London teams and international network. It’s hoped the practice, formed as part of the company’s professional and financial services offering, will enable Lockton to bring the best of the ... Read the full article
PPL adoption up in Q2 2019, IUA usage rises
12th August 2019
Lloyd's of London Syndicates accepted 60.2% of in scope risks through electronic placement during the second-quarter of 2019, while the use of Placing Platform Limited (PPL) amongst the International Underwriting Association (IUA) companies increased to 51% in the period. This is according to the latest market-wide data for risks placed electronically ... Read the full article
Standard Asia marks China expansion with HK office, CEO hire
12th August 2019
Standard Asia, the Singapore-based subsidiary of mutual insurance association The Standard Club, has established a Hong Kong branch and appointed Michael Turnbull to lead as Chief Executive Officer. The legally-qualified insurance industry veteran will help spearhead an expansion effort in the Greater China region. He reports to Managing Director of Standard ... Read the full article
TransRe announces regional leadership changes
12th August 2019
TransRe has announced numerous changes to its regional leadership teams, including the appointment of Louise Rose as Chief Executive Officer (CEO) of TransRe London Limited (TransRe London). Her appointment is effective September 1st, 2019 and sees Rose take over from Geoff Peach, who is retiring after 27 years with TransRe. Rose's appointment, ... Read the full article
Rothesay Life in £520mn buy-in with Cadbury Mondelez Pension Fund
12th August 2019
Life insurer Rothesay Life has agreed a £520 million pensioner-only buy-in with the Cadbury Mondelēz Pension Fund, covering payments for c. 1,900 pensioner members. The bulk annuity transaction covers a representative subset of the liabilities for pensions already in payment, and will be held as an asset of the pension scheme. The ... Read the full article
Alliant names Dan Madej as SVP, Public Entity
12th August 2019
Alliant Insurance Services has announced the hiring of Dan Madej as Senior Vice President (SVP), Public Entity, based in the firm's Chicago office. In his new role, Madej will serve as the Practice Leader for the Public Entity Analytics Practice, a subdivision of Alliant Public Entity. He will be tasked with providing ... Read the full article
Evolving reinsurance use supports AIG’s refined underwriting approach
9th August 2019
Global insurer AIG expects to record an underwriting profit for the full-year 2019 as its General Insurance business continued to rebound in Q2 on the back of a "refined" underwriting approach, supported by the firm's evolving reinsurance use. The firm's net income increased to $1.1 billion in Q2 2019 with ... Read the full article
Argo to alter exec pay, shareholders to vote on board changes
9th August 2019
Specialty re/insurer Argo is to alter the way its executives are compensated, whilst also announcing a series of board proposals due to be put forward to shareholders. The move follows a messy back and forth between Argo and its fourth-largest shareholder Voce Capital Management, following accusations that the re/insurer’s Chief Executive ... Read the full article
Sompo GRS expands with new Small Business team
9th August 2019
Bermuda property and casualty (P&C) insurer and reinsurer, Sompo International Holdings Ltd., has announced that Sompo Global Risks Solutions (GRS) has expanded with a new team offering solutions to smaller businesses in the U.S. and Mexico, including the firm's industry vertical and Asian interest accounts. The newly created Sompo GRS Small ... Read the full article
CIC Services launches P&C reinsurance pool, Knox Re
9th August 2019
CIC Services, LLC (CISC), a risk management and consulting firm, has announced the establishment of Knox Reinsurance Company Inc. (Knox Re), a new reinsurance pool for property and casualty (P&C) coverages. Knox Re is licensed and regulated by the North Carolina Department of Insurance and is designed for small and mid-market ... Read the full article
Cyber may force reinsurers to redefine boundaries of war: Capsicum Re
9th August 2019
A new report by specialist reinsurance broker Capsicum Re has contended that cyber perils transcend traditional lines of business and challenge the very concept of war as it has historically been understood by the re/insurance market. Analysts argue that current war exclusionary language has been rendered unfit for purpose, due to ... Read the full article
AmWINS acquires LISI, CoPower
9th August 2019
AmWINS Group, Inc. has announced that it's set to acquire LISI, Inc. and CoPower (Administrators), Inc., which will both become part of the company's Group Benefits division. LISI was founded in 1977 and is a California-based general agent with a specialist focus on medical and ancillary benefits. CoPower, a third-party administrator focused ... Read the full article
L&G announces over £6.6bn of bulk annuity transactions in H1 2019
9th August 2019
Legal & General (L&G) successfully completed more than £6.6 billion of global bulk annuity transactions in the first-half of 2019, with UK pension risk transfer business accounting for £6.3 billion of this total. The £6.6 billion figure is out of a publicly announced total market transaction level of £14 billion, which ... Read the full article
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