Reinsurance News
Liberty Mutual adds Janelle Edem as Chief of Staff
9th April 2019
U.S primary insurer Liberty Mutual has announced the appointment of Janelle Edem as Chief of Staff, Global Risk Solutions (GRS). Edem will report to the President of GRS Dennis Langwell and be tasked with organising and driving forward critical strategic issues to facilitate efficient decision making for the unit’s executive office. GRS ... Read the full article
Underwriting profitability of London market remains pressured, warns Fitch
9th April 2019
Fitch Ratings has maintained its negative sector outlook on the London insurance market, citing continued pressure on profitability as catastrophe events hit underwriting performance and expense ratios remain high. The global financial services ratings agency highlights the negative impact of catastrophe losses and low investment returns on the results of London ... Read the full article
Tracey Gibbons to lead Third Point Re’s specialty treaty portfolio
9th April 2019
Tracey Gibbons has joined Third Point Reinsurance Ltd. from Allied World Assurance Company (AWAC) to lead the firm's specialty treaty portfolio. In her new role, Gibbons will report to Third Point Reinsurance Company's Chief Executive Officer (CEO), Dan Malloy. Initially, the portfolio will include workers compensation catastrophe, PA/Life catastrophe, and also ... Read the full article
Validus’ Ed Noonan named StarStone Chairman amid leadership reshuffle
9th April 2019
Global specialty insurer StarStone has made a series of leadership changes which includes the appointment of Ed Noonan as Group Chairman. Dick Sanford joins as President of the Group while Chris Rash has been promoted to Chief Executive Officer of StarStone International and Deputy Group CEO. Noonan brings over 30 years’ ... Read the full article
CFOs of European insurers concerned about muted economic growth: Moody’s
9th April 2019
Low economic growth and market volatility are the two top concerns for the Chief Financial Officers (CFOs) of European insurers. At the same time, insurers across the continent are increasingly leveraging technology in order to cut costs, according to Moody's Investors Service's European Insurance CFO survey. Low economic growth tops the ... Read the full article
Cyber criminals increasingly targeting SMEs: Chubb report
9th April 2019
Small and medium sized enterprises are increasingly falling victim to cyber attacks orchestrated by hackers able to take advantage of their sub-par security systems and processes, according to a report by global insurer Chubb. Ransomware attacks, which typically utilise malicious software to block a business' network until a ransom is paid, ... Read the full article
Wildfire premiums could become a “social issue”: Munich Re climatologist
8th April 2019
Raising premiums in response to the increasing frequency and severity of wildfire losses could become a “social issue,” making cover unaffordable for ordinary people, according to Ernst Rauch, Chief Climatologist at Munich Re. Speaking with the Guardian, Rauch said: “If the risk from wildfires, flooding, storms or hail is increasing then ... Read the full article
Diminishing buyers’ market environment in upstream energy sector
8th April 2019
The impacts of the Lloyd's Performance Board restrictions are being felt in the upstream energy sector, with Lloyd & Partners noting a fading buyers' market environment driven by a decline in reinsurance capacity. Lloyd & Partners' April 2019 quarterly energy market newsletter highlights a shift from the buyers' market landscape as ... Read the full article
Sara Ager joins city law firm McCarthy Denning as re/insurance Partner
8th April 2019
London-based law firm McCarthy Denning has added Sara Ager as a Partner in its insurance and reinsurance team. Ager, who joins from insurance law firm EC3 Legal, brings over 20 years’ experience in the industry to the role She has previously worked in and for Lloyd’s managing agencies, Bermudian reinsurers, MGA’s and ... Read the full article
Lower cats, but elevated attritional losses to hit P&C re/insurers in Q1: Analysts
8th April 2019
While Catastrophe activity in the first-quarter of 2019 was muted when compared with other Q1s, elevated attritional losses in the period is expected to pressure the margins of some Property and Casualty (P&C) insurers and reinsurers, warn Goldman Sachs analysts. Specifically, analysts highlight the potential for exposure to large non-cat losses for ... Read the full article
Guy Carpenter MD Kevin Feldman joins TigerRisk as Partner
8th April 2019
Reinsurance brokerage, risk and capital strategic advisory firm TigerRisk Partners LLC, has welcomed Kevin Feldman to the company as a Partner. Feldman has for the last ten years served as a Managing Director at Guy Carpenter. TigerRisk's Global Head of Reinsurance Wade Gulbransen in an announcement praised Feldman for having established an ... Read the full article
Gallagher appoints John Thompson CEO of UK specialty & wholesale businesses
8th April 2019
Global insurance brokerage Gallagher has announced the appointment of John Thompson as Chief Executive Officer of its UK specialty London market and wholesale businesses. Thompson, who for seven months held the CEO position on an interim basis, joined Gallagher in 2014 as managing partner for construction. The division has since quadrupled in ... Read the full article
Survey says Brexit more challenging to prepare for than Y2K
8th April 2019
A majority of UK businesses believe that the impact of Brexit will be far more difficult to prepare for than Y2K/the Millennium Bug, according to a survey by software testing and monitoring firm Eggplant. The study found that 81% of businesses are likely to review or update existing business processes and ... Read the full article
Everest Insurance launches enhanced multinational product offering
8th April 2019
Everest Insurance, the specialty insurance arm of Everest Re Group, has launched an enhanced version of its Everest Alpine Insurance offering. Everest Alpine Insurance can provide internationally exposed clients with General Liability, Contingent Auto Liability, Business Travel Accident, Foreign Voluntary Workers’ Compensation, Kidnap/Ransom/Extortion, and Commercial Property. Enhancements to the offering include expanded ... Read the full article
Harwood to lead BHSI’s Transactional Liability offering across Asia, Middle East
8th April 2019
Berkshire Hathaway Specialty Insurance Company (BHSI) is now offering Transactional Liability Insurance coverage across its Asia and Middle East (AME) regions, and has appointed Steven Harwood to lead the offering. As Head of Transactional Liability in AME, Harwood will be based in BHSI's Hong Kong office. He joins the firm from Pembroke Managing Agency ... Read the full article
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