Reinsurance News
Munich Re U.S to offer new personal lines homesharing product
2nd April 2019
Munich Reinsurance America, Inc. (Munich Re U.S) has announced that it plans to offer a new personal lines homesharing insurance product for hosts who rent their homes out for a profit in the U.S. The coverage will help to enhance a personal lines homeowner, renter or condo insurance policy by filling ... Read the full article
Chris McKeown steps down as Vice Chairman of New Ocean
2nd April 2019
AXA XL has announced that Chris McKeown, the former CEO of its ILS management platform New Ocean Capital Management, has stepped down from his role as Vice Chairman to pursue other interests. McKeown has more than 30 years of re/insurance and alternative capital management experience, and was the founding CEO of ... Read the full article
AXA to further reduce earnings volatility with increased use of reinsurance: Analysts
2nd April 2019
Following its acquisition of XL Group last year, global insurer AXA has been de-risking its catastrophe exposure, a trend that J.P. Morgan analysts expect to continue in 2019, with the help of alternative reinsurance capital. During last year, AXA and XL Group ceded increased volumes of catastrophe exposure to reinsurance and ... Read the full article
Former XL Group CFO Peter Porrino among new AIG Director nominees
2nd April 2019
The Board of Global insurer AIG has nominated three new candidates that will join ten of the company's current Directors standing for re-election at its Annual Meeting of Shareholders. The nominees include Peter Porrino, former Executive Vice President and Chief Financial Officer of XL Group; Amy Schioldager, former Senior Managing Director ... Read the full article
Aon raises industry loss estimates to $11bn for Michael, $5.5bn for Florence
2nd April 2019
Re/insurance broker Aon has released the highest industry loss estimates yet for the two major hurricanes that hit the U.S last year, estimating total re/insured losses of $11 billion for Hurricane Michael and $5.5 billion for Hurricane Florence. The updated figures came as part of Aon’s March Event Recap Reports, which ... Read the full article
Brexit remains an ongoing risk to Swiss Re’s ReAssure IPO, say analysts
2nd April 2019
Analysts at Deutsche Bank believe that, while Swiss Re’s planned initial public offering (IPO) of its UK closed book business ReAssure is still on track for 2019, market volatility arising from Brexit remains an ongoing risk. The global reinsurance giant’s Board of Directors proposed plans last month to introduce a ... Read the full article
Sompo International promotes Gallagher to new P&C CEO role
2nd April 2019
Sompo International (SI), the Bermuda-based specialty provider of property and casualty re/insurance, has announced the promotion of Christopher Gallagher to Chief Executive Officer of SI Commercial P&C, a newly-created role. Gallagher is currently the Chief Risk Officer and Group Actuary of SI’s Commercial P&C business and a Director of SI. He will ... Read the full article
No-deal Brexit may reduce UK life insurers’ capital and profits: Moody’s
2nd April 2019
Moody’s Investors Service expects UK life insurers to experience reduced capital and profits in the event of a no-deal Brexit scenario, as well as more limited growth prospects. The rating agency considers UK life players as particularly exposed to a no-deal outcome given their high asset leverage, their significant exposure to ... Read the full article
DAC Beachcroft names head of Global Insurance practice in London
2nd April 2019
International law firm DAC Beachcroft has announced the appointment of Liam O’Connell as head of its Global Insurance practice in London. He joins from Norton Rose Fulbright where he was most recently a partner and Head of the EMEA insurance claims team. O’Connell has previously acted for many global and London market ... Read the full article
Chubb adds policy translation feature to Worldview platform
2nd April 2019
Chubb has announced the addition of new features and improved functionality to its proprietary digital Worldview platform in order to better serve its multinational clients and brokers. The most notable of these enhancements is a new policy translation solution that is powered by machine automated technology and exclusive to Chubb and ... Read the full article
Boeing crash could be biggest non-war aviation reinsurance loss: Willis Re
1st April 2019
The recent Ethiopian Airlines crash and subsequent grounding of Boeing’s global fleet of 737 Max aircraft could potentially be the largest ever non-war claim incurred by the aviation reinsurance market, according to Willis Re. The broker said that losses from the incident could erode three to four years’ worth of reinsurers’ ... Read the full article
Advent appoints Jack Smith as Head of Operations
1st April 2019
Advent Insurance Management, the InsurTech-led Lloyd’s & London market service provider, has appointed Jack Smith as Head of Operations, a newly created role. Smith, whose appointed is effective immediately, brings over 35 years’ experience to Advent. He will be based in the company’s Chelmsford offices. Prior to Advent he worked for Tasker ... Read the full article
Ed bolsters Credit, Political Risks & Surety Solutions team in Asia Pacific
1st April 2019
Reinsurance broker Ed has appointed Abhishek Chhajer as Head of Credit, Political Risks and Surety Solutions, Asia Pacific. Chhajer’s appointment is effective April 1 and will see him based in Singapore. He reports to Stephen Britten, the company’s Chief Executive Officer of Asia Pacific. He brings more than 16 years industry experience ... Read the full article
Edward Wilson joins Global Atlantic as Chief Risk Officer
1st April 2019
Life and annuity re/insurance firm Global Atlantic Financial Group has announced the appointment of Edward Wilson as Chief Risk Officer, effective April 1. Wilson joins Global Atlantic after a 26-year career at Goldman Sachs, where he previously held the position of Global Head of Risk in the Prime Services business. In his ... Read the full article
Newline’s post-Brexit EU hub approved by German regulator
1st April 2019
Specialty insurer Newline Group has announced the establishment of Newline Europe Versicherung AG (Newline Europe), a subsidiary of Newline Insurance Company Limited that is set to operate from Cologne, Germany. Newline Europe will serve as the company's new European Union (EU) hub. Manuel Wirtz, previously Newline's general representative for Germany, has been appointed ... Read the full article
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