Reinsurance News
DARAG to acquire its first UK firm, One Re
18th July 2019
Legacy acquirer DARAG Group has announced the acquisition of One Re, a London-based non-life reinsurance company. This deal will mark DARAG’s first UK acquisition and follows last year’s €230 million equity funding secured from Aleph Capital and Crestview Partners in an effort to support global growth. “With this transaction, DARAG cements ... Read the full article
AXA XL & Swiss Re collaborate on auto sector supply chain resilience
18th July 2019
Insurance and reinsurance giants, AXA XL and Swiss Re have collaborated to improve the understanding of supply chain risks and develop greater supply chain resilience within the automotive industry. A recent post by Rachel Alt-Simmons, Head of Strategic Design, Insurance Pricing and Anne Sheehy, Head of Property Pricing, Insurance Pricing at ... Read the full article
Hamilton Insurance Group adds Chief Technology Officer
18th July 2019
Venkat Krishnamoorthy has joined Bermuda-based insurer and reinsurer, Hamilton Insurance Group, Ltd. from Coleman Research, to the newly created position of Chief Technology Officer (CTO). Effective August 5th, 2019, Krishnamoorthy will report to Group Chief Executive Officer (CEO), Pina Albo. In his new role, he will take responsibility for the continued ... Read the full article
Reinsurance pricing thought to have increased 2-3% across lines at July renewals: Barclays
17th July 2019
Analysts at Barclays have reported evidence of reinsurance price hardening across geographies and lines of business at the recent July renewals, with rate increases likely to have averaged around 2-3%. The strongest pricing response is expected in loss-affected areas of the U.S and Asia, as well as in lines that saw ... Read the full article
Darren Zeidel named Aon’s General Counsel
17th July 2019
Global brokerage Aon has announced the appointment of Darren Zeidel to the role of Executive Vice President, General Counsel and Company Secretary. Effective July 22, Zeidel leads the Aon’s global law department and manage legal, compliance, regulatory and public affairs. He succeeds Peter Lieb following his departure from the company in early ... Read the full article
Fairfax appoints Carmilani to organic growth role, names Iglesias as CEO of Allied World
17th July 2019
Fairfax Financial Holdings has announced the appointment of Scott Carmilani to Fairfax Insurance Group in a new role that will see him promote organic growth and collaboration initiatives across the company’s global re/insurance operations. At the same time, Lou Iglesias has been appointed to take over from Carmilani as Chief Executive ... Read the full article
Joshua Walker joins Aon’s Intellectual Property Solutions as Chief Product Officer
17th July 2019
Global insurance and reinsurance brokerage Aon has appointed Joshua Walker Chief Product Officer for the firm's Intellectual Property Solutions division, based in San Francisco. In his new role, Walker will lead the team as it continues to develop and evolve a comprehensive set of consulting, valuation and risk transfer offerings within ... Read the full article
Adverse reserve development to weigh down P&C income in 2020: KBW
17th July 2019
While property and casualty (P&C) insurers can expect to see higher operating income year-on-year in 2019, adverse reserve development is likely to drive profits down in 2020, according to analysts at Keefe, Bruyette & Woods. The firm said that operating income for the remainder of 2019 is likely to be boosted ... Read the full article
Allianz (AGCS) recruits CEO for South America from Zurich
17th July 2019
Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance carrier of Allianz Group, has announced the appointment of Glaucia Smithson as Chief Executive Officer (CEO) of South America. From August 12th, Smithson will succeed outgoing regional leader Angelo Colomo, who is due to leave AGCS in the Autumn. Based in São ... Read the full article
Moody’s turns negative on Argentine re/insurers
17th July 2019
Moody’s Latin America Agente de Calificación de Riesgo S.A has downgraded its outlook from stable to negative for the global local currency (GLC) insurance financial strength (IFS) ratings of 13 re/insurers and 6 financial guarantors in Argentina. The rating action follows Moody’s outlook change from stable to negative on Argentina’s B2 ... Read the full article
Use of transactional risk insurance swelled in 2018: Marsh
17th July 2019
A new report from global re/insurance brokerage Marsh suggests the use of transactional risk insurance underwent a significant increase in 2018. For example, policy limits in excess of $1 billion are now being made available for single transactions as private equity firms and strategic investors increasingly use insurance to reduce the ... Read the full article
Victor promotes John Stephenson to UK Manager role
17th July 2019
Victor Insurance Holdings, the Managing General Underwriter previously known as The Schinnerer Group, has promoted John Stephenson to the position of Country Manager, UK. Having previously served as Commercial Director, Stephenson first joined Victor in 2014 and holds over 20 years’ industry experience. He succeeds Paul Drake who, as previously announced, will ... Read the full article
B3i appoints John Carolin CEO
17th July 2019
The Blockchain Insurance Industry Initiative (B3i) has announced that after serving as interim Chief Executive Officer (CEO) since March, 2019, John Carolin will take on the position on a permanent basis. Carolin joined B3i in March, 2018 as Chief Financial Officer (CFO), and as interim CEO he oversaw the delivery of ... Read the full article
Acrisure offers $300m senior debt to fund acquisitions, growth
17th July 2019
US insurance brokerage Acrisure has announced plans to offer approximately $300 million in senior debt. The company intends to use the net proceeds from the offering to fund acquisitions and to pay related fees and expenses. The $300 million aggregate principal amount of senior notes is due 2026. Over the past two years, ... Read the full article
Singapore is “fast maturing as a viable ILS domicile,” says Monetary Authority exec
17th July 2019
With a first set of deals now under its belt, Singapore is “fast maturing” as a viable domicile for insurance-linked securities (ILS) transactions, according to Gillian Tan, Executive Director at the Monetary Authority of Singapore (MAS). Speaking at the ILS Asia 2019 conference in Singapore last week, which was hosted by ... Read the full article
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