Reinsurance News
DARAG announces retro quota share reinsurance deal with Protector
16th July 2019
Legacy acquirer DARAG Group Limited has entered into a retrospective quota share reinsurance agreement with Scandinavian insurer Protector Forsikring. As per the deal, DARAG will provide Protector with reinsurance on liabilities arising from the Change of Ownership business underwritten between 1 June 2004 and 31 March 2019. DARAG will also provide cover ... Read the full article
Global reinsurance demand flat to slightly down: Aon
16th July 2019
Total demand for renewals at June / July were flat to down slightly in private market reinsurance demand, according to global re/insurance brokerage Aon. Meanwhile, dynamics of peak Florida reinsurance placements shifted following two years of loss activity and in some cases increased loss development for Hurricane Irma. Aon says this resulted ... Read the full article
Arthur J. Gallagher appoints CEO of Employee Benefits Consulting Division in UK
16th July 2019
Global insurance brokerage Arthur J. Gallagher & Co. has announced the appointment of Nick Burns as Chief Executive Officer (CEO) of its Employee Benefits Consulting Division in the UK. Prior to joining Gallagher, Burns was the CEO of PIFC Group, Bluefin Corporate Consulting and Capita Employee Solutions. More recently he has operated ... Read the full article
Hiscox’s hurricane Michael loss creep flowed to aggregate reinsurance in Q2
15th July 2019
Loss creep from 2018's hurricane Michael was largely passed on to the reinsurance providers or retrocessionaires backing Hiscox's aggregate protection in the second-quarter of the year, the company confirmed to us today. Hiscox revealed in a trading update on Friday that its catastrophe losses had continued to creep in the ... Read the full article
B.P. Marsh to acquire 36% stake in Agri Services
15th July 2019
Venture capital provider B.P. Marsh & Partners Plc has announced an investment into Sydney-based holding company Agri Services. The deal will see Marsh acquire a 36% equity stake in Agri for an initial cash consideration of AU$1.47m (£817,000), and further consideration of up to AU$1.13m (£628,000) may become payable. In turn, Agri ... Read the full article
Joshila Tailor joins Everest Insurance from Charles Taylor
15th July 2019
Everest Insurance, a division of Bermuda-based reinsurer Everest Re Group, Ltd., has hired Joshila Tailor as the Global Head of Fine Art and Specie for Everest Insurance International, which includes Everest Insurance Ireland, dac. and Lloyd's Syndicate 2786. Tailor brings more than two decades of industry experience to the role, all ... Read the full article
$2bn AMP Life sale to Resolution now “highly unlikely”
15th July 2019
Financial services firm AMP says it's “highly unlikely” the previously-announced sale of its life businesses to Resolution Life will go ahead on the current terms, due to challenges in meeting the condition precedent for Reserve Bank of New Zealand (RBNZ) approval. This condition requires RBNZ approval on a change of ... Read the full article
Munich Re names new Head of Life and Health in Korea
15th July 2019
Global reinsurance giant Munich Re has announced the appointment of Kyungsuk Lee from Chubb Life Korea Insurance, as its new Head of Life and Health in Korea. The addition of Lee, who joined the reinsurer on July 15th, 2019 is part of a leadership transition within the company's Korea operation, with ... Read the full article
Munich Re one of the insurers for failed Vega rocket launch, UAE satellite loss
15th July 2019
It's been reported that reinsurer Munich Re is one of the insurers for the failed European Vega rocket on July 10th, 2019. The 15th launch of the European Vega rocket ended in disaster shortly after blast off with commercial space firm Arianespace, which markets the Vega rocket system, confirming mission failure ... Read the full article
Convex partners with Cytora on AI-powered commercial underwriting
15th July 2019
Convex Group Limited, the international specialty re/insurer set up by Stephan Catlin, has partnered with insurtech firm Cytora to develop artificial intelligence (AI) powered solutions for commercial insurance. Using Cytora’s AI-driven platform, Convex hopes to enhance its commercial underwriting process, using data to achieve a more accurate view of risk ... Read the full article
Slow 5G roll-out gives insurers time to adapt to IoT disruption: Moody’s
15th July 2019
The gradual roll out of Europe’s 5G mobile networks will give insurers more time to adapt to the potential disruption which 5G-enabled Internet of Things (IoT) applications could inflict on the sector, according to a Moody's Investors Service report published today. Helena Kingsley-Tomkins, AVP-Analyst at Moody's, explains that 5G-enabled IoT such ... Read the full article
Flood risk continues in Louisiana as Storm Barry crawls inland
15th July 2019
The impact of Storm Barry in Louisiana appears to have been better than initially feared, but authorities have warned that the risk of flooding remains high as Barry continues its slow crawl across the state. Barry made landfall 160 miles west of New Orleans on Saturday as a Category 1 hurricane, ... Read the full article
Ogden rate shifts to -0.25%, industry reacts
15th July 2019
It has been announced by the UK’s Ministry of Justice that the Personal Injury Discount (Ogden) Rate will be set at -0.25, dealing a modest blow to motor insurers who had banked on a rate change to between 0% and 1%. The rate is used to determine how much money insurers ... Read the full article
Carey Olsen Bermuda promotes Gavin Woods to corporate partner
15th July 2019
Law firm Carey Olsen Bermuda has promoted Gavin Woods of its corporate practice to partner. He joined the team at the beginning of the year and has almost a decade of experience in the Bermuda market. Woods has a specialist focus on corporate finance, corporate structuring, and insurance transactional and regulatory ... Read the full article
Fitch says ReAssure ratings not affected by IPO suspension
15th July 2019
Fitch Ratings has said that its ratings for ReAssure have not been affected by Swiss Re’s decision to suspend the initial public offering (IPO) of its shares. Swiss Re chose to shelve the IPO of its UK closed life book consolidator business last week in response to adverse market conditions, ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
