Reinsurance News
Hub International acquires Berk Bilgen Insurance
4th July 2019
Chicago-based global insurance broker Hub International has announced the acquisition of Berk Bilgen Insurance (BBI). BBI is an independent insurance brokerage based in Edmonton, Alberta, Canada, offering personal and commercial insurance solutions, including home, auto, life and travel. Within 10 years, BBI has grown considerably under the leadership of Berk and Heather ... Read the full article
ARAG launches operations in Australia
4th July 2019
German insurer the ARAG Group has launched an Australian subsidiary that will begin operations as an underwriting agency in Sydney in respect of legal expense insurance products, underwritten by HDI Global Specialty SE – Australia. ARAG Services Australia has been appointed by the insurer HDI Global Specialty SE – Australia to ... Read the full article
Climate change risks hit $1 trillion for some of the world’s largest firms: Report
3rd July 2019
A group of the world's largest companies across various industries have reported almost $1 trillion at risk from climate change, with a potential $250 billion in losses as a result of write-offs of assets, according to a report by CPD, an international non-profit focused on driving environmental change. In the global ... Read the full article
SOBC DARAG acquires Vermont-based risk retention group
3rd July 2019
SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced the acquisition of Innovative Physicians Solutions RRG (IPS). IPS, a Vermont-based risk retention group (RRG), was acquired in full effective from July 1, 2019. SOBC DARAG said that it had received approval for the transaction ... Read the full article
Lloyd’s set to tighten third party oversight rules in 2020
3rd July 2019
Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to make significant changes to its framework for third party oversight, which will come into effect from Q1 2020. The changes will be aligned with the new Future at Lloyd’s strategy, and will aim to modernise current arrangements, reduce ... Read the full article
Genworth delays China Oceanwide merger to explore sale of Canada business
3rd July 2019
Mortgage insurer Genworth Financial has announced a five-month extension to its planned merger agreement with China Oceanwide Holdings Group Co., Ltd., which will give it time to explore the sale of its Canadian business, Genworth MI Canada Inc. Oceanwide, which had been set to acquire Genworth by June 30, 2019, gave ... Read the full article
Allianz in talks to buy P&C, auto units from Brazilian insurer Sul América
3rd July 2019
Allianz is currently in bilateral talks with Brazilian insurer Sul América S.A. regarding the potential acquisition of its property & casualty (P&C) and auto units. Sul América revealed in a recent securities filing that it had received a nonbinding offer from Allianz and was in the process of discussing a possible ... Read the full article
BLM partners with London School of Economics on AI-driven insurance tool
3rd July 2019
BLM, an insurance risk and commercial law firm, has launched BLM Innovations, a suite of seven online analytics, case management and communications tools. Foresight is a pioneering new AI system developed in conjunction with the London School of Economics (LSE), and considers the strength of evidence on either side of a ... Read the full article
Continued, accelerated cyber risk growth expected in the captive market: Aon
3rd July 2019
It's estimated that more than a third of all captives will be underwriting cyber risk in five years' time, underpinned by accelerated premium growth for cyber risks in the global captives market, according to insurance and reinsurance broker, Aon. A recent survey and accompanying report from Aon, discusses current trends in ... Read the full article
Alliant joins Brokerslink network
3rd July 2019
Alliant Insurance Services, the U.S specialty insurance brokerage firm, has announced that it has become a partner of Brokerslink, the independent broker network. The move follows Alliant’s acquisition of New York-based Crystal & Company in April, a firm with more than 450 staff and 11 offices in the U.S. Alliant, which will ... Read the full article
ARPC found to be effective at managing terrorism scheme
3rd July 2019
Australian Reinsurance Pool Corporation has been found by the national auditor for the Australian Government, the Australian National Audit Office (ANAO), to be effective in managing its terrorism reinsurance scheme. The report found that the ARPC has effective processes for reviewing and collecting premiums, as well as assessing whether the scheme’s ... Read the full article
Global Atlantic hires Deutsche Bank exec as CTO
3rd July 2019
Life and annuity re/insurance firm Global Atlantic Financial Group has announced the appointment of Padma Elmgart as Chief Technology Officer (CTO) and Managing Director, effective June 17. Elmgart most recently served as a senior Chief Information Officer at Deutsche Bank Americas, where she led teams in designing and implementing tech to ... Read the full article
James Stack handed Allianz (AGCS) Pacific CEO role
3rd July 2019
James Stack has been appointed Chief Executive Officer of Allianz Global Corporate & Specialty (AGCS) Pacific, an embedded team within Allianz Australia. Stack is a highly experienced insurance manager and replaces Willem Van Wyk, who is due to leave the group to pursue other opportunities. He brings over 20 years' insurance expertise ... Read the full article
Amanda Blanc to depart Zurich after 9 months as CEO EMEA
3rd July 2019
Zurich Insurance Group has announced that Amanda Blanc, its Chief Executive Officer (CEO) for the Europe, Middle East & Africa (EMEA) region, has resigned. Blanc joined the company just nine months ago in October 2018, having previously served as CEO for AXA UK & Ireland. While at Zurich, she also a ... Read the full article
Markel launches Cyber 360 policy
3rd July 2019
Specialist insurer Markel International has launched its Cyber 360 policy, providing insureds with all round protection against cyber risks. Coverage will be provided on a stand-alone and add-on basis for businesses in the UK, Europe, Canada, Asia and elsewhere. With limits of up to $20m per risk, the new policy is offered ... Read the full article
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