Reinsurance News
Growth trends continue for commercial lines rates in April: IVANS
10th May 2019
Commercial lines rate movements were mixed in April but generally showed a continuation in the trend of increases across most lines, according to data from the latest IVANS Index. IVANS, which is a division of Applied Systems, observed an uptick in premium renewal rates for General Liability, Umbrella, and Workers’ Compensation ... Read the full article
RSG expands specialty footprint with Atlantic Specialty Lines acquisition
10th May 2019
Ryan Specialty Group (RSG) has reached an agreement to purchase the assets and operations of wholesale insurance brokerage, Atlantic Specialty Lines, Inc. (ASL), expanding the firm's specialty footprint in the Mid-Atlantic and Southeast regions. ASL is headquartered in Richmond, Virginia, and has additional offices in Illinois, Florida, Louisiana, New York, Pennsylvania, ... Read the full article
AFL Insurance Brokers names Jonathan Bines as UK CEO
10th May 2019
Independent Lloyd’s broker AFL Insurance Brokers Ltd has announced the appointment of Jonathan Bines as Chief Executive Officer (CEO) of AFL UK, effective June 1. Bines joined AFL in April 2018 as Chief Commercial Officer, having arrived from JLT, where he was a Senior Partner for Specialty Property & Casualty. He ... Read the full article
LockerGoga cyber attack was a wake-up call: Johansmeyer, PCS
9th May 2019
The LockerGoga ransomware attack was a wake-up call for the insurance and reinsurance industry and underlines the complex, emerging, and fast-moving nature of cyber risk, according to Property Claim Services (PCS) Co-Head, Tom Johansmeyer. LockerGoga is the strain of ransomware behind the recent Norsk Hydro cyber attack, as well as multiple attacks on ... Read the full article
Allianz (AGCS) makes senior appointments to alternative risk transfer unit
9th May 2019
Allianz Global Corporate & Specialty SE (AGCS) has announced that Grant Maxwell, current Head of Alternative Risk Transfer (ART) for its Regional Unit London (RUL), is to move into a newly created global role as Head of Underwriting and Portfolio Management. Additionally, Dan Tomlinson, currently a senior ART underwriter in London, ... Read the full article
Downturn in TransRe profits offset Alleghany’s Q1 growth
9th May 2019
Alleghany Corporation posted a 46.4% increase in revenue for the first quarter of 2019, offset by a downturn in the underwriting profit of its reinsurance subsidiary, Transatlantic Reinsurance Company (TransRe). TransRe generated underwriting profits of $40.0 million in Q1 2019, down 59.5% from $98.8 million when compared with the same period ... Read the full article
Liberty Specialty appoints new Claims Manager for Energy, Property and Construction
9th May 2019
Gavin Coley has joined Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, as Claims Manager - Energy, Property and Construction, effective immediately. Coley joins LSM from Neon Underwriting, where he was Technical Head of Claims for two years, contributing to the delivery and implementation of the company's claims ... Read the full article
Lloyd’s modernisation plans entail high execution risk: Moody’s
9th May 2019
The modernisation reforms proposed by insurance and reinsurance market Lloyd’s of London are credit positive, according to analysts at Moody’s, but will be subject to a high degree of execution risk due to the substantial investments and cultural changes required. The plans, which aim to reduce the cost of doing business ... Read the full article
Talanx highlights greater contribution from reinsurance in Q1
9th May 2019
The Talanx Group, reinsurance giant Hannover Re's parent company, has reported that its reinsurance segment provided a greater contribution to its consolidated net income in the first-quarter of 2019, assisted by a reduction in major losses. Talanx has announced an operating result of €616 million and a consolidated result of €235 ... Read the full article
InsurTech investments break records in Q1 2019: Willis Towers Watson
9th May 2019
For the third consecutive quarter, InsurTech funding surpassed the $1 billion mark in the opening three months of 2019, with 85 deals recorded with a total value of $1.42 billion, according to the latest quarterly InsurTech Briefing from insurance and reinsurance broker, Willis Towers Watson (WTW). When compared with the fourth-quarter ... Read the full article
MetLife hires Patrik Ringstroem as Chief Strategy Officer
9th May 2019
MetLife has announced that Patrik Ringstroem will join the company in July as Chief Strategy Officer, reporting to President and CEO Michel Khalaf. In this role, Ringstroem will be tasked with leading the team responsible for MetLife’s global strategy to help drive top and bottom line financial performance. He succeeds Rebecca Tadikonda, ... Read the full article
Zurich notes improved P&C pricing trends in the first-quarter
9th May 2019
Global insurer Zurich has report growth across all regions within its property and casualty (P&C) business in the first-quarter of 2019, while the firm remains on track to meet or exceed its full-year targets. The P&C segment recorded like-for-like premium growth of 4% in Q1 2019 to $9.2 billion. However, in ... Read the full article
Markel’s Nick James joins Arcus 1856 as head of North America property treaty
9th May 2019
Arcus Syndicate 1856 at Lloyd’s has appointed Nick James from Markel International as underwriting manager for North America property treaty. Arcus Syndicate 1856 is backed by third-party funds under the management of the Credit Suisse insurance and reinsurance linked investment team. He joins from Markel International, where he was Managing Director, property ... Read the full article
Beazley posts robust premium growth for Q1 2019
9th May 2019
Specialist insurer Beazley experienced higher than normal levels of claims within its marine, property, and reinsurance businesses during the first-quarter of 2019, while premium growth continued. Despite the pressures of increased levels of claims, the insurer did report 16% growth in gross written premiums (GWP) for the first-quarter of the year, ... Read the full article
Canopius’ Linus Phoon joins Munich Re as CEO for Singapore & Southeast Asia
9th May 2019
Munich Re has announced the appointment of Linus Phoon from Canopius as Chief Executive Officer (CEO) for Singapore & Southeast Asia, effective May 2nd, 2019. Phoon joins the reinsurance giant from Canopius, where he held the position as CEO Reinsurance Asia, since 2008. In his new role he will be based in ... Read the full article
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