Reinsurance News
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
Swiss Re to see 10% rate increases at April renewals: Deutsche Bank
1st April 2019
Analysts at Deutsche Bank are anticipating that Swiss Re will have experienced price increases of around 10% at the April renewals, due to the reinsurer’s high exposure to Japanese catastrophe events in 2018. The firm believes that Swiss Re was the most affected among European reinsurers by losses from Asia/Japan, which should ... Read the full article
Nexus Group’s Xenia broking arm acquires Credit & Business Finance
1st April 2019
Nexus Group's recently launched London-based independent broking arm, Xenia Broking Group, has completed the takeover of Credit & Business Finance Ltd (CBF), its first acquisition. Xenia's first acquisition marks number 14 for Nexus Group. CBF, a specialist trade credit broker with more than 20 staff, is the second trade credit ... Read the full article
Monument Re acquires €140mn annuities portfolio from Rothesay Life
1st April 2019
Bermudian reinsurer Monument Re has entered into an agreement to acquire a €140 million portfolio of Irish annuities from Rothesay Life Plc. Rothesay Life explained that it was looking to offload the portfolio ahead of Brexit to ensure it meets all legal requirements, whatever the outcome of the ongoing negotiations. The acquisition ... Read the full article
ArgoGlobal names Head of Operations for Europe, Middle East & Asia
1st April 2019
ArgoGlobal, the Lloyd’s insurer and member of Argo Group, has announced the appointment of Helen Donegan as Head of Operations – Europe, Middle East and Asia. Donegan joins ArgoGlobal from MS Amlin, where she has served as Group Head of Underwriting Management since the merger of Amlin and MSIG in 2017. Prior ... Read the full article
Lloyd’s CEO Neal becomes interim sponsor of London Market TOM
1st April 2019
John Neal, the Chief Executive Officer of Lloyd’s, is to take over as the interim sponsor of the London Market's Target Operating Model (LM TOM), following the departure of Shirine Khoury-Haq in November 2018. Khoury-Haq had been the driving force behind Lloyd’s recent digital integration efforts, which included the introduction ... Read the full article
WTW announces $1.2bn acquisition of TRANZACT
1st April 2019
Global re/insurance brokerage Willis Towers Watson (WTW) has announced its acquisition of TRANZACT, a direct-to-consumer healthcare organisation, for $1.2 billion. WTW hopes the deal will accelerate its direct-to-consumer strategy and ability to target the 50 million strong Medicare market. TRANZACT will operate as an integral part of WTW’s Benefits Delivery and Administration ... Read the full article
SCOR consolidates Global Life, P&C units into SCOR SE
1st April 2019
French reinsurance firm SCOR has announced that it has completed the merger of SCOR Global Life SE and SCOR Global P&C SE into SCOR SE as part of its plan to optimise its operational and legal structure and its level of regulatory capital. The units were merged on March 31, 2019 ... Read the full article
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