Reinsurance News
Potential for mid-year reinsurance rate increases to be stronger than expected: JMP
25th April 2019
Analysts at JMP Securities LLC believe that reinsurance rate increases at the upcoming mid-year renewals could be stronger than initially expected. Combined, a number of trends suggest that this time around, "pricing may have some teeth", say analysts in a recent industry note focused on the mid-year reinsurance renewals. Highlighting reports that ... Read the full article
Global life reinsurers poised for growth as U.S market slows: A.M. Best
25th April 2019
Growth in the U.S life reinsurance market has been challenged due to limited growth by direct writers, but opportunities have taken shape in emerging markets, particularly in the Asia-Pacific region, according to A.M. Best. Five carriers account for the vast majority of assumed business and continue to dominate the U.S life ... Read the full article
Michael Ferber appointed CEO of insurtech Dovetail Insurance
25th April 2019
Dovetail Insurance, an insurtech company that serves independent agents providing small commercial insurance, has announced the appointment of Michael Ferber as Chief Executive Officer (CEO), effective immediately. He succeeds outgoing CEO Gregory Martin, who will retire from Dovetail at the end of May. Ferber joins Dovetail from ICAT, a digital-based underwriter of ... Read the full article
AXIS results hit by Japanese typhoon loss creep & higher expenses
25th April 2019
Bermudian insurance and reinsurance group AXIS Capital has reported first-quarter 2019 results that were dented by $30 million of loss creep related to Japanese typhoons Jebi and Trami, as well as higher than expected expenses. AXIS Capital has reported net income of $98 million, or $1.16 per diluted common share, for ... Read the full article
Voce Capital labels Argo expenses response as “selective” and “hair-splitting”
24th April 2019
Voce Capital Management has addressed Argo Group's response to accusations it misused corporate assets, labelling provided explanations "selective" and "hair-splitting". The war of words between Argo and Voce Capital, which has a 5.6% share in Argo, started in February 2019, when Voce accused Argo's Chief Executive Officer (CEO), Mark E. Watson ... Read the full article
MarketScout adds insurtech Wingman to MGA accelerator program
24th April 2019
MarketScout, an electronic insurance exchange and specialty MGA headquartered in Dallas, Texas, has invested in the Wingman insurtech platform and added the start-up to its MGA accelerator program. Wingman provides retail agents with access to cyber insurance coverage in a 60-second quote to bind electronic format, aiming to deliver policies within ... Read the full article
Fitch places Sirius on Rating Watch Negative as CMIG debt and liquidity issues deepen
24th April 2019
Fitch Ratings has placed Sirius International Group Ltd.'s ratings on Rating Watch Negative, driven by a deepening debt and liquidity crisis at China Minsheng Investment Group Corp. (CMIG), which ultimately owns roughly 80% of Sirius' common shares on a fully diluted economic basis. The ratings include Sirius' 'BBB' Long-Term Issuer Default Rating, ... Read the full article
New Energy Risk backs $260mn plastics-to-fuel plant with policy by AXA XL
24th April 2019
New Energy Risk, an insurer for renewable technology projects, has provided RES Polyflow, a plastics-to-fuel technology company, with a performance insurance program designed by AXA XL. The policy will mitigate technology risk for financiers interested in investing in RES Polyflow’s Ashley, Indiana plant, which will be the first commercial-scale plastics-to-fuel project ... Read the full article
Swiss Re Corp. Solutions hires new CEO LatAm from Allianz
24th April 2019
Swiss Re Corporate Solutions has announced the appointment of Angelo Colombo as Chief Executive Officer (CEO) of Latin America Swiss Re Corporate Solutions, effective 7 October 2019. As CEO, Colombo will be responsible for managing the company’s commercial insurance business in Latin America. He has more than 20 years of experience, and ... Read the full article
Avery Dennison transfers $750mn in pension obligations to AIG
24th April 2019
American International Group, Inc. has announced that Avery Dennison Corporation has agreed to transfer $750 million of pension obligations to American General Life Insurance Company, part of AIG’s Life & Retirement business. The agreement covers approximately 8,500 retirees, beneficiaries, and deferred and active members. Avery Dennison is a global materials science company ... Read the full article
BAML’s Robert Giammarco named Chairman, CEO of Amynta
24th April 2019
The Board of Directors of the Amynta Group has elected Robert Giammarco as Chairman and Chief Executive Officer (CEO). Joining from the Bank of America Merrill Lynch (BAML), Giammarco brings extensive insurance sector expertise to the role. Giammarco succeeds Stuart Hollander, who is set to become an advisor to the Amynta Board of ... Read the full article
Aviva Director and CEO of UK Insurance, Andy Briggs to step down
24th April 2019
As part of changes to its senior management, insurer Aviva plc has announced that Andy Briggs is to step down from his role as Chief Executive Officer (CEO) UK Insurance and as a Director of Aviva plc, effective immediately. In order to support an orderly transition, Briggs will remain with the ... Read the full article
Early, but meaningful signs the market is responding to cat activity: Robert Berkley
24th April 2019
W. R. Berkley Corporation achieved a 6.4% rate increase, excluding workers' compensation, in the first-quarter of 2019, with much of the property market experiencing some of the most meaningful increases. "From our perspective, with the exception of workers' compensation, by and large, every line of business within the commercial line space ... Read the full article
Everest Insurance launches new lawyers professional liability policy
24th April 2019
Everest Insurance, a division of Bermuda-based reinsurer Everest Re, has announced the launch of Everest Elevation’s new Lawyers Professional Liability Policy. The policy is designed to provide law firms with liability coverage for financial loss suffered by third parties arising from acts, errors, and omissions in providing legal services. Everest Elevation was ... Read the full article
Lockton launches Food & Agribusiness Practice in Asia-Pacific, names head
24th April 2019
Re/insurance broker Lockton has launched a new Food & Agribusiness Practice across the Asia-Pacific region, and has hired Stephane Baldanoff to lead it as Regional Director. As head of the Food & Agribusiness team, Baldanoff will leverage Lockton’s experience in these industries and expand the group’s existing capabilities in Asia-Pacific. He will ... Read the full article
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