Reinsurance News
Fannie Mae secures re/insurance for another $11bn of multifamily mortgage risk
28th March 2019
The Federal National Mortgage Association (Fannie Mae) has completed another multi-tranche Credit Insurance Risk Transfer (CIRT) transaction, which provides re/insurance cover for a pool of $11.7 billion of multifamily loans. The new transaction, called MCIRT 2019-01, is the fifth CIRT transaction as part of Fannie Mae’s ongoing effort to increase the ... Read the full article
Monument Re acquires Irish insurer Inora Life from Societe Generale
28th March 2019
Monument Re has announced that it plans to acquire Inora Life DAC, a life insurer domiciled in Ireland, from its owner Societe Generale. Inora Life has ceased all new activity since 2012, but still manages a portfolio of unit-linked insurance products. The transaction, which remains subject to regulatory approval, will have no ... Read the full article
Gilles Moëc to join AXA as Group Chief Economist
28th March 2019
AXA has announced that Gilles Moëc is to join from Bank of America Merrill Lynch as its new Group Chief Economist, effective June 3rd, 2019. Currently the Chief European Economist of Bank of America Merrill Lynch, Moëc's new position will see him report to the Chief Executive Officer (CEO) of AXA Investment ... Read the full article
Africa Re and IFC partner to develop Nigeria’s argicultural insurance sector
28th March 2019
Africa Re has signed an agreement with IFC, a member of the World Bank Group, to assist insurers in Nigeria with the development of innovative agricultural solutions for small holder farmers. Lunched by the Nigerian Commissioner for Insurance, Muhammed Kari on March 26th 2019, the agreement sees Africa Re work with ... Read the full article
Markel International adds Christian Stobbs as Strategy Director for Asia
28th March 2019
Specialist insurer Markel International has appointed Christian Stobbs as Strategy Director For Asia. Stobbs will be based in Singapore and oversee the development of the company’s strategic priorities in the region. He joins from Abbey Tax, a Markel International company based in the UK, where he served as Managing Director. Prior to Abbey ... Read the full article
CCR Re creates first France-domiciled reinsurance sidecar
28th March 2019
CCR Re has announced that it has set up the first reinsurance sidecar vehicle to be domiciled in France, called 157 Re. 157 Re will assume a 25% quota share of CCR Re’s worldwide property cat portfolio to provide the reinsurer with fully collateralised capacity to support its organic growth. CCR Re ... Read the full article
Citizens to protect personal lines surplus with $200m of reinsurance
28th March 2019
Citizens Property Insurance Corporation, Florida’s state-run not-for-profit insurer, is for the first time since 2005 looking to secure around $200 million in traditional reinsurance coverage for its Personal Lines Account (PLA), which is comprised of 301,000 residential policies, most of which are not located along the coast. The company cites mounting ... Read the full article
A.M. Best stays negative on UK non-life insurance
28th March 2019
Global financial services ratings agency, A.M. Best, has maintained its negative outlook on the UK non-life insurance market in light of strong competition, legislative changes, political and economic uncertainty, and increased regulatory scrutiny. A.M. Best expects the profits of UK non-life insurers to remain under pressure in 2019, driven largely by ... Read the full article
Labuan IBFC continues insurance sector growth in 2018
28th March 2019
The Labuan International Business and Financial Centre (Labuan IBFC) posted strong growth in its insurance sector during 2018, with total gross written premiums rising 19.1% to $1.7 billion. This represents a significant jump compared with the Centre’s performance in 2017, when gross written premiums increased by just 2.2%. Labuan IBFC said ... Read the full article
Favourable conditions suggest record-breaking year ahead for longevity risk transfer: Kessler, Prudential
27th March 2019
Pension funds are continuing to take advantage of favourable longevity risk transfer conditions, and it’s expected that 2019 will be another record breaking year for the market, according to Amy Kessler, Head of the Longevity Risk Transfer, Prudential Financial Inc. of the U.S. Pension funds across the UK, U.S. and Canada ... Read the full article
Seeman Holtz acquires Californian broker Kaercher Campbell & Associates
27th March 2019
Seeman Holtz Property & Casualty has continued its expansion into Southern California with the acquisition of Kaercher Campbell & Associates Insurance Brokerage. Headquartered in Culver City, Kaercher Campbell & Associates is an independent agency offering a range of personal and commercial insurance, including auto and life insurance, as well as retirement ... Read the full article
Chubb Bermuda names Richard Porter SVP, Head of Financial Lines
27th March 2019
Currently General Counsel for Chubb Bermuda, Richard Porter has been appointed Senior Vice President (SVP), Head of Financial Lines at the firm, reporting to Judy Gonsalves, Vice President (VP) of Chubb Group and Division President, Chubb Bermuda. He brings more than twenty years of industry experience to the role, and will ... Read the full article
Caitlin Crist appointed Head of Claims, Coverys Syndicate 1975
27th March 2019
Lloyd's of London Managing Agent of Syndicates 1975, 1991, 3330 and 1110, Coverys Managing Agency Limited, has named Caitlin Crist Head of Claims of Coverys Syndicate 1975, a newly created position. Effective June 2019, Crist brings more than ten years of liability claims experience to the firm, and joins from Brit ... Read the full article
California Disaster Insurance bill passes key committee vote
27th March 2019
The California Disaster Insurance bill (SB 290), proposed new legislation that could see the introduction of a state insurance policy to assist with natural catastrophe costs, has passed a key committee vote. The bill has been designed in response to the increasing costs of natural catastrophe events in the region, from a range ... Read the full article
Neon leads London Political Risks Insurance Consortium
27th March 2019
Insurance and reinsurance specialist Neon has been revealed as the lead of the newly established London Political Risks Insurance Consortium, with MS Amlin being announced as a joint agreement party. The new initiative will be led by Nicholas Robinson, who was recently promoted to Head of Specialty at Neon, and is ... Read the full article
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