Reinsurance News
CIAM labels SCOR criticism “nonsensical”
27th March 2019
French investment management firm CIAM has defended its call for Denis Kessler to step down as Chairman after SCOR derided the request as an attempt to destabilise the company. CIAM in a statement released today says SCOR’s accusation is nonsensical given the 0.94% stake they hold in the company. “We have ... Read the full article
Munich Re, Allianz & AXIS join Marsh for new cyber service
27th March 2019
Global re/insurance broker Marsh has announced the launch of Cyber Catalyst, a service that brings together a number of the market’s leading insurers to provide analysis and assessment of cybersecurity products. The objective of Cyber Catalyst is to identify and evaluate effective solutions for an organisation to deploy against cyber risk, ... Read the full article
Lloyd’s CEO targets more efficient, successful marketplace
27th March 2019
John Neal, the Chief Executive Officer (CEO) of Lloyd's of London has outlined a number of potential ideas for building a more efficient and successful insurance and reinsurance marketplace. In an ever-changing and rapidly advancing world, underpinned by technological advances and increased interconnectedness, the Lloyd's market is striving for increased efficiency. The ... Read the full article
AXA raises $1.5bn by reducing stake in US life insurance business
27th March 2019
AXA S.A. (AXA) has successfully offloaded 76 million shares of its US life insurance business AXA Equitable Holdings (EQH), decreasing its ownership from 60.1% to 48.3% and raising $1.5 billion in net proceeds. The sale consisted of a secondary public offering of 40 million shares - at a public offering price ... Read the full article
LIIBA elects Nick Cook as Deputy Chairman
27th March 2019
The London and International Insurance Brokers’ Association (LIIBA) has announced that Nick Cook, CEO of BMS Group has been elected as a Deputy Chairman. He takes over with immediate effect from Barnaby Rugge-Price, who stood down in 2018. Cook was elected at LIIBA’s annual general meeting this week, which also saw the ... Read the full article
UK P&I Club’s Rotterdam subsidiary receives licence ahead of Brexit
27th March 2019
The UK P&I Club has received approval from the Netherland's financial regulator for a licence for its Rotterdam domiciled subsidiary, UK P&I Club N.V. (UKNV), ensuring continuity for its clients post-Brexit. Combined with other Thomas Miller managed Clubs for which UKNV is fronting, the new Rotterdam-based unit provides UK P&I Club, ... Read the full article
Gallagher appoints John Farley to lead cyber practice
27th March 2019
Gallagher, the global re/insurance brokerage and risk management services firm, has appointed John Farley as its Managing Director, Cyber Practice Group leader. He joined the firm in March 2019 to lead its Cyber Practice, a role that will see him develop and executive strategy for cyber insurance and related business lines ... Read the full article
Cats drive £1 billion market loss at Lloyd’s for 2018
27th March 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has announced an aggregated market loss of £1 billion for 2018, driven by a volatile investment environment and a costly year for natural catastrophe events. The £1 billion aggregated market loss compares with a loss of £2 billion a year earlier. A ... Read the full article
Lloyd’s outlines plan to address sexual harassment in the market
26th March 2019
Insurance and reinsurance marketplace Lloyd’s of London has outlined a new plan of action to address reports of sexual harassment in the market and create a “safe and inclusive” working environment. The new proposals are intended to increase reporting, impose strong sanctions on inappropriate behaviour, and promote better understanding and awareness ... Read the full article
Hamilton announces executive developments
26th March 2019
Bermuda domiciled insurer and reinsurer, Hamilton Insurance Group, has announced a number of executive developments, including the departure of Dermot O'Donohoe as Chief Executive Officer (CEO) of Hamilton at Lloyd's. O'Donohoe joined the firm in 2015, and oversaw the acquisition of Sportscover Managing Agency and Syndicate 3334, and the subsequent development of ... Read the full article
Norsk Hydro says cyber attack could cost $41mn, names AIG as lead insurer
26th March 2019
Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk ... Read the full article
RenaissanceRe Europe AG emerges following TMR acquisition
26th March 2019
Following the completion of its acquisition of Tokio Millennium Re, RenaissanceRe is rebranding its Zurich and European underwriting operations to be called RenaissanceRe Europe AG. RenaissanceRe Europe AG will be led by former head of underwriting of Tokio Millennium Re AG in Zurich Andrea Manella, we understand, who will take ... Read the full article
AXA-backed insurtech Sayata Labs launches with $6.5mn in funding
26th March 2019
Sayata Labs, a new insurtech start-up focused on cyber risk assessment for insurers and SMBs, has announced today that it has launched with $6.5 million in seed funding. The Tel Aviv-based company is already partnering with re/insurance broker AXA to enhance its cyber risk capabilities, while Israeli venture capital firm Elron ... Read the full article
Volante appoints senior underwriters to lead new Canadian MGA
26th March 2019
Volante Global Limited, a multi-class international managing general agent (MGA) platform, has appointed three senior underwriters to lead its soon-to-be-launched MGA, Volante Canada Limited. Richard Newman, Robert Tsai and Steve Vandriel will head the new operation, which will provide property, casualty and automobile products in all provinces and territories in Canada. The ... Read the full article
AI insurtech omni:us adds Joost Heideman as strategic advisor
26th March 2019
omni:us, an insurance-focused artificial intelligence (AI) solutions business, has appointed Joost Heideman as strategic advisor to help drive its global expansion plans. Heideman has more than 25 years experience in the insurance industry and was until January 2019 Chief Executive Officer of Dutch mutual insurance company Univé. In his new role, Heideman ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
