Reinsurance News
Sompo Singapore adds Pui Phusangmook as CEO
14th June 2019
The Singapore business of Sompo Holdings has announced the appointment of Pui Phusangmook as its Chief Executive Officer, effective June 1. Phusangmook, who has been working in Singapore since 2001, brings over 25 years’ experience in the financial services sector. He was previously the Executive Vice President, General Manager, General Insurance and ... Read the full article
Compre completes trio of run-off acquisitions
14th June 2019
Insurance and reinsurance legacy specialist, Compre has signed three transactions involving the share of the Gibbon Pools held by Basler Versicherung AG (Baloise), Helvetia Swiss Insurance Company Ltd. (Helvetia), and an undisclosed European insurance group. Under the transactions, Compre has acquired each company's shares of the Gibbon Pools, which is made ... Read the full article
Swiss Re confirms ReAssure IPO is set for July
14th June 2019
Swiss Re has confirmed that the initial public offering (IPO) of shares in its UK closed life book consolidator business ReAssure is set to go ahead in July 2019. ReAssure verified in a statement today that its ordinary shares will be listed on the main market of the London Stock Exchange ... Read the full article
Aon partners on crypto asset storage insurance solution
14th June 2019
A panel of London insurers arranged by Aon will offer a crime insurance product to clients of SILO, a solution from Swiss financial technology firm METACO. SILO is METACO’s integrated hot-to-cold wallet management solution for financial institutions and is designed to help clients protect digital assets from losses resulting from loss, ... Read the full article
Japan’s ageing population a challenge to banks, insurers: Moody’s
14th June 2019
Moody's Japan K.K. says in a new report that Japan's declining and ageing population is posing challenges to the country's banks and insurers, with in particular the viability of small banks at risk. Japan's government projects that the population will decline by 16% between 2017 and 2045, with the share of ... Read the full article
Reinsurance backstops are key to addressing systemic cyber risk: EastWest Institute
13th June 2019
A new report from the EastWest Institute has argued that the creation of government backstops in the form of private reinsurance pools will be one of the key pillars in enabling the insurance industry to guard against systemic cyber risk and avoid catastrophic losses. The non-profit thinktank suggested that such an ... Read the full article
W&I claims are increasing in frequency and severity, says AIG
13th June 2019
Global insurer AIG has highlighted an increase in both the frequency and severity of Warranty & Indemnity (W&I) claims across the globe, while the driver of claims notifications remains unchanged. For deals between $400 million and $1 billion, AIG notes that claims notification frequency has increased by 26%, but remained steady ... Read the full article
ACORD to launch global data exchange service for re/insurers
13th June 2019
ACORD, the international standard-setting body for the re/insurance industry, has announced the launch of a global data exchange service called ACORD iConductor. The service is designed to operationalise the industry-backed ACORD Standards to transform, orchestrate and validate all bureau and non-bureau messaging data. Using APIs and new digital technology, it should enable ... Read the full article
AmWINS’ Unicorn MGA names Matt Edwards lead underwriter, property specialty
13th June 2019
Unicorn Underwriting, the specialist managing general agent (MGA) of AmWINS Group, Inc. has appointed Matt Edwards as lead underwriter, property specialty, effective June 17th, 2019. In his new role, Edwards will report to Chief Executive Officer (CEO) of Unicorn and CEO of re/insurance broker THB Group, Frank Murphy. As lead underwriter of ... Read the full article
Athene adopts pension risk analytics platform from RiskFirst
13th June 2019
Athene Holding Ltd., one of Bermuda's leading retirement services companies, has become the first insurer to adopt PFaroe, the pension risk analytics and reporting platform from RiskFirst. Using PFaroe’s on-demand liability and transaction price monitoring services, Athene plans to help sponsors evaluate risk and purchase annuities at the optimal time. “We see ... Read the full article
Richard Phelps joins Aon’s Enterprise Client Group in London
13th June 2019
Global insurance and reinsurance broker Aon has named Richard Phelps as an Enterprise Client Group Leader in the UK, based in London. In his new role, Phelps will report to Jim Herbert, Co-Global Head of Aon's Enterprise Client Group. He joins from Barclays Investment Bank, where he held numerous senior client-focused ... Read the full article
Following Gulf tanker attacks premiums are likely to rise: Jonathan Moss, DWF
13th June 2019
Reports that two oil tankers have been hit by explosions in the Gulf of Oman again brings into question the potential impact political instability and rising tensions in the Gulf region could have on insurance premiums. News today of explosions that hit two oil tankers, the Kokuka Courageous and the Front Altair, ... Read the full article
Willis Re’s Andrew Souter joins Pioneer as Head of Capital
13th June 2019
Andrew Souter has been appointed Head of Capital at Pioneer Underwriters, effective 19th August 2019. In his new role he will report to Pioneer's Chief Executive Officer (CEO) Andrew McMellin, and will be responsible for the capital and reinsurance buying functions within the company, while at the same time being tasked ... Read the full article
Chaucer recruits A&H Treaty Underwriter from TransRe
13th June 2019
Chaucer, the international specialty re/insurance group, has announced the appointment of Sarfraz Pivano as an Accident & Health (A&H) Treaty Underwriter in its Reinsurance Division. Pivano joins Chaucer from Transatlantic Reinsurance Company (TransRe), where he served as a senior A&H treaty underwriter, having begun his career there as an underwriting assistant ... Read the full article
Brexit a “sideshow” to wider political crisis: Ascot’s Richard Dearlove
13th June 2019
The impact of Brexit on the London re/insurance market will be minimal, constituting only “a sideshow” to larger global political crises, according to Richard Dearlove, Non-executive Chairman of Ascot Underwriting. “The London insurance industry is a global industry, not a European industry, so the effect of Brexit will probably be very ... Read the full article
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