Reinsurance News
Willis Re appoints new Head of London Market Reinsurance Claims
25th March 2019
Willis Re, the global reinsurance arm of broker Willis Towers Watson (WTW), has appointed claims veteran Steve Robson as Head of London Market Reinsurance Claims, effective today. Robson has 36 years of experience in the sector, and brings extensive client-side experience to the role, supporting the closer alignment of the servicing ... Read the full article
Bank of England to implement new climate risk standards
25th March 2019
The Bank of England is preparing to release a new set of rules on how it expects re/insurers and banks to manage the financial risks from climate change, according to Governor Mark Carney. In a statement on Thursday, Carney acknowledged that “insurers and reinsurers are on the front line of managing ... Read the full article
Lloyd’s announces departure of CRO Hilary Weaver
25th March 2019
Hilary Weaver, Chief Risk Officer at Lloyd’s of London, is to leave the organisation at the end of March 2019. Weaver joined Lloyd’s in 2004 as Head of Internal Audit and became CRO in April 2016, joining Lloyd’s Executive Committee. Her responsibilities included risk management, compliance, international regulatory affairs, government affairs and ... Read the full article
Upward pressure on Lloyd’s rates despite loss of momentum: Peel Hunt
25th March 2019
Analysts at Peel Hunt believe there remains upward pressure on re/insurance rates in the Lloyd’s market in 2019 despite an apparent loss of momentum since the first half of 2018. The firm noted that rates were fairly flat at the January renewals, which were dominated by Europe, but expects the upcoming ... Read the full article
RenRe completes acquisition of Tokio Millennium Re
22nd March 2019
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. (RenRe) has completed its previously announced acquisition of Tokio Millennium Re, following the receipt of all necessary regulatory approvals. The $1.5 billion deal, which sees RenRe acquire Japanese holding company Tokio Marine’s reinsurance units, was announced in October of last year. Commenting on the completion of the deal, ... Read the full article
Munich Re looks to SMEs and developing markets for cyber risk diversification
22nd March 2019
Global reinsurance giant Munich Re continues to grow its cyber business in-line with the market, and also remains more focused on providing solutions for small and medium sized enterprises (SMEs), according to the Chief Executive Officer (CEO) of its Reinsurance segment, Torsten Jeworrek. Speaking during an analyst and investor call following ... Read the full article
Australian regulator calls for stricter climate risk management practices
22nd March 2019
The Australian Prudential Regulation Authority (APRA) intends to increase its scrutiny of the way re/insurers manage the financial risks of climate change on their business. The regulator called on re/insurers, as well as banks and superannuation trustees, to move from gaining awareness of the financial risks to taking action to mitigate ... Read the full article
Resolution Life adds John Hele as President, COO
22nd March 2019
Resolution Life has announced the appointment of John Hele as President and Chief Operating Officer. Hele joins from MetLife where he served as Executive Vice President and Chief Financial Officer between 2012 and 2018. He has held senior roles at Arch Capital Group Limited, ING Group NV, Worldinsure Limited, Merrill Lynch and ... Read the full article
Operating conditions favourable for US mortgage insurance sector: A.M. Best
22nd March 2019
According to A.M. Best, the operating environment for US Private Mortgage Insurers (PMIs) is favourable, driven by continued decline in the loss, expense, and combined ratios, assisted by the increased ceding of risk to the reinsurance sector. The international financial services ratings agency's outlook for US PMIs is stable, with the ... Read the full article
Chubb appoints new Division Head of A&H for Singapore
22nd March 2019
Global insurer Chubb has named Serene Neo as Division Head of Accident & Health (A&H) for Singapore, effective March 25th. Reporting to Chubb's Country President for Singapore, Scott Simpson, Neo takes responsibility for leading the company's A&H Division. She joins the firm with more than 15 years industry experience in banking and financial ... Read the full article
Chinese chemical plant explosion rocks northeastern city of Yancheng
22nd March 2019
A chemical plant explosion has rocked China’s northeastern city of Yancheng, demolishing several factory buildings and blowing out windows a number of kilometres away. It has been reported that Tianjiayi Chemical, the plan's owner, has been flagged up multiple times in the past year due to safety regulation failings. Local media reports ... Read the full article
Munich Re expects €120mn Boeing/Ethiopian Airlines loss
22nd March 2019
Munich Re is expecting to incur losses in the range of €100 million to €120 million as a result of the recent Ethiopian Airlines crash and subsequent grounding of Boeing’s 737 Max aircraft. Speaking at a press conference this week, Munich Re’s CEO of Reinsurance, Torsten Jeworrek, said that the firm ... Read the full article
Arch appoints Pasquesi to replace Iordanou as Chairman
22nd March 2019
Bermuda-based re/insurance firm Arch Capital has appointed current Lead Director of its Board John Pasquesi to succeed Constantine Iordanou (also known as Dinos) as Chairman. Pasquesi will step into the Chairman role upon the completion of Iordanou’s term. Iordanou joined Arch in 2002 and went on to serve as Chief Executive Officer ... Read the full article
R&Q’s Accredited forms program underwriting partnership with Pronto
22nd March 2019
Accredited Surety and Casualty Company, Inc., the Florida-based subsidiary of Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings (R&Q), has signed a new program underwriting partnership with Pronto General Insurance Agency LTD. Pronto is a specialty managing general agency (MGA) that provides a variety of coverages to customers in ... Read the full article
Re/insurers in 2018 pursued M&A to focus on core business, says study
22nd March 2019
Re/insurers were driven to complete mergers and acquisitions (M&A) in 2018 in order to shed non-core business operations or acquire complementary entities, according to a new study by investment management firm Conning. Conning’s study tracked and analysed U.S and non-U.S insurer M&A activity across property-casualty, life-annuity and health/managed care insurance sectors. 2018’s ... Read the full article
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