Reinsurance News
Oceanview life reinsurance start-up receives stable A- rating
14th November 2019
Oceanview Re, a recently established life reinsurer based in Bermuda, and its affiliate, Oceanview Life and Annuity Company, have received an A- (Excellent) Financial Strength Rating and an ‘a-‘ Long-Term Issuer Credit Rating from AM Best. The rating agency assigned a stable outlook to these ratings, noting the strong balance sheet ... Read the full article
P&C pricing momentum unlikely to result in hard market, says Fitch
14th November 2019
While favourable pricing trends in the US property and casualty (P&C) market have been gaining some momentum this year, analysts at Fitch Ratings do not believe these increases are likely to cause a return to hard market conditions. Competitive forces and less favourable claims trends in some key segments make it ... Read the full article
PwC panellists discuss Bermuda’s $500bn life reinsurance sector
14th November 2019
A panel of industry leaders has highlighted the impressive growth of Bermuda's life reinsurance sector over the last five years, noting how with assets of $500 billion it has become the largest insurance sector on the island. Marc-André Giguère, President and Chief Executive Officer at Munich Re, US (Life and Health), ... Read the full article
Allianz AGCS announces CEO succession amid leadership changes
14th November 2019
Allianz Global Corporate & Specialty (AGCS), Allianz's specialist carrier for corporate insurance business, has announced that Joachim Müller will replace Chris Fischer Hirs as Chief Executive Officer (CEO), effective December 1st, 2019. It was revealed in the media recently that AGCS CEO Fischer Hirs had departed the firm, and the ... Read the full article
Flood forecasting insurtech Previsico launches in UK
14th November 2019
Previsico, a SpinOut insurtech company from Loughborough University that specialises in flood modelling, has announced its nationwide launch in the UK. The firm aims to support re/insurers, brokers, and their customers with live actionable flood warnings, including uniquely for surface water flooding. Previsico believes that the growing threat of surface water flooding ... Read the full article
Risk Strategies acquires Ohio brokerage Zito Insurance Agency
14th November 2019
Risk Strategies, a privately held US insurance broker and risk management firm, has acquired Zito Insurance Agency, a full-service insurance brokerage headquartered in Mentor, Ohio. Established in 1963, Zito employs 36 people and provides property and casualty (P&C) and life and health insurance services to both individuals and business across a ... Read the full article
Zurich outlines new financial targets for 2022
14th November 2019
Zurich Insurance Group has outlined a new set of financial targets for the 2020 to 2022 period, including business operating profit after tax return on equity in excess of 14%. The company announced the new growth plans just one week on from its Q3 results release, which put it on ... Read the full article
Chubb appoints Jason Keen to lead global markets division
14th November 2019
Global re/insurer Chubb has announced the appointment of Jason Keen as president of its global markets division, effective early 2020. Keen will oversee and lead the strategy and performance of the division, which comprises Chubb’s London market wholesale and specialty business including the firm's Lloyd’s platform. He has served with the firm ... Read the full article
Munich Re Syndicate to leverage ClimaCell’s exclusive weather data
14th November 2019
Reinsurance giant Munich Re's specialist Lloyd's of London Syndicate, Munich Re Syndicate, has entered into a new partnership with weather technology firm, ClimaCell. The partnership follows a successful trial through the Lloyd's Lab and sees Munich Re Syndicate leverage ClimaCell's exclusive weather data to provide clients with actionable insights regarding the ... Read the full article
Aon study identifies “many desirable areas” for re/insurance growth
14th November 2019
Aon’s latest Insurance Risk Study has identified “many desirable areas for profitable growth” in the global property casualty re/insurance market, based on favourable combined ratios and variation in results across different countries. The study, now in its 14th year, focuses on many issues related to risk, encompassing the growth dynamics, emerging ... Read the full article
Hub International acquires Canada’s Carey Corp
14th November 2019
Global insurance brokerage Hub International has announced the acquisition of the assets of Canada-based, independent employee benefits consulting firm, W.R. Carey Corporation (Carey Corp). Following the transaction, of which the terms have not been disclosed, actuary Bill Carey alongside all of the employees of Carey Corp will join Hub International Manitoba ... Read the full article
Northern England flooding could drive up to £120m in claims: PwC
13th November 2019
Extreme weather in northern England which over recent weeks has caused widespread damage and flooding could see claims payouts of between £80 million and £120 million, according to PwC. Over 500 properties have been flooded and 1,200 households evacuated as certain parts of the region was hit with a month’s worth ... Read the full article
Willis Towers Watson sees “biggest upward price shift in years”
13th November 2019
Global insurance and reinsurance brokerage, Willis Towers Watson (WTW) expects 19 lines of business to see price increases in 2020 in what the firm describes as the "biggest upward price shift in years." The broker has released its 2020 Insurance Marketplace Realities report, which concludes that North American commercial insurance buyers ... Read the full article
Swiss Re Corporate Solutions names Head of Customer Experience
13th November 2019
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re Group, has appointed Loredana Mazzoleni Neglén to the role of Head Customer Experience & Global Sales Steering, effective 1 February 2020. In this newly created role, Mazzoleni Neglén will be responsible for helping SRCS to better address customer ... Read the full article
Everest Insurance adds four to financial lines team
13th November 2019
Everest Insurance, a division of global reinsurer Everest Re Group, has added four new members to its financial lines team. Tim Golden joins as an underwriting manager on the Cyber team and will be based out of the firm’s New York office. He will be reporting to Ayesha West, vice president of ... Read the full article
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