Reinsurance News
AXA CEO Thomas Buberl elected to IBM board
12th November 2019
The Chief Executive Officer (CEO) of global insurer and reinsurer, AXA, Thomas Buberl has been elected by information technology firm IBM to join its Board of Directors, effective April 28th, 2020. Buberl was appointed CEO of AXA in 2016, and continues to lead the Paris, France-based re/insurer through its digital transformation. ... Read the full article
Survey highlights lack of cyber risk due diligence among private equity firms
12th November 2019
A recent survey conducted by commercial insurance placement and disputes firm, Mactavish, reveals that numerous senior private equity professionals feel that the due diligence carried out by private equity firms on cyber security issues of target companies is lacking. The survey results show that just 23% of those interviewed describe the ... Read the full article
Somerset Re & Prudential execute business flow reinsurance treaty
12th November 2019
Bermuda domiciled reinsurer, Somerset Reinsurance Ltd. has announced the completion of a new business flow reinsurance treaty with Prudential Annuities Life Assurance Corporation, a subsidiary of Prudential Financial. Under the terms of the new reinsurance relationship, Somerset Reinsurance will reinsure a quote share of the new fixed indexed annuities sold by ... Read the full article
Aon’s Johnston & Komposch join Guy Carpenter, Bermuda
12th November 2019
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, has appointed Robert Johnston as Chairman of its Bermuda operations, and Peter Komposch as Head of Casualty and Specialty, Bermuda. The appointments are effective immediately and both Johnston and Komposch join Guy Carpenter from rival brokerage Aon. Johnston brings almost two ... Read the full article
Fathom’s flood maps, datasets included in Coastal Risk’s US reports
12th November 2019
US-based flood and natural hazard risk assessment firm, Coastal Risk Consulting has entered into a new partnership with UK domiciled flood modeller, Fathom. Under the new partnership, Fathom's up-to-date and comprehensive US flood maps and datasets, for both rainfall and river flooding, are incorporated in Coastal Risk Consulting's risk reports for ... Read the full article
Blenheim Syndicate increases capacity, strengthens property team
12th November 2019
Blenheim Syndicate 5886 at Lloyd's of London has announced an increase in capacity to £250 million for 2020, as well as the addition of Simon Anthony to its property team. Asta-backed Blenheim Syndicate 5886 commenced underwriting from Jan 1st, 2017 with underwriting capacity of £150 million. For next year, the syndicate ... Read the full article
Michelle Bree promoted to COO of Pen Underwriting
12th November 2019
Pen Underwriting has promoted Michelle Bree to Chief Operating Officer (COO) and has announced that she will also join the Board of Pen Underwriting Limited, effective December 1st, 2019. Bree joined the firm in 2015 from Accenture as a programme manager, where she had a specialist focus on change-management in the ... Read the full article
Allianz AGCS CEO Fischer Hirs reported to have departed firm
12th November 2019
Chris Fischer Hirs the Chief Executive Officer of Allianz Global Corporate & Specialty (AGCS), Allianz Group’s specialist carrier for corporate insurance business, has reportedly departed suddenly from the firm. The news was first reported in Germany by Herbert Frommes Insurance Monitor, with speculation surrounding the precise reason for the departure. Update: Read the full article
WTW adds JLT’s Danyluk as head of international property, London
12th November 2019
Re/insurance broker Willis Towers Watson has announced the appointment of Andrzej Danyluk as head of international property, London. Danyluk joins from JLT, where he most recently served as Head of the London power broking team. He will be responsible for growing the international property portfolio placed in the London insurance market on ... Read the full article
Alliant to “vigorously defend” against Aon lawsuit
12th November 2019
US specialty insurance broker Alliant Insurance Services says it will vigorously defend against Aon’s recently filed lawsuit for claims arising from the departure of employees at Aon’s construction services group. Aon alleges Alliant's latest poaching raid is part of a pattern of hiring brokers from rivals to grow its business. Alliant notes ... Read the full article
Lockton adds David Spence as account exec
12th November 2019
Re/insurance broker Lockton has appointed David Spence as an account executive at its Aberdeen office. Spence joins with over 16 years’ experience, having spent over a decade at Carmichael & Partners prior to their acquisition by PIB Insurance Brokers in 2016. Following this, he was responsible for the servicing of existing clients ... Read the full article
Assurant adds Paget Alves, Ogi Redzic to board
12th November 2019
US specialty insurance group Assurant has appointed Paget Alves and Ogi Redzic to its board of directors. A retired Chief Sales Officer at Sprint Corporation, Alves led 17,000 employees between the company’s consumer and business sales channels. Earlier in his career Alves also served as president and Chief Executive Officer of PointOne ... Read the full article
Quantum computing a potential cyber risk for re/insurers: Fitch
12th November 2019
The day when quantum computing power can be applied to real world scenarios is fast approaching, posing a number of important questions around the parameters of cyber risk and security of data encryption. Fitch Ratings analysts note how quantum computers - estimated to run 100 million times faster than current technology ... Read the full article
Improvements to Tokio Marine Kiln syndicates on back year releases
11th November 2019
The latest Lloyd's of London syndicate results and forecasts from Tokio Marine Kiln (TMK) reveals improvements to Syndicates 510 and 557 for the 2017 Year of Account. Improvements to both Syndicate 510 and 557 for the 2017 Year of Account was driven by back year releases, says TMK. Starting with the 2017 ... Read the full article
GIC Re falls to net loss in Q2 as agricultural & flood claims rise
11th November 2019
India’s national reinsurance company, General Insurance Corporation of India (GIC Re), has reported a consolidated loss of Rs 707.41 crore (approximately USD 98.9 million) for the second-quarter of this fiscal year, driven by higher agricultural losses and elevated flood claims. For the second-quarter ended September 30th, 2019 GIC Re experienced a ... Read the full article
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