Reinsurance News
Lockton posts $1.72bn revenue for fiscal year
23rd May 2019
Re/insurance broker Lockton has posted $1.72 billion in revenue for the 2019 fiscal year, a 10.3% increase from 2018. The successful expansion earlier this year of its global reinsurance business, Lockton Global Re, was described by its Chief Executive Officer Timothy Gardner as a critical pillar of Lockton's long-term growth ... Read the full article
Sean Kelly joins Ariel Re from Tokio Millennium Re
23rd May 2019
Ariel Re has named Sean Kelly as Senior Vice President (SVP), Specialty Underwriter, Credit and Financial products, effective June 10th, 2019. In his new role, Kelly will report to Ariel Re's Head of Professional Lines and Casualty Treaty Underwriting - Bermuda, Stephen O'Flynn. Kelly brings over 20 years of industry experience to ... Read the full article
Marks & Spencer completes £1.4bn pension buy-in with PIC, Phoenix Life
23rd May 2019
Marks & Spencer has secured two further pensioner buy-ins with Pension Insurance Corporation (PIC) and Phoenix Life totalling roughly £1.4 billion. The latest buy-in sees Marks & Spencer further de-risk its £10 billion defined benefits pension scheme. This £1.4 billion pension buy-in round, combined with two policies purchased in 2018, means ... Read the full article
ProAssurance appoints Edward Rand CEO
23rd May 2019
Specialty insurer ProAssurance has announced that its President and Chief Operating Officer (COO), Edward Rand, is to succeed W. Stancil Starnes as Chief Executive Officer (CEO), effective July 1st, 2019. On this data, Starnes will have served as CEO of the firm for twelve years, and will transition into the role ... Read the full article
Generali elects Frédéric de Courtois VP of Insurance Europe
23rd May 2019
Italian insurance giant Generali Group has elected its General Manager Frédéric de Courtois as Vice President of Insurance Europe, the European insurance and reinsurance federation. Courtois, who has been elected to serve for a three-year term, began his career in the insurance sector in 1993, holding several management positions in various ... Read the full article
SCOR grows ILS business with Coriolis Capital acquisition
23rd May 2019
SCOR Investment Partners, the SCOR group’s portfolio management company, has agreed to acquire 100% of the capital of Coriolis Capital Limited, an asset manager specialising in insurance-linked securities (ILS). Whilst SCOR has been active in the alternative capital space for 19 years, having issued its first catastrophe bond in 2000, the ... Read the full article
Liberty Mutual Re launches reinsurance unit in Mexico
23rd May 2019
Liberty Mutual Reinsurance, the reinsurance unit of Liberty Specialty Markets, has launched a new reinsurance operation in Mexico under Lloyd's registration, to serve clients in both Mexico and Central America. The new unit will be led by General Manager Rosa Flores, who joins Liberty Mutual Reinsurance from her role as Chief ... Read the full article
Closed book deals to drive consolidation in European sector: Moody’s
23rd May 2019
Moody’s Investors Service expects to see further consolidation in the European re/insurance sector, driven in particular by an uptick in closed book deals as low interest rates continue to pressure margins. Analysts noted that low interest rates have pressured margins on UK annuities and German traditional savings products with guaranteed rates. Therefore, ... Read the full article
AXA XL names Northeast & Central region leaders for North American Property
22nd May 2019
AXA XL has appointed Raymond Chiusano to lead its North America Property insurance team's Northeast region, and promoted Brian Gauder to lead its North Central region. Chiusano, who will be based out of New York, is assuming the role currently held by Joseph Moylan, who has announced his planned 2020 retirement. Prior ... Read the full article
Insurwave and Zhuhai Port Holdings sign MoU on marine insurance
22nd May 2019
An agreement has been signed between Insurwave Limited and Zhuhai Port Holdings Group Co., Ltd. that sees the pair collaborate on shipping logistics and marine insurance to promote "frictionless trade" across the Greater Bay area and beyond. The signing of the agreement between Insurwave Limited, EY and Guardtime's marine insurance blockchain joint venture ... Read the full article
Jeremy Johnson named CEO of Protective Insurance
22nd May 2019
Protective Insurance Corporation has revealed that its Board of Directors has appointed Jeremy D. Johnson as Chief Executive Officer (CEO), effective May 22nd, 2019. The appointment sees Johnson become a member of the firm's Board of Directors. He most recently served as President of US Commercial at AIG, and has also served ... Read the full article
Additional reinsurance costs hit Japanese non-life players in 2018: A.M. Best
22nd May 2019
Extra reinsurance costs were one of the main drivers of a slight deterioration in the underwriting results of Japanese non-life insurers in 2018 as companies responded to significant losses from catastrophe events, according to international financial services rating agency, A.M. Best. Japan was hit by a series of significant catastrophe events ... Read the full article
Lockton promotes Sean Lyons to President of Florida operations
22nd May 2019
Insurance and reinsurance broker Lockton has promoted Sean Lyons to President of its Florida operations, based out of the firm's Miramar office. In his new role, Lyons will be responsible for overseeing the development and expansion in Florida to best serve customers on a national and global basis. He initially joined Lockton ... Read the full article
AnaCap takes majority stake in Danish health insurer SundhedsGruppen
22nd May 2019
AnaCap Financial Partners, a specialist private equity firm focused on investing in the European financial services sector, has announced that is acquiring a majority stake in Danish life insurer SundhedsGruppen. SundhedsGruppen currently provides insurance cover for around 250,000 individuals in Denmark, having grown from a founder-backed start-up in 2012. The company has ... Read the full article
Madison Dearborn & HPS to increase shareholding in Ardonagh
22nd May 2019
Madison Dearborn Partners and HPS Investment Partners have agreed to increase their stake in UK broker The Ardonagh Group, acquiring a total of £92 million of shares. The shares, which were acquired from existing institutional and other minority shareholders, were bought for a price of £1.175 per share, which implies a ... Read the full article
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