Reinsurance News
Enstar to reinsure $500m US asbestos portfolio for Zurich
17th April 2019
A subsidiary of Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has signed an agreement with a subsidiary of global insurer Zurich that will see it reinsure a book of US asbestos and environmental liability insurance portfolios. Roughly $500 million of gross insurance reserves related to 1986 and prior ... Read the full article
BIBA adds Tokio Marine Kiln’s Blundell as Head of general insurance
17th April 2019
The British Insurance Brokers’ Association (BIBA) has announced the appointment of Alastair Blundell as Head of general insurance, a newly-created role. Blundell, formerly Head of Distribution at Tokio Marine Kiln Group, has been appointed to further boost BIBA’s policy team. He will oversee general insurance policy work while representing and progressing issues ... Read the full article
Tremor completes property cat auction placement for Markel
16th April 2019
InsurTech startup Tremor Technologies, Inc. has completed another property catastrophe auction placement, successfully pricing and placing two layers of Markel Corporation's property cat excess of loss reinsurance tower, reports Artemis. Tremor, which operates an open, technology-driven, programmatic market for the placement of reinsurance risk, completed its first auction of a ... Read the full article
World Bank pegs Cyclone Idai economic loss at $2bn
16th April 2019
Cyclone Idai, which last month cut a path of destruction through the southern African countries of Malawi, Zambia and Zimbabwe, has been estimated by the World Bank to have inflicted over $2 billion in economic losses. Vast areas of land were submerged by torrential rainfall released by the Category 2 storm, ... Read the full article
Insurance Europe welcomes revised financial supervision system
16th April 2019
The European Parliament has voted to adopt an agreement reached between the European Union (EU) institutions regarding the review of the European system of financial supervision. The move was welcomed by Insurance Europe, the European insurance and reinsurance federation, who said the decision would uphold the authority of national supervisors. “Insurance Europe ... Read the full article
AkinovA adds co-founder of Securis to Advisory Board
16th April 2019
AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has announced the addition of Rob Procter to its Advisory Board. Procter is a co-founder of Securis Investment Partners, an independent insurance-linked securities (ILS) manager, and has served as CEO and Chief Investment Officer at the company. Prior to Securis, ... Read the full article
Property data startup Insurdata secures $3m in seed funding
16th April 2019
Insurdata, an InsurTech startup specialising in the augmentation of peril-specific exposure and risk data, has secured $3 million in seed funding from a group of investors led by Anthemis and Menlo Ventures. Insurdata was launched in 2017 to address the lack of property-specific data available to the re/insurance market. By providing access ... Read the full article
Reserve releases to augment U.S P&C underwriting profits: KBW
16th April 2019
Analysts at Keefe, Bruyette & Woods (KBW) are anticipating that 2019/2020 underwriting results for the U.S property and casualty (P&C) re/insurance sector will be augmented by higher than expected reserve releases. KBW estimates that the U.S P&C industry’s overall year-end 2018 statutory loss and defence and cost containment reserves were overstated ... Read the full article
Shepherd Compello B.V. opens in the Netherlands to ensure post-Brexit continuity
16th April 2019
Shepherd Compello, a specialist insurance brokerage, has announced the opening of Shepherd Compello B.V., in Assen, the Netherlands, to support the company's growth ambitions across Europe. Shepherd Compello B.V. is the broker's new international company, which received a licence to trade as an Insurance Agency from the Netherlands AFM on January ... Read the full article
Generali turns to blockchain for enhanced employee benefits offering
16th April 2019
Professional services firm Accenture and Generali Employee Benefits (GEB) have announced a blockchain-powered solution aimed at enabling participants in the reinsurance process for captive or pooling services to access the same data and reduce processing errors via smart contracts and automated reconciliation. The solution is expected to streamline GEB’s employee benefit ... Read the full article
HDI Global SE promotes Williams to Head of Underwriting UK, Corporate Risk
16th April 2019
Primary commercial specialist HDI Global SE has promoted Paul Williams to Head of Underwriting UK, Corporate Risk. Williams has been promoted to this Manchester, England-based position from his previous role as Head of UK Corporate, North and Scotland, following the retirement of Kevin Armstrong. He will be responsible for the continuing growth ... Read the full article
Everest Insurance Ireland to open UK branch
16th April 2019
Everest Insurance Ireland, dac (EIID), a part of the Everest Insurance International platform, has announced the opening of a new branch office in the UK. EIID was established in 2017 and is led by Chief Executive Officer (CEO) Linda Ryan, who manages the strategy and operational development of the company. Ryan previously ... Read the full article
Aon advises Bank of America Merrill Lynch UK Pension Plan on £400mn buy-in
16th April 2019
Global insurance and reinsurance broker Aon has been named as the adviser for the Trustees of the Bank of America Merrill Lynch UK Pension Plan's recent £400 million (US$523mn) buy-in transaction with Scottish Widows. The buy-in covers all 915 pensioner members in the bank's largest pension scheme, and is the latest ... Read the full article
Proxy advisors weigh in on CIAM proposals for SCOR & Kessler
16th April 2019
Proxy advisory firms Glass Lewis and ISS have voiced their support for recommendations to oppose the level of compensation of SCOR CEO Denis Kessler at the next annual general meeting (AGM), although they were split on further proposals to separate the functions of Chairman and CEO. Last month, investment management ... Read the full article
Etihad cuts reinsurance deal with SACE to support Italian businesses in UAE
16th April 2019
Etihad Credit Insurance (ECI), the United Arab Emirates (UAE) Federal credit insurance company, and SACE SIMEST, the Italian export credit company (CDP Group), have signed a reinsurance agreement to support Italian businesses operating in the UAE. Under the agreement, ECI will support SACE BT, SACE SIMEST’s company specialised in short term ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
