Reinsurance News
RGA’s net income down at Q3
31st October 2019
Reinsurance Group of America (RGA) has reported a third quarter net income of $262.8 million, down $38.4 million from the prior-year quarter, driven partly by higher than expected traditional segment losses in Australia and modestly unfavourable results in Asia. Overall results were buoyed by RGA’s EMEA traditional segment, which reported a ... Read the full article
Resolution Life adds Morris, Lomax as Non-Exec Directors
31st October 2019
Resolution Life Group, a long-term manager of legacy life insurance portfolios, has announced the appointment of Maria Morris and Rachel Lomax to its board as Non-Executive Directors. Morris most recently served as Executive Vice President of MetLife Inc., where she worked for 33 years. She also has strong Board experience, sitting as ... Read the full article
IAT Insurance Group hires Programs CUO from Munich Re
31st October 2019
Specialty property and casualty (P&C) insurer IAT Insurance Group has announced the appointment of Steve Assennata as Chief Underwriting Officer (CUO) of its Programs unit. He joins IAT from Munich Re, where he most recently served as Head of Insurance Programs. Prior to this Assennata worked as CUO for Casualty Reinsurance Programs ... Read the full article
Lower cat losses help The Hanover maintain earnings growth in Q3
31st October 2019
Massachusetts-based property and casualty insurer The Hanover Insurance Group has reported an 18.4% increase in net income during the third quarter of 2019, helped by lower catastrophe losses. The company posted net income of $118.9 million in Q3 2019, compared with $100.4 million for the same period last year. Catastrophe losses came ... Read the full article
Market is missing the point on climate change: RenRe CEO O’Donnell
31st October 2019
While a growing body of scientific research suggests that increases in the severity and frequency of catastrophe events are man-made, the re/insurance industry remains focused on the impacts of social inflation and is missing the point on the influence of climate change on catastrophe risk, says the Chief Executive Officer ... Read the full article
Marchioni to become Selective CEO, as Murphy moves into Chairman role
31st October 2019
Selective Insurance Group, Inc. has announced that John Marchioni has been elected to take over as Chief Executive Officer (CEO) from February 1, 2020. Marchioni has served as Selective’s President and Chief Operating Officer (COO) since 2013, and was elected to the Board of Directors in May 2019. As CEO, he will ... Read the full article
Nassau selects digital administration platform from SE2
31st October 2019
Nassau Financial Group, L.P. has selected the digital platform from SE2, a third-party administration (TPA) services provider, to convert and manage existing life and annuity policies across multiple legacy systems. The SE2 Aurum platform is designed to enhance customer experience, optimise cost structure, and increase speed-to-market for future products. SE2 currently manages ... Read the full article
Willis Towers Watson announces three new cyber policies
31st October 2019
Global insurance and reinsurance broker, Willis Towers Watson (WTW) has launched a range of new cyber insurance policies for clients in the U.S., Canada, the UK, and Western Europe. WTW states that the three new policies offer innovative, bespoke solutions for large enterprises and mid-market clients, enabling them to fully assess, ... Read the full article
Tokio Marine Kiln launches flagship cyber product in Asia
31st October 2019
Tokio Marine Kiln, part of global insurance group Tokio Marine, has launched its flagship cyber product in Asia. Cyber Ctrl was developed in response to an increasing demand for comprehensive cyber coverage and prevention services, and offers businesses specialist breach preparation and threat monitoring services. Marketed as a policy enhancement to small ... Read the full article
Risk Strategies acquires specialty brokerage Dash & Love
31st October 2019
Risk Strategies, a privately held US insurance broker and risk management firm, has acquired full-service specialty brokerage Dash & Love. Dash & Love is a retail insurance brokerage providing insurance placement and risk management advice to organisations and successful individuals and families across Pennsylvania and the tri-state area. In its commercial lines ... Read the full article
Swiss Re’s net income up but catastrophes hit underwriting result
31st October 2019
Global reinsurance giant Swiss Re has reported group net income of $1.3 billion for the first nine months of the year, supported by growth in reinsurance. However, a $1.7 billion hit from natural catastrophes and man-made disasters resulted in a combined ratio of 101.4% in property and casualty reinsurance (P&C ... Read the full article
Labuan IBFC partners with China Construction Bank
31st October 2019
Labuan International Business and Financial Centre Incorporated (Labuan IBFC Inc) has signed a Memorandum of Understanding (MoU) with a branch of China Construction Bank Corporation. The agreement with China Construction Bank Corporation Labuan Branch (CCBL) aims to promote the benefits of Labuan IBFC to Chinese companies, in addition to supporting the ... Read the full article
CA wildfires continue to spread, putting $535mn of homes at risk
30th October 2019
Nearly 1,000 homes with a combined reconstruction cost value of $535 million are at risk of damage from the three large wildfires currently burning through California, according to catastrophe risk modeller CoreLogic. The Kincade, Tick and Getty Fires have already caused significant destruction in California, with the Kincade Fire in particular ... Read the full article
The Carlyle Group to acquire majority stake in brokerage Hilb
30th October 2019
Global investment giant The Carlyle Group has entered into a definitive agreement to acquire a majority interest of national insurance brokerage, The Hilb Group, LLC, from Boston-based private equity firm, Abry Partners. The transaction is expected to close in the final quarter of 2019 and once completed, Hilb's existing management team ... Read the full article
Enstar acquires legacy asbestos & environmental liabilities
30th October 2019
Bermuda-based re/insurance, run-off and legacy specialist, Enstar Group Limited, has announced that its Enstar Holdings (US) LLC division has acquired BorgWarner Morse TEC, LLC (Morse TEC) from BorgWarner Inc. This the second time that Enstar has purchased a non-insurance company, following its $91.5 million acquisition of Dana Companies, LLC for ... Read the full article
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