Reinsurance News
The Institutes & LIMRA add 15 new members to blockchain consortium
20th May 2019
The Institutes RiskStream Collaborative and LIMRA have announced that a total of 15 new re/insurance companies have become members of their enterprise-level blockchain consortium. This includes eight new members in the life and annuity sector and an additional seven in the property and casualty sector, bringing the total number of member ... Read the full article
AXA XL promotes Marc Bertha to lead U.S East Region Multinational Casualty team
20th May 2019
AXA XL has promoted Marc Bertha as team lead for the U.S Eastern Region Multinational Casualty group, based in New York. He will be tasked with leading the region’s underwriting team as they partner with new and existing clients in the management of complex international risks. Bertha joined AXA XL in 2013 ... Read the full article
Cyber insurance market growth slows in 2018, says Fitch
20th May 2019
Growth in the cyber insurance market slowed dramatically in 2018 when compared with the previous year. However, analysts at Fitch Ratings expect a desire for improved risk management and pricing will benefit the sector over the long-term. In total, the U.S. property and casualty (P&C) industry's total direct written cyber premiums ... Read the full article
Munich Re’s HSB Engineering appoints Paula Homan to Director role
20th May 2019
HSB Engineering Insurance (HSB), the specialist industrial engineering and construction insurance arm of reinsurer Munich Re, has announced the appointment of Paula Homan as Director of Engineering Services, effective immediately. Homan will be tasked with leading the activities of HSB’s engineering inspection services division in the UK and Ireland in line ... Read the full article
CNA Hardy bolsters cyber offering with new pre-breach partnership
20th May 2019
Specialist commercial insurer CNA Hardy has announced a partnership with GamaSec, a cyber-security firm, in a move designed to strengthen policyholders’ resilience and preparedness to cyber threats. The addition of GamaSec, which offers a pre-breach tool designed to prevent cyber attacks, joins a suite of partner services already available including penetration ... Read the full article
HDI Global Specialty recruits Martin Jackson as Head of Aviation & Space
20th May 2019
HDI Global Specialty SE, the recently launched collaborative specialty insurance venture between HDI Global and Hannover Re, has appointed Martin Jackson as Head of Aviation and Space. Based in the company’s London office, he will take over the role from Tim Slade, effective May 20. Jackson most recently served as Class Underwriter, ... Read the full article
USA Risk Group completes management buyout from Spencer Capital
20th May 2019
USA Risk Group, the independent captive management firm, has announced that its senior management team has completed a management buyout from Spencer Capital Holdings. The buyout will include operations from all captive jurisdictions USA Risk Group currently operates in. The company also confirmed that the existing management team will remain in place ... Read the full article
Aston Lark acquired by Goldman Sachs
20th May 2019
UK insurance broker Aston Lark has been acquired by the Merchant Banking division of Goldman Sachs. Aston Lark has stated that the deal - expected to close following receipt of approvals from the Financial Conduct Authority and the Central Bank of Ireland, and antitrust approval - will not signal change in ... Read the full article
Capsicum Re adds Tom Mills to Bermuda team
20th May 2019
Specialist reinsurance broker Capsicum Re has announced the appointment of Tom Mills as a broker in its Bermudian operations. Mills previously worked as a Private Client Director at Hampden Agencies, managing and advising Lloyd’s members from 2015 to 2019. Prior to this, he spent several years as an Assistant Underwriter at Amlin. Capsicum ... Read the full article
CIAB reports further increases for commercial P&C premium prices in Q1
20th May 2019
The Council of Insurance Agents & Brokers (CIAB) has reported that premium pricing across all-sized commercial property and casualty (P&C) accounts saw continued increases during the first quarter of 2019. Average pricing increases across all account sizes in Q1 2019 was 3.5%, according to CIAB, compared to 2.4% in Q4 2018 ... Read the full article
Munich Re enters global telematics partnership with The Floow
20th May 2019
Munich Re has entered into a new global partnership with The Floow, a provider of telematics solutions and a data refinery for re/insurers and manufacturers in the motor industry. Under the arrangement, The Floow’s portfolio of solutions and capabilities can be provided to insurance clients around the world, while also strengthening ... Read the full article
AIG working on sale or deconsolidation of legacy play Fortitude Re
17th May 2019
Global primary insurance giant AIG is actively working on some kind of a sale or deconsolidation of the legacy book and run-off play Fortitude Re, as it seeks to go further than a simple separation of the start-ups operating model from the parent. AIG officially launched the legacy and run-off ... Read the full article
Property cat business expected to drive underwriting profit at Third Point Re
17th May 2019
As hedge fund-backed reinsurer Third Point Re continues to build and evolve its underwriting platform, which now includes property catastrophe reinsurance business, it expects to achieve underwriting profitability within the next year or so, according to Dan Malloy, Third Point Re's Chief Executive Officer (CEO). The hedge fund-backed reinsurer adopts an ... Read the full article
Mexico showing strong re/insurance growth despite regulatory concerns: A.M. Best
17th May 2019
A.M. Best believes that Mexico continues to offer significant growth opportunities for re/insurers and has even benefited from the introduction of the Solvency II framework, which some anticipated would be a limiting factor for the market. The rating agency noted that premium growth has been inconsistent since the regulatory system was ... Read the full article
Bermuda removed from EU tax blacklist
17th May 2019
Bermuda has been removed from the European Union’s (EU) list of non-cooperative jurisdictions after implementing commitments to address concerns about its tax transparency. The island nation and global reinsurance hub was added to the list alongside 14 other countries last month for failing to comply with good governance standards on ... Read the full article
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