Reinsurance News
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
Technological advances, climate change top emerging risks for re/insurers: Swiss Re
22nd May 2019
The annual SONAR report from Swiss Re Institute highlights new technology, the spread of 5G, limits to central banking tinkering, the growth of genetic testing and the impacts of climate change on public health as emerging risks that insurers and reinsurers need to have on their radar. The latest SONAR report ... Read the full article
Stephen O’Flynn joins Ariel Re from Tokio Millennium Re
22nd May 2019
Ariel Re, a member of Argo Group, has named Stephen O'Flynn as its Head of Professional Lines and Casualty Treaty Underwriting, Bermuda, effective June 10th, 2019. In his new role, O'Flynn will report to Deputy Global Head of Reinsurance at Ariel Re, Matthew Wilken. He will be tasked with establishing, underwriting ... Read the full article
Ex-Lloyd’s CFO John Parry moves to Armour
22nd May 2019
Bermuda based insurer Armour Group has announced the appointment of John Parry as its Group Chief Financial Officer (CFO), starting in June. Lloyd’s of London revealed earlier this month that Parry was set to leave the corporation, where he has worked since 2001, most recently as CFO. In this role, he ... Read the full article
Willis Re & Concirrus partner on specialty re/insurance using IoT
22nd May 2019
The global reinsurance arm of broker Willis Towers Watson, Willis Re, has entered into a strategic partnership with InsurTech firm Concirrus to transform specialty re/insurance products by leveraging data from the Internet of Things (IoT). Under the partnership, Willis Re will join London-based Concirrus' Power20, a community of visionaries who are ... Read the full article
Nigeria revises minimum capital bases for re/insurers
22nd May 2019
The National Insurance Commission (NAICOM) of Nigeria has announced the recapitalisation of insurance and reinsurance companies operating in the country. The minimum capital base for reinsurance companies has been increased from N10 billion (USD $27.7 million) to N20 billion ($55.5 million), and from N3 billion ($8.3 million) to N10 billion ($27.7 ... Read the full article
The private re/insurance sector is ready to tackle rising flood losses: Swiss Re’s Noriega, Wiese
21st May 2019
Insurers and reinsurers are ready to meet growing public desire for improved flood coverage as the risk of flooding to communities continues to rise across the globe, according to Swiss Re’s Santiago Noriega and Alexa Wiese. “On average, flooding affects more people worldwide than any other type of natural catastrophe because ... Read the full article
Activity in the European insurance run-off market to increase, says S&P
21st May 2019
International financial services rating agency, S&P Global Ratings, expects stable to gradually increasing activity in Europe's property and casualty (P&C) run-off market. More so for longer tail lines, S&P expects annual growth in liabilities in run-off of between 1% and 2% until the year 2020. Over the next few years, the ratings ... 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.
