Reinsurance News
Louise Nevill joins Marsh JLT Specialty as CEO, UK Marine & Cargo
29th October 2019
Global re/insurance broker Marsh has announced the appointment of Louise Nevill as Chief Executive Officer (CEO) of Marsh JLT Specialty’s UK Marine & Cargo business. Nevill is due to join the firm early next year, arriving from Gard (UK) Ltd, where she has led the marine underwriting team as Vice President. She ... Read the full article
Public-private action key to nat cat resilience in Asia: Swiss Re’s Higginbotham
28th October 2019
Russell Higginbotham, The Chief Executive Officer for Swiss Re’s reinsurance operations in Asia, has highlighted the region’s susceptibility to natural catastrophes as an issue that demands increased resiliency measures from re/insurance players and governmental bodies alike. Asia accounted for 41% of the $222 billion global natural catastrophe protection gap in 2018, ... Read the full article
Reduced cat losses lift Mercury General results in Q3
28th October 2019
Mercury General has recorded an 18.3% increase in net income during the third quarter of 2019, helped by significantly lower catastrophe losses. The company recorded net income of $69.3 million this quarter, compared with $58.6 million for the same period last year. Catastrophe losses came to just $3.0 million, down from $13.0 ... Read the full article
Seeman Holtz acquires New Jersey insurer Geisenheimer
28th October 2019
Seeman Holtz Property & Casualty, LLC has announced the acquisition of New Jersey-based insurer GIA Insurance Agency, LLC (Geisenheimer Insurance Agency). Established in 1972, Geisenheimer provides personal and commercial insurance to clients throughout the US, Canada, Asia, South America, Caribbean, Australia, and Europe. The business is led by founder Alan Geisenheimer and ... Read the full article
Moody’s upgrades AmWINS ratings, outlook stable
28th October 2019
Moody’s Investors Service has upgraded the corporate family rating and first-lien credit facility ratings of AmWINS Group, Inc. and changed its ratings outlook from positive to stable. The corporate family rating was changed from B2 to B1, based on the company’s strong credit metrics, while the first-line credit facility ratings moved ... Read the full article
CNA Financial earnings slump in third quarter
28th October 2019
CNA Financial has released its results for the third quarter of 2019, reporting a 68% slump in net income due to weak earnings across multiple lines. The company recorded net income of $107 million in Q3 2019, compared with $336 million for the same period last year. Looking at the first nine ... Read the full article
Apollo to increase stake in Athene amid $1.55bn alignment push
28th October 2019
Private equity firm Apollo Global Management is set to buy an 18% incremental stake in leading retirement services firm Athene, at a premium, in order to strengthen the strategic relationship and reinforce the alignment of interests between the two firms. The transaction includes a share exchange between Apollo and Athene, purchase ... Read the full article
Aston Lark acquires Lloyd’s broker Protean Risk
28th October 2019
UK insurance broker Aston Lark has acquired specialist Lloyd’s brokerage Protean Risk, the firm’s first purchase since being acquired by the Merchant Banking division of Goldman Sachs in September. Protean Risk focuses on the investment industry, financial services, fintech and technology sectors and has clients ranging from start-ups to international organisations. Peter ... Read the full article
Insurance market could face $192m+ Eutelsat 5 West B satellite loss
28th October 2019
Satellite industry observers are discussing the potential for the EUTELSAT 5 West B geostationary satellite to become a total loss, which could cost the insurance market at least $192 million. We were first to report last week that satellite operator Eutelsat was facing an incident that could threaten a recently ... Read the full article
Berkshire Hathaway enters casualty & construction markets in France
28th October 2019
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett’s global insurance and reinsurance company, has commenced underwriting casualty and construction insurance in France. As part of this move, the company also announced the appointments of Olivier Antiphon as Head of Construction and Anne-Sophie Bonifay as Head of Casualty for ... Read the full article
Markel to offer new cyber risk management tool for SMEs
28th October 2019
Re/insurance holding company Markel Corporation has announced the addition of a new risk management tool to its cyber product offering. The tool, called WhiteHaX, simulates cyber security breaches and assesses the readiness of deployed security infrastructure and software. Markel believes the service will be particularly useful for small-to-medium size businesses. "The key to ... Read the full article
AEGIS London launches digital trading division
28th October 2019
Lloyd’s managing agency AEGIS London has launched a digital trading division as the firm looks to build on the success of its online quote-and-bind platform Opal. AEGIS London’s head of digital trading Tom Squires will lead the new division with support from digital trading manager Angus Turner and Phil Lucas, business ... Read the full article
Accredited strikes program underwriting partnership with MG Skinner
28th October 2019
Accredited Surety and Casualty Company, the Florida-based subsidiary of Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings, has entered into a new program partnership with M. G. Skinner & Associates Insurance Agency. The deal will see Accredited become the issuing carrier on behalf of MG Skinner for Directors & ... Read the full article
Arthur J. Gallagher takes minority stake in Indian broker Edelweiss
28th October 2019
Global insurance brokerage Arthur J. Gallagher & Co. has completed its purchase of a minority stake in Edelweiss Insurance Brokers Limited (EIBL), the broking unit of Indian financial services conglomerate Edelweiss Group. EIBL provides a range of both insurance and reinsurance solutions, and benefits from the distribution network of its parent ... Read the full article
Reinsurers optimistic about market outlook, says Appleby’s Brad Adderley
25th October 2019
Optimism is high in the reinsurance industry this year, according to Brad Adderley, partner at offshore law firm Appleby, and there appears to be some confidence that the market’s outlook will improve further. Speaking in an interview with Reinsurance News at Reinsurance Rendezvous event in Monte Carlo this year, Adderley explained ... Read the full article
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