Reinsurance News
David McMillan departs QBE to become CEO at esure
17th May 2019
esure Group plc has announced that David McMillan, current Group Chief Operating Officer at QBE, is to join the company as Chief Executive Officer (CEO) in August 2019. McMillan joined QBE in September 2017 and has since been based in the re/insurer’s London office. Prior to this, he was CEO for Europe ... Read the full article
A.M. Best revises Third Point Re outlook to negative
17th May 2019
International financial services ratings agency, A.M. Best has revised the rating outlooks to negative from stable of Third Point Reinsurance Ltd. and its subsidiaries, in light of the firm's inability to produce an underwriting profit. At the same time, A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and ... Read the full article
Aon invests in Global Reinsurance Clients unit, adds executive team
17th May 2019
Global insurance and reinsurance broker Aon has announced a number of organisational changes within its Global Reinsurance Clients team, which launched in 2014 and forms part of its Reinsurance Solutions operation. Currently, Aon's Global Reinsurance Clients team supports 25 large, global insurance companies, providing firms with a service to accelerate their ... Read the full article
Korean Re sets up Swiss reinsurance branch
17th May 2019
Korean Reinsurance Company (Korean Re), the Seoul-based reinsurer, has established a new branch in Zurich, Switzerland, as part of a push to expand into the European market. The subsidiary, called Korean Reinsurance Switzerland AG, is licenced to start reinsurance business from June 1, 2019, the company disclosed. It will be led by ... Read the full article
Commercial insurance prices continue growing at Q1, finds Marsh
17th May 2019
Global commercial insurance prices increased by 3% during the first quarter of 2019, according to data from re/insurance broker Marsh, marking a sixth consecutive quarter of price increases. Marsh also noted that the rate of growth in commercial insurance prices was at its highest since it began its survey in 2012. Regionally, ... Read the full article
Allstate posts catastrophe losses of $290mn for April
17th May 2019
The Allstate Corporation has announced that its estimated catastrophe losses for the month of April 2019 were $290 million, pre-tax ($229 million, after-tax). Two wind/hail events, which primarily impacted Texas, accounted for approximately 70% of the month’s catastrophe losses, Allstate revealed. The insurer was impacted by seven catastrophe events in April, which ... Read the full article
Warmer climate is driving higher re/insurance costs: Swiss Re report
16th May 2019
Rising global temperatures due to climate change have heightened the risk of costly events such as wildfire and drought and significantly impacted the level of re/insurance industry losses in recent years, according to the latest sigma report by Swiss Re. Swiss Re expects that climate change will cause more frequent occurrences ... Read the full article
Victor adds Anthony Stevens as President of international operations
16th May 2019
Victor Insurance Holdings, the Managing General Underwriter previously known as The Schinnerer Group, has announced the appointment of Anthony Stevens as President of Victor International, effective immediately. In his new role, Stevens will oversee the advancement of Victor’s insurance strategy outside of North America. He succeeds Paul Drake, who previously announced his ... Read the full article
Globe Underwriting adds Mackay as Head of NA Property
16th May 2019
UK-based managing general agent (MGA) Globe Underwriting has announced the appointment of Jennifer Mackay as Head of its North American Property Division. Mackay in her new role will focus on the underwriting and management of both residential and commercial property programs whilst leading the underwriting team to drive profitable growth. She brings ... Read the full article
Clyde & Co develops smart contract for parametric insurance
16th May 2019
Global law firm Clyde & Co has launched a new smart contract for parametric insurance, which uses software and data sources to automatically calculate claims obligations and other factors. The contract, which is available through Clyde & Co’s smart contract consultancy, Clyde Code, is the first of its kind, according the ... Read the full article
Majority of U.S. non-life re/insurers’ ESG risk level unlikely to influence rating: Fitch
16th May 2019
Within Fitch's group of 24 Fitch-rated issuers, very few U.S. non-life insurers and reinsurers reach an Environmental, Social and Governance (ESG) risk level that suggests an influence on the rating, reports the ratings agency. Fitch states that 96% of ESG scoring distributions have no impact for its universe of rated-issuers, with ... Read the full article
PartnerRe begins wearable tech project with digital health platform dacadoo
16th May 2019
Bermudian reinsurer PartnerRe has announced the launch of its wearable technology pilot project, which it is running in partnership with dacadoo, a digital health engagement platform. The pilot will enable PartnerRe to gather real-time health and wellness data in order to provide its life and health clients with insights into using ... Read the full article
Gallagher promotes Stuart Fatt to Managing Partner for Construction
16th May 2019
Gallagher, the global re/insurance brokerage and risk management services firm, has announced the promotion of Stuart Fatt to the role of Managing Partner Construction. The appointment is effective immediately and will see Fatt report to Jon Thompson, Chief Executive Officer (CEO) of UK Specialty & Wholesale at Gallagher. Fatt has more than ... Read the full article
Marine sector profitability more vulnerable to attritional losses: IUMI
16th May 2019
The International Union of Marine Insurance (IUMI) has warned that the continued erosion of the premium base is making underwriting profitability more vulnerable to attritional losses, while all marine sectors are exposed to the increased risk of large, complex risks in 2019. Generally, notes the IUMI, major losses remain stable, with ... Read the full article
Everest Insurance adds Head of International Surety from Liberty Mutual
16th May 2019
Everest Insurance, a division of Bermuda-based reinsurer Everest Re, has announced the appointment of Graham Pitt as Head of International Surety, based out of London. Pitt joins Everest from Liberty Mutual Group, where he most recently served as Head of Surety (Europe and Asia Pac). He spent over two decades in Liberty’s ... Read the full article
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