Reinsurance News
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
Munich Re Canada promotes Claus-Ulrich Kroll to President, CEO
16th May 2019
The Boards of Directors of Munich Re Canada and Temple Insurance Company have announced the appointment of Claus-Ulrich Kroll as President and Chief Executive Officer of both organisations. Kroll steps into the role with over 17 years’ re/insurance experience, having joined Munich Re in 2008. He first served in the company’s Corporate ... Read the full article
SCOR makes senior changes, promotes Jenkins to lead P&C reinsurance in Americas
16th May 2019
French reinsurance firm SCOR has announced a number of senior changes, including the promotion of John Jenkins to the position of Chief Executive Officer for P&C Reinsurance Operations in the Americas. Jenkins, who previously served as Chief Underwriting Officer, P&C Treaty for the Americas, will report to Jean-Paul Conoscente, CEO of ... Read the full article
PartnerRe posts Q1 income of $497mn, boosted by P&C results
16th May 2019
Bermudian reinsurer PartnerRe has posted net income of $497 million for the first quarter of 2019, boosted by the strong performance of its property and casualty (P&C) segment, which had a combined ratio of 87.7%. The results represent an improvement on Q1 2018, when PartnerRe posted a net loss of $210 ... Read the full article
AXA unveils rebranding of parametric insurance unit to AXA Climate
16th May 2019
Global re/insurer AXA has rebranded its specialist parametric risk transfer division from AXA Global Parametrics to AXA Climate, and has also announced a number of new additions to its team. Initially launched in 2017, the rebranded AXA Climate unit looks to provide clients with parametric risk transfer solutions for climate and ... Read the full article
Liberty Mutual promotes Orloff to GM of field distribution for GRS unit
16th May 2019
US primary insurer Liberty Mutual has announced the promotion of Marc Orloff to the newly-created position of General Manager, Field Distribution for its Global Risk Solutions (GRS) unit. GRS focuses on core P&C lines for mid-to-large businesses, as well as specialty, excess and reinsurance. The appointment will see Orloff report to Shaun ... Read the full article
BPL Global hires Donnie DiCarlo from Marsh, expanding U.S presence
16th May 2019
Insurance broker BPL Global has announced the appointment of Donnie DiCarlo as Executive Vice President (EVP). Based in New York, DiCarlo will be tasked with expanding BPL Global’s client base in the U.S and the wider Americas region. He joins BPL Global from Marsh, where he spent the previous 10 years as ... Read the full article
Reinsurers must impose meaningful price differentiation in Florida: Demotech
15th May 2019
Reinsurers have thus far failed to impose meaningful pricing differentiation on Florida-focused insurers, according to financial analysis firm Demotech, but must do so to avoid the further commoditisation of catastrophe risk. Analysts noted that reinsurance and insurance-linked securities (ILS) may boost short-term profits by applying price increases across the board, but ... Read the full article
Glass Lewis report favours Voce in Argo dispute
15th May 2019
Proxy advisory firm Glass Lewis & Co. has sided with Voce Capital Management in its ongoing dispute with specialty re/insurer Argo. The firm recommends that shareholders vote to install Charles Dangelo and Nicholas Walsh to Argo’s Board, whilst at the same time recommending that current Chairman Gary Woods be removed. Argo, who ... Read the full article
Major reinsurance brokers collaborate on distributed ledger technology
15th May 2019
The Reinsurance Solutions arm of Aon, reinsurance broker Guy Carpenter and other industry partners, including RenaissanceRe and Everest Re, have worked with The Institutes RiskStream Collaborative on the use of distributed ledger technology (DLT). According to an announcement, the joint effort targets the delivery of greater efficiency to the placement of ... Read the full article
THB bolsters binding authority team with two JLT Re hires
15th May 2019
Specialist re/insurance broker THB Group has announced two senior appointments to its binding authority team. Lee Collins, a Partner at JLT Re, will join as Director, Head of binding authority placements. Adrian Steele, also a Partner at JLT Re, joins as Director, binding authorities. Both start at THB in November and will report ... Read the full article
Beazley develops affirmative cyber cover for marine risks
15th May 2019
Specialist insurer Beazley has developed a new affirmative cyber insurance product for the marine space, designed to protect vessel owners and operators. The product, called Beazley Cyber Defence for Marine, will provide insurance for physical damage and loss of hire in the event that a cyber incident impacts a vessel’s operational ... Read the full article
FedNat well situated for “unusual” renewal: President & CEO Braun
15th May 2019
Numerous dynamics are at play across the reinsurance market ahead of June 1st, with delays in pricing and gamesmanship contributing to an unusual mid-year renewals season, according to the President and Chief Executive Officer (CEO) of FedNat Holding Company, Michael Braun. The global risk transfer industry continues to speculate about the ... Read the full article
Curi appoints Sean Farrelly as Head of Underwriting
15th May 2019
Curi, a North Carolina based mutual insurance company owned by physicians, has announced the appointment of Sean Farrelly as its new Senior Vice President (SVP) of Underwriting. Farrelly joins Curi, which recently rebranded from Medical Mutual, from PartnerRe, where he served as portfolio manager for U.S medical reinsurance. While at PartnerRe, he ... Read the full article
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