Reinsurance News
Market competition demands distinctive strategies: John Trace, Guy Carpenter
23rd October 2019
With competition and change still the defining factors in today’s market, re/insurers must carve out “distinctive strategies” to maximise their potential for success, according to John Trace, CEO, North America, at Guy Carpenter. Commenting of the broker’s annual review of property and casualty (P&C) results, Trace noted that new sources of ... Read the full article
Insurance Europe calls for appropriate Solvency II application in all member states
23rd October 2019
Insurance Europe, the European insurance and reinsurance federation, has said it opposes an EU initiative on insurance guarantee schemes (IGS), maintaining that policymakers’ priority should be to ensure Solvency II is applied appropriately in all member states. The comments came in response to a recent consultation by the European Insurance and ... Read the full article
Rate increases persist but slow in robust US homeowners market: Aon
22nd October 2019
The US homeowners sector remains robust in spite of the devastating and costly impacts of 2017 and 2018 catastrophe events, with further premium growth expected in 2019, according to re/insurance broker Aon's annual Homeowners ROE Outlook report. The report finds that US homeowners direct written premiums increased to USD 98 billion ... Read the full article
Michael Moran appointed EVP of Aon United
22nd October 2019
Global re/insurance broker Aon has appointed Michael Moran to lead the scaling of best practices across the firm as executive vice president of Delivering Aon United. Delivering Aon United was outlined recently as part of a growth strategy aimed at leveraging best practices to increase collaboration across lines, improve sales, ... Read the full article
Beazley launches cyber risk management services for international policyholders
22nd October 2019
Specialist London-based insurer Beazley has launched a suite of cyber risk management services for international policyholders, designed to help mitigate the risk of a cyber breach occurring. Beazley notes that today, preparing for and preventing cyber breaches are inseparable from insuring a cyber loss, calling on organisations to protect themselves on ... Read the full article
NAMIC’s Paul Martin joins RAA as Vice President, State Relations
22nd October 2019
Paul Martin, previously of the National Association of Mutual Insurance Companies (NAMIC), has joined the Reinsurance Association of America (RAA) as Vice President of State Relations. Most recently, Martin served as Senior Regional Vice President, State Affairs with the NAMIC, and previously served as Lobbyist/Claim Attorney with State Farm Mutual Automobile ... Read the full article
GuideOne appoints HDI’s Groenheide as SVP, Specialty
22nd October 2019
Iowa-based GuideOne Insurance has announced the appointment of Mark Groenheide to the role of senior vice president, specialty. Effective October 21, Groenheide’s new role will see him take responsibility for growing and managing the business by focusing on niche specialty markets and targeted distribution with opportunities for sustained profit and growth. He ... Read the full article
Fitch removes Sirius ratings from negative watch
22nd October 2019
Fitch Ratings has removed Sirius International Group Ltd.’s ratings from Rating Watch Negative and assigned them a stable outlook. The rating agency also affirmed the BBB' Long-Term Issuer Default Rating (IDR), 'BBB-' senior debt rating and 'A-' (Strong) Insurer Financial Strength (IFS) rating of Sirius's operating subsidiaries. Sirius’s ratings were placed ... Read the full article
AIR puts Typhoon Hagibis insured loss at up to USD 16 billion
22nd October 2019
Global catastrophe risk modeller AIR Worldwide has provided an industry insured loss estimate of between USD 8 billion (JPY 865bn) and USD 16 billion (JPY 1,730bn) from Typhoon Hagibis, which made landfall in Japan on October 12th, 2019. According to AIR, typhoon Hagibis made landfall along Japan’s east coast as an ... Read the full article
Adverse reserve development dents Travelers’ Q3 results
22nd October 2019
US primary insurer Travelers has identified unfavourable prior year reserve development as having driven an increased combined ratio and lower net income for the third quarter. At 101.5%, Travelers’ CR stands at 4.9% higher against the prior year quarter. Net income was reported at $396 million, compared to $709 million. Overall, Travelers took ... Read the full article
MassMutual adds Prudential’s Arthur Wallace as Chief Actuary
22nd October 2019
Massachusetts Mutual Life Insurance Company (MassMutual) has appointed Arthur Wallace to succeed Elizabeth Ward in the role of Chief Actuary. Ward has been serving as both Chief Financial Officer and Chief Actuary for MassMutual since 2016 and will now continue solely as CFO. Wallace most recently served as Chief Actuary for Prudential ... Read the full article
London market needs efficiency, Lloyd’s needs to execute: Davies, Xceedance
22nd October 2019
As Lloyd’s and the broader London market strive for greater efficiency, it’s important that the specialist insurance and reinsurance marketplace is successful in at least some areas of its prospectus, says Justin Davies, Head of EMEA at re/insurance service provider, Xceedance. After unveiling its Future at Lloyd’s prospectus back in May, ... Read the full article
ICW Group appoints Wieczorek VP of assumed reinsurance
22nd October 2019
ICW Group Insurance Companies, a group of property and casualty carriers, has appointed Mirek Wieczorek vice president of assumed reinsurance, effective immediately. Wieczorek joins with close to 30 years of leadership experience in the reinsurance industry and joins from Tokio Millennium Re’s reinsurance operations, having served as executive vice president and ... Read the full article
Global Atlantic appoints Allstate’s John Rugel COO
22nd October 2019
Life and annuity re/insurance firm Global Atlantic Financial Group has announced the appointment of John Rugel as Chief Operations Officer. Rugel will be responsible for oversight of all of Global Atlantic’s in-force and new business insurance service and operations. He will be based in the company’s Hartford office and reports to co-president ... Read the full article
RLI enters excess liability binding authority partnership with Gridiron
22nd October 2019
US property and casualty (P&C) insurer RLI Corp. has entered into a new partnership with Gridiron Insurance Underwriters to offer RLI's excess liability binding authority insurance through Easy Excess. The Easy Excess platform is Gridiron's dedicated online wholesale excess liability portal, which allows appointed producers to quote, bind and issue excess ... Read the full article
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