Reinsurance News
Allianz eyes joint venture with Vietnam’s FPT after signing MoU
25th January 2019
Global insurer and reinsurer Allianz has signed a Memorandum of Understanding (MoU) with Vietnam-based IT corporation, FPT Group, which cements the firms' intentions to enter into a joint venture agreement to establish a new general insurance company in Vietnam. The MoU, which was signed on the side-lines of the World Economic ... Read the full article
MarketScout launches wildfire, brush & quake MGA, WildCat
25th January 2019
U.S. domiciled electronic insurance exchange and specialty managing general agent (MGA), MarketScout, has announced the launch of WildCat, a new MGA facility for insuring wildfire, brush, and earthquake exposures. In response to increasing losses from the wildfire peril over the last two years, most notably from outbreaks in California, WildCat has ... Read the full article
RLI increases cat reinsurance limit by $90mn at Jan renewals
25th January 2019
Specialty insurer and reinsurer RLI Corporation has increased its catastrophe reinsurance protection limit by $90 million at the recent January renewals to cover an expected growth in exposures. Craig Kliethermes, President and Chief Operating Officer (COO) at RLI, explained that about half of the company’s reinsurance spend is placed at year-end, ... Read the full article
UK & Switzerland commit to post-Brexit insurance terms
25th January 2019
The UK and Switzerland have agreed to allow insurers and reinsurers to trade freely between the two countries once the UK completes its exit from the European Union (EU). UK Finance Minister Phillip Hammond and Ueli Maurer, President of the Swiss Confederation and Head of the Federal Department of Finance, signed ... Read the full article
Everest Re estimates Q4 losses at $695m
25th January 2019
Bermuda-headquartered reinsurer Everest Re Group has announced Q4 catastrophe losses of $695 million, a figure net of reinsurance, reinstatement premiums and taxes. The group states that these Q4 losses can primarily be attributed to hurricane Michael, the Camp and Woolsey California wildfires, and hailstorms which hit Australia in December. Michael made landfall ... Read the full article
Brexit prep has sapped business from UK insurance market, say experts
25th January 2019
The host of new European hubs established by re/insurers in preparation for Brexit have already begun to “sap business" away from the UK market, leaving it “less important than it was before,” according to a panel of industry experts. Speaking at Fitch Ratings’ Insurance Roadshow 2019 event in London, the panellists offered ... Read the full article
Ryan Specialty acquires assets, operations of Boston Insurance Specialists
25th January 2019
Chicago-based Ryan Specialty Group has purchased the assets and operations of Boston Insurance Specialists (BIS), an independent wholesale insurance brokerage, for an undisclosed fee. BIS’ team will become part of the group’s wholesale brokerage unit, R-T Specialty, in an effort to enhance its presence in New England. A family owned business started ... Read the full article
Qatar Re CEO Gunther Saacke to step down this year
24th January 2019
Qatar Re, the reinsurance arm of Qatar Insurance Company (QIC), has announced that its Chief Executive Officer (CEO), Gunther Saacke, is to step down as CEO and Executive Director at the next Board meeting, which is scheduled for March 2019. The Board of Directors has said that it is with regret ... Read the full article
RSA reshuffles leadership as specialty, wholesale business is streamlined
24th January 2019
RSA Group, one of the largest UK commercial insurers, has announced a series of senior appointments across its Commercial Risk Solutions (CRS) and Global Risk Solutions (GRS) divisions, following the decision last November to scale back London Market exposures. The move was part of an ongoing review to streamline the group’s international ... Read the full article
Protective to reinsure Great-West Life’s individual life & annuity business
24th January 2019
Subsidiaries of Protective Life Corporation (Protective) are set to acquire, via reinsurance, substantially all of the individual life insurance and annuity business of Great-West Life & Annuity Insurance Company (GWL&A). The agreement sees Protective subsidiaries, Protective Life Insurance Company, and Protective Life & Annuity Insurance Company, acquire the business through reinsurance, ... Read the full article
Langhorne Re names Pestcoe Executive Chair and Bermuda CEO
24th January 2019
Large in-force life and annuity focused reinsurer, Langhorne Re, has named Marvin Pestcoe as Executive Chair and Chief Executive Officer (CEO) of Langhorne Re Bermuda. Langhorne Re was launched last year by Reinsurance Group of America (RGA) and RenaissanceRe (RenRe), which, at the time, secured $780 million of equity capital commitments ... Read the full article
Financial strength gets U.S insurers off to solid start in 2019: S&P
24th January 2019
S&P Global Ratings has underlined the stability and financial strength of U.S insurers for 2019 in an overview of its North American insurance outlook. "Entering 2019, North American insurers' financial strength remains strong with broadly stable rating outlooks that reflect our expectation for limited rating change over the next 12 months," ... Read the full article
Nick Garrity joins IGI from Swiss Re as CEO, Labuan office
24th January 2019
Specialist commercial insurer and reinsurer, International General Insurance Holdings Limited (IGI), has hired Nick Garrity as Chief Executive Officer (CEO) of IGI's Labuan office, based in Kuala Lumpur. In his new role, Garrity will be tasked with strengthening the firm's Asia Pacific offering, within a planned growth strategy from the re/insurer's Kuala Lumpur ... Read the full article
Market pressures to persist as lack of clarity around losses, price remains: JLT Re
24th January 2019
Global reinsurance broker JLT Re has said that a lack of clarity surrounding both pricing adequacy and loss development is likely to fuel pressure through 2019, against a backdrop of muted pricing actions following consecutive years of increased catastrophe losses for the industry. JLT Re, the reinsurance arm of global broker ... Read the full article
Aon Reinsurance Solutions launches life specialty practice, names head
24th January 2019
Aon’s Reinsurance Solutions business has announced the launch of a new life practice group and appointed Colin Dutkiewicz to lead as the firm’s Global Head of Life. The broker hopes to foster growth in the life market by building upon the firm’s existing annuity transactions and the success of its PathWise ... Read the full article
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