Reinsurance News
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
India set for strong re/insurance sector growth, says Moody’s analyst
24th January 2019
Strong economic progress and an evolving regulatory regime are expected to support the growth of India’s re/insurance sectors over the coming years, according to an analyst at Moody’s Investors Service. In addition, robust gross domestic product (GDP) expansion and low insurance penetration should help foster double-digit growth for the non-life sector ... Read the full article
Incumbent insurers need to embrace tech, innovation: Simplitium
24th January 2019
Innovation across the insurance industry is about more than just new technologies and solutions, but includes behaviours and attitudes. And while incumbent insurers are increasingly looking to purchase InsurTech firms, there's a risk of complacency, according to James Lay and Matthew Jones from Simplitium, a provider of risk analysis. In a recent ... Read the full article
Fourth Industrial Revolution “transforming modern life”: Swiss Re’s Ojeisekhoba
24th January 2019
Swiss Re’s Chief Executive Officer of reinsurance Moses Ojeisekhoba has emphasised the re/insurance industry’s place within the so-called 'Fourth Industrial Revolution' - which he says is transforming every part of modern life with unprecedented speed and scale of technological progress and digitisation - amid the World Economic Forum’s (WEF) annual ... Read the full article
Willis Re International names Shea Head of Strategic & Financial Analysis
24th January 2019
Willis Re, the reinsurance arm of international broker Willis Towers Watson, has announced the appointment of Brian Shea as Managing Director and Head of Strategic and Financial Analysis for Willis Re International. Shea was previously Head of Willis Towers Watson Securities Europe, having joined the company in 2015. He has 26 years’ ... Read the full article
Modest, regionalised price increases expected throughout 2019: S&P
24th January 2019
Despite reinsurers globally holding out for meaningful pricing movement after shouldering roughly a quarter of the $80 billion insured losses throughout 2018, S&P Global Ratings expects the modest, increasingly regionalised price increases seen at the January renewals to persist throughout 2019. Furthermore, the rating agency believes that 2018’s losses exceeded cat ... Read the full article
Luxembourg selected as post-Brexit hub by 11 re/insurers in 2018
24th January 2019
Luxembourg saw the arrival of 11 new global insurance and reinsurance companies in 2018, which decided to move their European headquarters to the country ahead of the UK’s planned departure from the European Union (EU) in March 2019. Most of these companies have already started operating with their new licences, and ... Read the full article
Miller expands entertainment offering with new music team
24th January 2019
Miller Insurance Services, a London wholesale and specialist re/insurance broker, has expanded its entertainment offering with the addition of four new specialists in music insurance. The music team is led by Martin Goebbels and consists of Holly Leary, Pamela Choat, and Rose Burgess. The group have worked together for many years and ... Read the full article
Re/insurers should consider rewarding climate resilience efforts: Aon
23rd January 2019
Insurers and reinsurers should consider responding to climate change risks by rewarding corporate resilience efforts with premium discounts or access to additional capital, according to Aon. The broker noted in its latest Weather, Climate & Catastrophe Insight report that recent trends in natural disaster activity are putting increasing pressure on re/insurers ... Read the full article
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