Reinsurance News
Competition in UAE market has intensified, says Orient Insurance
26th April 2019
Competition in the United Arab Emirates (UAE) re/insurance marketplace has “intensified and gained momentum in 2018,” according to Orient Insurance P.J.S.C. In the company’s annual results report, Orient’s Board of Directors pointed to a substantial drop in motor and medical rates across the market, as well as a “serious hit back” ... Read the full article
Eliot Partnership appoints Executive Chairman for Asia Pacific
26th April 2019
Eliot Partnership (EP), a global insurance sector executive search firm, has announced the appointment of Andreas Thiele to the newly created position of Executive Chairman, Asia Pacific and Partner. Thiele joins EP from AXIS Specialty's Singapore Branch, which he has headed up since helping to establish the company's footprint in the ... Read the full article
SCOR’s net income drops -21% in Q1, as typhoon loss creep bites
26th April 2019
French global reinsurance player SCOR has reported net income of EUR 131 million for the first-quarter of 2019, which is 21% lower than the prior year thanks to a EUR 53 million dent made by loss creep from Japanese typhoons Jebi and Trami. Loss creep looks set to become one of ... Read the full article
MMC JLT integration could affect near-term organic growth: Dan Glaser
25th April 2019
The ongoing efforts to fully integrate the Jardine Lloyd Thompson (JLT) business within broking and advisory giant Marsh & McLennan Companies, Inc. (MMC) could mean a near-term hit to organic growth, MMC CEO Dan Glaser said today. MMC's acquisition of JLT completed on April 1st, meaning the mission to bring ... Read the full article
AXA XL adds cover for cyber business interruption
25th April 2019
AXA XL, a division of French insurance and investment giant AXA, has designed a new first-party cyber insurance option to help businesses in the U.S address interruption resulting from a cyber attack. The new cyber option, which is available to businesses that buy 100% of their property coverage from AXA XL, ... Read the full article
Markel adds Lee Zong Wen to Trade Credit & Political Risk team in Singapore
25th April 2019
Specialist insurer Markel International has expanded its Trade Credit and Political Risk Team in Singapore with the appointment of Lee Zong Wen as Assistant Underwriter. Zong Wen joins Markel from Jardine Lloyd Thompson (JLT), where he has served as Senior Executive Broker for the Political and Security Risks team since 2016. Prior ... Read the full article
Liberty Specialty promotes two within specialty binders team
25th April 2019
Liberty Specialty Markets (LSM), part of the Liberty Mutual Insurance Group, has announced two promotions within its specialty binders team in London. Kerry Hall, who has been with LSM for a decade, will become underwriting Manager for property. She will be responsible for managing the property binders team and developing its portfolio ... Read the full article
Lockton expands Midwest presence with new Pittsburgh office
25th April 2019
Re/insurance broker Lockton has expanded its Midwest operations in the U.S with the addition of a new office in Pittsburgh, Pennsylvania. The company said that the office would enhance the risk management, employee benefits and retirement services strategies of local, regional and national organisations. As part of the launch, Lockton has hired ... Read the full article
MMC results reflect strong revenue growth for Marsh & Guy Carpenter
25th April 2019
Broking and advisory giant Marsh & McLennan Companies, Inc. (MMC) has released its results for the first quarter of 2019, posting underlying revenue growth of 4%, buoyed by the performance of its re/insurance broking subsidiaries, Marsh and Guy Carpenter. MMC’s consolidated revenue in the first quarter of 2019 was $4.1 billion, ... Read the full article
Florida insurers welcome reform to address AOB abuse
25th April 2019
The Florida Property & Casualty Association has commended the Florida Legislature for passing a reform that aims to address assignment of benefits (AOB) abuse in the state. The legislation is expected to help stabilise the recent explosion in AOB litigation and provide policyholders with the tools to protect themselves against predatory ... Read the full article
Sri Lanka terror attacks investigated for possible designation by PCS
25th April 2019
Property Claim Services (PCS) is investigating the potential insurance and reinsurance industry loss from the recent terrorist attacks in Sri Lanka, to identify whether the event should be designated under its PCS Global Terror product. PCS launched its Global Terror loss aggregation service in early 2018, since when no qualifying ... Read the full article
Voce accusations “simply wrong”, says Argo
25th April 2019
Specialty re/insurer Argo has labelled the latest criticisms from Voce Capital Management, a 5.6% shareholder in the company, as “misleading” and “simply wrong." A back-and-forth between the two companies has been ongoing since February, when Voce accused Argo’s Chief Executive Officer (CEO), Mark E. Watson III of perpetuating “shockingly high ... Read the full article
Cayman Islands re/insurance sector poised for “banner year” of growth
25th April 2019
The Cayman Islands is poised for “another banner year of growth” in its re/insurance sector, according to the Insurance Managers Association of Cayman (IMAC), with 16 new insurance and reinsurance company licences issued in 2019 to date. In addition to the 16 new licences, the Cayman Compass reported that four portfolio ... Read the full article
Horseshoe Group appoints new Head of Insurance Management
25th April 2019
Bermuda-headquartered Horseshoe Group has announced the appointment of Fred LeMoine as its new Head of Insurance Management. He will succeed Nigel Godfrey, the Group’s Chief Financial Officer and Executive Vice President of Insurance Management services. Godfrey has elected to retire from 30 April 2019, but will continue to be involved with Horseshoe and ... Read the full article
Argo hires new Brazil CEO from Swiss Re
25th April 2019
Argo Seguros, the Brazilian underwriter of specialty insurance and reinsurance products and a member of Argo Group, has announced the appointment of Newton Queiroz as Chief Executive Officer (CEO), effective May 1, 2019. Queiroz joins Argo Seguros from Swiss Re Corporate Solutions, where he most recently worked as CEO of Mexico ... Read the full article
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