Reinsurance News
CFC expands cyber policy to include business interruption
9th January 2019
London-headquartered specialist insurer CFC has expanded its cyber insurance offering to include business interruption triggered by an IT system failure as well as a malicious event. Also included in the updated policy is full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of technology ... Read the full article
Panama joins Caribbean Catastrophe Risk Insurance Facility
9th January 2019
Panama has become the 21st country to join the Caribbean Catastrophe Risk Insurance Facility (CCRIF), purchasing parametric cover for excess rainfall. Panama is also the fourth country to join the CCRIF this policy year, alongside the British Virgin Islands, Montserrat and St. Maarten, and is the Facility’s second member ... Read the full article
Michel Khalaf to succeed Steven Kandarian as MetLife CEO
9th January 2019
MetLife has announced that Michel A. Khalaf is to succeed Steven A. Kandarian as the company’s President and Chief Executive Officer (CEO), effective from May 1, 2019. Khalaf has served as President of Europe, Middle East & Africa (EMEA) at MetLife since 2011, with added responsibility for the company’s U.S Business ... Read the full article
Marsh & McLennan issues $5bn senior debt to fund JLT acquisition
9th January 2019
Broking and advisory giant Marsh & McLennan Companies, Inc. (MMC) has outlined plans to issue $5 billion of senior debt to fund its previously announced $5.6 billion acquisition of Jardine Lloyd Thompson Group (JLT). The offering consists of six tranches of senior notes with maturities of up to 30 years. MMC stated ... Read the full article
AXIS Capital names Govind Balu as Chief Analytics Officer
9th January 2019
Bermudian re/insurance group AXIS Capital Holdings has announced the appointment of Govind Balu as Chief Analytics Officer. Balu will be tasked with leading AXIS’ data and analytics initiatives globally, as well as the company’s Analytics Center of Excellence, which partners with teams across the organisation to apply digital solutions to AXIS’ ... Read the full article
Liberty Mutual completes $150m Limestone Re sidecar transaction
9th January 2019
U.S primary insurer Liberty Mutual has secured $150 million of collateralised reinsurance for its U.S property catastrophe program through a new transaction through Limestone Re, its Bermuda domiciled segregated account company. Liberty Mutual said the deal, which is comprised of $58 million of Bermuda Stock Exchange-listed 2019-1 Notes, will also provide ... Read the full article
£800bn of UK assets shifted to Europe since EU referendum: EY
9th January 2019
Since the UK’s EU referendum in 2016, companies comprising the UK’s financial service sector have announced a transfer of assets out of London totalling £800 billion, according to a report from multinational professional services firm EY. The report tracked 222 UK-based firms and shows that 36% of companies have publicly confirmed, ... Read the full article
Bill Wharton appointed Head of Argo Insurance Bermuda
9th January 2019
Global specialty re/insurer Argo Group International Holdings, has appointed Bill Wharton Head of Argo Insurance Bermuda. The appointment is effective immediately and follows former leader Nigel Mortimer’s move to a new role heading up the company’s International Casualty business from its London office. Mortimer reports to Steve Eccles, International Chief Underwriting Officer. Wharton, ... Read the full article
Bulk annuity ‘mega deals’ trend to impact smaller schemes: WTW
9th January 2019
With the trend of bulk annuity ‘mega deals’ set to continue into 2019, smaller pension schemes are potentially at risk of missing out on attractive pricing as re/insurers prioritise resources to large-scale, high value deals, according to analysts at Willis Towers Watson (WTW). Last year saw unprecedented levels of bulk annuity ... Read the full article
Berkshire Hathaway, Chinese insurers climb “World’s Largest” ranking
8th January 2019
The insurance operations of Warren Buffett's conglomerate Berkshire Hathaway Inc. and China's largest insurance companies are the biggest climbers in A.M. Best's ranking of the World's Largest Insurers. The ranking of the world's largest insurance companies is available to view here on Reinsurance News, in collaboration with A.M. ... Read the full article
Downstream energy rates set to improve after difficult 2018: JLT
8th January 2019
Rates in the downstream energy sector look set to improve in 2019 as re/insurance companies finally take a stand against increasingly poor underwriting results over the last few years, according to analysts at JLT. The re/insurer’s latest quarterly energy report noted that management oversight and pressure to turn rates around has ... Read the full article
Argo names Gary Grose interim Head of Colony Specialty
8th January 2019
Argo Group U.S, a subsidiary of global specialty re/insurer Argo Group International Holdings, has appointed Gary Grose as interim head of its Colony Specialty business. Grose will take on the role in addition to his current responsibilities as Argo Group’s Head of Marketing and Producer Management. He will stand in while a ... Read the full article
Global Atlantic appoints Anup Agarwal as Deputy Chief Investment Officer
8th January 2019
Life and annuity re/insurance firm Global Atlantic Financial Group has announced the appointment of Anup Agarwal as Deputy Chief Investment Officer. Agarwal joins Global Atlantic from Western Asset Management, where he most recently served as Head of Residential, Consumer and Commercial Credit and was responsible for managing more than $60 billion ... Read the full article
Hannover Re & HDI Global launch new specialty insurance venture
8th January 2019
HDI Global Specialty SE, a new specialty lines insurer launched as a collaborative venture between Hannover Re and HDI Global, commenced underwriting at the beginning of the year with premium volumes in excess of €1 billion. The insurer was formed after HDI Global and Hannover Re, which are both part of ... Read the full article
2019 shaping up as busy year for insurtech Tremor: CEO, Sean Bourgeois
8th January 2019
The Chief Executive Officer (CEO) of InsurTech start-up Tremor Technologies, Inc., Sean Bourgeois, says that 2019 is shaping up to be very busy for the firm, after the successful completion of the first fully programmatic placement of a property catastrophe reinsurance program. Tremor’s open, technology-driven, programmatic marketplace for reinsurance risk placement ... Read the full article
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