Reinsurance News
Everest Insurance launches new lawyers professional liability policy
24th April 2019
Everest Insurance, a division of Bermuda-based reinsurer Everest Re, has announced the launch of Everest Elevation’s new Lawyers Professional Liability Policy. The policy is designed to provide law firms with liability coverage for financial loss suffered by third parties arising from acts, errors, and omissions in providing legal services. Everest Elevation was ... Read the full article
Lockton launches Food & Agribusiness Practice in Asia-Pacific, names head
24th April 2019
Re/insurance broker Lockton has launched a new Food & Agribusiness Practice across the Asia-Pacific region, and has hired Stephane Baldanoff to lead it as Regional Director. As head of the Food & Agribusiness team, Baldanoff will leverage Lockton’s experience in these industries and expand the group’s existing capabilities in Asia-Pacific. He will ... Read the full article
Brevard County hailstorm main driver of FedNat’s Q1 weather losses
24th April 2019
The March 27th, 2019 hailstorm that hit the Brevard County, Florida, has resulted in $11 million of weather-related losses, net of quota share reinsurance, for FedNat Holding Company. Both FedNat Insurance Company and Monarch National Insurance Company have residential property market share above their state-wide averages. Combined with $0.9 million of adverse ... Read the full article
Legal & General enters $200mn pension risk transfer deal in Canada
24th April 2019
Legal & General Group plc has announced that it has agreed its first pension risk transfer (PRT) transaction in Canada for more than CAD $200 million (£114 million). The transaction is being written by Brookfield Annuity Company and Legal & General Reinsurance Company Limited, which will provide quota-share reinsurance for Canadian ... Read the full article
Prudential completes $2.6bn in longevity reinsurance contracts
24th April 2019
Prudential Retirement has completed approximately $2.6 billion in previously undisclosed longevity reinsurance contracts, assuming the longevity risks of roughly 16,000 pensioners. A division of Prudential Financial, Inc., Prudential Retirement provides retirement plan solutions for public, private, and non-profit organisations. The closing of roughly $2.6 billion in longevity reinsurance agreements highlights the unprecedented ... Read the full article
Arig investigation uncovers “glaring deficiencies” in governance
24th April 2019
An investigation into Arab Insurance Group (Arig), a Bahrain-domiciled treaty and facultative reinsurance provider, by the Central Bank of Bahrain has uncovered “glaring deficiencies” in the company’s governance framework. The regulator conducted an onsite examination of the reinsurer after A.M. Best downgraded and withdrew its credit ratings for Arig last month ... Read the full article
Stephanie Penner named Mercer’s Tri-state office leader
24th April 2019
Mercer, the global consulting subsidiary of broking and advisory giant Marsh & McLennan Companies, has announced the appointment of Stephanie Penner as Tri-state Office Leader. Penner, who has been with Mercer for over 20 years, will be responsible for building strong local client relationships, driving revenue growth and bolstering market presence ... Read the full article
Aon creates new Global Construction & Inland Marine unit
23rd April 2019
Global insurance and reinsurance broker, Aon, has announced the combination of its Construction & Engineering and Inland Marine teams into a single practice within its Reinsurance Solutions operation. The new unit will be known as the Global Construction & Inland Marine practice group, and Aon states that its formation reflects recognised ... Read the full article
Axon Underwriting expands into LatAm with launch of reinsurer, Axon Re
23rd April 2019
Axon Underwriting Services LLC has announced the establishment of Axon Re, launched to expand the firm's cargo and stock throughput reinsurance program across Latin America. The new reinsurance unit is to provide both facultative and treaty reinsurance protection for cargo and stock throughput risks, and also for property and environmental lines ... Read the full article
Everest Insurance CUO elected chairman of WCIRB Governing Committee
23rd April 2019
Mike Mulray, the Chief Underwriting Officer at Everest Insurance, has been unanimously approved as Chairman of the Workers' Compensation Insurance Rating Bureau of California (WCIRB) Governing Committee. The WCIRB is a private, nonprofit association comprised of all companies licensed to transact workers' compensation insurance in California and has over 400 member ... Read the full article
Nasdaq issues delisting warning to Maiden Holdings as challenges hit share price
23rd April 2019
The Nasdaq has issued a statement to Maiden Holdings, Ltd. informing the reinsurer that the bid price of its common stock had closed below the required minimum $1 per share for 30 consecutive days, notifying the firm that is has 180 calendar days to regain compliance with the rule. Specifically, on ... Read the full article
United Insurance anticipating $18mn Q1 cat losses
23rd April 2019
United Insurance Holdings Corp. (UPC Insurance), a property and casualty (P&C) insurance holding company, has announced that it is expecting to incur catastrophe losses of approximately $18 million for the first quarter ending March 31, 2019. The loss estimate is pre-tax (approximately $13 million after tax) and is net of expected ... Read the full article
Tokio Marine’s ProAG to acquire AmTrust crop MGA
23rd April 2019
Producers Ag Insurance Group (ProAg), part of the specialty insurance group Tokio Marine HCC, is to acquire crop managing general agent AmTrust Agriculture Insurance Services (AmTrust Ag), a subsidiary of AmTrust Financial Services. AmTrust Ag is headquartered in Kansas, US and manages multi-peril crop, crop hail, livestock and named crop peril ... Read the full article
Marsh, Guy Carpenter, JLT combine LatAm facultative reinsurance
23rd April 2019
It's been announced that Marsh and Guy Carpenter will combine their Latin American facultative reinsurance operations with those of JLT Group, following the completed acquisition of JLT by Marsh & McLennan Companies (MMC) on April 1st, 2019. The combined operations will be called Carpenter Marsh Fac Re, and will be ... Read the full article
AIG’s Dawn Gregg joins Everest Insurance as VP
23rd April 2019
Everest Insurance, a division of Bermuda-based reinsurer Everest Re, has appointed Dawn Gregg as Vice President of its risk management division. Gregg most recently served as Vice President at AIG, where she was responsible for the portfolio management of several regional offices. Based out of New York, Gregg will be tasked with ... Read the full article
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