Reinsurance News
Sompo Intl expands partnership with data analytics firm Pharm3r
30th September 2019
Bermuda-based property and casualty re/insurer, Sompo International has expanded its partnership with life science and healthcare data analytics firm Pharm3r in a move aimed at enhancing its US life sciences risk modelling capabilities. Pharm3r’s data services are already leveraged by Sompo’s Bermuda excess casualty unit. Now, Its data sets and analytics will ... Read the full article
Turkey sets up reinsurer Turk Re to build out domestic capacity
30th September 2019
The Turkish Treasury and Finance Ministry has established a domestic reinsurance company, called Turk Reasurans A.S. (Turk Re), in an effort to support the country’s insurance sector and increase capacity. Turk Re, which was set up as part of Turkey’s 2018 economic program, will ensure that reinsurance premiums historically transferred abroad ... Read the full article
Deutsche Bank estimates Dorian & Faxai losses for biggest reinsurers
30th September 2019
Analysts at Deutsche Bank have released a set of estimates for the biggest four global reinsurers – Swiss Re, Munich Re, Hannover Re, and SCOR – that break down the losses they may have incurred from Hurricane Dorian and Typhoon Faxai in Q3. Overall, Deutsche Bank believes that Dorian and Faxai ... Read the full article
India’s GIC Re eyes expansion into Russia, Brazil: reports
30th September 2019
India’s national reinsurance company, General Insurance Corporation (GIC Re), could be moving to open a subsidiary in Russia as the firm looks to increase the volume of foreign business it writes, according to reports from The Hindu Business Line. GIC Re’s long-term goal is to maintain a 50:50 split in foreign ... Read the full article
D&O rates improve as carriers push to restore profitability: Fitch
30th September 2019
Premium pricing has improved significantly for directors and officers (D&O) liability in 2019 as carriers work to restore profitability, according to analysts at Fitch Ratings. Fitch noted that D&O liability business has seen several years of weaker performance, driven by flat premium growth and less favourable claims trends in a shifting ... Read the full article
AXIS Capital appoints Martin McCarty as Global Treasurer
30th September 2019
AXIS Capital Holdings Limited has announced the appointment of Martin McCarty to the position of Global Treasurer. In this role, McCarty will be responsible for overall capital, foreign currency, cash and liquidity management, as well as coordination with ratings agencies on behalf of AXIS Capital. Additionally, he will be tasked with providing ... Read the full article
More industry change in next three years than previous 30, says Hearn
27th September 2019
Chief Executive Officer for BGC Insurance Group, Steve Hearn, is anticipating more change to take place across the re/insurance industry in the next three years than in the previous 30. Speaking recently with Reinsurance News, Hearn added that after 330 years in existence, the industry is undergoing massive, technology-driven changes to ... Read the full article
Activist investor CIAM condemns “destructive” governance at SCOR
27th September 2019
Activist investor CIAM has addressed a new letter to the management at SCOR, accusing it of ignoring shareholder interests by pursuing “destructive” governance strategies in its negotiations with Covéa last year. Catherine Berjal, CEO of CIAM, renewed her public condemnation of Denis Kessler’s conduct today in an appeal to Augustin de ... Read the full article
Miller adds duo to UK & International professional risk business
27th September 2019
Global re/insurance broker Miller has announced the appointments of Dominic Leckie and Gareth Jones to its UK & International Wholesale Professional Risks team. Both will assume broking roles, with a focus on professional indemnity (PI) insurance for Miller’s UK and International wholesale/intermediary clients. Specifically, Leckie will be responsible for growing Miller’s Australia ... Read the full article
London Market Group to end TOM modernisation program
27th September 2019
The Board of the London Market Group (LMG) has confirmed today that the Target Operating Model (LM TOM) has been wound down in its current form, having delivered the majority of proposed solutions. The LM TOM was considered a core component of the market modernisation proposal, set out by the LMG, ... Read the full article
Helios Underwriting profits recover due to higher rates, lower losses
27th September 2019
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has released its results for the first six months of 2019, showing a recovery in underwriting profits due to higher premium rate increases and lower loss activity. Overall profit after tax was recorded at £648,000 for H1 2019, an increase of ... Read the full article
CCRIF completes $12.8m Bahamas payment after Dorian impact
27th September 2019
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has made two payments to the Bahamian government totalling $12.8 million due to the impact earlier this month of hurricane Dorian. Dorian made landfall in the Bahamas on September 1 and stalled over the Abaco Islands and Grand Bahama for almost two days, bringing ... Read the full article
Chaucer appoints Lesley Watkins as Non-Exec Director
27th September 2019
Chaucer, the international specialty re/insurance group, has announced the appointment of Lesley Watkins to the position of Non-Executive Director. Watkins is currently a non-Executive Director Non-Executive Director of Investec Bank plc and Braemar Shipping Services plc. She has more than 20 years’ experience in financial services, having previously served as a Non-Executive ... Read the full article
Rothesay Life closes £3.8bn pension buy-in with Allied Domecq
27th September 2019
Rothesay Life, the specialist insurer of defined benefit pension schemes, has completed a £3.8 billion buy-in deal with the pension fund of the now defunct British drinks group Allied Domecq. The insurance transaction will secure the majority of the scheme’s liabilities, and is the largest scheme buy-in on record that incorporates ... Read the full article
AXA XL’s New Energy Risk announces key hires, promotions
27th September 2019
New Energy Risk, an affiliate of global re/insurer AXA XL, has announced the appointments of Matt Lucas as Managing Director, Business Development and Dvorit Mausner as Director of Execution. Lucas will lead the firm’s expansion into new technology sectors, geographies, and products. He started his career at Siemens as an innovator-in-residence. Mausner ... Read the full article
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