Reinsurance News
WTW appoints Joe Peiser to lead global broking strategy
27th September 2019
Global re/insurance broker Willis Towers Watson has appointed Joe Peiser to the role of global head of broking within its corporate risk and broking segment. Reporting to WTW’s global head of corporate risk and broking, Adam Garrard, Peiser will lead the firm’s global broking strategy. He will also be tasked with pushing ... Read the full article
Typhoon Faxai could drive industry loss of up to $9bn: RMS
27th September 2019
Global risk modelling and analytics firm RMS has estimated that insured losses resulting from Typhoon Faxai will be between $5.0 billion and $9.0 billion (¥ 500 billion to ¥950 billion). The estimate includes property damage and business interruption caused by typhoon and coastal flooding to residential, commercial, industrial, marine, and automobile ... Read the full article
Aviva names Jason Windsor as Chief Financial Officer
27th September 2019
UK insurer Aviva has announced the appointment of Jason Windsor as Chief Financial Officer (CFO) and Executive Director of the company, effective from 26 September, 2019. Windsor has served as Interim CFO since July 2019, having previously served as CFO of Aviva UK Insurance. He joined Aviva in 2010 and has extensive ... Read the full article
Lloyd’s to continue leveraging MIS’ satellite imagery service
27th September 2019
McKenzie Intelligence Services (MIS), a provider of imagery and geospatial intelligence, has been highlighted by Lloyd’s as a key component of its ongoing modernisation drive. Back in May, Lloyd’s announced a new strategy focused on delivering higher quality risk protection for the market’s clients. The six proposed transformational initiatives contained within ... Read the full article
McDermott Will & Emery hires insurance transaction team from rival firm
26th September 2019
International law firm McDermott Will & Emery has hired a team of eight new partners to join its newly-created Insurance Transactions and Regulation Group. The team have worked together for many years, most recently at rival law firm Drinker Biddle & Reath. They have now moved over to McDermott en masse in ... Read the full article
IRB Brasil Re continues to dominate Brazilian reinsurance market
26th September 2019
Brazilian reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) continues to dominate the market in its home country, controlling around 33.1% of the market share. Data from Terra Brasis Resseguros (Terra Brasis Re) broke down the rankings for reinsurers operating in Brazil for the 12 months ending June 30, 2019. Brazilian companies ... Read the full article
AXA XL overtakes AIG as top D&O insurer: Fitch
26th September 2019
AXA XL has taken over from AIG as the leading directors and officers (D&O) insurer, now commanding a 15% market share, according to analysts at Fitch Ratings. Fitch noted that perennial market leader AIG has conceded significant market share over the last several years in an effort to reposition its book ... Read the full article
US flood risk awareness increasing as major insurers pull back: analysts
26th September 2019
While current property flood risk disclosure requirements are set at the state level and can vary quite significantly, Morgan Stanley analysts note how some states have begun implementing more stringent conditions following recent major events. Texas, for example, revised its flood risk disclosure requirements following Hurricane Harvey, with property owners now ... Read the full article
Markel International announces claims leadership appointments
26th September 2019
Specialist insurer Markel International has announced a series of claims leadership appointments for its wholesale and national markets businesses. Chris O’Shea, who has been with the firm since 2016, will become claims director for wholesale. He has over 19 years of technical claims handling experience in the London Market. Richard Napoli has been ... Read the full article
Risk Strategies acquires safety management firm Pro Safety Services
26th September 2019
US insurance brokerage and risk management firm Risk Strategies has announced that it plans to acquire Pro Safety Services, LLC, a provider of safety and loss control services to construction companies, builders, and other industries. Founded in 1999 by its current president John McCarthy, Pro Safety Services offers a range of ... Read the full article
AIG makes dual leadership appointments to specialty business
26th September 2019
American International Group, Inc. (AIG) has announced the appointments of Steve Eccles and James Langdon to senior positions within its global specialty business. Eccles will join AIG as Global Head of Aerospace, General Insurance, while Langdon will become UK Head of Energy & Construction, General Insurance. Based in London, Eccles will be ... Read the full article
AXA XL promotes two underwriters within M&A insurance team
26th September 2019
Global re/insurer AXA XL has promoted Michelle Jensen and Pietro Tarone to the roles of senior underwriter and underwriter, within its mergers and acquisitions insurance team, respectively. The promotions of Jensen and Tarone, both of whom will be based in New York, reflect AXA XL’s continued focus on M&A insurance solutions. Jensen ... Read the full article
Everest Insurance announces buyout of Salus Systems
26th September 2019
Everest Insurance, a division of global reinsurer Everest Re Group, has purchased the remaining shares of its joint venture partner Salus Systems. Salus was founded in 2017 and develops and markets ZERO, a collaborative safety management platform for the insurance industry. The interactive platform is designed to enrich the safety environment of ... Read the full article
Re/insurance associations seek IFRS 17 delay to 2023
26th September 2019
A group of international insurance associations have called on the International Accounting Standards Board (IASB) to delay the implementation date of International Financial Reporting Standard (IFRS) 17 to January 2023. The group, which includes Insurance Europe, argue that more time is needed to make further vital improvements to the new accounting ... Read the full article
Rothesay Life completes record-sized UK pension buy-out
26th September 2019
Rothesay Life, the specialist insurer of defined benefit pension schemes, has agreed to a £4.7 billion bulk annuity insurance buy-out of the pension scheme of telent, the UK radio, telecommunication, and internet systems installation and services provider. The deal, which is the largest full scheme buy-out ever undertaken in the UK, ... Read the full article
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