Reinsurance News
Coverys agrees to back DTW Syndicate 1991
10th December 2018
Coverys Managing Agency Limited, the Lloyd’s managing agent of Syndicates 1975, 1991, 3330 and 1110, has agreed to provide capacity for DTW Syndicate 1991. The managing agent revealed that it will join DTW’s panel of capacity providers as one its largest backers from 1 January 2019. Both Syndicate 1991 and Coverys Syndicate ... Read the full article
AXA XL promotes Shellé Hendrickson to Head of Healthcare, Bermuda
10th December 2018
AXA XL has announced that Shellé Hendrickson is to succeed Vivenne Moniz as Head of Healthcare in its Bermuda Insurance business. In her new role, Hendrickson will be responsible for developing, implementing and driving the strategies of the Healthcare underwriting unit. She will report to Moniz, who was promoted to Head ... Read the full article
New data shows Willis Towers Watson PPL push
10th December 2018
The risk advisory and broking firm Willis Towers Watson has revealed that, during Q3 2018, over 57% of eligible risks were placed through the London Market Group’s (LMG) Placing Platform Limited (PPL) across all lines of business, with certain lines of business regularly exceeding 75% of eligible risks. PPL is a ... Read the full article
Ed appoints new London CEO as Hearn named head of BGC’s insurance division
10th December 2018
Global reinsurance, wholesale and specialty broker, Ed, has appointed Andrew Draycott Chief Executive Officer (CEO) designate of Ed Broking in London, with current Group CEO of Ed Broking, Steve Hearn, set to become the new head of BGC Partners' insurance division. Draycott's appointment remains subject to regulatory approvals and he is ... Read the full article
Topsail Re obtains license ahead of January launch
10th December 2018
Topsail Reinsurance SPC, Ltd (Topsail Re), a newly formed reinsurer domiciled in the Cayman Islands, has obtained its operating license ahead of the 1 January 2019 renewals, when the firm is due to begin writing business. Parent company Topsail Holdings, Inc. confirmed that the Cayman Islands Monetary Authority had granted Topsail ... Read the full article
Greenlight Re appoints Validus’ Neil Greenspan as CAO
10th December 2018
Specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re has announced the appointment of Neil Greenspan to the role of Chief Accounting Officer (CAO), effective December 31. Greenspan brings 20 years’ experience within the re/insurance industry and most recently served as Senior Vice President, Financial Reporting of Validus Group. Previously, he ... Read the full article
Ed Broking plans to open Bermuda office in 2019
10th December 2018
Ed Broking, the globally active reinsurance, wholesale and specialty insurance broker, is planning to open its first office in Bermuda in 2019, the latest expansion for the firm. Ed Broking is already active across Europe, Asia and the United States, with offices in London, Hong Kong, Beijing, Shanghai, Singapore, Dubai, Paris, ... Read the full article
Hard market not needed to fix AIG: Brian Duperreault
10th December 2018
The Chief Executive Officer (CEO) of global insurer and reinsurer American International Group (AIG), Brian Duperreault, has said that a hard market isn't required to fix the company. After reporting a third-quarter net loss, albeit improved on the same period in 2017, AIG's full-year 2018 performance will likely be closely watched ... Read the full article
Peak Re secures $75mn of retrocession in Asia’s first sidecar deal
10th December 2018
Hong Kong domiciled reinsurer, Peak Reinsurance Company Limited (Peak Re), has secured $75 million of collateralised retrocession from private investors via its new Bermuda-domiciled special purpose insurer, Lion Rock Re Ltd. The deal is Asia’s first sidecar transaction and Peak Re claims that it represents an important milestone for the region’s ... Read the full article
Gallagher acquires brokerage firms in UK, New Zealand
10th December 2018
Global insurance broker, risk management and consulting firm Gallagher has announced the acquisition of two insurance broker firms, expanding its footprint across the South West of England and New Zealand. With offices in Torquay, Exeter and Holsworthy in Devon, and Highbridge in Somerset, leading South West commercial insurance broker Pavey Group ... Read the full article
Associations pen joint letter calling for further IFRS 17 delays
7th December 2018
A group of 11 insurance associations from around the world has written a joint letter to the International Accounting Standards Board (IASB) chair, Hans Hoogervorst, calling for a two-year delay to International Financial Reporting Standard (IFRS) 17. The letter follows the IASB’s decision to propose a one-year deferral of the ... Read the full article
Enstar closes $200mn investment in AmTrust go-private deal
7th December 2018
Bermuda-based insurance, reinsurance and run-off specialist Enstar has closed a $200 million investment in Evergreen Parent L.P., which acquired 100% of AmTrust Financial Services, Inc. in a go-private deal last week. Enstar said that it now collectively owns around 7.4% of the capital units of Evergreen, which is an entity ... Read the full article
LSM appoints AIG’s Florence Bidard as Head of liabilities for France
7th December 2018
Liberty Specialty Markets (LSM), the London underwriting centre of Liberty Mutual Insurance, has appointed Florence Bidard as Head of liabilities for France with immediate effect. Based in Paris, Bidard will report to Richard Deguettes, LSM’s General Manager of France and will oversee the underwriting and development of its general civil, professional ... Read the full article
Concirrus adds new COO Nick Roscoe from Marsh
7th December 2018
London-based insurtech Concirrus has appointed Nick Roscoe as its Chief Operating Officer. He joins to oversee company operations with a focus on ensuring customer success and to develop and strengthen the relationships that Concirrus has with partners delivering services within the market. Roscoe has spent over a decade as a Managing Director ... Read the full article
Munich Re puts 2018 insured typhoon losses at $9.5bn, Jebi at $6bn
7th December 2018
Munich Re has estimated that insured losses from typhoons in the Northwest Pacific are likely to total $9.5 billion for 2018, of which $6 billion is attributable to Typhoon Jebi, which made landfall in Japan on September 4. The loss estimate for Jebi is substantially higher than figures provided by the ... Read the full article
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