Reinsurance News
Charman promoted to CEO of Overseas Insurance for Sompo Holdings
18th December 2018
Bermuda-based specialty re/insurer Sompo International Holdings has announced the promotion of John Charman, currently Chairman of the Board of Directors and Chief Executive Officer of Sompo International, to CEO of Overseas Insurance Business in Sompo Holdings. The appointment, effective 1 April 2019, will see Charman oversee a segment that represents more ... Read the full article
LMG launches ‘Future Workforce’ think tank
18th December 2018
The London Market Group (LMG) has announced the launch of a think tank aimed at assessing the challenges faced by its future workforce and developing recommendations in response. The work of the ‘Future Workforce’ think tank will be supported by KPMG. Clare Lebecq, Chief Executive Officer of the LMG, commented, “In 2016, ... Read the full article
KfW, World Bank announce €15m contribution to enhance Caribbean disaster insurance
18th December 2018
Germany’s government-owned development bank, KfW, and the World Bank have signed an agreement that will see €15 million contributed, from the Federal Republic of Germany, to the Central America and Caribbean Catastrophe Risk Insurance Program (CACCRIP). This is the biggest contribution to the CACCRIP from a single donor and is part ... Read the full article
European reinsurance pricing to continue improving through 2019: Barclays
18th December 2018
Reinsurance prices in the European market should continue to gradually improve throughout 2019 as demand goes up and capacity becomes more constrained, according to analysts at multinational investment bank Barclays. Barclays estimates that the reinsurance industry is set to incur around $70 billion in large loss claims this year, which is ... Read the full article
PRA’s climate change plan may conflict with shareholder expectations: Moody’s
17th December 2018
A recent consultation paper on climate change published by the UK’s Prudential Regulation Authority (PRA) is likely to enhance the long-term risk management of re/insurers, but may conflict with the near-term expectations of shareholders, according to Moody’s. Moody’s said that, if implemented, it expects the PRA’s proposed standard to improve ... Read the full article
JLT Re (North America), Pact Insurance announce insurtech partnership
17th December 2018
The North American arm of JLT Re has partnered with Pact Insurance, a personal auto Insurtech company, to create a digital insurance solution that covers established and emerging mobility risks. Ed Hochberg, Chief Executive Officer of JLT Re (North America) said the partnership is a testament to the unique and highly ... Read the full article
Global Risk Partners appoints Mike Bruce as Group Managing Director
17th December 2018
Global Risk Partners, an investment vehicle aimed at insurance brokers and managing general agents, has appointed Mike Bruce to the newly-created role of Group Managing Director. Bruce was appointed Chief Executive Officer, Broking in 2015 and has since overseen a a rapid and accelerating growth curve, with the Broking Division completing ... Read the full article
Swiss Re appoints Mark Hodges to lead ReAssure into planned IPO
17th December 2018
Swiss Re has appointed Mark Hodges as Chief Executive Officer (CEO) of its UK closed book business, ReAssure, as it continues to explore options for a potential initial public offering (IPO) in 2019. Hodges, who is currently CEO of the Consumer division at British energy and services company Centrica, will be tasked ... Read the full article
EIOPA stress test confirms European re/insurance market resilience
17th December 2018
A new Stress Test report published by the European Insurance and Occupational Pensions Authority (EIOPA) has confirmed that the European re/insurance market is adequately capitalised to withstand a variety of shocks and adverse developments. EIOPA tested 42 European re/insurers (75% market coverage) for a series of shocks, including a sudden repricing ... Read the full article
Lloyd’s turns to IoT for marine cargo performance improvement
17th December 2018
Lloyd’s has joined six lead market syndicates - AXA, QBE, CNA, Ascot, Antaras and Beazely - on a new initiative to begin using Parsyl, a venture-backed supply chain data platform that utilises Internet of Things (IoT) technology. The new initiative is designed for products that require specialist transport and storage, such ... Read the full article
IAG partnership to develop ethical AI-based systems
17th December 2018
Australian primary insurer, Insurance Australia Group Limited (IAG), has partnered with The Commonwealth Scientific and Industrial Research Organisation's (CSIRO) Data61 group and The University of Sydney on the creation of an independent, not-for-profit organisation founded to research the ethics of artificial intelligence (AI). The Gradient Institute’s goal is to develop ethical ... Read the full article
Hiscox appoints Bob Thaker CEO of UK business
17th December 2018
Specialist global insurer Hiscox has appointed Bob Thaker as its new UK Chief Executive Officer (CEO), effective March 2019. Thaker has been with the company since 2010 and held a number of senior roles during that time, having joined as Head of Strategy before going on to serve as Group Chief ... Read the full article
Willis Towers Watson responds to outcome of IASB’s IFRS 17 discussions
17th December 2018
The risk advisory and broking firm Willis Towers Watson (WTW) has issued a response to the outcome of the International Accounting Standards Board’s (IASB) discussions regarding potential amendments to IFRS 17, the global accounting standard for insurance contracts, originally scheduled to become effective from 2021. In October 2018 the IASB identified ... Read the full article
BMS adds George Bowring and Kian Wookey to Bermuda team
17th December 2018
Independent specialist re/insurance broker BMS Group has expanded its Bermuda market operations with the appointments of George Bowring from Price Forbes and Kian Wookey from JLT. The new hires come as part of a build out of BMS’s Bermuda operations and will focus on North American liability and property, respectively. Bowring most ... Read the full article
Zurich announces $2bn legacy portfolio transfer to Catalina
17th December 2018
Zurich Insurance, a subsidiary of Zurich Insurance Group, has entered into an agreement with Catalina Holdings that will see the majority of Zurich’s UK employers’ liability (UK EL) policies for 2006 and prior underwriting years transferred to Catalina. This major portfolio transfer represents a significant step forward in Zurich’s efforts to ... Read the full article
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