Reinsurance News
Richard Milner appointed CEO of VIBE Reinsurance
5th December 2018
Syndicate Holding Corp, the holding company of VIBE Syndicate Management, has announced the appointment of Richard Milner to the newly-created role of Chief Executive Officer, VIBE Reinsurance (VIBE Re). Milner joins from AXIS Re, where he served for the past 12 years; most recently as President & Chief Underwriting Officer of ... Read the full article
Zurich on track to hit 2019 financial targets
5th December 2018
Zurich Insurance Group has announced that it is on track to fully meet its 2017-2019 financial targets and is well positioned to deliver future earnings growth and attractive shareholder returns. Speaking at the Group’s investor day today, Chief Executive Officer (CEO) Mario Greco is to detail how the company has made ... Read the full article
Slowdown of mortality rate improvement crucial to longevity risk takers: Swiss Re
5th December 2018
As it is a risk that cannot be easily diversified or perfectly hedged, governments and private financial institutions exposed to longevity risks should pay close attention to the recent slowdown in life expectancy improvements throughout advanced nations, according to Swiss Re. In its latest Sigma report Swiss Re says that, while ... Read the full article
AIG names Mark Lyons Exec VP & CFO, appoints Sachin Shah CEO of Asia Pacific
5th December 2018
American International Group (AIG) has announced the appointments of Mark D. Lyons as Executive Vice President & Chief Financial Officer (CFO) and Sachin N Shah as Chief Executive Officer of Asia Pacific, AIG General Insurance. Lyons, who succeeds Sid Sankaran, will serve on the AIG Executive Leadership Team and will report ... Read the full article
RSA approved to move European business to Luxembourg branch
5th December 2018
RSA Group, one of the largest UK commercial insurers, has received regulatory approval to transfer the European insurance business of its UK subsidiary, Royal & Sun Alliance Insurance plc (RSAI), to RSA Luxembourg S.A. (RSAL), its recently established post-Brexit hub. The Part VII transfer, which was sanctioned by the High ... Read the full article
ASEAN insurance execs raise protection gap concerns
5th December 2018
The protection gap is a serious concern for senior insurance executives throughout the Association of Southeast Asian Nations (ASEAN) region, as large uninsured losses adversely affect a country’s fiscal position and ability to recover swiftly, according to a report published by Dr. Schanz, Alms & Company and Malaysian Re. A lack ... Read the full article
Consolidation will help re/insurers leverage digital investments: J.P. Morgan
4th December 2018
Further sector consolidation would allow re/insurers in the European market to better leverage investments in digital innovation by sharing the costs across a wider revenue base and creating economies of scale, according to analysts at J.P. Morgan. A recent report by the firm suggested that, while investment in digital is growing ... Read the full article
Hamilton appoints Michael Papamichael to lead corporate strategy
4th December 2018
Hamilton Insurance Group, the Bermuda-based re/insurance holding company, has appointed Michael Papamichael as Senior Vice President (SVP) for Strategy & Corporate Development. He joins Hamilton from Sirius Global Services, where he most recently served as SVP, Global Planning Officer & Investor Relations and was responsible for strategic planning, acquisition modelling, due ... Read the full article
Lloyd’s Lab commences new global search for InsurTech talent
4th December 2018
Lloyd’s Lab, the innovation accelerator launched by the Lloyd’s market in September, has commenced a new global search for its latest cohort of InsurTech talent. The program is hoping to attract entrepreneurs and start-ups that are capable of developing technology driven products, platforms and processes to help overcome the challenges ... Read the full article
Fitch revises negative outlook as U.S P&C sector recovers
4th December 2018
Fitch Ratings has revised its outlook for the U.S property and casualty (P&C) sector from negative to stable due to a notable recovery in the market following a challenging 2017. The rating agency’s 2019 outlook report noted that U.S P&C profitability rebounded in 2018 after a meaningful underwriting loss in the ... Read the full article
PIC agrees to £1.5bn pension buy-in deal with Rentokil
4th December 2018
Pension Insurance Corporation (PIC), the specialist insurer of defined benefit pension funds, has entered into a bulk annuity buy-in agreement with UK pest control service Rentokil Initial plc, concerning a pension scheme with liabilities of £1.5 billion. The agreement will provide security for Rentokil Initial 2015 Pension Scheme’s 14,200 members by ... Read the full article
Indian regulator rejects ITI Reinsurance acquisition proposal
4th December 2018
The Insurance Regulatory Authority of India (IRDAI) has rejected a proposal from Go Digit General Insurance Ltd to acquire the two-year-old Indian reinsurer ITI Reinsurance from its current owners, due to a number of issues that violate regulations. Go Digit, which is owned by Indo-Canadian billionaire Prem Watsa, signed a deal ... Read the full article
The Hartford acquires specialist MGU Y-Risk
4th December 2018
Property and casualty insurer the Hartford has announced the purchase of Y-Risk, a managing general underwriter (MGU), from Allstar Financial Group. Y-Risk offers products for the sharing and on-demand economy, with tailor-made coverages and usage-based pricing for commercial auto, general liability, property, inland marine, cyber and professional liability. The firm delivers its ... Read the full article
Joseph Girardi joins RSG’s WKFC and CorRisk as SVP, Specialty Casualty
4th December 2018
Ryan Specialty Group (RSG) subsidiaries WKFC Underwriting Managers and CorRisk have announced that industry veteran Joseph Girardi has joined CorRisk as Senior Vice President (SVP) – Specialty Casualty. Girardi has more than 30 years’ experience across the commercial re/insurance industry and most recently served as SVP for Ironshore Insurance Services, where ... Read the full article
Athene enters pension risk transfer deal with Bristol-Myers Squibb
4th December 2018
Athene Holding Ltd., one of Bermuda's leading retirement services companies, has entered into a pension plan termination transaction with U.S pharmaceutical giant Bristol-Myers Squibb Company relating to more than 24,000 active and former employees, retirees and beneficiaries. The agreement will see Athene’s Iowa-based life subsidiary, Athene Annuity and Life Company (AAIA) ... Read the full article
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