Reinsurance News
Hiscox targets European growth with INSTANDA InsurTech partnership
14th December 2018
Specialist re/insurer Hiscox has announced a new partnership with InsurTech firm INSTANDA to further its European growth strategy. Working together, the parties plan to explore opportunities for further growth across Hiscox’s commercial and personal lines business, through multiple distribution and service channels. “We are always looking to take a progressive approach to ... Read the full article
Ascot adds Chris Johnson, Jocelyne Factor from Navigators
14th December 2018
Ascot, a Bermuda-headquartered re/insurance firm, has announced the appointment of Chris Johnson and Jocelyne Factor as Underwriters in its U.S marine team. Both Johnson and Factor will be based in the company’s San Francisco office, expanding Ascot’s geographic footprint to the West Coast. Johnson, Senior Vice President, joins from Navigators where he ... Read the full article
Negative outlook placed on Brazil reinsurance market: A.M. Best
14th December 2018
Brazil’s reinsurance market has been given a negative market segment outlook by AM Best, with the rating agency citing persistent macroeconomic and political uncertainty; a declining interest rate environment, which has led to lower investment income; foreign exchange fluctuations; and evolving reinsurance market conditions. AM Best believes that, despite the negative ... Read the full article
EMC to continue inter-company reinsurance arrangements in 2019
14th December 2018
EMC Insurance Group Inc. and its parent organisation Employers Mutual Casualty Company have approved the continuation of last year’s inter-company reinsurance program between EMC’s reinsurance subsidiary and Employers Mutual for 2019. The terms of EMC Reinsurance Company’s 2018 program will be continued for the next calendar year, with the annual cost ... Read the full article
Beazley appoints Harry Goh, Jessica Schappell to Singapore office
14th December 2018
Specialist re/insurer Beazley has announced the appointments of Harry Goh and Jessica Schappell to its Singapore office, effective January 2019. Goh brings over 20 years' experience in underwriting professional indemnity and medical malpractice risks in Singapore and joins as an Underwriter of international financial lines. He will be responsible for underwriting a ... Read the full article
Barents Re to target life expansion and bonds opportunities
14th December 2018
Specialist reinsurance firm Barents Re has identified Life reinsurance in emerging markets as a key area of expansion for the company, as well as further opportunities in its established Bonds lines. Speaking with Global Banking & Finance Review, President and CEO of Barents Re Gerardo Garcia noted that the Life and ... Read the full article
Indian regulator retains first preference rule for GIC Re
14th December 2018
The Insurance Regulatory Authority of India (IRDAI) has announced that it will retain its first preference rules, which require that cedants give first refusal in reinsurance contracts to the country's only active domestic reinsurer, GIC Re. Newly released reinsurance regulations state that from 1 January 2019 insurers will have to give ... Read the full article
WTW adds Bill Creedon as Construction Industry leader, North America
14th December 2018
Global re/insurance broker Willis Towers Watson has announced the appointment of Bill Creedon as Construction Industry leader, North America, within its Corporate Risk and Broking segment. Creedon holds 30 years’ experience in the insurance and construction risk industry and has previously spent 20 years with WTW in a range of national ... Read the full article
Steady rise in PPL adoption among brokers, finds LIIBA
14th December 2018
Adoption of the London Market Group’s (LMG) Placing Platform Limited (PPL) has increased significantly among brokers over 2018, according to new data from the Board of the London and International Insurance Brokers Association (LIIBA). The number of risks bound by brokers on the electronic placing platform rose by around 350% over ... Read the full article
Insurance payouts for extreme NZ weather events hit $226m for 2018
14th December 2018
Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). The severe weather stats put 2018 as the second most expensive year for severe weather events since 1969, with 33,064 claims costing $226.4 million. It fell just ... Read the full article
Florida’s 135,000 AOB lawsuits in 2018 fuelling a re/insurance crisis
13th December 2018
Abuse of Assignment of Benefits (AOB) in Florida has fuelled an insurance crisis that is acting as a “hidden tax” on consumers and helping to increase what are already some of the highest insurance premiums in the country, according to a report by the Insurance Information Institute. According to the report ... Read the full article
Brit partners with international law firm on kidnap offering
13th December 2018
Global specialty re/insurer Brit Limited has partnered with Schillings Critical Risk, part of Schillings, an international issues and crisis law firm, on the creation of a comprehensive kidnap for ransom offering. Brit cites a rapidly changing geopolitical and economic climate as a primary driver for the offering and states that roughly ... Read the full article
AXIS Insurance appoints Markel’s Andre Maher as Senior Cyber Underwriter
13th December 2018
AXIS Insurance, the insurance business segment of AXIS Capital Holdings Limited, has appointed Andre Maher as Senior Cyber Underwriter, effective immediately. Maher will be based in London and will report to Dan Trueman, Global Head of Cyber and Technology at AXIS. He joins AXIS from Markel, where he spent two years as ... Read the full article
RSA appoints Arc Legal as legal expenses services supplier
13th December 2018
RSA Group, one of the largest UK commercial insurers, has appointed Arc Legal Assistance as its supplier of legal expenses insurance services across its personal and commercial product lines. The deal represents a significant growth in Arc Legal’s family and commercial legal expenses portfolio, increasing policy count by over 15% for ... Read the full article
AIG hires Arch’s Michael Price as Deputy CUO, General Insurance
13th December 2018
Global insurer and reinsurer American International Group (AIG) has appointed Michael Price as Deputy Chief Underwriting Officer (CUO) for General Insurance. He joins AIG from Arch Insurance Group, where he most recently served as its CUO for North America. As AIG's Deputy CUO, Price will work closely with CUO Tom Bolt, Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
