Reinsurance News
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
Brokerslink CEO Jacqueline Legrand resigns
7th December 2018
The Chief Executive Officer of Brokerslink, Jacqueline Legrand, has announced her resignation from the role in order to take on a new professional opportunity and reunite with her family, the company has said. Legrand was first involved with Brokerslink in 2009 when she held the position of Chief Operating Officer at Brokerslink, ... Read the full article
Horace Mann anticipating $39mn hit from Camp Wildfire
7th December 2018
Horace Mann Educators Corporation, an insurance and retirement solutions company for U.S educators and school employees, has estimated that it will incur losses of between $38 million and $39 million (pre-tax) from the recent Camp Wildfire in California. The company said its estimate was net of anticipated reinsurance recoverables offset by ... Read the full article
Unified Life to reinsure all life & health policies of Midwest Holding business
7th December 2018
Midwest Holding Inc. has announced that its wholly owned subsidiary, American Life & Security Corp., has entered into an Assumption and Indemnity Reinsurance Agreement with Texan re/insurer Unified Life Insurance Company. The agreement will see Unified Life take on 100% of the liabilities and obligations of all American Life’s life, annuity ... Read the full article
Stephen McGill appointed Senior VP, CUO of Validus Specialty
7th December 2018
Validus Specialty Underwriting Services has announced the appointment of Stephen McGill as Senior Vice President and Chief Underwriting Officer of Validus Specialty, Western World and Crop Risk Services. He will report to Chief Executive Officer Jonathan Ritz and become a member of the organisation's leadership team. Validus says McGill will lead the ... Read the full article
Arch Insurance completes acquisition of McNeil & Co.
7th December 2018
Bermuda-based re/insurance firm Arch Capital Group Ltd. has completed its previously announced acquisition of New York insurer McNeil & Co. Arch announced last month that it planned to purchase the company, which offers specialised risk management and insurance programs, for an undisclosed sum. Following the acquisition, McNeil & Co. will operate ... Read the full article
PartnerRe appoints Kelly Munger as Head of U.S Health
7th December 2018
Bermuda-based reinsurer PartnerRe has announced the appointment of Kelly Munger as Head of U.S Health, effective 17 December 2018. Munger joins with 30 years’ experience in the reinsurance industry, having specialised in the U.S Group Life, Accident and Health business for the majority of her career In her new role, Munger will ... Read the full article
Swiss Re appoints Paul Murray as Head of Life & Health Products
7th December 2018
Swiss Re has announced the appointment of Paul Murray to the position of Head Life & Health (L&H) Products, effective immediately. He takes on the role from Russell Higginbotham, who was appointed as Swiss Re’s Chief Executive Officer (CEO) for Reinsurance EMEA in September. Murray has been with Swiss Re since ... Read the full article
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