Reinsurance News
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
Chubb estimates Q4 wildfire losses at $225mn
4th December 2018
Global insurer and reinsurer Chubb has estimated that it will incur roughly $225 million pre-tax ($195 million after tax) of catastrophe losses attributable to the California wildfires over the fourth quarter of 2018. This estimate does not include losses from other global weather and catastrophe events over Q4, such as Hurricane ... Read the full article
Belfatti joins re/insurance-focused investor Searchlight Capital as advisor
4th December 2018
Former Chief Operating Officer of Greenlight Re, Michael Belfatti, has joined Searchlight Capital Partners as a Senior Advisor. In his new role Belfatti will be involved at a senior level in the firm’s Insurance and Financial Services activities, where he has considerable experience from his time in a series of operating ... Read the full article
A.M. Best to set up post-Brexit hub in Amsterdam
4th December 2018
A.M. Best has announced plans to establish a new subsidiary in Amsterdam to ensure it can continue to deliver rating services throughout the European Union (EU) once the UK leaves in March 2019. The new subsidiary, called A.M. Best (EU) Rating Services B.V., has now been registered as a credit rating ... Read the full article
Barbican hires property treaty underwriter Watson from CNA Hardy
4th December 2018
Barbican Insurance Group has announced the hire of Emma Watson a property treaty focused re/insurance underwriter who joins the firm from CNA Hardy. Watson joins specialty insurance and reinsurance underwriter Barbican with immediate effect and will report to Tom Gwynn, underwriting manager for property treaty at the firm. A technical underwriter, Watson ... Read the full article
Re/insurers shouldn’t fear replacement by technology: Beazley CEO Horton
3rd December 2018
The re/insurance industry is facing a major disruption by technology, but new capabilities such as automation will ultimately complement, rather than replace, the work done by re/insurers, according to Andrew Horton, Chief Executive Officer (CEO) of Beazley and Chairman of the London Market Group (LMG). “We’re definitely facing a disruption by ... Read the full article
ArgoGlobal adds Aspen’s Chief Actuary Paul Lucas
3rd December 2018
Lloyd’s insurer and member of Argo Group, ArgoGlobal, has appointed Paul Lucas as Chief Actuary, International. Lucas takes up his role immediately and will report to Bob Katzman, Chief Actuary at Argo Group. Lucas brings 17 years' industry experience to ArgoGlobal and joins from Aspen, where he served as Global Insurance Chief ... Read the full article
Verisk to acquire Rulebook for $87mn
3rd December 2018
Data analytics provider Verisk has signed a definitive agreement to acquire Rulebook, a provider of business intelligence and software solutions for the London Insurance Market. The reported purchase price is $87 million in cash, funded through cash on hand and existing bank facilities, with the deal expected to close in the ... Read the full article
Bermudian insurers using more reinsurance for cat exposures, finds BMA
3rd December 2018
The Bermudian re/insurance market continues to prove resilient to potential major catastrophe losses, according to the Bermuda Monetary Authority (BMA), partly due to its increasing use of reinsurance and retrocession. The BMA found that, on average, insurers ceded around 50.0% of their gross losses to reinsurers over 2017, which was an ... Read the full article
Arthur J. Gallagher acquires IBS Re Singapore, takes stake in Indonesian broker
3rd December 2018
Arthur J. Gallagher & Co., the U.S. global insurance brokerage and risk management services firm, has acquired 100% of reinsurance broker IBS Re Singapore, in addition to taking a 40% stake in Indonesian broker PT IBS Insurance Broking Service. Based in Jakarta, PT IBS Insurance Broking Service has revenues of over ... Read the full article
Marriott data breach to be tracked as PCS Global Cyber loss
3rd December 2018
As details continue to emerge from last week’s announcement of a major cyber hack and resulting data breach of one of the Marriott hotel chain’s reservation systems, expectations of a significant cyber insurance and possibly reinsurance market loss has prompted Property Claim Services (PCS) to designate the event. Reinsurance News ... Read the full article
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