Reinsurance News
Lloyd’s reforms were “solid first step” for market profitability: analysts
1st April 2019
The Lloyd’s market reforms supported an initial turnaround in underwriting results and represented a “solid first step” in returning the market to profitability, according to analysts at Keefe, Bruyette & Woods (KBW), although more remains to be done. Lloyd’s return improved by 50% year-on-year in 2018, although the market still ... Read the full article
Technology key to Spinnaker’s role as conduit for risk and capital
29th March 2019
Spinnaker Insurance Company, a program and fronting start-up, sees the adoption and use of technology throughout the value chain as critical to its business model as it looks for increased scale. Spinnaker was launched in 2015, and focuses on writing property and casualty exposed programs from U.S. homeowners and specialty business ... Read the full article
Marsh appoints Anthony Gruppo as CEO of Jelf
29th March 2019
Global re/insurance broker Marsh has announced the appointment of Anthony Gruppo as Chief Executive Officer (CEO) of Jelf and leader of its wider UK & Ireland Commercial and Consumer client segment. He will take up his new London-based position in May, succeeding Phil Barton who is leaving with immediate effect to ... Read the full article
Nexus forms Xenia Broking Group to consolidate broking activities
29th March 2019
Nexus Group has revealed the establishment of Xenia Broking Group Limited, a London-based entity launched to consolidate Nexus' broking activities. The consolidated broking activities will remain independent and segregated from the Group's underwriting operations, and Xenia will have Nexus Group Non-Executive Director, Jeremy Adams as Chairman of its Board of Directors. He ... Read the full article
Air India’s insurance costs double following Ethiopia Airlines crash
29th March 2019
India’s national carrier Air India has seen its insurance renewal costs almost double to around $28 million for the year 2018/19 following the recent Ethiopian Airlines crash, according to reports from The Indian Express. The publication said that a host of adverse factors in combination with the crash, which is ... Read the full article
HDI Global Specialty hires leader for new aviation team in Australia
29th March 2019
HDI Global Specialty SE – Australia, the collaborative specialty insurance venture between HDI Global and Hannover Re, has hired James Bowes to lead a new General Aviation team in the Asia Pacific markets. Bowes has 20 years’ experience and joins HDI Global Specialty SE – Australia from QBE, where he served ... Read the full article
Arch reveals Brexit plan changes, expands remit of Arch Insurance EU
29th March 2019
Arch Insurance International and Arch MI have announced some changes to their EU operations as part of their Brexit plan, including that Arch Insurance (EU) dac (formerly Arch Mortgage Insurance dac) has been authorised by the Central Bank of Ireland to expand the classes of business it writes in the ... Read the full article
Physical & economic impacts of climate change are accelerating: WMO study
29th March 2019
The physical signs and socio-economic impacts of climate change are accelerating as record greenhouse gas levels drive global temperatures towards increasingly dangerous levels, according to a new report from the World Meteorological Organization (WMO). The WMO’s study on the state of the global climate in 2018 highlighted record sea level rise, ... Read the full article
Travelers Europe enhances M&A offering with Brown and Bhoma partnership
29th March 2019
In response to growing demand for mergers and acquisitions (M&A) risk transfer solutions, Travelers Europe has announced a new partnership with London-based transactional risk and tax liability underwriters, Robert Brown and Dawn Bhoma. The new partnership is expected to significantly enhance Travelers Europe's transactional risk insurance offering in the UK and Europe. The ... Read the full article
West Africa reinsurer WAICA Re expands to Kenya
29th March 2019
West African reinsurer WAICA Re has launched new operations in Kenya in an effort to capitalise on the growing insurance market in East and Central Africa, according to reports from Standard Digital. WAICA Re Kenya is set to provide reinsurance for all general classes across the region. The unit has a capital ... Read the full article
Profitability of UK motor insurers to remain under pressure: Fitch Ratings
29th March 2019
The profitability of UK motor insurers is to remain under pressure as the struggle to keep premium rates ahead of rising claim costs looks set to continue, Fitch Ratings says. While it’s difficult to hike prices without losing business, Fitch says several insurers emphasised their focus on defending profitability rather than ... Read the full article
Markel’s Part VII Transfer for EU business gets approval
29th March 2019
Specialist insurer Markel International has completed the transfer of the EU business of its London-based insurer, Markel International Insurance Company Limited, to its German insurer, Markel Insurance SE (MISE). Markel formed MISE in July of last year to ensure continuity for clients in light of the UK’s vote to leave the ... Read the full article
Watford Re begins trading on Nasdaq at discount
29th March 2019
Watford Holdings Ltd, the parent company of Bermudian reinsurer Watford Re, has announced that its common shares have begun trading on the Nasdaq Global Select Market. The company's shares debuted on the Nasdaq under the symbol 'WTRE' at $25.26, a roughly 36% discount to book value, but had added 7% to close ... Read the full article
Luxembourg approves no-deal Brexit grace period for UK insurers
29th March 2019
Luxembourg’s parliament has passed new legislation that will allow UK-based insurers operating in the country to continue to serve EU clients for 21 months in case of a no-deal Brexit scenario, according to reports from Luxembourg Times. The new bill will mean that UK financial companies, including insurers, won’t be considered ... Read the full article
MS&AD and Challenger deepen partnership with new reinsurance deal
29th March 2019
MS&AD Insurance Group Holdings Inc. has expanded its partnership with Australian life & annuities specialist Challenger via a new quota share reinsurance deal covering annuities issued by MS&AD’s subsidiary, Mitsui Sumitomo Primary Life Insurance Company Limited (MS Primary). Under the arrangement, MS Primary will provide to Challenger Life an annual amount ... Read the full article
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