Reinsurance News
Chubb Bermuda names Richard Porter SVP, Head of Financial Lines
27th March 2019
Currently General Counsel for Chubb Bermuda, Richard Porter has been appointed Senior Vice President (SVP), Head of Financial Lines at the firm, reporting to Judy Gonsalves, Vice President (VP) of Chubb Group and Division President, Chubb Bermuda. He brings more than twenty years of industry experience to the role, and will ... Read the full article
Caitlin Crist appointed Head of Claims, Coverys Syndicate 1975
27th March 2019
Lloyd's of London Managing Agent of Syndicates 1975, 1991, 3330 and 1110, Coverys Managing Agency Limited, has named Caitlin Crist Head of Claims of Coverys Syndicate 1975, a newly created position. Effective June 2019, Crist brings more than ten years of liability claims experience to the firm, and joins from Brit ... Read the full article
California Disaster Insurance bill passes key committee vote
27th March 2019
The California Disaster Insurance bill (SB 290), proposed new legislation that could see the introduction of a state insurance policy to assist with natural catastrophe costs, has passed a key committee vote. The bill has been designed in response to the increasing costs of natural catastrophe events in the region, from a range ... Read the full article
Neon leads London Political Risks Insurance Consortium
27th March 2019
Insurance and reinsurance specialist Neon has been revealed as the lead of the newly established London Political Risks Insurance Consortium, with MS Amlin being announced as a joint agreement party. The new initiative will be led by Nicholas Robinson, who was recently promoted to Head of Specialty at Neon, and is ... Read the full article
CIAM labels SCOR criticism “nonsensical”
27th March 2019
French investment management firm CIAM has defended its call for Denis Kessler to step down as Chairman after SCOR derided the request as an attempt to destabilise the company. CIAM in a statement released today says SCOR’s accusation is nonsensical given the 0.94% stake they hold in the company. “We have ... Read the full article
Munich Re, Allianz & AXIS join Marsh for new cyber service
27th March 2019
Global re/insurance broker Marsh has announced the launch of Cyber Catalyst, a service that brings together a number of the market’s leading insurers to provide analysis and assessment of cybersecurity products. The objective of Cyber Catalyst is to identify and evaluate effective solutions for an organisation to deploy against cyber risk, ... Read the full article
Lloyd’s CEO targets more efficient, successful marketplace
27th March 2019
John Neal, the Chief Executive Officer (CEO) of Lloyd's of London has outlined a number of potential ideas for building a more efficient and successful insurance and reinsurance marketplace. In an ever-changing and rapidly advancing world, underpinned by technological advances and increased interconnectedness, the Lloyd's market is striving for increased efficiency. The ... Read the full article
AXA raises $1.5bn by reducing stake in US life insurance business
27th March 2019
AXA S.A. (AXA) has successfully offloaded 76 million shares of its US life insurance business AXA Equitable Holdings (EQH), decreasing its ownership from 60.1% to 48.3% and raising $1.5 billion in net proceeds. The sale consisted of a secondary public offering of 40 million shares - at a public offering price ... Read the full article
LIIBA elects Nick Cook as Deputy Chairman
27th March 2019
The London and International Insurance Brokers’ Association (LIIBA) has announced that Nick Cook, CEO of BMS Group has been elected as a Deputy Chairman. He takes over with immediate effect from Barnaby Rugge-Price, who stood down in 2018. Cook was elected at LIIBA’s annual general meeting this week, which also saw the ... Read the full article
UK P&I Club’s Rotterdam subsidiary receives licence ahead of Brexit
27th March 2019
The UK P&I Club has received approval from the Netherland's financial regulator for a licence for its Rotterdam domiciled subsidiary, UK P&I Club N.V. (UKNV), ensuring continuity for its clients post-Brexit. Combined with other Thomas Miller managed Clubs for which UKNV is fronting, the new Rotterdam-based unit provides UK P&I Club, ... Read the full article
Gallagher appoints John Farley to lead cyber practice
27th March 2019
Gallagher, the global re/insurance brokerage and risk management services firm, has appointed John Farley as its Managing Director, Cyber Practice Group leader. He joined the firm in March 2019 to lead its Cyber Practice, a role that will see him develop and executive strategy for cyber insurance and related business lines ... Read the full article
Cats drive £1 billion market loss at Lloyd’s for 2018
27th March 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has announced an aggregated market loss of £1 billion for 2018, driven by a volatile investment environment and a costly year for natural catastrophe events. The £1 billion aggregated market loss compares with a loss of £2 billion a year earlier. A ... Read the full article
Lloyd’s outlines plan to address sexual harassment in the market
26th March 2019
Insurance and reinsurance marketplace Lloyd’s of London has outlined a new plan of action to address reports of sexual harassment in the market and create a “safe and inclusive” working environment. The new proposals are intended to increase reporting, impose strong sanctions on inappropriate behaviour, and promote better understanding and awareness ... Read the full article
Hamilton announces executive developments
26th March 2019
Bermuda domiciled insurer and reinsurer, Hamilton Insurance Group, has announced a number of executive developments, including the departure of Dermot O'Donohoe as Chief Executive Officer (CEO) of Hamilton at Lloyd's. O'Donohoe joined the firm in 2015, and oversaw the acquisition of Sportscover Managing Agency and Syndicate 3334, and the subsequent development of ... Read the full article
Norsk Hydro says cyber attack could cost $41mn, names AIG as lead insurer
26th March 2019
Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk ... Read the full article
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