Reinsurance News
Technology is Swiss Re’s solution to market challenges: Ojeisekhoba
25th March 2019
Swiss Re views the integration of new technologies as both a critical opportunity for growth and the solution to many of the challenging market conditions that have tested the re/insurance industry in recent years. This is according to Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re, who told Reinsurance News that ... Read the full article
Cohen & Company’s acquisition unit completes $150mn IPO
25th March 2019
Cohen & Company Inc. has announced that its subsidiary, Insurance Acquisition Corp., has completed its initial public offering, raising $150.65 million. Insurance Acquisition Corp., which Cohen & Company describes as a “blank check company” formed for the purpose of acquiring or merging with other insurance entities, issued 15,065,000 units at a ... Read the full article
Lawmakers introduce bill to exclude Puerto Rican insurers from federal excise tax
25th March 2019
Legislation has been introduced that would exempt certain policies issued by Puerto Rico insurers from the foreign insurer excise tax. The bill, introduced by Puerto Rico’s resident commissioner in Washington, D.C., Jenniffer González and other lawmakers, is titled ‘Puerto Rico Insurance Excise Tax Exemption of 2019, House Bill 1483’ and was ... Read the full article
Concirrus adds former Munich Re Exec Dieter Berg to Board
25th March 2019
London-based insurtech Concirrus has added former President of the International Union of Marine Insurance, Dieter Berg, to its Board as Non-Executive Director. Berg served across a number of senior positions at Swiss Re before joining Munich Re as an Executive Manager in 2001. He would go on to serve in a ... Read the full article
Monument Re completes acquisition of Robein Leven
25th March 2019
Bermuda-based reinsurer Monument Re has announced the completion of its acquisition of Robein Leven N.V. from Amerborgh Financial Services B.V. Monument Re acquired the Dutch insurer and its subsidiaries following receipt of regulatory approval by the De Nederlandsche Bank (DNB). First announced in July 2018, Monument Re previously stated that the ... Read the full article
Investors call for Denis Kessler to step down from SCOR Board
25th March 2019
French investment management firm CIAM has called on Denis Kessler to step down from his role as Chairman of SCOR and continue as CEO without a Board position. CIAM, which holds less than a 1% stake in the reinsurer, levelled several criticisms against SCOR and Kessler after its management ... Read the full article
U.S life & annuity income up 8.5% in 2018: A.M. Best
25th March 2019
The U.S life and annuity industry’s total income increased by 8.5% in 2018, according to a recent report by A.M. Best, which attributed the rise to a $54.1 billion increase in other income. Analysts explained that this boost offset modest increases in premium and annuity considerations and net investment income. The report ... Read the full article
QIC Global partners with Verisk’s Sequel on cyber exposure
25th March 2019
QIC Global, the umbrella organisation for Qatar Insurance Company's (QIC) international trading brands, has signed a contract to use software from Sequel, a Verisk business, to model cyber risk. By utilising Sequel’s Impact system, QIC Global hopes to be able to better capture and aggregate complex cyber exposure. The company is already ... Read the full article
European Commission clears Marsh-JLT takeover
25th March 2019
The previously-announced acquisition of Jardine Lloyd Thompson (JLT) by Marsh & McLennan Companies (MMC) has been approved by the European Commission. The Commission examined the proposed deal’s effect on competition in markets where the two companies' activities overlap. This includes the supply of insurance broking services for specialty sectors - such as ... Read the full article
Boeing losses could become “major event” for re/insurers: Deutsche Bank
25th March 2019
Losses resulting from the recent Ethiopian Airlines crash and subsequent grounding of Boeing’s 737 Max 8 aircraft have the potential to spread throughout the industry and become a “major event” for re/insurers, according to analysts at Deutsche Bank. The firm stated that the complexity of the case means claims could come ... Read the full article
Willis Re appoints new Head of London Market Reinsurance Claims
25th March 2019
Willis Re, the global reinsurance arm of broker Willis Towers Watson (WTW), has appointed claims veteran Steve Robson as Head of London Market Reinsurance Claims, effective today. Robson has 36 years of experience in the sector, and brings extensive client-side experience to the role, supporting the closer alignment of the servicing ... Read the full article
Bank of England to implement new climate risk standards
25th March 2019
The Bank of England is preparing to release a new set of rules on how it expects re/insurers and banks to manage the financial risks from climate change, according to Governor Mark Carney. In a statement on Thursday, Carney acknowledged that “insurers and reinsurers are on the front line of managing ... Read the full article
Lloyd’s announces departure of CRO Hilary Weaver
25th March 2019
Hilary Weaver, Chief Risk Officer at Lloyd’s of London, is to leave the organisation at the end of March 2019. Weaver joined Lloyd’s in 2004 as Head of Internal Audit and became CRO in April 2016, joining Lloyd’s Executive Committee. Her responsibilities included risk management, compliance, international regulatory affairs, government affairs and ... Read the full article
Upward pressure on Lloyd’s rates despite loss of momentum: Peel Hunt
25th March 2019
Analysts at Peel Hunt believe there remains upward pressure on re/insurance rates in the Lloyd’s market in 2019 despite an apparent loss of momentum since the first half of 2018. The firm noted that rates were fairly flat at the January renewals, which were dominated by Europe, but expects the upcoming ... Read the full article
RenRe completes acquisition of Tokio Millennium Re
22nd March 2019
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. (RenRe) has completed its previously announced acquisition of Tokio Millennium Re, following the receipt of all necessary regulatory approvals. The $1.5 billion deal, which sees RenRe acquire Japanese holding company Tokio Marine’s reinsurance units, was announced in October of last year. Commenting on the completion of the deal, ... Read the full article
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