Reinsurance News
Pickel to succeed Wallin as CEO of Hannover Re’s E+S Rück
23rd October 2018
Hannover Re has announced that Michael Pickel is to succeed Ulrich Wallin as Chief Executive Officer (CEO) of E+S Rück, the subsidiary responsible for the Group’s business in Germany. Pickel has been a member of the Executive Board of Hannover Re since 2000 and is currently responsible for the Group’s property ... Read the full article
Apollo lowered per share offer, Aspen’s counter-offer secured final price
23rd October 2018
A proxy statement has revealed that Aspen Insurance Holdings' financial advisors held discussions with 26 companies to gauge interest about making an offer for the company, four of which were in the final bid process, with Apollo eventually agreeing a deal. It was announced at the end of August 2018 that ... Read the full article
HCI Group estimates up to $18m hurricane Michael losses
23rd October 2018
Florida-headquartered re/insurance focused holding company HCI Group has issued an initial loss estimate from hurricane Michael of between $6 million and $18 million. Michael struck the Florida panhandle on 10 October, coming ashore as a major Category 4 storm with wind speeds of up to 155mph. This made the hurricane one of ... Read the full article
New Talanx strategy to include reinsurance bundling and innovation
23rd October 2018
Hannover Re’s parent company, The Talanx Group, has revealed that its strategy for 2019 and beyond is to include the bundling of intragroup reinsurance at the holding company level, as well as the development of integrated and innovative reinsurance solutions. The Group said that acting as an intragroup reinsurer will increase ... Read the full article
RFIB, UK reinsurers help AfDB secure $500m credit insurance deal
23rd October 2018
RFIB Group, along with a number of Lloyd’s & Company private reinsurers and the African Trade Insurance Agency (ATI) have helped the African Development Bank (AfDB) secure a $500 million credit insurance deal structured to cover a portion of the bank’s portfolio of non-sovereign operations throughout the continent. The insurance will ... Read the full article
Reinsurers to assume majority of Universal’s Michael losses
23rd October 2018
Universal Insurance Holdings, Inc. has announced that it expects gross losses and loss adjustment expenses of between $300 million and $350 million from the impact of hurricane Michael, the majority of which is to be assumed by reinsurers. The firm has announced that the up to $350 million gross loss from ... Read the full article
Canopius makes key appointments across Asia Pacific region
23rd October 2018
Global specialty lines re/insurer Canopius has expanded its presence across the Asia Pacific region with a recent series of key appointments to its office in Singapore. These include the appointments of Mathew Gundersen as Head of Operations AsiaPac & MENA and Paul Hackett as Head of Marine, Energy and Engineering, AsiaPac ... Read the full article
Verisk launches new flood underwriting tool WaterLine
23rd October 2018
Leading data analytics provider Verisk has announced the launch of WaterLine, a new underwriting tool that scores flood risk for all properties in the contiguous United States, helping insurers keep up with the growing number of homes and businesses vulnerable to flood. WaterLine was developed by Verisk businesses ISO and AIR ... Read the full article
Everest Insurance appoints leader for Risk Management business unit
23rd October 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has announced that Christopher McKeon, current Vice President and Head of Commercial Casualty, will also assume leadership for the company’s Risk Management business unit. Risk Management and Commercial Casualty will continue to join with the Workers’ Compensation, Multinational, Energy and Transportation ... Read the full article
JBA launches high-resolution Florida flood maps
23rd October 2018
JBA Risk Management, the global flood risk modeller, has announced the launch of its new high-resolution state-wide flood map for Florida, part of a wider rollout for the continental U.S. Managing Director of JBA Matt Reid stated that the flood map provides “a comprehensive understanding of all three principal types of ... Read the full article
AEGIS London hires James Hyett as Cargo Underwriter
23rd October 2018
Lloyd's managing agent AEGIS London has announced the appointment of James Hyett as Cargo Underwriter. Hyett joins AEGIS London from Sompo International, where he most recently served as a Marine Underwriter. His London market career spans 18 years and he has previously positions as a Placing Broker at a number of broking ... Read the full article
Brexit’s ‘closed market’ trend will hurt re/insurers: Munich Re’s Menhart
22nd October 2018
The UK’s decision to leave the European Union and withdraw from the Single Market may represent part of a global political trend towards ‘closed societies’ that is likely to negatively impact re/insurers in the long-term, according to Michael Menhart, Chief Economist at Munich Re. Speaking during a presentation at Lloyd’s last ... Read the full article
Hurricane Michael to keep a floor under pricing: RLI’s Kliethermes
22nd October 2018
The impact of hurricane Michael and the resulting losses faced by the insurance and reinsurance sector should be enough to keep a floor under pricing, according to RLI Corporation's Chief Operating Officer Craig Kliethermes. Hurricane Michael struck the Florida Panhandle a deadly blow on October 10th, coming ashore as a major ... Read the full article
Brown & Brown to acquire U.S broker Hays Companies
22nd October 2018
Brown & Brown, Inc. has announced that it has entered into an agreement to acquire Hays Companies, a broker that operates across 21 U.S states, for an undisclosed consideration. Headquartered in Minneapolis, Hays Companies has an annualised revenue of approximately $200 million and focuses on risk management, commercial insurance, employee benefits, ... Read the full article
Kingstone appoints Dale Thatcher as new CEO
22nd October 2018
Property and casualty insurance holding firm Kingstone Companies has appointed Dale Thatcher as its new Chief Executive Officer, effective 1 January 2019. Thatcher, who replaces Barry Goldstein after nearly 20 years in the role, will continue to serve on the Company's Board of Directors and will remain President of Kingstone Insurance ... Read the full article
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