Reinsurance News
Goldman Sachs anticipates muted 1/1 renewal season
13th November 2018
Goldman Sachs expects a muted 1/1 renewal season with flat pricing across the property and casualty lines. Meanwhile, the firm says the main questions around catastrophe losses in 4Q18 will likely be the scale of insured losses from the wildfires currently raging in California, and loss creep from last year's ... Read the full article
RSA restructures specialty & wholesale business, exits three lines
13th November 2018
RSA Group is to restructure its specialty and wholesale business by exiting three classes of business and reducing exposures in others. The move is part of an ongoing review to streamline the group’s international exposure whilst improving underwriting, pricing accuracy and risk management. RSA has concluded that its international construction, international freight ... Read the full article
Brit’s Mark Allan appointed Chairman of the LMA’s FinComm
13th November 2018
FinComm, the Lloyd's Market Association's Finance Committee, has announced the appointment of Mark Allan as Chairman. FinComm leads on financial issues and requirements that impact Lloyd's of London managing agents and syndicates, and also monitors key financial topics and their expected impact. At the same time, FinComm liaises with Lloyd's senior management ... Read the full article
Saudi Re experiences strong international growth at Q3
13th November 2018
Saudi Re’s results for the nine-month period ending 30 September 2018 show that company has steadily grown its international books, which now account for nearly 60% of its business. Fahad Al-Hesni, Managing Director and Chief Executive Officer (CEO) of Saudi Re, said that the company’s business in more than 40 countries ... Read the full article
Reinsurers need to expand their growth efforts: Industry execs
13th November 2018
Industry executives speaking at the annual S&P Global Ratings 2018 Bermuda Reinsurance Conference have called on market players to expand their businesses and turn their focus from pricing. Executives said that global reinsurance companies would benefit from moving away from a decade-long focus on pricing, which remains competitive and pressured, and ... Read the full article
BMS appoints Price Forbes’ Duncan Hayward as energy division Director
13th November 2018
Independent specialist re/insurance broker BMS Group Limited has announced the appointment of Duncan Hayward as a Director in its energy division, effective 2019. Hayward, who will lead the casualty initiative within the division, joins with 14 years’ experience in the insurance market, most recently serving as a Divisional Director at Price ... Read the full article
Seeman Holtz marks 50th acquisition with insurtech platform purchase
13th November 2018
Seeman Holtz Property & Casualty has marked its 50th acquisition with the purchase of Boston-based online home and auto insurance technology platform, Goji (formerly consumers United). Goji operates an online analytics and data-driven personal lines insurance distribution platform that matches clients’ needs with coverage through an integrated network of over a ... Read the full article
SCOR Global Life eyes simpler underwriting experience with OnePath partnership
13th November 2018
SCOR Global Life, a division of the France-headquartered reinsurer, has said the Australia-based life insurance provider OnePath has succeeded in delivering customers a simpler and faster underwriting experience by utilising the behavioural economics insights and analytics it developed. SCOR Global Life says this has resulted in an improved application layout, simple ... Read the full article
Arcus 1856 receives Lloyd’s approval for 2019 business plan
13th November 2018
Arcus Syndicate 1856 has announced that the specialist Lloyd's of London insurance and reinsurance marketplace has approved its 2019 business plan. The business plan sees Arcus 1856 keep its focus on all current business lines across its property and specialty portfolio. in addition to this, there will also be an increase ... Read the full article
JLT Re Iberia launched after broker buys out Banca March partnership
13th November 2018
JLT Re, the reinsurance broking arm of JLT Group, has reinforced its connection with clients in the Latin America region with the launch of JLT Re Iberia through the acquisition of JLT March Re. Reinsurance broker JLT Re has further invested in its European platform with the launch of JLT Re ... Read the full article
Lloyd’s Brussels now “officially open for business”: Bruce Carnegie-Brown
13th November 2018
Lloyd’s, the global insurance and reinsurance market, has announced the successful opening of its Belgium insurance company, marking a new chapter in its Brexit preparations. Lloyd’s had announced previously that it was working towards the transfer of all European Economic Area business to Lloyd’s Brussels before the end of 2020 ... Read the full article
Wildfires continue to spread across California despite containment efforts
13th November 2018
The Camp and Woolsey Wildfires, which broke out in California’s Butte and Ventura Counties, respectively, last Thursday, have continued to expand despite containment efforts, with a combined total of 7,150 structures now destroyed by the blazes. With 6,713 structures destroyed and 42 deaths confirmed, the Camp Wildfire is now officially both ... Read the full article
Marsh combines specialty unit with JLT, makes key leadership changes
13th November 2018
Global re/insurance broker Marsh has began the integration process of JLT - which it acquired for $5.6 billion in September - with the formation of Marsh-JLT Specialty, a new specialty business that combines the teams of both businesses. In addition to becoming Vice Chairman of Marsh & McLennan Companies and a ... Read the full article
Brown & Brown acquires Rodman Insurance Agency
13th November 2018
Insurance brokerage Brown & Brown, Inc. has announced that it has acquired substantially all of the assets of Rodman Insurance Agency, Inc., a specialist provider of property and casualty insurance solutions and services to the commercial sector. The deal was announced by Brown and Brown's Chief Acquisitions Officer, Scott Penny, and ... Read the full article
GFIA elects Recaredo Arias as new President, adds committee members
13th November 2018
The Global Federation of Insurance Associations (GFIA) has elected Recaredo Arias as its new President and has made a number of new appointments to its executive committee. Arias is Director General of the Mexican Association of Insurance Companies (AMIS) and succeeds former GFIA President Dirk Kempthorne, who stepped down in August ... Read the full article
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