Reinsurance News
Hamilton acquires Pembroke and Ironshore Europe from Liberty Mutual
14th March 2019
Bermuda-based insurer and reinsurer, Hamilton Insurance Group, Ltd. has signed a definitive agreement with Liberty Mutual Group to acquire the Pembroke Managing Agency Limited platform at Lloyd's, and also Ironshore Europe DAC (IEDAC). The transaction is expected to close later in 2019, and once completed, sees Hamilton almost double its total ... Read the full article
A.M. Best revises Donegal Group’s outlook to negative
14th March 2019
A.M. Best has revised the outlooks of Donegal Insurance Group and its members from stable to negative due to a decline in Donegal Group’s operating performance in 2017 and 2018. At the same time, the rating agency affirmed the insurer’s Financial Strength Rating of A (Excellent) and its Long-Term Issuer Credit ... Read the full article
Hub International acquires The Insurance Exchange
14th March 2019
Chicago-based global insurance broker Hub International has announced the acquisition of The Insurance Exchange for an undisclosed consideration. Based in Rockville, Maryland, The Insurance Exchange is one of the largest independent insurance agencies in the Mid-Atlantic region. It provides solutions for employee benefits consulting, commercial property & casualty, loss control, bonding, risk ... Read the full article
InsurTech set to revolutionise data collection, analysis: Fitch
13th March 2019
The biggest near-term impact of InsurTech will be its ability to revolutionise how insurers collect, access and analyse data, Fitch Ratings analysts believe. For property/casualty (P/C) insurers, Fitch says telematics will be the differentiator as data generated from devices is the single most predictive loss indicator available. The availability of more accurate ... Read the full article
Channel Syndicate 2015 promotes Matt Ackland to CCO role
13th March 2019
SCOR-backed Channel Syndicate 2015 (Channel) at the specialist Lloyd's of London re/insurance marketplace has announced the appointment of Matt Ackland as Chief Commercial Officer of the London platform. Ackland has been with the company for over six years, starting out in underwriting operations before being promoted to head of strategy and ... Read the full article
Tropical cyclone Idai targets Mozambique as Cat 3 equivalent storm
13th March 2019
Tropical cyclone Idai is churning across the Mozambique Channel as an intensifying tropical storm with sustained winds of around 105 mph, but conditions look set to allow Idai to intensify further, with experts warning of a category 3 equivalent landfall. Tropical cyclone Idai has intensified steadily over warm waters and with ... Read the full article
Gov-backed UK insurtech initiative announces legal toolkit for start-ups
13th March 2019
The UK Insurtech Board, an initiative facilitated by Tech Nation as part of the Fintech Delivery Panel (FDP) convened by HM Treasury, has announced the launch of a new toolkit of legal documents to assist start-ups in building relationships with insurance incumbents. The suite of legal documents was developed to address ... Read the full article
Lancashire moves supervisory and tax domiciles from UK to Bermuda
13th March 2019
Specialty insurance and reinsurance group Lancashire Holdings has announced that its Group supervisory and tax domiciles are to be re-established in Bermuda with effect from 1 January 2019. In 2012, the company decided to establish its head office and conduct the majority of its Board business in the UK, prior to ... Read the full article
BMS annual revenues exceed £100m
13th March 2019
Independent specialist re/insurance broker BMS has revealed that its annual revenues for the first time exceeded £100 million in 2018. Overall revenue grew by 25% while BMS’s London wholesale business posted 32% growth. BMS’s reinsurance division achieved an 18% revenue increase. “This remarkable result belongs to BMS staff, who have driven our ... Read the full article
Aon’s New Ventures Group positioned to accelerate IP push
13th March 2019
Global re/insurance brokerage Aon has announced that its New Ventures Group (NVG) will be formally sponsoring the firm’s new Intellectual Property Solutions (IPS) team in an effort to help accelerate its development and expand the marketplace. Meanwhile, Brian Cochrane has been added as the IPS Chief Commercial Officer. He previously ... Read the full article
Qatar General Insurance names Al Efrangi as CEO
13th March 2019
The Qatar General Insurance and Reinsurance Company (QGIRCO) has announced the appointment of Hassan Ahmed Hassan Al Efrangi as Group Chief Executive Officer. The move sees Al Efrangi replace the recently-departed Ghazi Abu Nahl. He brings over 20 years’ experience in the financial sector and has extensive experience in leadership, performance improvement ... Read the full article
Bermuda added to EU tax blacklist, seeks removal
13th March 2019
Bermuda is among 15 countries to be blacklisted by European Union (EU) Finance Ministers this week for failing to comply with good governance standards on tax within its deadline. The island nation and global reinsurance hub could now potentially incur a set of countermeasures from EU member states, including increased monitoring ... Read the full article
Tokio Marine HCC bolsters Nordic Surety team with senior hires
13th March 2019
Specialty insurance group Tokio Marine HCC has announced the appointment of Henning Skaarup as Head of Surety Nordics and Holm Larsen as Senior Surety Underwriter, effective immediately. Skaarup, who will be based in Copenhagen and act as General Managing of a newly-created Danish branch, will be tasked with developing and directing ... Read the full article
Validus eyes expansion into Canadian reinsurance market
13th March 2019
Validus Reinsurance Ltd., the Bermuda-based reinsurer whose parent company was acquired by AIG for $5.56 billion last year, intends to open a new branch in Canada, according to notices given in the Canada Gazette. The company plans to file an application with a federal regulator, the Office of the Superintendent of ... Read the full article
Insurers join with UK regulators to address financial risks of climate change
13th March 2019
Several insurers joined the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) last week to develop responses to the financial risks of climate change at the first meeting of the Climate Financial Risk Forum (CFRF). Representatives from Aviva, Legal & General, Lloyd’s of London, RSA Insurance Group, and Zurich ... Read the full article
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