Reinsurance News
XL Innovate leads auto insurtech Zendrive’s $37m funding round
21st August 2019
Data and analytics firm Zendrive has raised $37 million in a Series B funding round led by XL Innovate, AXA XL’s venture capital insurtech fund. The funding round also saw the involvement of Hearst Ventures and existing investors including ACME Capital, BMW iVentures, NYCA, SignalFire. Zendrive plans on using the funds to ... Read the full article
DARAG names James Insley CFO, as Halley departs
21st August 2019
Legacy acquirer DARAG Group Limited has announced the appointment of James Insley as Group Chief Financial Officer (CFO), effective from September 2. He will succeed outgoing CFO James Halley, who is due to leave the business in mid-September. Insley joins DARAG from the Warranty Group, where he most recently served as European ... Read the full article
Commercial carriers poised to benefit from continued rate improvements: JP Morgan
21st August 2019
Broad industry pricing improvements are expected to provide a tailwind to commercial carriers’ top-line growth and earnings, according to JP Morgan analyst Keith Cornelius. This is likely to be supported by year-on-year improvements in bet investment income, as well as a manageable quarter in terms of catastrophe activity. Cornelius believes that small ... Read the full article
MS Amlin begins trading on Whitespace platform
21st August 2019
MS Amlin, the re/insurance subsidiary of Japanese insurance group MS&AD Insurance Group Holdings, has commenced trading risks on the Whitespace platform, a cloud-based solution aiming to digitise the placing process of insurance contracts at Lloyd’s. The re/insurer joined a consortium alongside AXA XL, Neon, RFIB and Antares last year in ... Read the full article
R&Q’s Accredited strikes new program underwriting partnership deals
21st August 2019
Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings (R&Q) has announced that its Accredited subsidiaries have formed two new program underwriting partnerships, in addition to securing an extension to an existing deal. From July 2019, Accredited US will be the issuing carrier on behalf of Paragon Insurance Holdings for ... Read the full article
AIG recruits Sabra Purtill from The Hartford as Deputy CFO
21st August 2019
American International Group, Inc. (AIG) has announced the appointment of Sabra Purtill as Deputy Chief Financial Officer (CFO), Head of Treasury, Investor & Rating Agency Relations, and Corporate Development. In this newly established role, Purtill will oversee AIG’s engagement with key financial stakeholders, including ratings agencies and the investor community, in ... Read the full article
Hamilton seals Liberty acquisitions, adds Tony Ursano as group CFO
21st August 2019
Bermuda-based re/insurer Hamilton Insurance Group has completed its previously announced acquisition of Pembroke Managing Agency and its platform at Lloyd's, as well as Dublin-based carrier Ironshore Europe DAC (IEDAC), from Liberty Mutual Group. The addition of both the Pembroke and IEDAC businesses accelerates Hamilton’s growth plans in specialty insurance, whilst ... Read the full article
Paul Brady to lead London Market TOM delegated authority
21st August 2019
The London Market Group has appointed Paul Brady to lead the delegated authority workstream for the London Market Target Operating Model (LM TOM). Paul Brady serves as Head of Policyholder & Third Party Oversight at Lloyd's and succeeds Ian Fantozzi in this new role. Fantozzi is the Chief Operating Officer at Beazley ... Read the full article
FHCF renews $920m program. Swiss Re now largest market, as RenRe downsizes
21st August 2019
The Florida Hurricane Catastrophe Fund (FHCF) has renewed its reinsurance program for 2019 at a slightly smaller size of $920 million, but with flat risk-adjusted pricing. Swiss Re is now the largest participating market in the FHCF's reinsurance program, as the reinsurer took the same $185 million slice as the prior ... Read the full article
Market survey – share your views on the global reinsurance industry
20th August 2019
We've launched another global reinsurance market survey, to take the temperature of the industry with a view towards the January 2020 renewals, from our extensive readership and followers. Working with our sister publication www.artemis.bm, Reinsurance News is looking for our readers support to ... Read the full article
Dick Dowd appointed American Integrity Exec VP
20th August 2019
Florida domiciled residential property insurer American Integrity has announced the appointment Dick Dowd as Executive Vice President. Dowd, who most recently served as Senior Vice President of Aegis General, brings over 30 years’ experience across personal, commercial, standard and specialty insurance lines. He reports to Bob Ritchie, President and Chief Executive Officer, ... Read the full article
Everest Insurance appoints Kyle Adams to lead Bermuda operations
20th August 2019
Everest Insurance, a division of global reinsurer Everest Re Group, has appointed Kyle Adams to lead the firm’s Bermuda operations. Kyle, who brings over 20 years’ experience to the role, joins from JLT Specialty Bermuda having served as Co-Chief Executive Officer. Prior to his time at JLT, Adams spent 19 years with ... Read the full article
Kuwait Re’s H1 profits up 49% as underwriting & investments improve
20th August 2019
Kuwait Reinsurance Company K.S.C.P (Kuwait Re) has posted its results for the first half of 2019, reporting a 49% increase in net profit to KD 2.87 million (US $9.44 million). The result compares with net profit of KD 1.92 million ($6.31 million) recorded in the first half of 2018, and Read the full article
Inadequate pricing & market disruption to push rate increases into 2020: Fitch
20th August 2019
Reinsurance rate increases are expected to continue into the 2020 renewals due to ongoing disruption in the market and inadequate pricing levels, according to Fitch Ratings. Fitch noted that reinsurance pricing turned decidedly positive at the mid-year 2019 renewals, following disappointing flat and generally stable rates at January. Momentum has largely been ... Read the full article
Kansas regulator disputes fraud allegations against GE reinsurance unit
20th August 2019
The Kansas Insurance Department has released a statement disputing recent fraud allegations against the long-term care reinsurance business of General Electric (GE), which it says may have overlooked key considerations. “After initial review, components of this particular report appear fairly simplistic in nature and don’t appear to incorporate certain technical reserve ... Read the full article
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