Reinsurance News
Brexit-driven RWN poses no immediate threat to UK insurer ratings: Fitch
27th February 2019
According to global financial services rating agency, Fitch Ratings, the Rating Watch Negative (RWN) assigned on the UK, in light of Brexit, does not suggest any immediate threat to UK insurers' ratings. The ratings agency states that, in itself, a one-notch sovereign downgrade would not result in insurer downgrades, adding that ... Read the full article
RSA appoints Charlotte Jones to CFO role
27th February 2019
Multinational insurance group RSA has announced the appointment of Charlotte Jones as Chief Financial Officer, a position vacated by the current UK & International Chief Executive Officer Scott Egan earlier this month. Jones, who currently serves as a non-Executive Director of RSA and is a member of the Group audit and ... Read the full article
CIS re/insurers struggling to withstand volatile market conditions: A.M. Best
27th February 2019
Insurers and reinsurers in the Commonwealth of Independent States (CIS) are struggling to remain profitable in the face of significant geopolitical instability and regulatory changes, according to a report by A.M. Best. The rating agency noted that, whilst the overall economy for the CIS improved in 2018 compared to prior years, ... Read the full article
Zurich acquires U.S insurtech firm Sea Pine Technologies
26th February 2019
Zurich North America has acquired 100% ownership of Sea Pine Technologies, a U.S insurtech firm that specialises in developing digital applications for the marketing of vehicle protection products. The insurer said the move would enable it to further expand its automotive Finance & Insurance (F&I) products and services for auto dealers ... Read the full article
Industry veteran Lizabeth Zlatkus joins AXIS Board of Directors
26th February 2019
Bermuda-based insurance and reinsurance firm, AXIS Capital Holdings Limited has added insurance industry veteran Lizabeth Zlatkus to its Board of Directors, effective March 15th 2019. In her new role, Zlatkus will serve as a member of AXIS' Audit and Finance Committees. The addition of Zlatkus takes the total number of AXIS ... Read the full article
LIIBA creates BDAWG Claims Sub-Group, names Ed’s Ben Kelly Chair
26th February 2019
A new sub-group for the London and International Insurance Brokers' Association's (LIIBA) Broker Delegated Authority Working Group (BDAWG) has been established by the organisation, to be Chaired by Ben Kelly. Kelly, claims manager, risk solutions claims at Ed Broking has been elected as Chair of the Claims Sub-Group, which has been ... Read the full article
FedNat to purchase 1347’s insurance operations for $51m
26th February 2019
Florida-based FedNat Holding Company is set to acquire the homeowners insurance operations of 1347 Property Insurance Holdings in a cash and stock transaction valued at approximately $51 million. As per the deal, FedNat will acquire Maison Insurance Company, Maison Managers, Inc., and ClaimCor LLC (collectively, Maison). Maison is a property and casualty ... Read the full article
Loss creep could push Typhoon Jebi claims above $10bn, says PCS Co-Head
26th February 2019
Property Claim Services (PCS), a Verisk business, has estimated that insured losses resulting from Typhoon Jebi in Japan have now reached $10 billion, with the potential for further loss creep to push costs even higher, according to Tom Johansmeyer, Co-Head of PCS. PCS recently expanded its re/insurance market data aggregation and ... Read the full article
Former XL exec Susan Cross to serve as a Director of Unum Group
26th February 2019
Former XL Group executive, Susan Cross, has been elected to serve as a Director of Unum Group, a provider of financial protection benefits in the U.S. and the UK. Cross served as Executive Vice President (EVP) and Global Chief Actuary at insurer and reinsurer XL Group from August 2008 until September ... Read the full article
Hiscox’s Jonathan Fletcher named CFC’s new Chief Technology Officer
26th February 2019
Specialist insurer CFC Underwriting has announced the appointment of Jonathan Fletcher from Hiscox as its new Chief Technology Officer (CTO). In his new role, Fletcher will take oversight of the insurer's technology and infrastructure strategy, while leading the firm's expanding development and support teams. David Walsh, CFC's Chief Executive Officer (CEO), commented: ... Read the full article
R&Q’s Accredited forms program underwriting partnership with Stabilis
26th February 2019
Accredited Insurance (Europe), the European subsidiary of Bermuda-based specialist non-life re/insurance investor Randall & Quilter Investment Holdings (R&Q), has signed a new program underwriting partnership with Stabilis MGA limited. Stablilis is a UK managing general agency (MGA) that provides private motor insurance. “We are delighted to confirm this transaction and to add ... Read the full article
JLT reports organic growth across all divisions in 2018
26th February 2019
Global insurance and reinsurance broker, JLT Group recorded organic revenue growth across all divisions year-on-year, leading to a 21% rise in trading profit in 2018. In light of JLT's takeover by MMC, expected to close in spring of this year, the firm has released preliminary financial results for 2018, which includes ... Read the full article
Pool Re completes first terrorism cat bond, securing £75mn retro cover
26th February 2019
Pool Re, the UK’s government-backed terrorism reinsurer, has completed what it claims to be the first-ever standalone terrorism catastrophe bond, providing £75 million of retrocession protection for losses in excess of £500 million. The bond, which was issued through special-purpose vehicle Baltic PCC Ltd, is designed to move UK taxpayers even ... Read the full article
ABI Director urges Brexit delay to avoid “economic self-harm”
26th February 2019
Huw Evans, Director General of the Association of British Insurers (ABI), has urged the UK Government to delay the UK's planned withdrawal from the European Union (EU) in order to avoid a no-deal scenario, which he claims would be “an unforgivable act of economic and social self-harm that the UK ... Read the full article
Argo labels CEO criticisms “misleading, inaccurate”
26th February 2019
Recent claims that Argo Group Chief Executive Officer Mark E. Watson III has perpetuated “shockingly high and shockingly inappropriate” expenses over the past decade have been labelled misleading and inaccurate by the company. In a statement released this morning Argo accused Voce Capital Management (Argo’s fourth-largest shareholder) of ignoring the ... Read the full article
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