Reinsurance News
Aon confirms consideration to acquire Willis Towers Watson
6th March 2019
Insurance and reinsurance broker Aon has confirmed that it is in the initial stages of considering an offer to acquire Willis Towers Watson (WTW). Reports emerged yesterday that Aon had held preliminary talks with WTW over a potential deal that would see the combination of two of the world's largest ... Read the full article
Emerging market premiums to double over next 10 years: Swiss Re
6th March 2019
Emerging market insurance premiums are forecast to more than double over the next 10 years, growing four times faster than in emerging markets, according to the latest sigma report by Swiss Re. Asia in particular is expected to grow three times faster than the world average over the next two years, ... Read the full article
Lloyd’s Brussels given nod for Monaco licence
5th March 2019
Lloyd’s Brussels, a recently-launched subsidiary designed to place and process European business post-Brexit, has received authorisation to underwrite re/insurance risks located in Monaco. The subsidiary has appointed France Country Manager Guy-Antoine de La Rochefoucauld as its General Representative for Monaco and as its fiscal representative for the territory. Lloyd’s Brussels is not, ... Read the full article
Aon is considering an offer to buy Willis Towers Watson, reports Bloomberg
5th March 2019
Global insurance and reinsurance broker Aon is reportedly in talks to acquire rival broker Willis Towers Watson (WTW), according to a Bloomberg report, which cites people familiar with the matter. Bloomberg reports that Aon is considering the purchase of WTW, and is preparing to submit an offer in the coming weeks. According ... Read the full article
Aon partners with software firm Skytek on marine risk accumulations
5th March 2019
Insurance and reinsurance broker Aon plc has partnered with software firm Skytek to provide real-time monitoring of re/insurers’ marine risks and to identify accumulations for enhanced underwriting and reinsurance programs. As part of the collaboration, Aon has established a new consultancy based on the Skytek system that uses real-time satellite tracking ... Read the full article
Large California wildfires could now occur in any year, finds study
5th March 2019
Large wildfires similar to those seen in 2018 could now occur in any year, regardless of how wet the previous winter was, according to a new study published in the Proceedings of the National Academy of Sciences. The study concluded that increased temperatures due to climate change and more effective efforts ... Read the full article
JLT’s Howett to become Marsh Ireland CEO; Grogan made Exec Chairman
5th March 2019
The Managing Director of JLT Ireland Patrick Howett is to become the Chief Executive Officer of Marsh Ireland upon the completion of Marsh & McLennan Companies’ previously-announced $5.6 billion acquisition of JLT Group. Meanwhile, Joe Grogan has been appointed Executive Chairman of Marsh Ireland. Both Howett and Grogan will be based in ... Read the full article
ChainThat to launch blockchain-powered risk, capital exchange
5th March 2019
A blockchain-powered risk and capital exchange for the re/insurance industry is set to be introduced in Bermuda later this year by ChainThat. The specialist blockchain solutions firm says this exchange will allow the transfer of risk and capital between direct insureds, brokers, cedants and captive insurers and insurance, reinsurance, industry loss ... Read the full article
Australian regulator to review growing use of offshore reinsurers
5th March 2019
The Australian Prudential Regulation Authority (APRA) has issued a cautionary letter to Australia’s life insurers, outlining a review it plans to undertake concerning the industry’s use of offshore reinsurance. APRA explained that the review would be made in light of a recent increase in the use of offshore reinsurers, particularly in ... Read the full article
90% FHCF participation will have a “positive impact on reinsurance pricing,” Heritage CEO
5th March 2019
Heritage Insurance Holdings, Inc. has doubled its Florida Hurricane Catastrophe Fund (FHCF) participation to 90%, a move the insurer expects others to follow and one that is likely to have a very positive impact on reinsurance pricing, according to Chairman and Chief Executive Officer (CEO), Bruce Lucas. Speaking during the Florida ... Read the full article
R&Q completes acquisition of NN Group unit
5th March 2019
Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings Ltd has completed its acquisition of the entire issued share capital of Nationale-Nederlanden Internationale Schadeverzekering SE (NNIS) from its owners, NN Group. NNIS, which will be renamed R&Q Epsilon Company SE following the acquisition, is a UK-based business that was transferred ... Read the full article
Chubb appoints Mark Hammond as Treasurer
5th March 2019
Global insurer Chubb has announced the appointment of Mark Hammond as Treasurer, effective March 1. He replaces Ken Koreyva, a Chubb Group Senior Vice President who will step down from his current position and assume a new senior advisory role. Hammond currently serves as Executive Vice President and Chief Financial Officer for ... Read the full article
Travelers’ post-Brexit Dublin unit obtains A++ strength rating
5th March 2019
Travelers Insurance Designated Activity Company (TIDAC) (Ireland), the newly established European subsidiary of Travelers Companies, Inc., has obtained a Financial Strength Rating of A++ (Superior) from A.M. Best. Travelers recently obtained a licence from the Central Bank of Ireland to write business from the Dublin-based unit, which will ensure continuity ... Read the full article
Re/insurers with ESG focus to see less long-term volatility: A.M. Best
4th March 2019
Insurance and reinsurance companies with a strong focus on incorporating environmental, social and governance (ESG) practices into their investment and underwriting decision-making processes are more likely to experience less volatility in their results over the longer term, according to A.M. Best. A recent report by the rating agency noted that many ... Read the full article
Ryan Specialty completes Myron Steves acquisition
4th March 2019
International specialty insurer Ryan Specialty Group has completed its previously-announced agreement to acquire the assets and operations of Myron F. Steves & Company, a Houston-based independent wholesale insurance brokerage. The Myron Steves team has become part of R-T Specialty, the wholesale brokerage unit of Ryan Specialty Group, expanding the company’s presence ... Read the full article
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