Reinsurance News
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
HDI Global Specialty acquires bloodstock team from Neon Underwriting
4th March 2019
HDI Global Specialty, the newly launched collaborative specialty insurance venture between HDI Global and Hannover Re, has acquired a team of four bloodstock underwriters from re/insurer Neon Underwriting. The bloodstock team are active in the Lloyd’s and London markets and write a global book across the UK, U.S, Australia and ... Read the full article
Sedgwick adds Jane Tutoki to Board of Directors
4th March 2019
Sedgwick, a global provider of technology-enabled risk, benefits, and integrated business solutions, has announced that Jane Tutoki is to become an independent member of its Board of Directors. Tutoki has more than 30 years’ insurance leadership experience and most recently served as Vice Chair of Sedgwick, which she joined last year ... Read the full article
Aviva promotes Maurice Tulloch to CEO role
4th March 2019
UK insurer Aviva has promoted Maurice Tulloch to the role of Chief Executive Officer, four months after revealing the departure of Mark Wilson from the position. Tulloch has served as the firm’s International CEO since 2017 and will take the reigns from Sir Adrian Montague, who had been acting in an ... Read the full article
FedNat signs FHCF reinsurance deal
4th March 2019
FedNat Holding subsidiaries FedNat Insurance and Monarch Insurance have entered into contracts with Florida’s State Board of Administration (SBA) that will reimburse both firms for covered property losses under their respective homeowners’ insurance policies resulting from hurricanes in the State between 1 June 2019 and 31 May 2020. The SBA is ... Read the full article
Deadly tornadoes cause destruction across Alabama
4th March 2019
A series of tornadoes that tore through eastern Alabama on Sunday have caused widespread destruction to homes and businesses, leaving 23 people dead. The deaths were recorded in Lee County, Sheriff Jay Jones confirmed. He added that the damage had been “catastrophic” and it was possible that the body count may ... Read the full article
RSA confident of improvements in 2019 as underwriting action continues
4th March 2019
RSA Group saw its underlying results decline in 2018 when compared with the previous year, but the firm remains confident it can bounce back in 2019 as it embarks on further, extensive underwriting action. Despite reporting an underlying dip in results, RSA remained profitable in 2018, posting a pre-tax profit of ... Read the full article
Arthur J. Gallagher to acquire JLT’s aerospace operations
4th March 2019
Arthur J. Gallagher & Co. has announced that it has entered into an agreement to acquire the global aerospace operations of Jardine Lloyd Thompson Group plc (JLT). The acquisition, subject to European Commission approval, is scheduled to close this spring in connection with completion of Marsh and McLennan Companies’ acquisition of ... Read the full article
Chubb, Impact Forecasting team up on new terrorism risk model
4th March 2019
Global insurer Chubb has partnered with Aon’s Impact Forecasting on a terrorism risk model, designed for deployment in dense urban environments such as Manhattan, that is able to distinguish between facade and structural damage as well as determine the likelihood that a building will collapse. Risk modelling specialists from both firms ... Read the full article
Enstar & Maiden agree to new ADC reinsurance deal for AmTrust business
4th March 2019
Enstar Group Limited and Maiden Holdings have entered into a new adverse development cover (ADC) reinsurance agreement that will replace the previous loss portfolio transfer (LPT) deal relating to Maiden Re’s quota share of AmTrust Financial Services. The arrangement will see an Enstar subsidiary cover Maiden Re’s quota share reinsurance contracts ... Read the full article
Essent secures $473mn mortgage reinsurance from capital markets
4th March 2019
Essent Group Ltd. has announced that its subsidiary, Essent Guaranty, Inc., has secured $473.2 million of fully collateralised excess of loss reinsurance coverage from the capital markets. The coverage was obtained through Radnor Re 2019-1 Ltd, a newly formed Bermuda special purpose insurer, and relates to mortgage insurance policies written by ... Read the full article
AEGIS London adds Tom Squires as Head of Digital Trading
4th March 2019
Lloyd’s managing agency AEGIS London has announced the appointment of Tom Squires as Head of Digital Trading, a newly created role. Squires, who previously served as AEGIS London’s Deputy Head of Casualty, will oversee the firm’s online quote-and-bind platform OPAL (Online Platform Aegis London). “We are investing in digital trading across the ... Read the full article
Re/insurers need to address gradual, regional impacts of global warming: Jeworrek, Munich Re
1st March 2019
It's neither possible or wise for insurers and reinsurers to speculate and make price changes in models to account for global warming that people think will occur in two decades time, according to Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance, Munich Re. In light of increased catastrophe losses in both ... Read the full article
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