Reinsurance News
Paretchan appointed VP, East Region Lead for Everest Insurance division
9th August 2019
Everest Insurance has announced the appointment of Vahan Paretchan as Vice President and East Region Leader for its risk management casualty division. The division is primarily concerned with providing primary casualty solutions to customers in the large account marketplace. Vahan will oversee a team of underwriters operating in various US offices across ... Read the full article
Beazley appoints Roscoe to lead smart tracker syndicate
9th August 2019
Specialist insurer Beazley has appointed Will Roscoe to lead the company’s ‘smart tracker’ special purpose syndicate 5623 at Lloyd’s. Having joined the company in 2011 as an underwriter within open market property team, Roscoe will now oversee syndicate 5623's growth strategy whilst taking responsibility for underwriting the portfolio and working to ... Read the full article
Kaufman Group adds WTW’s Paul Smith as VP, Carrier Relations
9th August 2019
H.W. Kaufman Group, the parent company of wholesale brokerage and managing general underwriter Burns & Wilcox, has added Paul G. Smith as Vice President, Carrier Relations. Based in the Greater New York City area, Smith will lead and manage strategic relationships with Kaufman insurance company partners. He will also work closely with ... Read the full article
Greenlight Re Innovations invests in claims platform, Handdii
9th August 2019
Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in property insurance claims platform, Handdii. Handdii is an Australia-based company whose platform focuses on routine property claims with the aim of reducing claims handling costs and repair time, whilst also improving customer ... Read the full article
Saudi Re posts strong net income growth for first half of 2019
9th August 2019
Saudi Reinsurance Company has posted a net profit before Zakat (a religious obligation for all Muslims who meet the necessary criteria of wealth), of SAR 42.6 million (USD 11.3 million) for the first half of 2019. This figure represents a 203% increase from the SAR 14 million in the same period ... Read the full article
IAG lifts nat cat allowance after erosion of stop-loss reinsurance in FY19
8th August 2019
Australian insurer IAG has reported that at AUD 627 million, natural peril claims costs for the full-year 2019 exceeded its allowance by AUD 19 million, after the exhaustion of its FY19 stop-loss reinsurance protection, which provided the firm with AUD 101 million of cover in the second-half of the year. For ... Read the full article
Failure to screen for silent-cyber exposures could drive significant losses: S&P
8th August 2019
Analysts at S&P Global Ratings have called on insurers and reinsurers to better screen their insurance portfolios for non-affirmative cyber exposures or manage them, warning that failure to do so might result in significant losses in the future. In a recent report, S&P has said that economic and insured losses from ... Read the full article
There may be no future for small generalist brokers, says Gallagher CEO
8th August 2019
Small, generalist insurance and reinsurance brokers could find survival increasingly challenging as the need to be a specialist in order to remain relevant increases, according to the Chief Executive Officer (CEO) of brokerage Arthur J Gallagher, Patrick Gallagher. In a recent interview with the Financial Times (FT), Gallagher suggested that the ... Read the full article
Jebi loss creep drives Q2 underwriting loss for Sirius
8th August 2019
Further loss creep from typhoon Jebi has hit the performance of Sirius International Insurance Group, Ltd. in the second-quarter of 2019, driving the firm's net income down from $98 million in Q2 2018 to $7 million in Q2 2019. The impact of loss creep from Jebi also hit the firm's H1 ... Read the full article
Third Point Re names Malloy CEO, adds Sid Sankaran to Board
8th August 2019
The Board of Directors of Third Point Re has affirmed the appointment of Dan Malloy as Chief Executive Officer (CEO) following the resignation of Robert Bredahl earlier this year. Malloy was appointed interim CEO at the time of Bredahl's departure and after the Board's review, he has now been affirmed ... Read the full article
$82m Jebi loss creep drags down Liberty Mutual Q2 performance
8th August 2019
Liberty Mutual Holding Company and its subsidiaries has reported a Q2 net income of $399 million, a 59.3% drop from the $582 million reported in the prior year quarter. The company is being hit by what has been described by Chairman and Chief Executive Officer, David H. Long, as “unusual volatility ... Read the full article
R&Q in legacy reinsurance deal for Bermuda captive
8th August 2019
Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings is to provide legacy reinsurance for a captive domiciled on the island. The loss portfolio transfer reinsurance covers workers’ compensation, product, auto, and general liability risks. The reinsurance was part of a larger transaction involving the sale of one of the parent ... Read the full article
Zurich benefits from a strong P&C result in H1 2019
8th August 2019
Global insurer Zurich has reported an increase in property and casualty (P&C) operating profit of 46% and its lowest P&C combined ratio of the past decade, of 95.1%, in the first-half of 2019. Overall, Zurich has reported business operating profit of $2.8 billion for the first-half of the year, an increase ... Read the full article
AIG posts strong Q2 off reinsurance actions, improved discipline
8th August 2019
Global insurer AIG has posted a Q2 net income of $1.1 billion, up from $937 million in the prior year quarter, driven by "expense discipline, and reinsurance actions" within its general insurance segment, according to President and Chief Executive Officer, Brian Duperreault. With a combined ratio (CR) of 97.8%, general insurance ... Read the full article
Third Point Re’s underwriting result improves on property cat business
8th August 2019
Hedge fund-backed reinsurer Third Point Re has reported an improved, albeit still negative underwriting result for the second-quarter and first-half of 2019, while the firm's net income improved for both periods when compared with 2018. Third Point Re has reported net income of $53.1 million for Q2 and $186 million for ... Read the full article
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