Reinsurance News
Fidelis names Dublin CUO & CEO as Colm Lyons departs
7th August 2019
Fidelis Insurance Ireland DAC (FIID), Fidelis Insurance's Dublin hub, has appointed Robert Kelly as Chief Executive Officer (CEO) and Simon Crone as Chief Underwriting Officer (CUO), positions previously held by the departing Colm Lyons. Kelly joined the firm in 2018 from PartnerRe as Chief Financial Officer (CFO) of FIID, and ... Read the full article
Munich Re’s Q2 profit rises to €993mn on low losses & reserve releases
7th August 2019
Global reinsurance giant Munich Re has announced its highest quarterly profit for four years of €993 million in the second-quarter of 2019, driven by low major losses and reserve releases. Munich Re's profit in the second-quarter of 2019 increased from the €728 million recorded in the second-quarter of 2018, underpinned by ... Read the full article
Cobbs Allen expands insurance brokerage team with David Payne hire
7th August 2019
David Payne has joined Cobbs Allen from JLT US as the firm continues to expand its insurance brokerage team. He is set to join the company's leadership team that is building a national specialty platform dedicated to providing complex risk solutions for corporate and private equity clients. Most recently, Payne served as ... Read the full article
IRB Brasil Re to take 8.93% stake in B3i for €3.5mn
6th August 2019
Brazilian reinsurer IRB Brasil Re has announced that it is looking to acquire an 8.93% stake in the Blockchain Insurance Industry Initiative (B3i) for €3.5 million (USD 3.9 million). The announcement was made by the company's Deputy Chief Executive Officer (CEO), Chief Financial Officer (CFO) and Director of Investor Relations, Fernando ... Read the full article
Hudson Structured adds Rachel Bardon as Partner, Chief Actuary
6th August 2019
Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has named Rachel Bardon as Partner and Chief Actuary of HSCM Bermuda. The investment manager conducts its insurance and reinsurance business as HSCM Bermuda, and original member of the team, Bardon joined HSCM Bermuda in 2016 ... Read the full article
Elevated current & prior-year losses dent Argo’s underwriting result in Q2
6th August 2019
Argo Group International Holdings has reported a combined ratio of 103.4% for the second-quarter of 2019, as elevated current and prior-year losses in its international operations failed to offset improved underwriting income in the U.S. Argo's Q2 2019 combined ratio weakened from the 96.3% recorded in the second-quarter of 2018, and ... Read the full article
Munich Re looks to revolutionise hurricane response with new suite of tools
6th August 2019
Germany-headquartered global reinsurer Munich Re has announced the launch of the Hurricane Response Suite, a set of tools designed to revolutionise and improve an insurer's ability to respond to hurricane events. The new suite of tools is designed to help firms assess widespread property damage in the aftermath of a hurricane ... Read the full article
Climate change liability poses serious risk to profitability: Clyde & Co
6th August 2019
New laws and regulation that have emerged in response to climate change are giving rise to liability risks that pose a serious risk to companies’ future profitability, according to a new report from law firm Clyde & Co. The firm noted that there has been a twenty-fold increase in climate law ... Read the full article
Qatar Re & international carriers continue to expand for QIC in 2019
6th August 2019
Qatar Insurance Company's (QIC) international carriers, including its reinsurance arm Qatar Re, continued to expand in the first-half of 2019 and now account for around 75% of the group's total gross written premiums (GWP). At approximately $1.8 billion, QIC's GWP remained stable in the first-half of 2019 when compared with the ... Read the full article
Price action to persist in an “underwriters’ market,” says AXIS CEO Benchimol
6th August 2019
The President and Chief Executive Officer (CEO) of AXIS Capital Holdings Limited, Albert Benchimol, has said that current earnings will be crucial in what is still not a hard market, but an underwriters' market. In light of more pronounced rate increases at the June and July renewals, insurance and reinsurance company ... Read the full article
Indian gov lowers capital requirements for foreign reinsurers
6th August 2019
An amendment in the Insurance Act 1938, the notification of Finance (No.2) Act, 2019 by the Indian government, has significantly lowered the required volume of Net Owned Funds (NOF) for foreign insurers and reinsurers looking to establish a branch in the Gandhinagar International Financial Services Center (IFSC). Specifically, the NOF requirement ... Read the full article
Alliant announces acquisition of Fred Daniel & Sons
6th August 2019
US specialty insurance brokerage firm Alliant Insurance Services has announced the acquisition of Fred Daniel & Sons, an insurance and consulting firm based out of Tulsa, Oklahoma. Fred Daniel & Sons, whose services include commercial lines, personal lines, and employee benefits, will join Alliant and continue serving clients nationwide from its ... Read the full article
Zi Jai Li named head of Munich Re’s Beijing consulting service, SiTao Consulting
6th August 2019
Zi Jai Li has been appointed Managing Director of Smart Thinking Consulting (Beijing) Company Limited (SiTao Consulting), Munich Re's technology-based consulting service in Beijing. Li is also responsible for the reinsurer's innovation lab in Beijing and in his new role, will report to Steven Chang, who was recently appointed as Read the full article
HSBC UK pension completes £7bn longevity swap with Prudential
6th August 2019
The Prudential Insurance Company of America (PICA), a subsidiary of Prudential Financial, Inc., has completed a longevity swap transaction with the HSBC Bank (UK) Pension Scheme. The longevity swap is the second largest transaction ever completed for a UK pension scheme, and concerns the longevity risk in relation to c£7 billion ... Read the full article
Beazley adds three underwriters to US cyber & tech team
6th August 2019
Specialist insurer Beazley has announced the continued expansion of its U.S. cyber and technology team with the addition of three new underwriters. Over the past two years, Beazley states that this division has grown by 25% and that expansion looks set to continue with the appointments of the three new underwriters ... Read the full article
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