Reinsurance News
Strong investment turnaround boosts Greenlight Re’s Q2 result
6th August 2019
Hedge fund style reinsurer Greenlight Re has recorded both underwriting income and an investment gain in the second-quarter of 2019, with net income of $15.3 million significantly improving from the $37.4 million net loss for the same period last year. The investment-oriented reinsurer has reported net underwriting income of $1.5 million ... Read the full article
China Re estimates up to 45% uplift in first-half profits
6th August 2019
China Reinsurance Corporation (China Re) has put a preliminary estimate for its first-half 2019 results, suggesting as much as a 45% uplift in profits is to be expected. For the first six months of 2019, China Re's estimates suggest that net profit attributable to equity shareholders in the reinsurer may be ... Read the full article
Enstar completes Maiden’s ADC reinsurance deal for AmTrust business
6th August 2019
Enstar Group Limited has now completed the adverse development cover (ADC) reinsurance agreement with Maiden Holdings that covers a quota share arrangement between Maiden Re and AmTrust Financial Services. Enstar's Bermuda operating company Cavello Bay Reinsurance Limited has effected the adverse development cover reinsurance transaction with Maiden Reinsurance Ltd. Maiden ... Read the full article
Willis Towers Watson targets pricing fairness & transparency with Radar 4.5
6th August 2019
Insurance and reinsurance brokerage Willis Towers Watson (WTW) has released an updated version of its Radar pricing software, designed to provide insights on pricing fairness and address the growing need for transparency. Radar 4.5 is the latest version of the broker's pricing software, and WTW states that its next generation insurance ... Read the full article
Swiss Re’s ReAssure buying £425m closed life book business from Quilter
5th August 2019
ReAssure, the closed life book consolidator specialist unit of global reinsurance firm Swiss Re, has agreed an acquisition of a UK £425 million UK closed life insurance business from Quilter plc. The acquisition will add 200,000 customer policies and UK £12 billion of assets to ReAssure's platform and demonstrates Swiss Re's ... Read the full article
RT Specialty promotes Mannschreck to President of Claims, Chief Claims Officer
5th August 2019
RT Specialty, LLC, a subsidiary of Ryan Specialty Group,has promoted Todd Mannschreck to the role of President of Claims, Chief Claims Officer. Mannschreck had led the claims function at RT Specialty since he joined the company in 2013, being based out of the firms Kansas City office. Since he joined, the RT ... Read the full article
Reserve releases unsustainable, will contribute less to earnings over time: Moody’s
5th August 2019
Analysts at Moody's have warned that European property and casualty (P&C) insurers will be less able to bolster their earnings with reserve releases over the coming years. Analysts expect reserve releases to fall gradually, ultimately eroding what's been a key earnings contributor for European P&C players, accounting for around 20% of ... Read the full article
Athene reports significantly higher Q2 net income
5th August 2019
Athene Holdings Ltd. has reported a significant 180% increase in net income in the second-quarter of 2019 to $720 million, driven by favourable changes in the fair value of reinsurance assets on the back of a decline in Treasury rates. Athene, a provider of retirement savings products, saw its Q2 2019 ... Read the full article
No-deal Brexit could decimate London market, EY survey suggests
5th August 2019
In the event of a no-deal Brexit, which is currently seen as increasingly likely to occur, as many as 42% of financial services firms are considering moving their UK businesses to a new global centre. A survey undertaken by global consultancy and advisory EY found that while the majority of financial ... Read the full article
Munich Re names Steven Chang CEO, Greater China
5th August 2019
Reinsurance giant Munich Re has announced the appointment of Steven Chang as Chief Executive Officer (CEO) of Greater China, effective August 1st, 2019. Chang will be based in Beijing, and will lead Munich Re's non-life business and operations in the Greater China region, which includes mainland China, Taiwan, Hong Kong and ... Read the full article
Ed bolsters Asia Pacific leadership with appointment of David Lim
5th August 2019
Re/insurance brokerage Ed has announced the appointment of David Lim as Chief Executive Officer of Retail for Singapore and Head of Marine for Asia Pacific. Effective immediately, Lim will be based in Singapore and report to the CEO of Asia Pacific, Stephen Britten. He joins from Brit Global Specialty Singapore with over ... Read the full article
DARAG in legacy portfolio transfer with German re/insurer SOVAG
5th August 2019
Legacy acquirer DARAG Group Limited has announced a new Portfolio Transfer Agreement with German insurer and reinsurer, SOVAG. The legacy book, which comprises direct insurance and inwards reinsurance business, will be transferred to DARAG's German subsidiary, DARAG Versicherungs- und Ruckversicherungs-AG. The legacy portfolio transfer is part of SOVAG's ongoing restructuring, and DARAG ... Read the full article
Chubb launches new Pro ERM solution
5th August 2019
Insurer and reinsurer Chubb has announced the launch of Pro ERM, a new comprehensive offering which combines Miscellaneous Professional Liability, Media Liability, Cyber Liability, and first-party Cyber coverages with extensive loss mitigation and incident response services. Chubb states that Pro ERM, which combines numerous covers into a single policy, is an ... Read the full article
BGC Insurance adds a further Marsh exec to aviation & space brokerage
5th August 2019
BGC Insurance Group (BGCI), a division of BGC Partners Inc., has announced the appointment of Oyin Heath to its newly formed global aviation and space re/insurance brokerage. Heath joins BGCI from Marsh JLT Specialty, where she was a Managing Director and Leader of the Aerospace and Manufacturer Segments of the Aviation ... Read the full article
Hub International acquires Insurance Center of New England
5th August 2019
Global insurance broker Hub International Limited has acquired Massachusetts-based independent insurance brokerage, Insurance Center of New England, Inc. (ICNE). Terms of the transaction were not disclosed, but it has been announced that President and Chief Executive Officer (CEO) of ICNE, Bill Trudeau will join Hub New England, reporting to Timm Marini, ... Read the full article
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