Reinsurance News
BGC Insurance adds Marsh exec to aviation & space brokerage
2nd August 2019
BGC Insurance Group (BGCI), a division of BGC Partners Inc., has announced the addition of Mark Costin to its new global aviation and space re/insurance brokerage. Costin joins BGCI from Marsh JLT Specialty, where he served as Chief Executive Officer (CEO) for its Aviation and Aerospace division. He arrived at Marsh in ... Read the full article
AM Best upgrades PartnerRe credit ratings
2nd August 2019
AM Best has upgraded the Financial Strength Rating (FSR) of PartnerRe and its subsidiaries from A (Excellent) to A+ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) to aa- from a+. AM Best also has upgraded the Long-Term ICR of PartnerRe and its existing Long-Term Issue Credit Ratings (Long-Term IR) from ... Read the full article
Oxbridge Re falls to Q2 loss, net earned premiums down significantly
2nd August 2019
Property and casualty reinsurer Oxbridge Re Holdings Limited has recorded a net loss of $205,000 for the second-quarter of 2019, as net earned premiums declined significantly to $93,000, compared with $334,000 a year earlier. The reinsurer's Q2 2019 net loss compares with net income of $265,000 in Q2 2018, and is ... Read the full article
Barbican Protect adds McManus to lead Professional Indemnity team
2nd August 2019
Barbican Protect, the UK arm of Barbican Insurance Group, has announced the appointment of Paula McManus as Head of Professional Indemnity for its London operations, with immediate effect. McManus, part of the Financial Lines team, will be be responsible for strengthening Barbican Protect’s PI proposition in the UK commercial SME and ... Read the full article
Reinsurance use supports Essent Group’s strong Q2 performance
2nd August 2019
Essent Group Ltd. has reported net income of $136.4 million for the second-quarter of 2019 compared with $111.8 million in the prior year quarter, assisted by growth in net premiums earned and an improved expense ratio, partly offset by an increase in losses and loss adjustment expenses (LAE) in the ... Read the full article
Aon partners with UVARA to address infrastructure management risks
2nd August 2019
Re/insurance broker Aon has entered into a strategic alliance with UVARA (formerly BetterGIS), an end-to-end asset mapping and management solution, to help architecture, engineering and construction (AEC) industries across the globe better manage risks. Founded in 2015 by a team of engineers and utility infrastructure professionals, UVARA looks to address the ... Read the full article
Willis Towers Watson closes $1.3bn TRANZACT acquisition
2nd August 2019
Global re/insurance brokerage Willis Towers Watson (WTW) has announced the completion of its acquisition of TRANZACT, a direct-to-consumer health care organisation. First announced back in April 2019, the deal had originally been valued at $1.2 billion. However, WTW revealed in its second quarter results report that it had amended the earn-out ... Read the full article
New Bermuda reinsurer 777 Re completes first reinsurance transaction
2nd August 2019
Newly established Bermuda-based reinsurer, 777 Re Ltd., has completed a $307 million annuity block reinsurance transaction with a U.S. insurer. 777 Re is headquartered in Hamilton, Bermuda and was founded with capital led by Miami-based investment firm, 777 Partners. The reinsurer acquires both active and run-off blocks of life insurance and ... Read the full article
Swiss Re’s Jason Busti joins AXIS Re as President of North America
1st August 2019
Bermuda domiciled re/insurer AXIS Capital Holdings Limited has announced that Jason Busti has joined its reinsurance arm, AXIS Re as President of North America, based in New York. He joins the firm after 22 years with reinsurance giant Swiss Re, and in his new role, will be a member of the ... Read the full article
Underwriting improvements help RSA to maintain steady profits
1st August 2019
UK commercial insurer RSA Group has reported an increase in underwriting profit during the first half of 2019, which helped to keep the company’s overall underlying profit steady at £292 million. Underwriting profit was recorded at £181 million in H1 2019, compared with £171 million for the same period last year. ... Read the full article
Chubb names Ortega EVP, Chubb Group & President, Overseas General Insurance
1st August 2019
Insurer and reinsurer Chubb has revealed that Juan Luis Ortega is to succeed Juan Andrade as Executive Vice President (EVP), Chubb Group and President, Overseas General Insurance, effective immediately. Ortega is currently Senior Vice President (SVP), Chubb Group and Regional President of Latin America, and in his new role will report ... Read the full article
Hiscox Re & ILS announces leadership reshuffle
1st August 2019
Global re/insurer Hiscox has announced two new appointments within its Hiscox Re & ILS division, following the recently announced appointment of Megan McConnell as CUO, Hiscox USA. With McConnell relocating to Manhattan, Andrew Dolphin has been named as her successor as Director of Underwriting - London, subject to board and ... Read the full article
Universal’s income down 17% in Q2, as loss ratio climbs
1st August 2019
Florida-based property and casualty insurer Universal Insurance has released its results for the first half of 2019, reporting a 16.8% decrease in income before taxes. Income slipped by $10.3 million to $50.9 million in Q2 2019, compared with $61.2 million for the same period in the previous year. Looking at the first ... Read the full article
Lloyd’s Lab selects third cohort of insurtechs for accelerator program
1st August 2019
Lloyd’s Lab, the innovation accelerator launched by the Lloyd’s market last year, has announced the third cohort of insurtech firms selected to take part in its 10-week program. The 11 successful teams were selected from more than 130 applications around the world, and will begin working in the Lab from September ... Read the full article
Everest Re names Chubb’s Andrade as CEO elect, replacing Adesso
1st August 2019
Bermudian reinsurer Everest Re has announced that Juan C. Andrade has been appointed as Chief Operating Officer (COO), before taking over as President and Chief Executive Officer of the company from January 1, 2020. He will succeed outgoing CEO Dominic J. Addesso, whose retirement was announced back in January 2019. Andrade ... Read the full article
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