Reinsurance News
Aspen bolsters London cyber team with addition of Liberty’s Watson
19th February 2019
Aspen Insurance’s cyber team in London is to add Amie Watson as an Underwriter in May. Watson will join from Liberty Specialty Market where she currently serves as a Cyber & Tech Underwriter. Aspen’s London cyber team is headed by Mauro Signorelli, Senior Underwriter, Technology Liability & Cyber Risk Insurance. “Cyber insurance is ... Read the full article
Florida insurers remain stable due to reinsurance protection, reports Demotech
19th February 2019
Financial analysis firm Demotech has affirmed the financial stability ratings (FSRs) of 51 Florida property insurers after reviewing the quality and quantity of the companies’ reinsurance protection. Based on its compilation of the year-end 2018 financial information of these carriers, Demotech concluded that their reinsurance programs were sufficient to expect reimbursement ... Read the full article
Beazley discounts $10mn in premiums for U.S hospitals
19th February 2019
Specialty re/insurer Beazley has now discounted more than $10 million in healthcare insurance premiums to hospital clients in the U.S through its Quality Indicator Return Premium (QuIRP) facility. The facility is designed to support improvements to patient quality and safety standards by allowing hospitals and health systems to earn a discount ... Read the full article
Preservation Capital follows up Ascent deal with investment in U.S MGA Cove
19th February 2019
Preservation Capital Partners, the private equity firm that purchased cyber and specialty lines managing general agent (MGA) Ascent Underwriting last year, has announced a strategic investment in Cove Programs, a U.S construction-focused MGA. Alongside an undisclosed financial investment, the agreement will see executives from Ascent and Cove come together to drive ... Read the full article
Swiss Re, Zurich offered stake in IAG’s Indian venture, say sources
19th February 2019
Swiss Re, Zurich Insurance, Gen Re and Liberty General are among a group of almost 40 companies who have been approached to buy out Insurance Australia Group’s (IAG) 26% stake in SBI General Insurance, according to sources at The Economic Times. IAG is reportedly seeking Rs 3,400 crore (US $476 million) ... Read the full article
Sirius International’s Nasdaq listing reinforces independence from parent, says A.M. Best
19th February 2019
A.M. Best has commented that the credit ratings of Sirius International Insurance Group, Ltd (SIIG) and its main subsidiaries are unchanged, noting that its November 2018 Nasdaq listing reinforces its independence from its ultimate parent, China Minsheng Investment Group Corp., Ltd. (CMIG). The comments from global financial services ratings agency, A.M. Best, ... Read the full article
Aspen UK CFO Jonathan Price makes switch to Ageas
19th February 2019
Brussels-headquartered multinational insurer Ageas has announced the appointment of Jonathan Price as Chief Financial Officer for its UK operations. Price, who joins from Aspen UK after three years of service as CFO, will take responsibility for financial planning, management of financial risks, and financial reporting for Ageas UK. Before joining Aspen, Price ... Read the full article
Tokio Marine Kiln reports on forecast for Lloyd’s syndicates
19th February 2019
Tokio Marine Kiln has announced the final results for its three non-aligned Lloyd’s syndicates for the 2016 year of account, as well as updated forecasts for the 2017 year. Overall, syndicates 510 and 557 delivered profits on the 2016 year of account, but were impacted by catastrophe activity in their account ... Read the full article
Antares names Joe Battle CEO
18th February 2019
Lloyd's of London Managing Agency and member of the Qatar Insurance Company Group (QIC Group), Antares, has promoted current Active Underwriter Joe Battle to Chief Executive Officer (CEO). Battle's appointment is subject to receipt of regulatory approval. He joined Antares (then Württembergische) in 2007 and was appointed Active Underwriter in 2009, before ... Read the full article
Prima Solutions-Effisoft enhances WebXL reinsurance software
18th February 2019
Prima Solutions-Effisoft Group, an insurtech firm that designs software for insurance and reinsurance professionals, has released an updated version of its WebXL solution, which optimises ceded property-casualty and life reinsurance management. WebXL 4.3 includes several new features to help reinsurers deal with increased natural disaster occurrence, including improved management of the ... Read the full article
Beecher Carlson acquires retail estate broker Pipino
18th February 2019
Beecher Carlson, a subsidiary of Insurance brokerage Brown & Brown, has acquired certain assets of Donald P. Pipino Company (Pipino). The portion of the Pipino’s operations acquired by Brown & Brown has annual revenues of roughly $11 million. Pipino is a real estate risk management and insurance firm led by Mary Pipino ... Read the full article
RMS launches HD wildfire model for contiguous U.S
18th February 2019
Catastrophe risk modelling and analytics firm RMS has announced the release of its U.S. Wildfire High Definition (HD) Model for the contiguous United States. RMS says this new model offers an improvement on the zoning and mapping products currently employed by the re/insurance industry to evaluate wildfire risk. The company says these methods ... Read the full article
RLI to leverage machine learning with InsurTech partnership
18th February 2019
Specialty re/insurer RLI Corporation is partnering with InsurTech startup DataCubes as it explores ways to automate intake forms and intelligence gathering and move beyond the manual, time-consuming processes currently in place. DataCubes’ computer vision and machine learning platform is able to automatically digitise lengthy and complex insurance submission documents - including ... Read the full article
Munich Re closes longevity swap deal with Lafarge pension scheme
18th February 2019
German reinsurer Munich Re has completed a longevity swap deal with the Trustee of Lafarge UK Pension Plan, the UK pension scheme of French industrial company Lafarge. The arrangement is intended to reduce the Plan’s exposure to longevity risk, which arises when pensioners live longer than expected and thus claim more ... Read the full article
Swiss Re completes $1bn share buy-back program
18th February 2019
Global reinsurance giant Swiss Re has completed its 2018 public share buy-back program, returning almost CHF 1 billion (US $997 million) to its shareholders. Since May 7, 2018, Swiss Re has repurchased more than 11.2 million of its shares at an average purchase price of CHF 89.17 (US $88.89) per share. This ... Read the full article
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