Reinsurance News
BF&M recruits Lily Chen from Berkshire Hathaway as Group CFO
30th July 2019
BF&M Limited, the Bermuda-based re/insurance holding company, has appointed Lily Chen as its new Group Chief Financial Officer (CFO). Chen joins BF&M from Berkshire Hathaway Group, where she most recently served as Divisional CFO and Chief Administrative Officer for the company’s Reinsurance Division. In this role, she was responsible for leading the ... Read the full article
Newline expands into Latin America through Lloyd’s in Mexico
30th July 2019
Specialty insurer Newline Group has joined the Lloyd's of London representative office in Mexico City, expanding its global footprint into the Latin America region. Newline has said that it will service clients in both Latin America and the Caribbean from Lloyd's in Mexico. The company's Latin American Division will commence the underwriting ... Read the full article
Marsh & McLennan’s revenue up 16% to $4.3 billion in Q2
30th July 2019
Global insurance and reinsurance broker, Marsh & McLennan Companies, Inc. (MMC), has reported consolidated revenue growth of 16% to $4.3 billion and underlying revenue growth of 4% for Q2 2019, which is the first time its results have included JLT, which it acquired for $5.6 billion. Underlying revenue growth of 4% ... Read the full article
Munich Re pegs industry cat losses at $15bn in H1
30th July 2019
Munich Re has estimated that insured losses resulting from natural catastrophes totalled $15 billion in the first half of 2019, slightly below the long-term average of $18 billion. The reinsurer recorded 370 loss events over the first six months of the year, which it believes produced an overall economic loss of ... Read the full article
RGA income stable in Q2, net premiums up 7%
30th July 2019
Reinsurance Group of America (RGA) has reported net income of $202.7 million for the second quarter of 2019, consistent with its result of $204.4 million for the same period in 2018. On an adjusted basis, earnings increased modestly to $210.8 million, compared with $202.1 million in Q2 2018. Although income remained stable, ... Read the full article
Watford Holdings falls to underwriting loss in Q2, combined ratio weakens
30th July 2019
Bermudian Watford Holdings Ltd. has reported a combined ratio of 103.5% for the second-quarter of 2019 and an underwriting loss of more than $5.2 million, compared with a combined ratio of 100.6% and an underwriting loss of roughly $1 million in the second-quarter of 2018. Despite the underwriting loss, net income ... Read the full article
Markel hires Chris Burgess to head up cyber team in London
30th July 2019
Markel International, the specialist insurer, has announced the appointment of Chris Burgess as Head of Cyber in London. Most recently, Burgess worked as UK Cyber Leader at AIG, where he was responsible for the company’s cyber, technology, Telco, and media professional portfolios, as well as leading global strategies. He has more than ... Read the full article
Metabiota promotes Nita Madhav to CEO
30th July 2019
Epidemic risk modeller Metabiota has announced the promotion of Nita Madhav as its new Chief Executive Officer (CEO). Madhav most recently served as the firm's Vice President (VP) of Data Science, and her promotion sees Metabiota appoint its first female CEO. As VP of Data Science, Madhav led the data science ... Read the full article
Sompo Global Risk partners with VGM to insure golf courses, country clubs
30th July 2019
Sompo Global Risk Solutions (GRS), a subsidiary of Bermuda-based specialty property and casualty (P&C) re/insurer Sompo International, has entered into a new partnership with specialist captive insurer VGM Insurance & Financial Solutions. The arrangement will allow Sompo GRS to offer its insurance products and services to golf courses and country clubs. Through ... Read the full article
Swiss Re & SAP announce expansion of accounting system
30th July 2019
Global reinsurer Swiss Re and Germany domiciled multinational software corporation, SAP SE, have expanded their joint accounting solution project to include simulation, forecasting and planning capabilities. Announced in February 2017, the joint co-innovation project sees the pair collaborate on the development of a solution that tackles complex issues related to ... Read the full article
Arch’s underwriting income improves on reinsurance and mortgage business
30th July 2019
Insurer and reinsurer Arch Capital Group Ltd. has reported a 2.3% improvement in its combined ratio to 80.4% for the second-quarter of 2019, underpinned by a 24.5% improvement in underwriting income driven by its reinsurance and mortgage segments. Overall, underwriting income reached $293 million in the second-quarter of 2019, compared with ... Read the full article
Peter Tam resigns as CEO of the Hong Kong Federation of Insurers
30th July 2019
It's been revealed that Peter Tam has resigned from his post as Chief Executive Officer (CEO) of the Hong Kong Federation of Insurers (HKFI). The HKFI notes that Tam has now resigned and will take a leave of absence from the 27th of July, 2019 to the 8th of October, 2019. The ... Read the full article
Solid underwriting & investment return drives improved result for Everest Re
30th July 2019
Bermudian reinsurer Everest Re Group has reported a significant increase in net income to $342.9 million for the second-quarter of 2019, driven by a solid underwriting and investment performance. For the second-quarter of 2019, Everest Re's net income increased by a huge 391% from the $69.9 million recorded in the second-quarter ... Read the full article
Reputation of the vibrant, claims-focused run-off market is growing: RiverStone
29th July 2019
The insurance and reinsurance run-off sector has matured into a healthy, vibrant, claims-focused marketplace, supported by a growing reputation, according to legacy specialist RiverStone. The RiverStone Group is a Fairfax company that specialises in the management of legacy and run-off re/insurance businesses and portfolios. As of the end of March 2019 ... Read the full article
India looks to reduce reinsurance on agricultural insurance program
29th July 2019
The Government of India is reportedly considering a pool mechanism for its national agricultural insurance program to limit money flowing out of the country to international reinsurance companies. Indian publication Business Standard reported that foreign reinsurance and private insurance firms have been big beneficiaries of premiums collected under Pradhan Mantri Fasal ... Read the full article
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