Reinsurance News
Marsh gets key approval for JLT acquisition
15th October 2018
Marsh & McLennan Companies has been granted an early termination of the waiting period required for the completion of its previously-announced acquisition of Jardine Lloyd Thompson Group (JLT). Termination of the Hart-Scott-Rodino (HSR) waiting period effectively concludes the review of both the Federal Trade Commission (FTC) and Department of Justice ... Read the full article
Troubled London marine energy market remains in flux: Lloyd & Partners
15th October 2018
The marine energy re/insurance market in London, and Lloyd’s in particular, remains in a ‘state of flux’ at 3Q 2018 as the class struggles to break even, according to a report from Lloyd & Partners. The report noted that the recent ‘Performance Management Directorate’ at Lloyd’s has forced re/insurers to contend ... Read the full article
IFTRIP addresses emerging terror risks at 2nd annual conference
15th October 2018
The International Forum of Terrorism Risk Re/Insurance Pools (IFTRIP) has convened at a 2nd annual conference in Moscow to address a variety of emerging terror threats and risk mitigation strategies. The event, which followed a series of closed session meetings involving terrorism risk finance experts from across the world, brought together ... Read the full article
Verisk releases updated personal injury claims calculator
15th October 2018
Data analytics provider Verisk has released the latest version of piCalculator, its solution for calculating schedules of loss for personal injury claims. piCalculator is an all-in-one software solution that handles all calculations in the injury claims process, which Verisk suggests has already helped lawyers, barristers, and large-loss claims handlers achieve around ... Read the full article
Re/insurer’s IFS ratings unlikely to face adverse impacts from Michael: Fitch
12th October 2018
While hurricane Michael will add to the insured catastrophe losses accumulated thus far this year and push 2018 closer to a more normal catastrophe loss year, re/insurer's individual Insurer Financial Strength (IFS) ratings are unlikely to face adverse impacts, according to Fitch. Fitch believes the property/casualty re/industry is well positioned to absorb ... Read the full article
Brokerslink adds eight new African affiliates to global network
12th October 2018
Brokerslink has expanded its global network with addition of eight new independent brokers from Africa, extending its presence to 21 countries across the continent. The new affiliates include CCAR in Mauritania; Compendium in South Africa; Consass in Burkina Faso; Generalia Assurances in Cameroon; Générale de Courtage in Guinea Conakry; La Protectrice ... Read the full article
Liberty hires Markus Hefel as Deputy Country Manager for Switzerland
12th October 2018
Liberty Specialty Markets (LSM), the specialty re/insurance subsidiary of Liberty Mutual Insurance Group, has announced the appointment of Markus Hefel as Deputy Country Manager for Switzerland. Hefel joins LSM from Ironshore, where he also served as Country Manager for Switzerland, in addition to his role as Senior Underwriter Liability and Personal ... Read the full article
Antares appoints CNA Hardy’s John Taylor as Head of Specialty
12th October 2018
Antares, the Lloyd’s managing agent and member of the QIC Group, has announced the appointment of John Taylor as Head of Specialty. Taylor will report to the Active Underwriter Joe Battle and replaces Kieran Oliver, who is retiring from Antares after nearly two decades at the firm. With 25 years’ experience in ... Read the full article
Insurers key to mobilising long-term capital for climate risk-resilient projects: GA
12th October 2018
The insurance industry plays a key role in de-risking infrastructure and mobilising long-term private capital to climate risk-resilient infrastructure, according to a top officials speaking at the Geneva Association's 2018 Extreme Events and Climate Risk forum in Toronto. Those in attendance included Patricia Espinosa, Executive Secretary of the United Nations Framework Convention ... Read the full article
Munich Re subsidiary acquired by Cincinnati Financial for £102m
12th October 2018
MSP Underwriting, a global specialty underwriter and Munich Re subsidiary, has been acquired by Cincinnati Financial Corporation for an all-cash transaction of £102 million. Based on MSP’s projected net asset value at closing, the deal will see the firm become a wholly-owned subsidiary of Cincinnati Financial and will continue to operate ... Read the full article
Langhorne Re appoints Steve Zonca to lead U.S subsidiaries
12th October 2018
Langhorne Re, a start-up launched earlier this year by Reinsurance Group of America and RenaissanceRe, has announced the appointment of Steve Zonca as Chief Executive Officer its U.S-based operating subsidiaries. Zonca’s experience spans 35 years, with more than 20 years of senior management responsibilities and experience in pricing, product development, valuation, ... Read the full article
Outdated Florida building codes to inflate Michael losses, says AIR
12th October 2018
Property damage caused by Hurricane Michael, which made landfall in Florida as a high-end Category 4 storm on Wednesday, is likely to be exacerbated by the older building stock in the Panhandle region, according to AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics. AIR noted that the majority ... Read the full article
Local Brazilian reinsurers grow foreign and domestic business at H1
12th October 2018
Local reinsurers in Brazil accepted 30% more business from offshore insurers and 5% more from Brazilian insurers over the first half of 2018, according to data from Brazilian reinsurer Terra Brasis Resseguros. From January to June of 2018, local reinsurers accepted BRL 1.38 billion (US $370 million) of premium from offshore ... Read the full article
WTW appoints Allianz’s Elke Vagenende as Head of FINEX, Western Europe
12th October 2018
Global insurance and reinsurance broker, Willis Towers Watson, has appointed Elke Vagenende Head of its Western Europe region for FINEX, a division that focuses on financial, executive and professional risks. Vagenende, who brings over 20 years’ industry experience to the London-based role, previously served as Head of Market Management, UK, with ... Read the full article
Peak Re names David Cabral as Chief Operating Officer
12th October 2018
Hong Kong domiciled reinsurer, Peak Reinsurance Company Limited (Peak Re), has announced the appointment of David V. Cabral as Chief Operating Officer (COO), effective 8 October 2018. Cabral has more than 35 years of global re/insurance experience, having worked in a variety of markets in start-up environments and building up organisations ... Read the full article
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