Reinsurance News
Channel Syndicate 2015 adds Nick Forti as active underwriter
8th February 2019
SCOR-backed Channel Syndicate 2015 (Channel) at the specialist Lloyd's of London re/insurance marketplace, has announced the appointment of Nick Forti as Active Underwriter, effective March 19. He joins from Brit syndicate 2988, where he also served as an Active Underwriter, and will report to the Chief Executive Officer of Channel, Stuart ... Read the full article
Insurtech funding surges in 2018 as key players expand: Deutsche Bank
8th February 2019
Insurtech investment volumes increased by more than 60% between 2017 and 2018, while key players such as Lemonade and Amazon also expanded their operations over the year, according to analysts at Deutsche Bank. Deutsche Bank data shows that insurtech investments (across all stages) totalled US $2.6 billion during the first three ... Read the full article
France issues emergency no-deal Brexit measures for insurers
8th February 2019
The French government has issued a set of emergency measures for insurance contracts that will take effect if the UK withdraws from the European Union (EU) without an agreement concluded in accordance with article 50. The rules relate to contracts entered into before Brexit on the basis of the European Economic ... Read the full article
Philippine Insurance Commission issues outsourcing guidelines
8th February 2019
The Philippines Insurance Commission has issued a set of guidelines on which areas of business re/insurance companies are permitted to outsource to third parties. Commissioner Dennis B. Funa explained that the regulations would ensure companies effectively balance the interests of protecting the insurance public and strengthening the insurance industry. “We expect insurers ... Read the full article
RenRe adds PepsiCo’s Cynthia Trudell to Board of Directors
8th February 2019
Bermudian reinsurer RenaissanceRe has added former Executive Vice President and Chief Human Resources Officer of PepsiCo, Cynthia Trudell, to its Board of Directors as an independent director. Her nomination comes as Edward Zore is due to retire from the Board at the end of his term, with each to occur in ... Read the full article
Willis Towers Watson reports organic revenue growth
8th February 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) recorded revenue growth of 3% for the fourth-quarter and 5% for the full-year of 2018, driven in part by solid organic growth within its Investment, Risk & Reinsurance segment. The broker has reported Q4 net income of $169 million, down from the ... Read the full article
David Reed appointed as Chairman of Coverys Managing Agency
8th February 2019
Coverys Managing Agency Limited, the Lloyd’s managing agent of Syndicates 1975, 1991, 3330, and 1110, has announced the appointment of David Reed as its Non-Executive Chairman. Reed has many years of experience in the Lloyd’s and London market and has held various senior positions over his 40+ year career, most recently ... Read the full article
SCOR ties up sale of Rehalto to Workplace Options
8th February 2019
Following negotiations first announced last September, French reinsurance giant SCOR has finalised the sale of its employee wellness solutions subsidiary, Rehalto, to employee support services provider Workplace Options. Rehalto benefits, along with its clients and employees, from Workplace Options’ global infrastructure, which covers 58 million lives and more than 90,000 organisations ... Read the full article
SCOR-PartnerRe combo could produce top-three reinsurer, say analysts
8th February 2019
A potential merger deal between French reinsurer SCOR and Bermuda-based PartnerRe would make strategic sense for both firms and could produce a combined entity that ranks in the top-three global reinsurers, according to analysts at AlphaValue. Rumours about a potential deal between the companies have been circulating since SCOR rejected an ... Read the full article
Trade conflicts and protectionism overtake top CEO concerns: PwC
7th February 2019
Economic factors including trade conflicts, policy uncertainty and protectionism have emerged as the top concerns for global business leaders, according to a new survey by PwC. These issues overtook concerns such as terrorism, climate change and increasing tax burdens, which topped the previous annual survey, as CEOs struggle to navigate recent ... Read the full article
Kemper appoints Chief Actuary & Strategic Analytics Officer
7th February 2019
U.S insurer Kemper Corporation has announced the appointment of Kimberly A. Holmes as Senior Vice President (SVP), Chief Actuary and Strategic Analytics Officer, effective immediately. Holmes has more than 25 years’ experience in re/insurance, actuarial functions and advanced analytics, and joins Kemper from AXA XL, where she most recently served as ... Read the full article
IRB Brasil Re preparing for $650mn follow-on offering to IPO, say sources
7th February 2019
Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) is reportedly preparing for a secondary share offering involving at least 9% of its capital, according to sources at Reuters. State-run bank Caixa Economica Federal is expected to sell an 8.9% stake in IRB, worth around 2.4 billion reais (US $648.4 ... Read the full article
RFIB adds Stanoch as Managing Director of Americas
7th February 2019
International re/insurance broker RFIB Group has announced the appointment of Joseph Stanoch as a Managing Director of RFIB Americas, effective immediately. Stanoch, who joins with over 35 years’ experience in the reinsurance industry, will be based in the company’s Minneapolis office and report to Nick Foden-Pattinson, RFIB Group’s Managing Director of ... Read the full article
U.S hit by 14 billion dollar nat cats in 2018: NOAA
7th February 2019
The National Oceanic and Atmospheric Administration (NOAA) has released data showing the U.S experienced 14 natural catastrophes each causing over $1 billion in damages in 2018; both the number of events and their cumulative cost ranked fourth highest since records began in 1980. Hurricane Michael topped the list, inflicting over $25 ... Read the full article
Catastrophes significantly dent Aspen’s underwriting performance in Q4
7th February 2019
Aspen Insurance Holdings Limited has reported a net loss of $147 million for the fourth-quarter of 2018, as a slight increase in investment income was heavily offset by underwriting losses in both its insurance and reinsurance segments following the impacts of catastrophe losses in the period. Net of reinsurance and reinstatement ... Read the full article
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