Reinsurance News
$8bn insured losses from hurricane Michael, KCC estimates
12th October 2018
Insured losses resulting from Hurricane Michael, which tore into the Florida Panhandle with high-end category four wind speeds on Wednesday, are estimated to reach $8 billion, according to catastrophe modeller Karen Clark & Co. This figure is almost double that of CoreLogic’s $4.5 estimate released yesterday and includes the privately insured ... Read the full article
Willis Re appoints Edward Torres as Structured Risks & Legacy broker
12th October 2018
Willis Re, the reinsurance arm of international broker Willis Towers Watson, has appoint Edward Torres as Structured Risks & Legacy broker. As a member of the Financial Advisory team, Torres will operate out of Willis Re’s New York City office and will focus on the placement of prospective structured reinsurance solutions ... Read the full article
SSL Endeavour announces dual broker appointment
12th October 2018
Specialist independent Lloyd’s broker SSL Endeavour Group today announced the appointment of Caroline Devane and Geoff Rowland as Director for Property & Specialty Lines, and Director for Property, respectively. Devane has over 15 years’ experience in the sector at Bell & Clements Limited, where she rose to become a Senior Broker ... Read the full article
Aon & Marsh collaborate with European industry bodies on cyber risk guide
12th October 2018
A group of European industry bodies including BIPAR (European Federation of Insurance Intermediaries), FERMA (Federation of European Risk Management Associations), and Insurance Europe have published a guide to help organisations better evaluate their cyber security posture and need for cyber insurance. The guide, published in association with Aon and Marsh, is ... Read the full article
Chairman of LIIBA welcomes Lloyd’s post-brexit claims commitment
12th October 2018
The Chairman of the London and International Insurance Brokers' Association, Roy White, has welcomed Lloyd’s announcement that the market will honour valid claims in the event the UK leaves the European Union with no transition or implementation period. White stated that LIIBA welcomes the publication of the Lloyd’s statement of ... Read the full article
Michael will be an earnings event rather than a capital event for re/insurers: S&P
11th October 2018
Hurricane Michael, which struck Florida and the surrounding U.S states as a Category 4 storm yesterday, will be an “earnings event rather than a capital event for both the U.S primary insurance and global reinsurance sectors,” according to a report by S&P Global. Michael battered the states of Florida, Alabama ... Read the full article
Thomas Miller concludes acquisition of Zeller Associates
11th October 2018
Thomas Miller, an international insurance services provider, has concluded the acquisition of Managing General Agency and Insurance Services businesses of Zeller Associates. The company had previously announced its decision to acquire Zeller Associates on 14 September. Zeller Associates mainly provides risk related and insurance services for shipping, trade and transport, but ... Read the full article
Hiscox Re & ILS appoints Liz Breeze as new Chief Financial Officer
11th October 2018
Hiscox, the specialist global re/insurer, has appointed Liz Breeze as Chief Financial Officer for its reinsurance & ILS division. Breeze has been working with Hiscox Re & ILS as its Interim CFO since June 2018. Prior to that, she spent four years as Head of Finance for Hiscox’s UK Retail operations, and several ... Read the full article
Willis Towers Watson appoints Technology Sales Leader for ICT in Americas
11th October 2018
Global insurance and reinsurance broker Willis Towers Watson has appointed Marisa Ruscitto as Technology Sales Leader for its Insurance Consulting and Technology (ICT) business in the Americas. Ruscitto joins Willis Towers Watson from Risk Management Solutions (RMS), where she most recently served as Managing Director and led a global sales team ... Read the full article
Michael’s insured losses won’t be overly disruptive: Analysts
11th October 2018
Ex-hurricane Michael's potential impact on re/insurers has been further downplayed as analysts at Keefe Bruyette & Woods echo Willis Towers Watson's statement that the well-capitalised market is in a strong position to absorb losses. Despite KBW suspecting that CoreLogic’s initial $2 billion to $4.5 billion loss estimate will prove somewhat ... Read the full article
IGI appoints Capsicum Re’s Stephen Rix as Chief Actuary
11th October 2018
International General Insurance Holdings Limited has announced the appointment of Stephen Rix as Chief Actuary. Rix, who will be based in London, most recently served as Head of Analytics at Capsicum Re and, prior to that, was Chief Actuary at Liberty Speciality Markets. “We are delighted to have Stephen join us at ... Read the full article
Re/insurers are “past the point of no return” for Brexit plans: S&P
11th October 2018
A new report by S&P Global has claimed that financial institutions (FIs) are now “past the point of no return” in regard to the implementation of their Brexit contingency plans, which can no longer be reversed whatever the outcome of the UK’s negotiations with the EU. Many FIs have already begun ... Read the full article
Catalina completes $700m equity capital raise, shareholder structure finalised
11th October 2018
Bermuda-headquartered Catalina Holdings has closed a $700 million equity capital raise and concluded its shareholder restructuring following receipt of regulatory approvals. Following completion of the transaction, affiliates of Apollo Global Management, together with its consolidated subsidiaries, have become majority shareholders of Catalina, with RenaissanceRe becoming a minority shareholder alongside Catalina’s management. As ... Read the full article
Munich Re’s profit forecast raised by analysts
11th October 2018
Analysts at J.P Morgan have raised reinsurer Munich Re’s fiscal year net profit forecast from €2.561 billion to €2.725 billion ($2.953 billion to $3.142 billion) following above-expected net profits in H1 2018. Munich Re reported €1.5 billion net profits in H1, well above the €1.1 billion to €1.2 billion run rate ... Read the full article
Hurricane Michael will be absorbed by ‘well-capitalised’ market: WTW
11th October 2018
Global re/insurance broker Willis Towers Watson has stated that the company is closely monitoring hurricane Michael as it continues to tear through the southeastern United States. However, it says that, even if Michael were to reach the $20 billion range in losses, the abundance of capital in the insurance industry would ... Read the full article
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