Reinsurance News
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Outdated Florida building codes to inflate Michael losses, says AIR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
$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
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