Reinsurance News
Alliant bolsters New York P&C team with new hire
23rd July 2019
U.S. domiciled insurer Alliant Insurance Services, Inc. has expanded its New York property and casualty (P&C) team with the addition of Thomas Clark as Senior Vice President (SVP) with a focus on the Northeast region. Clark has extensive experience in the P&C space, and in his new role will be tasked ... Read the full article
Norsk Hydro puts H1 cyber-attack impact at up to $75 million
23rd July 2019
The cyber-attack that hit aluminium manufacturing giant Norsk Hydro in March is expected to result in an overall financial impact of up to $75 million (NOK 650 million), with the majority of the impact being felt in its Extruded Solutions business. For Q1, Norsk Hydro puts the overall impact at between ... Read the full article
Chubb Tempest Re hires Holland from AXIS for VP casualty treaty role
23rd July 2019
Chubb's global multi-line reinsurance unit Chubb Tempest Re has hired Christopher Holland as a Vice President focused on casualty treaty underwriting in the United States, we've learned. Holland was most recently a Vice President at AXIS Capital's reinsurance unit, AXIS Re, based in New York and underwriting largely casualty treaty business. We ... Read the full article
Egypt to set up insurance pool for natural disasters
23rd July 2019
The Insurance Federation of Egypt (IFE) has announced that the country is planning to launch a new insurance pool within the next six months in an effort to provide greater protection against natural disasters. According to reports from Amwal Al Ghad, Chairman Alaa El-Zoheiry has confirmed that the IFE will shortly ... Read the full article
M&A to accelerate as insurers respond to evolving client demand: Deloitte
23rd July 2019
Analysis by Deloitte claims that the majority of insurers expect that merger and acquisition (M&A) activity will drive more than half of the insurance industry's growth over the next five years. Responses from Deloitte's survey of 200 insurance leaders across the EMEA region shows that 72% of survey respondents expect the ... Read the full article
Fractal becomes QOMPLX, raises $78.6m Series A led by Cannae & Motive Partners
23rd July 2019
Fractal Industries Inc., the financial technology firm with a focus on insurance, cyber security and quantitative finance has rebranded itself as QOMPLX™ and announced a $78.6 million Series A financing led by Cannae Holdings, Inc. and Motive Partners. QOMPLX, as it shall now be known, describes itself as an intelligent decision ... Read the full article
Travelers’ net income up, combined ratio weakens on non-cat weather losses
23rd July 2019
The Travelers Companies, Inc. has recorded net income growth in both the second-quarter and half-year of 2019, while its underlying combined ratio weakened slightly, partly as a result of an increase in non-catastrophe weather-related losses and lower favourable prior year reserve development. At $557 million, the U.S. domiciled insurer's net income ... Read the full article
Tokio Marine HCC forms new, expanded Cyber & Professional Lines Group
23rd July 2019
Tokio Marine HCC has established Tokio Marine HCC - Cyber & Professional Lines Group, designed to provide leading-edge cyber and professional liability products for clients and policyholders. The new group includes the operations of NAS Insurance Services (NAS), which was recently acquired by Tokio Marine, and also the reorganised operations ... Read the full article
HDI Global Specialty expands in Sweden with Svedea acquisition
23rd July 2019
HDI Global Specialty SE, a joint venture of reinsurance giant Hannover Re and HDI Global SE, has acquired alternative specialty lines Managing General Agent (MGA) Svedea AB, boosting its presence in Sweden. Svedea is one of the largest insurers of yachts, motorcycles and snowmobiles in the Swedish insurance market, with 250,000 ... Read the full article
Andrew Hughes promoted to Managing Principal of Hiscox ILS
23rd July 2019
Global insurer and reinsurer Hiscox has announced the promotion of Andrew Hughes to Managing Principal of Hiscox ILS, subject to Department Immigration and Bermuda Regulatory Approval. Hughes has been with Hiscox ILS in Bermuda since 2015, serving as General Counsel and Chief Compliance Officer. Hiscox notes that during his time with the ... Read the full article
AXA XL promotes Simon Hearn to CUO for London Market Wholesale
23rd July 2019
AXA XL insurance has announced the promotion of Simon Hearn to Chief Underwriting Officer (CUO) for London Market Wholesale. In his new role, Hearn will lead AXA XL’s Property & Casualty London Wholesale business, with responsibility for developing underwriting strategies and ensuring product profitability. He will also continue in his existing role ... Read the full article
Swiss Re partners with EF Marine on P&I cover for ships visiting India: Reports
23rd July 2019
A new partnership has been announced between reinsurance giant Swiss Re and Singapore-based managing general agent EF Marine Pte Ltd, to provide Protection & Indemnity (P&I) cover to foreign ships that call at Indian ports, reports the Hindu BusinessLine. According to a report online from the Hindu BusinessLine, India's maritime administration, ... Read the full article
Brown & Brown’s revenues and net income up in 2019
23rd July 2019
Brown & Brown, Inc. has announced revenues for the second-quarter of 2019 of $575.2 million, an increase of almost 22% on the same period in 2018, driven by recent acquisitions, solid organic growth and margin expansion. The firm has announced that commissions and fees jumped by more than 21% year-on-year, while ... Read the full article
PwC & Phinsys target finance transformation, IFRS 17 with new relationship
23rd July 2019
A new joint business venture has been announced between finance automation software provider for the insurance industry, Phinsys, and PwC. The joint business relationship is designed to deliver innovative technology enabled finance transformation and IFRS 17 projects. PwC and Phinsys will collaborate on the implementation of intelligent software solutions that are ... Read the full article
Strong investment gain offsets higher claims, low reserve releases for Beazley in H1
23rd July 2019
Specialist insurer and reinsurer Beazley has reported a combined ratio of 100% for the first-half of 2019, as a significant jump in investment income helped to offset higher claims, lower reserve releases and a loss in its reinsurance segment. Beazley has announced profit before tax of $166.4 million for the first-half ... Read the full article
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