Reinsurance News
Ryan Specialty eyes expansion with new Barcelona office
23rd July 2019
In order to expand its transactional risk business by both geography and product offering, Ryan Specialty Group (RSG) has announced plans to open a new office in Barcelona. The Barcelona office expands the firm's presence in Europe and will have a focus on core transactional risk products, Warranty & Indemnity insurance ... Read the full article
Convex and WNS look to redefine the re/insurance market
22nd July 2019
The previously announced strategic partnership between Convex Group Limited and WNS Holdings Ltd. sees the pair collaborate in an effort to "redefine the insurance market" and move away from legacy systems and processes. A long-term strategic partnership between Convex and WNS was announced at the start of July. Under the ... Read the full article
Aon promotes Barrett to Regional Managing Director role
22nd July 2019
Global re/insurance brokerage Aon has confirmed the appointment of Vincent Barrett as Regional Managing Director EMEA for its Captive & Insurance Management business. Barrett has been with Aon for over a decade and will move from his previous role as Chief Commercial Officer to assume responsibility for leading the group’s regional ... Read the full article
Chinese regulator continues preferential treatment to Hong Kong reinsurers
22nd July 2019
The China Banking and Insurance Regulatory Commission (CBIRC) has announced the renewal of an agreement that sees the continuation of preferential treatment to the Hong Kong reinsurance industry. As we reported last year, following more than a year of negotiations, an agreement was reached between the CBIRC and the Insurance ... Read the full article
Sompo partners with Sanlam Kenya to expand presence in Africa
22nd July 2019
Sompo Holdings, the Japanese insurance and reinsurance company, has entered into a new partnership with financial services group Sanlam Kenya to expand its influence and investments in Africa. This is according to reports from Capital Business, who said that Sompo will specifically be targeting East Africa, where Kenya is attracting substantial ... Read the full article
Liberty Specialty Markets names Jon Rigby Chief Cyber Officer
22nd July 2019
Liberty Mutual Insurance Group subsidiary, Liberty Specialty Markets (LSM), has named Jon Rigby as Chief Cyber Officer, reporting to Peter Smith, Executive Underwriting Officer. His appointment is effective immediately and in his new role, Rigby, a cyber security expert, will be based in London. For more than 33 years he served in ... Read the full article
AXA’s Martin Rueegg joins RSA as CEO of the Middle East and UAE
22nd July 2019
RSA has announced that Martin Rueegg has joined the firm from AXA as the new Chief Executive Officer (CEO) of the Middle East and UAE. Effective September, 2019 Rueegg succeeds Lloyd East, who has moved the RSA's Canadian operation, Johnson, as Vice President of Strategic Operations and Chief Operating Officer (COO). East ... Read the full article
Greenlight Re invests in New Zealand MGA startup, Cove
22nd July 2019
Greenlight Re Innovations, a division of property and casualty (P&C) reinsurer Greenlight Capital Re, Ltd., has made a strategic investment in New Zealand domiciled personal lines digital managing general agent (MGA), Cove Limited. Cove was launched in September 2018 and provides consumers with the ability to purchase insurance solutions online via ... Read the full article
China Re partners with Portugal’s Fidelidade on Belt & Road projects
22nd July 2019
China Re has entered into a new partnership with Portuguese insurer Fidelidade to help support Chinese investments under the ambitious Belt and Road initiative. Working together, the companies will contribute to the implementation of reinsurance solutions for projects in Portugal, Spain, France, Angola, Mozambique, Cape Verde and Peru. The announcement comes shortly ... Read the full article
Acrisure to increase senior notes offering to $400m
22nd July 2019
US insurance brokerage Acrisure intends to increase its previously-announced offering of senior notes from $300 million to $400 million. The company had said it intended to use the net proceeds from the offering to fund acquisitions and to pay related fees and expenses. The notes are expected to be issued at ... Read the full article
Paul-Henri Rastoul named CUO of XL Insurance Company
22nd July 2019
Paul-Henri Rastoul has been appointed Chief Underwriting Officer (CUO) of XL Insurance Company SE (XLICSE), a wholly owned subsidiary within the AXA XL segment of AXA Group. Effective immediately, Rastoul joins the AXA XL International Property & Casualty (P&C) leadership team, and will be based in Dublin. In his new role, he ... Read the full article
Brit adds James Birch as Head of Innovation
22nd July 2019
Specialty insurer and reinsurer Brit Ltd has appointed James Birch as Head of Innovation, a newly created position. Effective July 22nd, 2019, Birch will report directly to Brit's Chief Executive Officer (CEO), Matthew Wilson. In his new role, he will be responsible for managing the company's innovation process, helping to identify both ... Read the full article
Iran tanker seizure could negatively impact premiums, says DWF
22nd July 2019
The recent seizure of a British-flagged oil tanker by Iran in the Persian Gulf could have a knock-on effect on global fuel prices and insurance premiums, according to analysts at global law firm DWF. The Stena Impero was captured by the Iranian Revolutionary Guard on Friday as it passed through a ... Read the full article
DARAG announces second UK acquisition in as many weeks
22nd July 2019
Legacy acquirer DARAG Group is set to acquire The Underwriter Insurance Company, a UK-based insurer in run-off. This move will see DARAG further its expansion into the UK following its purchase last week of London-based non-life reinsurer One Re. The transaction, subject to regulatory approval, will be completed through DARAG Deutsche ... Read the full article
UPC Insurance expects $31mn Q2 hit from cat losses and 2018 creep
22nd July 2019
Property and casualty (P&C) insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has announced that it expects net retained catastrophe losses of $16 million for the second-quarter of 2019. The $16 million of net retained catastrophe losses is primarily a result of wind and hail events in Texas and Louisiana ... Read the full article
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