Reinsurance News
Michael Scala appointed CUO of Asia Pacific, ArgoGlobal
9th October 2018
ArgoGlobal, a Lloyd’s insurer and member of Argo Group International Holdings, has announced the appointment of Michael Scala as Chief Underwriter Officer (CUO), Asia Pacific. Scala will report to Veronica Grigg, Chief Executive Officer, ArgoGlobal Asia. “Mike is a talented leader with experience across the Asia Pacific region,” said Grigg. “At ArgoGlobal, we ... Read the full article
Hurricane Michael’s current forecast closest to 1975’s Eloise: RMS
9th October 2018
As hurricane Michael tracks towards the Florida Panhandle area of the Gulf Coast as a major storm, analysis by catastrophe risk modeller RMS reveals that in almost 70 years, just two hurricanes have made landfall within the current 'cone of uncertainty' with category 2+ strength. RMS notes that over the last ... Read the full article
RFIB names Elizabeth Jenkin as Managing Director of Client Solutions
9th October 2018
Global Lloyd's insurance and reinsurance broker RFIB Group Limited has announced the appointment of Elizabeth Jenkin as Managing Director of Client Solutions. Jenkin joins RFIB from Aon where she has worked for the previous 18 years, most recently serving as Chief Broking Officer for EMEA. She has a total of 24 years’ ... Read the full article
SCOR shares rise 19% as deal anticipation builds: J.P. Morgan
9th October 2018
SCOR shares have risen 19% since French insurance group Covéa first revealed its interest in acquiring the reinsurer, and are now approaching the €43 share price offered by Covéa’s initial €8.2 billion (US $9.6 billion) bid, according to J.P. Morgan. Analysts at the firm believe this continued strong price action ... Read the full article
Hurricane Michael storm surge threatens 57,000 homes, says CoreLogic
9th October 2018
Storm surge from Hurricane Michael, which is projected to make landfall in Florida as a Category 3 storm this week, threatens up to 57,000 homes in the state, according to early estimates from catastrophe risk modelling firm CoreLogic. Although CoreLogic has not provided an estimate for insured or reinsured losses, ... Read the full article
Mark Wilson steps down as CEO of Aviva
9th October 2018
UK domiciled insurer Aviva has announced the departure of Chief Executive Officer Mark Wilson, effective April 2019. Wilson, who joined Aviva as CEO in 2013, will assist with the planned transition up until his departure next year. The group states that he was brought in to deliver a turnaround of Aviva and, now ... Read the full article
Africa’s reinsurers optimistic of premium growth & improved penetration
9th October 2018
For the first time in the Africa Reinsurance Pulse’s survey series, a majority of industry respondents have predicted that reinsurance premiums will grow in-line-with or faster than GDP and that accordingly, penetration may improve. According to the executives of the reinsurance and brokerage firms operating in Africa, the continent’s reinsurers weathered ... Read the full article
Legal & General completes £2.4bn Nortel pension buyout
9th October 2018
Legal & General has completed a £2.4 billion buyout of the Nortel Networks UK Pension Plan, covering approximately 15,500 pensioner members and around 7,200 deferred members. Nortel went into administration in 2009 and the plan entered a Pension Protection Fund (PPF) assessment period, where it has remained whilst worldwide litigation and ... Read the full article
Technology is main source of new opportunities for Swiss Re: CEO Mumenthaler
8th October 2018
Technology continues to represent the main source of new opportunities for Swiss Re in terms of unlocking new risk pools, streamlining data analysis, improving the value chain, and third-party collaborations, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. Speaking in an interview with Reinsurance News, Mumenthaler explained how, ... Read the full article
Willis Towers Watson expands Plug and Play insurtech partnership
8th October 2018
Re/insurance broker Willis Towers Watson (WTW) has expanded its partnership with Plug and Play, an innovation platform and venture fund that specialises in the development of early-to-growth stage technology startups. The new agreement extends WTW’s access to insurtech startups across all of Plug and Play’s platforms, which include Beijing, Munich, New ... Read the full article
North P&I Club adds underwriter from Marsh, makes operational changes
8th October 2018
North P&I Club, the marine mutual liability re/insurer, has announced the appointment of Tom McLoughlin and introduced some operational changes to a number of senior roles. McLoughlin joins from Marsh and will Initially work across all of the regional teams as he settles into his new role. Following changes in the Greek ... Read the full article
Interest rate increases to support investment income long-term: Swiss Re Institute
8th October 2018
While insurers need to improve their underwriting results if they are to redress current profitability shortfalls and anticipated near-term shareholder equity decline, rising interest rates are expected to paint a brighter future and support investment income long-term, according to a report by the Swiss Re institute. Swiss Re expects U.S rates ... Read the full article
Flat energy market conditions prevail through Q3: Lloyd & Partners
8th October 2018
Largely flat market conditions have prevailed throughout the third quarter of 2018 for the energy re/insurance sector, according to a new quarterly report by Lloyd & Partners. In terms of upstream energy, loss severity and frequency remained unusually low, resulting in many insurers posting their best loss ratio percentages ever, while ... Read the full article
S&P affirms Marsh’s A- rating following JLT acquisition, outlook negative
8th October 2018
Marsh & McLennan has had its A- long-term issuer credit rating affirmed by S&P Global following its $5.6 billion acquisition of JLT, although its outlook is negative. Following an in depth business and financial review, S&P believes Marsh will likely be committed to and able to de-lever back to a range ... Read the full article
Evolving terror threat challenges the entire value chain: Guy Carpenter
8th October 2018
The rapidly evolving nature of the global terror threat is proving challenging to the entire re/insurance value chain, according to reinsurance broker Guy Carpenter, although the industry is well placed to meet its demands head on. The Marsh & McLennan Companies subsidiary claimed that now more than ever, brokers and underwriters ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
