Reinsurance News
Apollo reported to target Coface acquisition
22nd July 2019
Private equity firm Apollo Global Management is reportedly in talks with credit insurer Coface regarding a potential acquisition of the business, according to reports from Reuters. Sources confirmed that Apollo had approached Coface with a takeover offer, although discussions remain at a very early stage, with no certainty that they will ... Read the full article
TransRe’s David Sinclair joins Third Point Re as SVP, Marketing & Investments
22nd July 2019
Hedge-fund backed reinsurer Third Point Reinsurance Ltd. (Third Point Re) has named David Sinclair as Senior Vice President (SVP), Marketing and Investments, effective September 2nd, 2019. Sinclair joins the firm from Transatlantic Re (TransRe), and his appointment is part of Third Point Re's strategy to expand and strengthen its presence in ... Read the full article
Ogden discount falls short, will have little capital impact for insurers: AM Best
22nd July 2019
The result of the UK Government’s first review of the Ogden Discount Rate (Discount Rate) falls short of market expectations and is not expected to have a significant impact on the capital of UK insurers, according to AM Best. The rating agency said the revision of the rate from negative ... Read the full article
Risk Strategies adds Senior Account Manager, Producer to National Fine Art Practice
22nd July 2019
Insurance brokerage and risk management firm, Risk Strategies has hired Blair Wunderlich as a Senior Account Manager and Producer within its DeWitt Stern national fine art division. Wunderlich previously served as an account executive at fine art specialty brokerage Aon Huntington T. Block, and brings a decade of experience in the ... Read the full article
Convex a “tremendous endorsement” for Bermuda: BDA CEO Burrows
19th July 2019
The successful launch of Stephen Catlin's international specialty re/insurer Convex is a great example of the opportunities on offer in Bermuda, says Andy Burrows, Chief Executive Officer of the Bermuda Business Development Agency (BDA). In a recent conversation with Reinsurance News, Burrows described Convex’s launch as a “great testament to the ... Read the full article
Goldman Sachs’ Love joins AIG to lead Global Real Estate
19th July 2019
Global insurer and reinsurer AIG has hired James Love from Goldman Sachs as its new Global Head of Real Estate, effective August 6th, 2019. Based in New York, Love will report to AIG's Global Chief Operating Officer (COO) and Chief Executive Officer (CEO) of General Insurance, Peter Zaffino. In his new role, ... Read the full article
Gov’s Ogden Impact Assessment document “flawed”, says ABI’s Huw Evans
19th July 2019
The Director General of the Association of British Insurers (ABI), Huw Evans, is surprised that Lord Chancellor David Gauke signed the "flawed" and "misleading" Impact Assessment document relating to the government's plans to change the Ogden rate to -0.25%. Echoing the disappointment expressed by much of the insurance and reinsurance industry, ... Read the full article
Aleš Mirnik to succeed Petr Štěpán as Head of CEE at VIG Re
19th July 2019
Aleš Mirnik has been appointed as the new Head of Central & Eastern Europe (CEE) at Czech Republic domiciled reinsurer, VIG Re. Effective August 8th, 2019, Mirnik takes over from Petr Štěpán as Head of VIG Re's CEE business, taking responsibility for all of the company's Non-Life treaty underwriting for the ... Read the full article
IRB Brasil Re raises $2bn in secondary share offering
19th July 2019
Brazilian reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has said that shareholders BB Seguridade Participações and the Brazilian Treasury raised 7.4 billion reais (US $1.99 billion) in a planned share offering yesterday. IRB Brasil Re set the price per share at 88 reais ($23.54) in the secondary share offering, according ... Read the full article
CoreLogic puts private market Barry losses at up to $600mn, NFIP at $200mn
19th July 2019
Catastrophe risk modeller CoreLogic has estimated that insured wind and flood losses resulting from Hurricane Barry are between $300-600 million, with National Flood Insurance Program (NFIP) losses representing a further $100-200 million. Uninsured flood losses are also expected to reach $100 million, putting CoreLogic’s total loss estimate at $500-900 million. CoreLogic’s estimates ... Read the full article
Solvency II confusion has constrained Guernsey reinsurance, experts argue
19th July 2019
Representatives from Guernsey Finance, the promotional agency for the island’s finance industry, have argued that common misunderstandings about Solvency II regulations have constrained the development of the reinsurance sector in the island. Speaking at Guernsey Finance’s ILS Insight event in Zurich, experts clarified that Guernsey reinsurance is still available to EU-domiciled ... Read the full article
Generali expands in Portugal with €600mn double acquisition from Apollo
19th July 2019
Generali has expanded its presence in Portugal with the acquisition of a local insurance company and service platform from Apollo Global Management, in a deal valued at €600 million. Under the agreement, Generali will acquire 100% of Seguradoras Unidas for €510 million and AdvanceCare for €90 million. Seguradoras Unidas is the second ... Read the full article
Heritage expects weather-related losses of $21.5m in Q2
19th July 2019
Florida domiciled property and casualty (P&C) insurer, Heritage Insurance Holdings, Inc., has announced that it expects to incur approximately $21.5 million of net weather-related losses in the second-quarter of 2019. The company announced earlier in the year a catastrophe hit of $15.4 million in the first-quarter of 2019, which, combined ... Read the full article
Swiss Re announces two appointments within Asia P&C business
19th July 2019
Global reinsurance giant Swiss Re has announced two leadership appointments in Asia to support the firm's continued growth across Southeast Asia, India, Korea, Hong Kong, and Taiwan. Both appointments are within the reinsurer's property and casualty (P&C) operations, and includes the addition of Hans-Joachim Zimmerman as Head of Client Markets, P&C ... Read the full article
Boeing faces $4.9bn in costs due to 737 fleet suspension
19th July 2019
Boeing has announced that it will record an estimated $4.9 billion charge to cover costs related to the worldwide suspension of its 737 MAX fleet. The fleet was grounded following the Ethiopian Airlines crash in March, which experts believe was caused by a fault in the aircraft’s automated anti-stall system. Boeing said ... Read the full article
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