Reinsurance News
Marsh & McLennan Board elects Tamara Ingram as a director
19th July 2019
The Board of Directors of global re/insurance brokerage Marsh & McLennan Companies, Inc. has elected Tamara Ingram as a director. The appointment is effective July 19th, 2019 and takes the number of directors on the Board to 13. Ingram currently serves as Global Chairman at Wunderman Thompson, a data and technology agency ... Read the full article
Hurricane Barry insured losses will not exceed $500mn: RMS
19th July 2019
Insurance and reinsurance industry losses from Hurricane Barry, which made landfall in Louisiana on Saturday, will not exceed $500 million, according to estimates from catastrophe risk modeller RMS. The estimate represents losses associated with wind, storm surge, and inland flood damage, including losses to the National Flood Insurance Program (NFIP). Read the full article
Armour’s Steve Ryland named CEO of Catalina UK
19th July 2019
Catalina Holdings (Bermuda) Ltd has announced the appointment of Steve Ryland as Chief Executive Officer (CEO) of Catalina UK as the division continues to bolster its international management team. Ryland brings more than three decades of insurance and reinsurance industry experience to the role, joining from Armour where he was a ... Read the full article
Hiscox remains confident in its reserving practices: CFO Hussain
19th July 2019
Global insurer and reinsurer Hiscox remains confident in its reserving philosophy and will continue to have positive reserve run-off at the half-way point of 2019, according to Chief Financial Officer (CFO) Aki Hussain. Hiscox announced last week in a trading statement that it had strengthened its reserves for Typhoon Jebi ... Read the full article
Generali (GC&C) appoints Head of Engineering Underwriting for Asia
19th July 2019
Generali Global Corporate & Commercial (GC&C), a subsidiary of the Italian insurance giant, has announced the promotion of Dawood Yeung to Head of Engineering Underwriting for GC&C Asia. Effective from June 1, Yeung is responsible for overseeing GC&C’s Engineering business across the regional market. He has over 19 years of international experience ... Read the full article
Munich Re expects €1bn Q2 result on lower losses, reserve releases
18th July 2019
Global reinsurance giant Munich Re has announced that it expects to report a consolidated result of approximately €1 billion for the second-quarter of 2019. The reinsurer states that this figure is mainly a result of low major-loss expenditure and high reserve releases for basic losses in reinsurance from prior years. Munich Re ... Read the full article
Thompsett becomes COO at Artex, Marshall named CFO
18th July 2019
Artex Risk Solutions, a provider of insurance, reinsurance, and alternative risk management solutions, has announced the appointments of Stephen Thompsett as Chief Operating Officer (COO) and Brandon Marshall as Chief Financial Officer (CFO). Thompsett joined Artex in 2018 as Chief Information Officer, and has 20 years of technology and operations experience ... Read the full article
Allstate estimates Q2 catastrophe loss at $1.07bn, pre-tax
18th July 2019
The Allstate Corporation has estimated that its catastrophe losses for the month of June were $309 million, pre-tax ($244 million, after-tax), putting the insurer’s total Q2 catastrophe losses at $1.07 billion, pre-tax ($847 million, after-tax). Catastrophe losses in June comprised 16 events at an estimated cost of $311 million, pre-tax ($246 ... Read the full article
Lockton hires Dagostino from Willis Towers Watson to lead Global Cyber & Tech unit
18th July 2019
Global re/insurance brokerage Lockton has appointed cyber risk expert Anthony Dagostino as Executive Vice President (EVP), Global Cyber and Technology Practice leader. Dagostino most recently served as global head of cyber risk consulting and insurance at broker Willis Towers Watson (WTW), and brings more than 15 years of cyber risk management ... Read the full article
Ritson and Draper join AFL from UIB as Directors of International Property and Energy
18th July 2019
Lloyd's of London brokerage AFL Insurance Brokers Ltd has hired Mark Ritson and Peter Draper from United Insurance Brokers Limited (UIB) as Directors of International Property and Energy. Combined, the pair bring more than 50 years of industry experience to AFL. Ritson most recently served as Executive Director of the Non-Marine Division ... Read the full article
Jennifer D’Arcy joins Ed as EVP, Head of Facultative Reinsurance
18th July 2019
Jennifer D'Arcy has joined global reinsurance brokerage Ed as Executive Vice President (EVP) and Head of Facultative Reinsurance, reporting to Chief Executive Officer (CEO) of Ed's reinsurance broking business, Kieran Angelini-Hurll. She joins the global broker from Price Forbes, where she most recently served as Executive Director, Head of Cargo Reinsurance. ... Read the full article
U.S workers compensation set for fifth year of underwriting profit, says Fitch
18th July 2019
The US workers compensation market is on track for a fifth consecutive year of underwriting profits in 2019 despite a recent weakening in market fundamentals, according to Fitch Ratings. The rating agency noted that the industry’s statutory combined ratio fell to 86% in 2018, and has averaged 93% annually since 2015. "The ... Read the full article
ABIR elects Hamilton’s Albo as Deputy Chair, adds Convex to membership
18th July 2019
The Association of Bermuda Insurers and Reinsurers (ABIR) has elected Hamilton Insurance Group Chief Executive Officer (CEO) Pina Albo as its Deputy Chair. Albo fills the unexpired term of Validus Re CEO Kean Driscoll, who stepped down from the position after his recent appointment as Global Chief Underwriting Officer for AIG’s ... Read the full article
Improvements in casualty, surety offset property underwriting loss for RLI in Q2
18th July 2019
RLI Corp. has announced a slight improvement in its underwriting income in the second-quarter of 2019, as gains in casualty and surety business offset a property segment underwriting loss in the period. For the second-quarter of 2019, RLI has reported net earnings of $40.5 million, compared with $33.3 million a year ... Read the full article
Tokio Marine HCC expands Surety team in Amsterdam
18th July 2019
Tokio Marine HCC has announced the appointment of Chris Marx as Senior Surety Underwriter – Netherlands, effective from July 1, 2019. Marx will report directly to Björn Eding, Head of Surety – Netherlands, who was appointed on 1 February 2019. With these hires, Tokoi Marine HCC continues the expansion of its international ... Read the full article
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