Reinsurance News
RFIB adds to African operations, opens new headquarters
4th February 2019
International re/insurance broker RFIB Group has announced two new additions to its African operations as well as the opening of new offices in Johannesburg. Fhumulani Munzhedzi joins as Head of Facultative for Africa and is reunited with Lee Ellis, Chief Executive Officer - RFIB Africa and Neesha Parbhoo, Director - RFIB ... Read the full article
QIC’s net result improves in 2018 as cost-efficiency drive continues
4th February 2019
Qatar Insurance Company (QIC) has reported a non-life combined ratio of 101.3% for the full-year 2018, reflecting catastrophe losses experienced in its Qatar Re and Antares divisions. The firm notes a continued, unwavering commitment to improve cost efficiency, which includes the restructuring of its reinsurance retrocession programmes. Despite the impacts of ... Read the full article
Australia’s Townsville flooding declared catastrophe by insurance council
4th February 2019
The Insurance Council of Australia (ICA) has declared a catastrophe for insurance policyholders in the city of Townsville, Queensland, which has experienced torrential rainfall and flooding over the past week. Officials said that up to 20,000 homes are at risk of flooding after the coastal area received more than a metre ... Read the full article
AIG expands Middle East services with re/insurance solutions from DIFC office
4th February 2019
American International Group (AIG) subsidiary AIG MEA has begun providing re/insurance solutions from its office in the Dubai International Financial Centre (DIFC), the leading financial centre in the region. The move enables AIG MEA to offer solutions to a broader number of geographies in the Middle East and Africa whilst bolstering ... Read the full article
Investors question SCOR’s “aggressive” legal dispute with Covéa
4th February 2019
French reinsurer SCOR has faced criticism from activist investors just days after the company announced it intends to initiate criminal actions against Covéa and its CEO, Thierry Derez, following the rejection of an €8.2 billion takeover bid last year. Catherine Berjal, CEO of investment management firm CIAM, penned a letter ... Read the full article
Australian terror pool renews AU$3.3bn retro reinsurance program
4th February 2019
The Australian government’s terrorism reinsurance agency, Australian Reinsurance Pool Corporation (ARPC), has renewed its AU$3.315 billion (US$2.3 billion) retrocession reinsurance program for 2019. The cover, along with ARPC’s net assets and a $10 billion Commonwealth guarantee, provides capacity in the event of a declared terrorism incident against commercial and eligible property ... Read the full article
Questions remain, but London market is prepared for no-deal Brexit: IUA CEO
4th February 2019
Dave Matcham, the Chief Executive Officer (CEO) of the International Underwriting Association (IUA), has said that were the UK to leave the European Union (EU) under a no-deal scenario, the London market is well prepared. With the March 29 Brexit deadline fast-approaching, widespread uncertainty, confusion and generally an overall lack of ... Read the full article
elesco acquires StarStone’s Dubai MGA and Zurich airline & products book
4th February 2019
Specialty underwriting platform elseco has entered into an agreement with global specialty insurer StarStone to acquire Malakite Underwriting Partners Ltd., its Dubai-based managing general agent (MGA), as well as the renewal rights to StarStone's Zurich airline & products portfolio. Under the terms of the strategic partnership, StarStone will continue to provide ... Read the full article
Pioneer combines financial institutions operations into single platform
4th February 2019
Pioneer Underwriters has unified its financial institutions businesses into a single global underwriting operation, led by Richard Coello. The team will now be responsible for all financial institutions business written by Pioneer, utilising the same capital base to write business from its offices in London, Brussels and New York. Coello has served ... Read the full article
AXA XL affiliate signs MoU with ThermoChem Recovery
1st February 2019
New Energy Risk (NER), a provider of performance risk solutions for breakthrough technologies and an AXA XL affiliate, has signed a memorandum of understanding (MoU) with ThermoChem Recovery International, Inc. (TRI), designed to accelerate project development, increase profits and provide certainty of execution. NER has completed due diligence on TRI's range of biorefinery-technologies, ... Read the full article
Munich Re takes stake in German Research Centre for AI
1st February 2019
Global reinsurance giant Munich Re has become a shareholder in the German Research Centre for Artificial Intelligence (DFKI), a leading European institute for the research of robotics, smart factories and immersive quantified learning. The partnership hopes to create new impulses in the fields of artificial intelligence and data analytics, and will ... Read the full article
Ryan Specialty seals Boston Insurance purchase
1st February 2019
Chicago-based Ryan Specialty Group, having announced the purchase of independent wholesale insurance brokerage Boston Insurance Specialists (BIS) last week for an undisclosed fee, has completed the deal. A family owned business started in 2001 and led by founders Debbie Murphy and Peggy Giancola, BIS’ specialty product solutions include Property, Casualty, Professional ... Read the full article
Aon reports strong organic growth across business segments in Q4
1st February 2019
Global insurance and reinsurance broker Aon saw its total revenue increase to $10.8 billion for the full-year 2018, which includes 5% of organic revenue growth. The global re/insurance brokerage has announced its results for the fourth-quarter and full-year 2018. Concerning revenues, the broker states that total revenues for Q4 increased 3% ... Read the full article
Willis Re bolsters Australia division with senior appointments
1st February 2019
Willis Re, the reinsurance arm of global insurance broker Willis Towers Watson, has announced some leadership changes within its Australia division, including the appointment of John Philipsz as Deputy Chief Executive Officer (CEO) of Willis Re Australia, effective immediately. Philipsz will be based in Sydney, and will continue to push the ... Read the full article
AXA’s Jad Ariss named Secretary General of The Geneva Association
1st February 2019
The Geneva Association, a leading international insurance industry think tank, has appointed Jad Ariss Secretary General, effective 1 March. Ariss joins The Geneva Association after a distinguished and diverse career of which his multiple senior positions at AXA are a centrepiece. Ariss joined AXA in 1995 as Chief Financial Officer of AXA ... Read the full article
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