Reinsurance News
Chicago-based broker Hub International acquires The Rubin Group
10th January 2019
Chicago-headquartered global insurance brokerage Hub International Limited has announced the acquisition of New York-based insurance and risk management firm The Rubin Group for an undisclosed fee. The Rubin group specialises in commercial and personal insurance, providing a portfolio of business and industry-specific insurance solutions and risk mitigation strategies in industries such ... Read the full article
Swiss Re anticipating softer, diverging global economic growth in 2019
9th January 2019
Swiss Re is anticipating a softer and diverging global economic growth in 2019, with the overall balance of risks skewed to the downside. In its latest Economic Insights report, the reinsurance giant states that it is keeping a close watch on the 'three Ps': prices, as inflationary pressures are increasing in ... Read the full article
European reinsurers identify benefits of internal models
9th January 2019
The Insurance Europe Reinsurance Advisory Board (RAB), a special representative body consisting of some of the largest European reinsurers, has published a new report outlining the benefits of the use of internal models. The group claimed that internal models make the risk profile of re/insurance companies more transparent and enrich their ... Read the full article
MAPFRE RE first to form onshore reinsurance alternative in Vermont
9th January 2019
Global reinsurer MAPFRE RE, has become the first Affiliated Reinsurance Company (ARC) to form in the U.S state of Vermont following 2018 legislation introduced as a response to the Base Erosion Anti-Abuse Tax (BEAT). The BEAT initiative was introduced to tackle a perceived overdependence on offshore reinsurance companies and applies to ... Read the full article
AmTrust unveils new strategy & leadership team following go-private deal
9th January 2019
AmTrust Financial Services, Inc. has unveiled a new strategic plan for the company, called AmTrust Forward, as well as the layout of its new leadership team. The announcements follow the completion of AmTrust’s $3 billion go-private merger deal in November 2018, in which the insurer’s outstanding shares were acquired Stone ... Read the full article
MS Amlin increases P&I capacity for 2019
9th January 2019
Global insurance and reinsurance company MS Amlin has announced that it has increased its protection and indemnity (P&I) capacity for 2019. The company explained that it would now offer ground up P&I capacity of up to US $500 million through its subsidiary MS Amlin Insurance SE, and up to $1 billion ... Read the full article
State Farm granted waiver to conduct damage assessment using drones
9th January 2019
State Farm has become the first company in the U.S to be granted a national waiver by the Federal Aviation Administration (FAA) allowing it to conduct damage assessment using drones. The waiver authorises State Farm to conduct drone operations over people (OOP) and flights beyond a pilot’s visual line of sight ... Read the full article
CFC expands cyber policy to include business interruption
9th January 2019
London-headquartered specialist insurer CFC has expanded its cyber insurance offering to include business interruption triggered by an IT system failure as well as a malicious event. Also included in the updated policy is full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of technology ... Read the full article
Panama joins Caribbean Catastrophe Risk Insurance Facility
9th January 2019
Panama has become the 21st country to join the Caribbean Catastrophe Risk Insurance Facility (CCRIF), purchasing parametric cover for excess rainfall. Panama is also the fourth country to join the CCRIF this policy year, alongside the British Virgin Islands, Montserrat and St. Maarten, and is the Facility’s second member ... Read the full article
Michel Khalaf to succeed Steven Kandarian as MetLife CEO
9th January 2019
MetLife has announced that Michel A. Khalaf is to succeed Steven A. Kandarian as the company’s President and Chief Executive Officer (CEO), effective from May 1, 2019. Khalaf has served as President of Europe, Middle East & Africa (EMEA) at MetLife since 2011, with added responsibility for the company’s U.S Business ... Read the full article
Marsh & McLennan issues $5bn senior debt to fund JLT acquisition
9th January 2019
Broking and advisory giant Marsh & McLennan Companies, Inc. (MMC) has outlined plans to issue $5 billion of senior debt to fund its previously announced $5.6 billion acquisition of Jardine Lloyd Thompson Group (JLT). The offering consists of six tranches of senior notes with maturities of up to 30 years. MMC stated ... Read the full article
AXIS Capital names Govind Balu as Chief Analytics Officer
9th January 2019
Bermudian re/insurance group AXIS Capital Holdings has announced the appointment of Govind Balu as Chief Analytics Officer. Balu will be tasked with leading AXIS’ data and analytics initiatives globally, as well as the company’s Analytics Center of Excellence, which partners with teams across the organisation to apply digital solutions to AXIS’ ... Read the full article
Liberty Mutual completes $150m Limestone Re sidecar transaction
9th January 2019
U.S primary insurer Liberty Mutual has secured $150 million of collateralised reinsurance for its U.S property catastrophe program through a new transaction through Limestone Re, its Bermuda domiciled segregated account company. Liberty Mutual said the deal, which is comprised of $58 million of Bermuda Stock Exchange-listed 2019-1 Notes, will also provide ... Read the full article
£800bn of UK assets shifted to Europe since EU referendum: EY
9th January 2019
Since the UK’s EU referendum in 2016, companies comprising the UK’s financial service sector have announced a transfer of assets out of London totalling £800 billion, according to a report from multinational professional services firm EY. The report tracked 222 UK-based firms and shows that 36% of companies have publicly confirmed, ... Read the full article
Bill Wharton appointed Head of Argo Insurance Bermuda
9th January 2019
Global specialty re/insurer Argo Group International Holdings, has appointed Bill Wharton Head of Argo Insurance Bermuda. The appointment is effective immediately and follows former leader Nigel Mortimer’s move to a new role heading up the company’s International Casualty business from its London office. Mortimer reports to Steve Eccles, International Chief Underwriting Officer. Wharton, ... Read the full article
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