Reinsurance News
Markel launches Cyber 360 policy
3rd July 2019
Specialist insurer Markel International has launched its Cyber 360 policy, providing insureds with all round protection against cyber risks. Coverage will be provided on a stand-alone and add-on basis for businesses in the UK, Europe, Canada, Asia and elsewhere. With limits of up to $20m per risk, the new policy is offered ... Read the full article
Aon secures eighth bulk annuities purchase across Smiths Group pension schemes
3rd July 2019
Global re/insurance brokerage Aon has now secured eight bulk annuities across the Smiths Group's two pension schemes, totalling approximately £1.6 billion. The £3 billion Smiths Industries Pensions scheme has secured its eighth bulk annuity purchase and its second with Canada Life. The new £176 million bulk annuity is part of a ... Read the full article
R&Q’s Accredited agrees to loss portfolio transfer with California education pools
3rd July 2019
Accredited Surety and Casualty Company, Inc., the Florida-based subsidiary of Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings (R&Q), has signed a loss portfolio transfer agreement with two educational insurance pools in California. The LPT agreement with Northern California Regional Liability Excess Fund (NCR) and Statewide Association of Community ... Read the full article
MS Amlin names Rob Houghton COO
3rd July 2019
Insurer and reinsurer MS Amlin has appointed Rob Houghton Chief Operating Officer (COO), reporting to Simon Beale, Chief Executive Officer (CEO). Houghton replaces Simon Smith who left the global re/insurer earlier this year. Subject to regulatory approval, he is expected to join MS Amlin no later than mid-October 2019 and will ... Read the full article
Lloyd’s outlines electronic placement mandate targets for H2 2019
3rd July 2019
Insurance and reinsurance marketplace Lloyd’s of London has outlined a set of updated targets for its electronic placement mandate, which will require syndicates to progressively write more of their risks digitally. In the third quarter of 2019, each syndicate will be required to have written no less than 60% of its ... Read the full article
Miller adds Skuld’s Neale to energy fac team
3rd July 2019
Global re/insurance broker Miller has announced the appointment of Simon Neale, a move that grows the firm’s global energy facultative reinsurance offering. Neale, who joins from Skuld, has over 20 years’ experience working with a number of insurers and brokers, as well as developing energy re/insurance business and managing large teams. He ... Read the full article
Adham El-Muezzin to lead Hannover ReTakaful and Hannover Re Bahrain
3rd July 2019
Hannover Re’s Executive Board has appointed Adham El-Muezzin to lead Hannover ReTakaful B.S.C. and Hannover Re Bahrain Branch, replacing Mahomed Akoob who is retiring after 17 years with the company. The appointment of El-Muezzin is effective July 1st, 2019, which is the same date that Akoob is leaving the global reinsurance ... Read the full article
AIR Worldwide releases catastrophe exposure database schema to public
3rd July 2019
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has published its Catastrophe Exposure Data Exchange (CEDETM) database schema publicly. AIR says the release will facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and encourage more analytics on a greater number of exposures. "The (re)insurance industry ... Read the full article
European reinsurers’ profitability hinges on adequate renewals pricing, says EIOPA
2nd July 2019
With competitive pressure still high, continued profitability in the European reinsurance sector will likely hinge on adequacy of risk pricing at the 2019 mid-year renewals. This is according to analysts from the European Insurance and Occupational Pension Authority (EIOPA), who assessed the financial stability of the industry in a new report. The ... Read the full article
Convex and WNS become long-term strategic partners
2nd July 2019
Convex Group Limited, an international specialty insurer and reinsurer with $1.8 billion of initial committed capital, has appointed WNS as its long-term strategic partner to build a first-of-its-kind, integrated, “Platform + BPM as-a-service” proposition across industry horizontals. Unveiled by re/insurance industry experts Stephen Catlin and Paul Brand n April 2019, ... Read the full article
AXIS expands capital markets reinsurance support with $39m Alturas Re sidecar issuance
2nd July 2019
Bermudian insurer and reinsurer AXIS Capital Holdings Limited has sponsored a $39 million issuance of notes to its collateralised reinsurance sidecar, Alturas Re Ltd. The latest issuance is the third of this year and takes the total amount of capital backing the sidecar vehicle to $169 million for 2019. As reported by ... Read the full article
Lloyd’s names Jennifer Rigby Chief Operations Officer
2nd July 2019
The specialist Lloyd’s of London insurance and reinsurance marketplace has announced that Jennifer Rigby has been appointed Chief Operations Officer (COO). After joining the Lloyd’s marketplace in 2017, Rigby has been serving as interim Lloyd’s COO since March 2019, following the departure of previous COO, Shirine Khoury-Haq. As COO of the ... Read the full article
Strained Florida insurance environment stoked by AOB misuse: AM Best
2nd July 2019
A strained insurance environment has been stoked by the influential and commonly misguided use of AOBs in Florida, according to analysts at AM Best. Some contractors have solicited the transfer of rights from insureds and subsequently inflated repair costs, all while using the legal system to their advantage. AM Best says that ... Read the full article
Liberty Mutual completes latest Limestone Re transaction
2nd July 2019
Liberty Mutual has announced the successful renewal of its expiring Limestone Re 2018-1 placement, securing $240 million of reinsurance capacity from the capital markets for its U.S. property catastrophe program and global treaty property reinsurance business. The new transaction, which utilises the Limestone Re capital markets platform, is comprised of $135 ... Read the full article
Lloyd’s targets “syndicate in a box” launches for October: CEO John Neal
2nd July 2019
Lloyd's is targeting the launch of its first two "syndicates in a box" for October 1st, as it begins to implement its new strategic initiatives, according to CEO John Neal. The specialist Lloyd’s of London insurance and reinsurance marketplace recently announced a new strategy focused on modernisation and delivering higher ... Read the full article
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