Reinsurance News
Waypoint approved as A&H coverholder for ArgoGlobal at Lloyd’s
23rd January 2019
Specialty managing general underwriter (MGU) Waypoint Underwriting Management has obtained coverholder approval to underwrite accident and health (A&H) products on behalf of ArgoGlobal Syndicate 1200 at Lloyd’s. Waypoint offers insurance and reinsurance solutions to clients in the U.S, led by an executive team that has started, owned and run multiple reinsurance ... Read the full article
Alliant takes investment from pension fund PSP and Stone Point
23rd January 2019
Independent insurance brokerage, Alliant Insurance Services, has revealed that the Public Sector Pension Investment Board (PSP Investments) is to make an investment in the firm. PSP Investments, a Canadian pension investment manager, has roughly CA$160 billion (US$120bn) of assets under management (AuM), as at September 30th, 2018. According to an announcement on ... Read the full article
Ventus Risk partners with property risk modeller HazardHub
23rd January 2019
Commercial property managing general underwriter (MGU) Ventus Risk Management has announced a new partnership with HazardHub, a U.S provider of location-based hazard information. Ventus hopes to use HazardHub’s geospatial property risk databases to improve its risk selection and analysis, allowing it to better underwrite and manage catastrophe-exposed insurance risk. Stuart Mercer, President ... Read the full article
Jerry Ridge to be Head of Reinsurance at Lockton Re
23rd January 2019
Reinsurance broker Lockton Re has announced that Jerry Ridge is to lead the firm as Head of Reinsurance, following the retirement of George Carrington this Spring. As Head of Reinsurance at Lockton Re, Ridge will lead the firm's 60 dedicated reinsurance professionals across the UK and the U.S., as the company ... Read the full article
Emma Woolley named Cathedral Underwriting CEO
23rd January 2019
Specialty re/insurance group Lancashire Holdings has appointed Emma Woolley as Chief Executive Officer of its subsidiary Cathedral Underwriting Limited (CUL). She replaces Andrew Mckee, who has served in the role since June 2017 and is due to depart at the end of the month. Woolley brings over two decades of experience in ... Read the full article
Marsh & McLennan expands Florida presence with Bouchard acquisition
23rd January 2019
Marsh & McLennan Agency LLC, a subsidiary of global insurance and reinsurance broker Marsh, has announced that it is to acquire Florida domiciled full-service agency, Bouchard Insurance. Terms of the transaction were not disclosed, but it's been reported that the deal is expected to close later this month. Bouchard Insurance has dedicated ... Read the full article
India primed to become global reinsurance hub, says regulator
23rd January 2019
A number of factors, including recent regulatory changes, geography, economic growth and exposure to natural catastrophes have positioned India to become a global reinsurance hub, according to the International Regulatory and Development Authority of India (IRDAI). IRDAI noted in its annual report that India currently has very low levels of insurance ... Read the full article
Cyber risk could cost businesses $5.2tr within five years: Accenture
22nd January 2019
Professional services firm Accenture says that, over the next five years, companies worldwide risk losing an estimated $5.2 trillion in value creation opportunities from the digital economy—almost the size of the economies of France, Italy and Spain combined—to cyber attacks. Today, many of the base Internet protocols—the set of rules embedded ... Read the full article
Increased cat losses dent Travelers’ results, further reinsurance secured
22nd January 2019
American insurer Travelers’ losses and results overview shows the company had a net income of $621 million in Q4 2018, which included a pre-tax catastrophe loss of $610 million, increasing from $499 million in the prior year quarter. This Q4 cat loss figure consists primarily of $453 million pre-tax ($358 million ... Read the full article
Berkshire BHSI extends transactional liability offering to UK & Europe
22nd January 2019
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett’s global insurance and reinsurance company, has announced that it plans to expand its North American Transactional Liability Insurance business into the UK and Europe. BHSI explained that it will now provide warranty and indemnity, tax, and contingent liability insurance in ... Read the full article
Rate increases “better than planned” across specialty classes: Peel Hunt
22nd January 2019
Rate increases across specialty insurance classes have been “better than planned” over the last two months, according to analysts at Peel Hunt. The firm pointed to improvements in classes such as marine, energy and property, but noted that rates are still coming off the bottom of the cycle and need to ... Read the full article
FANDO appoints heads of Global Markets & Broking
22nd January 2019
FANDO Group, an independent wholesale, MGA and reinsurance broker based in Sydney, Australia, has appointed Julian Sparkes as Head of Global Markets and David Boreham as Head of Broking. Sparkes, who joins FANDO with effect from 1 January 2019, is the former Chief Executive Officer (CEO) and Founder of Savannah Group, ... Read the full article
Shali Vasudeva to leave Hiscox for AXA UK COO role
22nd January 2019
Shali Vasudeva is set to join AXA UK and Ireland from insurer Hiscox as Chief Operating Officer (COO), a newly created position, effective March 1st, 2019. The appointment remains subject to regulatory approval, and will see Vasudeva deliver more robust operational stability across the firm, as well as lead a Transformation ... Read the full article
Incoming Tokio Marine CEO eyes increased overseas M&A activity
22nd January 2019
The newly promoted, incoming Chief Executive Officer of Tokio Marine Holdings has indicated that he intends to further diversify the company’s geographic footprint via oversees mergers and acquisitions (M&A), according to reports by Reuters. Japanese re/insurers, of which Tokio Marine is one of the most acquisitive, have become increasingly reliant on ... Read the full article
DARAG acquires Italian non-life portfolio from DONAU
22nd January 2019
Legacy acquirer DARAG Group Limited has announced an agreement to acquire a portfolio of Italian non-life business from DONAU Versicherung AG, subject to regulatory approval. The portfolio consists primarily of motor third party liability business, and the transaction also comprises a going concern transfer from DONAU into DARAG Italia S.p.A., the firm's ... Read the full article
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