Reinsurance News
China sets up new insurer to assume Anbang assets
1st July 2019
China has set up a new Beijing based insurer, called Dajia Insurance Group, to take over the main operations of Anbang Insurance Group Co., according to reports from Bloomberg. Anbang was taken over by the Chinese government in February 2018 after regulators found that it had been operating “illegal business ... Read the full article
Chubb recognises climate change reality, says Greenberg, pulls back from coal
1st July 2019
Chubb has become the latest major re/insurer to adopt a climate policy that aims to phase out its exposure to coal-related underwriting and investment. As part of the announcement, Evan G. Greenberg, Chairman and CEO of Chubb, said that the company “recognizes the reality of climate change and the substantial impact ... Read the full article
Aon & Oxfam launch blockchain-based insurance for farmers in Sri Lanka
1st July 2019
Re/insurance broker Aon has partnered with Oxfam and insurtech firm Etherisc to launch a blockchain-based insurance platform for smallholder farmers in Sri Lanka. Nearly 200 farmers have been enrolled in the solution, which aims to deliver micro-insurance for paddy field farmers who are at risk of losing their crops due to ... Read the full article
Willis Towers Watson’s Smaje joins BGC Insurance as CEO, global aviation & space brokerage
1st July 2019
BGC Insurance Group, a division of BGC Partners, Inc. has named Philip Smaje as Chief Executive Officer (CEO) of its new global aviation and space re/insurance brokerage. The appointment of Smaje follows the recent addition of JLT's Marcel Chad as President of the unit and subject to regulatory approval, Smaje ... Read the full article
RMS expands Risk Intelligence platform
1st July 2019
Catastrophe risk modelling and analytics firm RMS has made available two new solutions hosted on its Risk Intelligence platform. The company says its Location Intelligence API and the SiteIQ applications enable primary underwriters to quickly gain an understanding of all hazards facing any property in their global portfolio. More specifically, RMS states ... Read the full article
R&Q to acquire Sandell Holdings and reinsurance subsidiary, Sandell Re
1st July 2019
Randall & Quilter II Holdings Limited, a subsidiary of Randall & Quilter Investment Holdings Ltd. (R&Q), has announced the acquisition of Sandell Holdings Limited and its subsidiary Sandell Re Limited. Subject to regulatory approvals from the Bermuda Monetary Authority (BMA), R&Q will acquire the entire issued share capital of both Sandell ... Read the full article
PPL adoption continues with 250,000 firm orders bound on platform
1st July 2019
The uptake of Placing Platform Limited (PPL), the digital risk transfer platform, has continued to grow, with 250,000 firm orders bound on the platform to date, according to the London Market Group (LMG). The announcement comes three years after the launch of PPL, which forms a core component of the London ... Read the full article
Brit appoints Paolo Cuomo to newly created role, Head of Strategy
1st July 2019
Brit has appointed Paolo Cuomo from Boston Consulting Group (BCG) to the newly created role of Head of Strategy. In his new role, Cuomo will be based in London and will report to Mark Allan, Brit's Chief Financial Officer (CFO). He will be responsible for helping to develop, manage and implement ... Read the full article
Munich Re plans to retain 10% share of cyber market
1st July 2019
Munich Re has revealed that it plans to continue focusing more of its business on the growing cyber re/insurance market, with the aim of retaining its current 10% share. The re/insurer earned premium volume of almost US $500 million from cyber coverage in 2018, equally split between primary insurance and reinsurance. Munich ... Read the full article
Guernsey meeting international regulation standards, finds IAIS report
1st July 2019
Regulation of Guernsey’s insurance industry is meeting current international standards, according to a report published by the International Association of Insurance Supervisors (IAIS). The report states that Guernsey has “a high level of observance of current international standards." An official statement from Guernsey Finance, the promotional agency for the island’s finance industry, ... Read the full article
Swiss Re’s Jayne Plunkett joins AIA as Chief Risk Officer
28th June 2019
Pan-Asian life insurer AIA Group Limited has announced the appointment of Jayne Plunkett as its new Group Chief Risk Officer, effective 1 November, 2019. She joins AIA from Swiss Re, who announced yesterday that Russel Higginbotham would take over her role as CEO of Reinsurance for Asia from July 8. Plunkett has ... Read the full article
Beazley adds two cyber, tech underwriters in US
28th June 2019
Specialist insurer Beazley has added Jennifer Beard and Matt Gullickson - two cyber & technology underwriters - to its US operations. The appointments were made to meet a growing demand from middle market businesses for insurance cover for cyber, data security and privacy exposures. Beard joins from Chubb, where she spent 12 ... Read the full article
Longevity risk data provider Club Vita expands into U.S
28th June 2019
Club Vita, a UK-based provider of longevity risk data, has announced that it plans to expand into the U.S market. Having successfully launched in Canada in 2015, Club Vita will now aim to extend its longevity data analytics service to American pension plans and insurers. The company uses ZIP codes and other ... Read the full article
Underwriting turnaround helped U.S P&C performance in 2018: A.M. Best
28th June 2019
The U.S property and casualty (P&C) insurance sector experienced a generally favourable 2018, according to A.M. Best, which largely attributed the positive results to a turnaround in underwriting performance. The sector was also boosted by lower losses from catastrophic events and favourable development of prior year loss reverses, the rating agency ... Read the full article
Beazley adds Derek Dow to healthcare liability team in Canada
28th June 2019
Specialist re/insurer Beazley has announced the appointment of Derek Dow as an underwriter in its Vancouver, Canada office. Dow will be tasked with supporting the growth of Beazley’s healthcare liability book, underwriting large risk life sciences and miscellaneous medical malpractice. He arrives from HUB International where he spent the previous six years, ... Read the full article
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