Reinsurance News
Lloyd’s introduces risk-based oversight for syndicates
18th January 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has announced that it intends to introduce risk-based oversight for underperforming syndicates as part of its ongoing performance review. The process will support the implementation of syndicates’ performance improvement plans, which are designed to return certain classes or syndicates to sustainable profit ... Read the full article
Swiss Re appoints non-exec Chairman of ReAssure, still targets IPO
18th January 2019
Global reinsurance giant Swiss Re has announced the appointment of Archie Kane as the new non-executive Chairman of the Board of Directors of ReAssure, its UK closed book business. The appointment is effective immediately, and sees Kane provide leadership to the firm's Board of Directors, as well as advise management on ... Read the full article
Argo expecting $44m dent to Q4 results
18th January 2019
Specialty re/insurer Argo Group International has announced a preliminary, pre-tax catastrophe loss estimate for Q4 2018 of $32 million, a figure net of reinsurance and reinstatement premiums, and including losses related to certain aggregate excess of loss contracts. The company said it also expects results from the fourth quarter to take ... Read the full article
Ireland targets insurance protection law in case of no-deal Brexit
18th January 2019
The Irish Times has reported that the Republic is looking to create new legislation that would enable UK and Gibraltar domiciled insurers and brokers to continue to serve Irish policyholders for up to three years, should the UK leave the EU without securing a deal. As widespread uncertainty and confusion ... Read the full article
Maiden enters reinsurance deal with Allianz amid auto group sale
18th January 2019
Bermuda-based re/insurer Maiden Holdings has entered into a three-year quota share reinsurance agreement with Allianz as part of the sale of its European automotive group, AVS Automotive VersicherungsService GmbH. Maiden said that the sale of AVS and its related European subsidiaries to Allianz Partners represented another step in its strategic review. Allianz ... Read the full article
AIG’s AlphaCat and Ledger Capital Markets in new ILS transaction
17th January 2019
AlphaCat Managers, Ltd., AIG's third-party reinsurance capital and insurance-linked securities (ILS) unit, has announced a new ILS transaction with Ledger Capital Markets, LLC. The transaction relates to the direct securitisation of a non-standard passenger auto insurance portfolio, and brings a new class of business to the ILS investor community. The deal ... Read the full article
Sirius America enters into strategic partnership with Franklin Madison
17th January 2019
U.S. domiciled Property and Accident & Health focused insurer and reinsurer, Sirius America Insurance Company, has entered into a strategic partnership with Franklin Madison Group LLC, an insurance marketing firm that serves financial institutions. The new strategic partnership is part of Franklin Madison's continued investment in product innovation and distribution development for both ... Read the full article
MMC names Portalatin Vice Chair, Ferland becomes Mercer CEO
17th January 2019
In the wake of its $5.6 billion acquisition of Jardine Lloyd Thompson (JLT) Group, broking and advisory giant Marsh & McLennan Companies (MMC) has announced the appointment of Martine Ferland as President and Chief Executive Officer of its global consulting subsidiary Mercer, effective 1 March 2019. Ferland replaces Julio Portalatin, who served ... Read the full article
ConsiliumRe to strengthen LatAm ties with Miami expansion
17th January 2019
ConsiliumRe, the international facultative division of Direct Insurance Group, has announced that it plans to expand its operations into Miami in order to better service the Latin American market. The London-based broker explained that the expansion would build on the significant traction that it has gained in the LatAm region since ... Read the full article
Guy Carpenter restructures to accommodate JLT Re teams
17th January 2019
Reinsurance broker Guy Carpenter has announced the establishment of a new Global Capital Solutions Group that will be led by the firm's Vice Chairman, David Priebe. At the same time, the firm has revealed a series of new appointments, all in relation to the acquisition of JLT Group by its ... Read the full article
P&C market still in modest transition despite strong financial performance: Lockton
17th January 2019
Despite the strong financial performance of the U.S property and casualty (P&C) sector, the market is still in a modest transition as there is a continued increase in the frequency of severe claims and a prolonged period of large weather events, according to re/insurance broker Lockton. Lockton states that the U.S ... Read the full article
PERILS finalises storm Friederike industry loss at €1.672bn
17th January 2019
Catastrophe loss data aggregator PERILS has released its final re/insured loss estimate for Extratropical Cyclone Friederike, also known as David, putting the total at €1.672 billion (US $1.91 billion). In keeping with PERILS’ reporting schedule, the final loss figure was released 12 months after the original event, and represents a slim ... Read the full article
Rejected Brexit deal fuels additional uncertainty for UK re/insurers: A.M. Best
17th January 2019
Global financial services ratings agency, A.M. Best, has said that the fact the UK Government's EU withdrawal agreement was defeated in the House of Commons, increases uncertainty surrounding the UK's trading relationship with the EU. Following the heavy defeat suffered by UK Prime Minister Theresa May on January 15th, 2019 a ... Read the full article
Beazley to appoint Sally Lake as Finance Director
17th January 2019
Specialist re/insurer Beazley has announced that Sally Lake is to be appointed as Group Finance Director, effective once Martin Bride steps down from the position in May 2019. Lake has been Group Actuary at Beazley since 2014, with responsibility for the pricing and reserving practices of the group. She joined the company ... Read the full article
Blue Capital Re braced for $30m impact from Q4 cats
17th January 2019
Blue Capital Reinsurance Holdings, the Bermuda-based reinsurer owned by Sompo International has announced approximate fourth quarter catastrophe losses of $30 million, an aggregate figure net of reinsurance and reinstatement premiums. This escalation from the firm’s previous $17 million estimate back in December 2018 is driven by increased client-specific and industry-wide loss ... Read the full article
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