Reinsurance News
Liberty Mutual Re adds international casualty underwriter to Paris office
17th January 2019
Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance Group, has appointed Vincent Gilardi as Senior Underwriter for International Casualty, effective immediately. Based in the company's Paris office, Gilardi reports to the reinsurer's Head of Europe and MENA, Eric Sugier. He joins the firm from XL Catlin, where he served as ... Read the full article
Oxbridge Re expects $3.1mn hit from Michael, $2.9mn from wildfires
17th January 2019
Collateralised reinsurer Oxbridge Re is expecting its fourth quarter 2018 results to be impacted by $6 million of losses resulting from natural catastrophes. This figure includes $3.1 million in losses from Hurricane Michael and $2.9 million from the California Wildfires. Both estimates take into consideration the company’s quota share arrangement through Read the full article
London Market claims process needs urgent transformation: LMA’s Lee Elliston
17th January 2019
The London Market urgently needs to improve the efficiency of its claims processes to meet rising customer expectations, according to Lee Elliston, Claims Director at the Lloyd’s Market Association. Elliston argued that new claims models in the London Market need to focus on better leveraging modern technology to the benefit of ... Read the full article
Aviva’s Chris Wei elected Chairman of IIS Executive Council
17th January 2019
The Executive Council of the International Insurance Society (IIS), a global forum for insurance industry stakeholders, has elected Aviva’s Executive Chairman of Asia, Chris Wei, as its Chairman. Wei will succeed former President & Chief Executive Officer of RGA, Greig Woodring, who remains on the Council serving as Immediate Past Chair. Wei ... Read the full article
Limited room for reinsurance rates to decline further: Peel Hunt
16th January 2019
With returns across the reinsurance industry slipping below the cost of capital, there is little room left for rates to decline from their current level, according to analysts at Peel Hunt. Peel Hunt noted that reinsurance rates are still at the bottom of the recent pricing cycle, and will only improve ... Read the full article
AXIS Capital appoints Keith Schlosser as Chief Information Officer
16th January 2019
Bermudian re/insurance group AXIS Capital Holdings has announced the appointment of Keith Schlosser as Chief Information Officer. Schlosser joins AXIS from Chubb, where he spent the previous seven years as Chief Information Officer for the company’s Overseas General Insurance division, leading a number of growth and digital initiatives. He has 30 years ... Read the full article
Berkshire BHSI enters UK construction, appoints SCOR’s Seamer to lead division
16th January 2019
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett’s global insurance and reinsurance company, is expanding into the UK property construction insurance market and has added Simeon Seamer to lead as Head of Property Construction, UK & Ireland from the firm's London office. Alongside property construction, BHSI's UK expansion ... Read the full article
Hiscox Re and MS&AD invest in AkinovA’s electronic marketplace
16th January 2019
Hiscox Re and MS&AD have made investments in digital insurtech firm AkinovA to support the development of its electronic marketplace for the transfer and trading of re/insurance risk. AkinovA claimed that the investments would further accelerate its progress ahead of the marketplace’s launch. The company is currently building its marketplace in collaboration ... Read the full article
WTW estimates industry cat losses at $71.5bn for 2018
16th January 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has estimated that major natural catastrophes cost the re/insurance industry $71.5 billion in 2018, with losses primarily driven by smaller events. This figure is only slightly above the annual average since 2011 but the third-highest total during this period, according to WTW’s ... Read the full article
Ongoing Brexit uncertainty for London re/insurance market
16th January 2019
Following yesterday's crushing parliamentary defeat, in which Prime Minister Theresa May's EU withdrawal agreement was rejected by MPs by more than 200 votes, uncertainty remains for the London insurance and reinsurance industry. The PM's withdrawal agreement was rejected by 432 votes to 202, and with the government facing a vote of ... Read the full article
The Hanover expecting $50m Q4 catastrophe hit
16th January 2019
Massachusetts-based property and casualty insurer The Hanover Insurance Group (THG) is expecting a $50 million pre-tax hit to its fourth quarter operating results due to catastrophe activity. This figure represents 4.6% of net premiums earned, an increase from THG’s Q418 assumption of 3.6%. Cat losses in the final quarter of 2018 are ... Read the full article
AIG adds Thomas Motamed to Board of Directors
16th January 2019
American International Group, Inc. (AIG) has announced that Thomas F. Motamed has been elected to its Board of Directors, effective immediately. Motamed retired from his position as Chairman and Chief Executive Officer (CEO) of CNA Financial Corporation in 2016, a role that he had held since 2009. Prior to this, he spent ... Read the full article
International discord hindering ability to tackle global risks: WEF
16th January 2019
Deteriorating international relations are hindering the world’s ability to foster collective action and tackle the most serious global risks, according to the World Economic Forum (WEF). The Forum’s Global Risks Report 2019 said that international cooperation looks set to worsen further over the coming year, with experts identifying rising geopolitical and ... Read the full article
Travelers partners with ASQ Underwriting on U.S transactional risk
16th January 2019
The Travelers companies, Inc. has partnered with managing general underwriter (MGU) ASQ Underwriting to offer transactional risk insurance in the U.S. Travelers explained that the move would enable it to meet the growing demand for M&A risk mitigation tools, which allow strategic and private equity investors to reduce their deal risk ... Read the full article
ArgoGlobal eyes gig-economy with Italian insurtech partnership
16th January 2019
ArgoGlobal Assicurazioni S.p.A, a subsidiary of Argo Group International Holdings, is providing gig-economy workers throughout Italy with a pay-as-you-go insurance solution by teaming up with specialised broker Axieme. Crucially, Axieme is connected to the digital platform Jobby, which enables users to activate their insurance when they accept a job. “The growth of ... Read the full article
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