Reinsurance News
Liberty Mutual completes $150m Limestone Re sidecar transaction
9th January 2019
U.S primary insurer Liberty Mutual has secured $150 million of collateralised reinsurance for its U.S property catastrophe program through a new transaction through Limestone Re, its Bermuda domiciled segregated account company. Liberty Mutual said the deal, which is comprised of $58 million of Bermuda Stock Exchange-listed 2019-1 Notes, will also provide ... Read the full article
£800bn of UK assets shifted to Europe since EU referendum: EY
9th January 2019
Since the UK’s EU referendum in 2016, companies comprising the UK’s financial service sector have announced a transfer of assets out of London totalling £800 billion, according to a report from multinational professional services firm EY. The report tracked 222 UK-based firms and shows that 36% of companies have publicly confirmed, ... Read the full article
Bill Wharton appointed Head of Argo Insurance Bermuda
9th January 2019
Global specialty re/insurer Argo Group International Holdings, has appointed Bill Wharton Head of Argo Insurance Bermuda. The appointment is effective immediately and follows former leader Nigel Mortimer’s move to a new role heading up the company’s International Casualty business from its London office. Mortimer reports to Steve Eccles, International Chief Underwriting Officer. Wharton, ... Read the full article
Bulk annuity ‘mega deals’ trend to impact smaller schemes: WTW
9th January 2019
With the trend of bulk annuity ‘mega deals’ set to continue into 2019, smaller pension schemes are potentially at risk of missing out on attractive pricing as re/insurers prioritise resources to large-scale, high value deals, according to analysts at Willis Towers Watson (WTW). Last year saw unprecedented levels of bulk annuity ... Read the full article
Berkshire Hathaway, Chinese insurers climb “World’s Largest” ranking
8th January 2019
The insurance operations of Warren Buffett's conglomerate Berkshire Hathaway Inc. and China's largest insurance companies are the biggest climbers in A.M. Best's ranking of the World's Largest Insurers. The ranking of the world's largest insurance companies is available to view here on Reinsurance News, in collaboration with A.M. ... Read the full article
Downstream energy rates set to improve after difficult 2018: JLT
8th January 2019
Rates in the downstream energy sector look set to improve in 2019 as re/insurance companies finally take a stand against increasingly poor underwriting results over the last few years, according to analysts at JLT. The re/insurer’s latest quarterly energy report noted that management oversight and pressure to turn rates around has ... Read the full article
Argo names Gary Grose interim Head of Colony Specialty
8th January 2019
Argo Group U.S, a subsidiary of global specialty re/insurer Argo Group International Holdings, has appointed Gary Grose as interim head of its Colony Specialty business. Grose will take on the role in addition to his current responsibilities as Argo Group’s Head of Marketing and Producer Management. He will stand in while a ... Read the full article
Global Atlantic appoints Anup Agarwal as Deputy Chief Investment Officer
8th January 2019
Life and annuity re/insurance firm Global Atlantic Financial Group has announced the appointment of Anup Agarwal as Deputy Chief Investment Officer. Agarwal joins Global Atlantic from Western Asset Management, where he most recently served as Head of Residential, Consumer and Commercial Credit and was responsible for managing more than $60 billion ... Read the full article
Hannover Re & HDI Global launch new specialty insurance venture
8th January 2019
HDI Global Specialty SE, a new specialty lines insurer launched as a collaborative venture between Hannover Re and HDI Global, commenced underwriting at the beginning of the year with premium volumes in excess of €1 billion. The insurer was formed after HDI Global and Hannover Re, which are both part of ... Read the full article
2019 shaping up as busy year for insurtech Tremor: CEO, Sean Bourgeois
8th January 2019
The Chief Executive Officer (CEO) of InsurTech start-up Tremor Technologies, Inc., Sean Bourgeois, says that 2019 is shaping up to be very busy for the firm, after the successful completion of the first fully programmatic placement of a property catastrophe reinsurance program. Tremor’s open, technology-driven, programmatic marketplace for reinsurance risk placement ... Read the full article
Neon successfully renews $77m NCM Re sidecar
8th January 2019
London-headquartered re/insurance specialist Neon has successfully renewed its NCM Re sidecar a year on from its launch as the UK’s first ILS vehicle to utilise regulations passed in 2017. The transaction was launched on 1 January 2019 and is a $77 million collateralised quota share of Neon Syndicate 2468’s property treaty reinsurance ... Read the full article
Justin Moser promoted to President of ebmsRe
8th January 2019
EbmsRe, a stop-loss reinsurance program owned by Employment Benefit Management Services (EBMS) has promoted Justin Moser to the President role. Moser has been with EBMS for over a decade, having joined in 2007 as an Account Manager. He will now oversee the strategic and financial goals of ebmsRe and lead efforts to ... Read the full article
Munich Re pegs 2018 insured cat losses at $80bn, double the 30-year average
8th January 2019
Global reinsurance giant Munich Re has revealed an $80 billion industry loss from 2018’s natural catastrophes, a figure which, despite falling well short of the $350 billion inflicted in 2017, represents a near doubling of the $41 billion 30-year average. This estimate by Munich Re mirrors Swiss Re's prediction last ... Read the full article
WTW adds Costas Yiasoumi to pension de-risking team
8th January 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has appointed Costas Yiasoumi as a Senior Director in its pension de-risking transaction business. Yiasoumi joins WTW from Legal & General, where he served as Head of Core Business, focusing on the buy-in and buy-out market. He has more than 20 years’ experience ... Read the full article
Brit announces strategic investment in A&H MGU Sutton Special Risk
8th January 2019
Global specialty re/insurer Brit Limited has made a strategic investment in Sutton Special Risk, a Managing General Underwriter (MGU) specialising in Accident & Health (A&H). Brit states the investment offers attractive exposure to an MGU experiencing rapid growth and a strong presence in Canada and the U.S. “We are delighted to announce ... Read the full article
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