Reinsurance News
Atlas enters into strategic underwriting arrangement with American Financial
10th June 2019
US-based commercial auto insurer, Atlas Financial Holdings, Inc. has signed a definitive agreement with American Financial Group, Inc. (AFG) that targets the paratransit line of business. According to an announcement on the deal, a definitive agreement between the two companies was executed effective June 10th, 2019. The agreement sees Atlas act as ... Read the full article
Industry execs optimistic about U.S P&C market conditions: S&P Global
10th June 2019
U.S property and casualty (P&C) re/insurers are benefiting from a strong business environment with adequate capital reserves despite the elevated level of catastrophe losses in recent years, according to panellists at a recent S&P Global Ratings conference. The executives generally agreed that the industry was currently enjoying strong fundamentals and capital ... Read the full article
Tokio Marine HCC adds Paul Knighton to Marine Liability division
10th June 2019
Tokio Marine HCC (TMHCC) has announced the appointment of Paul Knighton as a Marine Liability & Logistics Underwriter in its Marine Liability division. Knighton joins TMHCC from Skuld, where he most recently served as Head of Marine Cargo & Property. He has 18 years’ experience in the London Market, and has previously ... Read the full article
DAC Beachcroft adds virtual crisis room to cyber breach response services
10th June 2019
International law firm DAC Beachcroft has enhanced its breach response services with the launch of a secure, virtual crisis room that enables businesses to communicate and share information confidentially in the aftermath of a cyber attack or data breach. Developed in partnership with British technology firm Pushfor, the DACB Situation Room ... Read the full article
Zurich to put the customer first with new hire
10th June 2019
Conny Kalcher has been has been appointed to Zurich's newly-created Chief Customer Officer role, effective July 1. Reporting directly to the Group Customer Officer, Mario Greco, she joins from MindFolio, an innovation and analytics consultancy based in London and Chicago, where she was Partner since 2018 She also brings with her a ... Read the full article
Liberty Specialty Markets appoints Steve McMurray CFO
10th June 2019
Liberty Specialty Markets, a division of Liberty Mutual Insurance Group, has named Steve McMurray as its new Chief Financial Officer (CFO), effective immediately. Prior to joining Liberty Specialty Markets, McMurray was CFO for global brokerage BGC Partners Inc. He brings extensive experience across multiple industries to the role, and previously spent ... Read the full article
Munich Re CEO calls for higher price on carbon emissions
10th June 2019
Joachim Wenning, Chief Executive Officer (CEO) at reinsurer Munich Re, has urged European policymakers to increase the cost of emitting carbon, according to reports from the Financial Times. Wenning believes that such a move would create financial incentives to accelerate the switch from fossil fuels to renewables, thereby helping to limit ... Read the full article
GrainCorp secures 10-year drought protection via Aon’s White Rock
10th June 2019
GrainCorp, the largest grains company on Australia’s east coast, has signed a ten-year agreement with an unnamed insurer designed to help manage the risk associated with grain production volatility. GrainCorp will receive a production payment each year of up to AU$80 million should annual levels drop below 15.3 million tonnes. If production ... Read the full article
Accenture’s Cusano to lead AIG’s business, technology operations
10th June 2019
Global insurer American International Group (AIG) has announced the appointment of John Cusano as Chief Business & Technology Operations Officer, effective July 1. Cusano, who joins from Accenture having held a number of leadership positions in the company, has over 30 years’ experience and has demonstrated a successful track record of ... Read the full article
Jason Storah to succeed Colm Holms as Aviva Canada CEO
7th June 2019
Aviva Canada has announced the appointment of Jason Storah as Chief Executive Officer, replacing Colm Holmes, who is set to become CEO of General Insurance. Storah has more than 15 years of experience with Aviva Canada, serving most recently as Chief Distribution Officer, overseeing Broker Distribution, Partnerships, RBC Insurance, Aviva's Direct ... Read the full article
Sedgwick appoints Bob Neo as Director of Singapore operations
7th June 2019
Sedgwick, a provider of technology-enabled risk, benefits and integrated business solutions, has appointed Bob Neo to its Singapore operations as Director. Neo joins with over 40 years’ experience in the industry and previously served as Governor of the board of the Singapore Insurance Institute. He also spent time as President of the ... Read the full article
Commercial lines show “varied” rate changes in May: IVANS
7th June 2019
Commercial lines rate movements were “varied” across the month of May, according to the latest IVANS Index, with mixed results across the major lines of business. IVANS, which is a division of Applied Systems, observed an uptick in premium renewal rates for BOP, General Liability, and Commercial Property. In contrast, Commercial Auto, ... Read the full article
Swiss Re sees ReAssure IPO as growth opportunity
7th June 2019
Reinsurance giant Swiss Re believes that reducing its stake in UK closed life book consolidator ReAssure via an initial public offering (IPO) will facilitate increased flexibility and growth of the group. An IPO registration document for the ReAssure Group plc share offering is due to be filed today, pending the ... Read the full article
TWIA secures $2.1bn of private market reinsurance & cat bonds for 2019
7th June 2019
The Texas Windstorm Insurance Association (TWIA) has completed its 2019 reinsurance program, securing $2.1 billion of private market reinsurance and catastrophe bond protection for the 2019 Atlantic hurricane season. TWIA's 2019 reinsurance program is effective June 1st, 2019 and provides total aggregate funding of $4.2 billion. 50% of this is from ... Read the full article
Re/insurers face multi-billion dollar losses from prolonged U.S storms: Aon
7th June 2019
Re/insured losses are expected to climb into the multi-billion dollar range as severe weather and storm activity in the U.S remained high for a second consecutive month in May, according to the latest Global Catastrophe Recap report from Aon. The broker recorded seven outbreaks of severe convective storms across the central ... Read the full article
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