Reinsurance News
European insurers favouring profitability over top-line growth, A.M. Best
28th August 2018
An increasing focus on delivering profits to shareholders over top-line growth is driving European insurers to favour high margin lines in order to meet return on equity (ROE) targets, says A.M. Best in a new report. For others, mergers and acquisition (M&A) deals represent a means of optimising portfolios whilst providing ... Read the full article
LMA selects Sheila Cameron to succeed David Gittings as CEO
28th August 2018
The Lloyd’s Market Association (LMA) has announced that the current Head of International Operations at Navigators Underwriting, Sheila Cameron, is to succeed David Gittings as its Chief Executive Officer (CEO), who departs the role after 12 years. “David has worked successfully over many years to ensure that the interests of market ... Read the full article
Aon names leader of Global Financial Institutions
28th August 2018
Global insurance and reinsurance broker, Aon, has announced the appointment of Joel Sulkes to the newly created role of Global Financial Institutions leader. In his new role, Sulkes will be based in New York, and will focus on large, multinational financial institutions in order to drive strategic growth in both the ... Read the full article
Allied World Re names Yeo Meng Wong as Head of Asia Pacific Treaty Reinsurance
28th August 2018
Allied World Assurance Company Holdings has appointed Yeo Meng Wong as Senior Vice President & General Manager, Asia Pacific Reinsurance Division, effective immediately. Wong first joined Allied World Re in 2010 as Assistant Vice President, International Treaty based in Singapore, before which he held senior positions at Aon Benfield, including as ... Read the full article
Argo appoints Marsh Duncan as Senior VP of U.S Specialty
28th August 2018
Global specialty re/insurer Argo Group International Holdings has appointed Marsh Duncan as Senior Vice President of U.S Specialty Programs, effective immediately. “Marsh has an outstanding background in the specialty insurance business,” commented Kevin Rehnberg, President of Argo Group’s U.S Operations. “This, combined with his strong relationships and solid leadership abilities, makes him ... Read the full article
U.S. P&C reinsurers grow premiums in H1 2018: RAA
28th August 2018
The Reinsurance Association of America (RAA) has released data on the performance of 18 U.S. property and casualty (P&C) reinsurers during the first-half of 2018, revealing a combined net income of $5.1 billion, compared with a net loss of $286 million a year earlier. Gross premiums written (GPW) increased from $33 ... Read the full article
CyberCube adds former Swiss Re CUO Matthias Weber to Board
28th August 2018
Cyber risk analytics firm CyberCube has announced the addition of Matthias Weber, former Group Chief Underwriting Officer (CUO) at Swiss Re, to its Board of Directors. Weber joined Swiss Re in 1992, and worked across a diverse number of roles and markets during his 25-year tenure at the company, including as Head ... Read the full article
Aspen confirms acquisition by Apollo for $2.6bn
28th August 2018
Bermuda-headquartered Aspen Insurance Holdings has confirmed this morning that it is being acquired by funds under management of Apollo Global Management, LLC for $2.6 billion. The fact Aspen has been for sale has been no secret and the insurance and reinsurance firm's sale has been one of the most discussed, while ... Read the full article
Top European reinsurers report strong underwriting performance at H1: Fitch
24th August 2018
The top four European reinsurers all reported a solid underwriting performance over the first half of 2018, with limited large losses, moderate rate improvements, and strong premium growth, according to a recent report by Fitch Ratings. Fitch largely attributed the strong underwriting performance of the group, which included Munich Re, Swiss ... Read the full article
Zurich North America appoints Paul Lavelle as Chief Claims Officer
24th August 2018
Zurich North America has appointed Paul Lavelle as its new Chief Claims Officer, succeeding Steve Hatch as of September 4, who announced his retirement earlier in August. Lavelle joins Zurich from Allied World Assurance Company, where he most recently served as Senior Vice President, North America Claims Operations. He was also the ... Read the full article
90% of Peru’s $660mn insured El Niño losses absorbed by reinsurers
24th August 2018
Insured losses resulting from the El Niño coastal phenomenon (FEN) totalled US $660 million for the period ending June 2018, although 89.02% of this figure was absorbed by the international reinsurance markets, according to Peru’s Superintendency of Banking and Insurance (SBS). "The reports presented by Rímac Seguros, La Positiva, Mapfre Perú, ... Read the full article
Flooding and landslides begin as Category 3 Hurricane Lane nears Hawaii
24th August 2018
Parts of Hawaii have experienced flash-flooding and landslides as downgraded Category 3 Hurricane Lane approaches the U.S state, bringing winds of 125mph (200km/h) and heavy rainfall, and causing reinsurance market exposure through aggregate contracts. Lane continues to weaken as it draws closer to the Hawaiian islands, although its outer bands have ... Read the full article
Shepherd Compello adds Duncan McClure Fisher to Board of Directors
24th August 2018
Specialist insurance broker Shepherd Compello has announced that Duncan McClure Fisher, Chief Executive Officer (CEO) of motoring solutions company MotorEasy, has joined its Board of Directors. McClure Fisher has an insurance industry career spanning more than two decades and half a million warranties, and is a leading B2C warranty expert in ... Read the full article
Global life reinsurance industry set for stable short-term growth: S&P
24th August 2018
The global life reinsurance industry is expected to experience stable premium growth of about 3% per year and a return on equity of just above 10% from 2018 to 2020, according to a new report by S&P Global Ratings. S&P observed that the global life reinsurance industry weathered 2017’s unusually high ... Read the full article
Subsidence claims rise 350% as UK’s hot weather continues
24th August 2018
Sedgwick, a global provider of technology-enabled risk, benefits, and integrated business solutions, is anticipating a surge in subsidence claims due to the ongoing period of unusually hot and dry weather in the UK. The company’s weekly update on subsidence volumes shows that there has been a rise of more than 350% ... Read the full article
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