Reinsurance News
Swiss Re appoints Mark Hodges to lead ReAssure into planned IPO
17th December 2018
Swiss Re has appointed Mark Hodges as Chief Executive Officer (CEO) of its UK closed book business, ReAssure, as it continues to explore options for a potential initial public offering (IPO) in 2019. Hodges, who is currently CEO of the Consumer division at British energy and services company Centrica, will be tasked ... Read the full article
EIOPA stress test confirms European re/insurance market resilience
17th December 2018
A new Stress Test report published by the European Insurance and Occupational Pensions Authority (EIOPA) has confirmed that the European re/insurance market is adequately capitalised to withstand a variety of shocks and adverse developments. EIOPA tested 42 European re/insurers (75% market coverage) for a series of shocks, including a sudden repricing ... Read the full article
Lloyd’s turns to IoT for marine cargo performance improvement
17th December 2018
Lloyd’s has joined six lead market syndicates - AXA, QBE, CNA, Ascot, Antaras and Beazely - on a new initiative to begin using Parsyl, a venture-backed supply chain data platform that utilises Internet of Things (IoT) technology. The new initiative is designed for products that require specialist transport and storage, such ... Read the full article
IAG partnership to develop ethical AI-based systems
17th December 2018
Australian primary insurer, Insurance Australia Group Limited (IAG), has partnered with The Commonwealth Scientific and Industrial Research Organisation's (CSIRO) Data61 group and The University of Sydney on the creation of an independent, not-for-profit organisation founded to research the ethics of artificial intelligence (AI). The Gradient Institute’s goal is to develop ethical ... Read the full article
Hiscox appoints Bob Thaker CEO of UK business
17th December 2018
Specialist global insurer Hiscox has appointed Bob Thaker as its new UK Chief Executive Officer (CEO), effective March 2019. Thaker has been with the company since 2010 and held a number of senior roles during that time, having joined as Head of Strategy before going on to serve as Group Chief ... Read the full article
Willis Towers Watson responds to outcome of IASB’s IFRS 17 discussions
17th December 2018
The risk advisory and broking firm Willis Towers Watson (WTW) has issued a response to the outcome of the International Accounting Standards Board’s (IASB) discussions regarding potential amendments to IFRS 17, the global accounting standard for insurance contracts, originally scheduled to become effective from 2021. In October 2018 the IASB identified ... Read the full article
BMS adds George Bowring and Kian Wookey to Bermuda team
17th December 2018
Independent specialist re/insurance broker BMS Group has expanded its Bermuda market operations with the appointments of George Bowring from Price Forbes and Kian Wookey from JLT. The new hires come as part of a build out of BMS’s Bermuda operations and will focus on North American liability and property, respectively. Bowring most ... Read the full article
Zurich announces $2bn legacy portfolio transfer to Catalina
17th December 2018
Zurich Insurance, a subsidiary of Zurich Insurance Group, has entered into an agreement with Catalina Holdings that will see the majority of Zurich’s UK employers’ liability (UK EL) policies for 2006 and prior underwriting years transferred to Catalina. This major portfolio transfer represents a significant step forward in Zurich’s efforts to ... Read the full article
Former Everest Exec Michael Kerner appointed CEO, Munich Re Specialty Insurance
17th December 2018
The U.S branch of global reinsurance firm Munich Re has appointed Michael Kerner as Chief Executive Officer for Munich Re Specialty Insurance, a new commercial insurance unit in North America. Reporting to Tony Kuczinski, President and CEO, Munich Re, U.S, Kerner will have oversight for uniting several Munich Re Group business ... Read the full article
Analysts forecast average Atlantic hurricane activity for 2019
17th December 2018
Preliminary forecasts from meteorological experts suggest that the Atlantic will experience average levels of hurricane activity in 2019, although El Niño may add some uncertainty to the outlook. Analysis from Tropical Storm Risk (TSR), a re/insurance industry-backed tropical weather research group, predicts that the 2019 Atlantic hurricane season will be about ... Read the full article
Mondelez’s NotPetya cyber attack claim disputed by Zurich: Report
17th December 2018
A significant cyber insurance claim related to the Petya / NotPetya malware attack is being disputed by insurer Zurich, as the policy language includes an exclusion for hostile acts by sovereign actors. The NotPetya ransomware, a variation of Petya, hit companies around the world, interrupting their business through systems being out ... Read the full article
German non-life rates to continue rising through 2019: Fitch
17th December 2018
German non-life re/insurers are likely to continue raising their premium rates throughout 2019 to maintain profitability as the sector deals with increasing costs per claim and dwindling investment returns, according to a new report by Fitch Ratings. The rating agency forecasts overall premium growth of 2.3% in the sector, largely driven ... Read the full article
Alternative capital growth to further restrict pricing cycles: Swiss Re
14th December 2018
Alternative capital has matured into an integral player in the property catastrophe reinsurance and retrocession markets, but its continued growth is likely to further curb the volatility of the overall underwriting cycles, according to a report from the Swiss Re Institute. Over the last decade, the alternative capital market has become ... Read the full article
MarketScout adds Eduardo Crema as a Production Underwriter
14th December 2018
MarketScout, an insurance distribution and underwriting company headquartered in Dallas, Texas, has expanded its Private Client Solutions team with the addition of Eduardo Crema as a Production Underwriter. Crema has close to 10 years’ experience in the personal lines insurance business working as a wholesale agent/MGA and brings with him extensive ... Read the full article
BTG Pactual completes acquisition of Lutece Re
14th December 2018
BTG Pactual, the largest Latin American investment bank, has completed the acquisition of Lutece Re, a boutique fund manager specialising in reinsurance risk. As a result of the deal, Lutece Re has integrated into BTG Pactual Asset Management, the global asset management division of the firm. Lutece Re was founded by industry ... Read the full article
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