Reinsurance News
Gordon Lam joins Markel as Senior Professional & Financial Risks Underwriter
24th August 2018
Specialist insurer Markel International has named Gordon Lam as a Senior Professional and Financial Risks Underwriter, initially based in Singapore and expected to relocate to the firm's Hong Kong office at a later date. Lam is expected to join the insurer in early 2019, and will work closely with Head of ... Read the full article
UK puts onus on EU to solve no-deal passporting issues
24th August 2018
The UK government's no-deal Brexit document suggests that UK firms that have relied on passporting rights may not be able to do business at all in the European Economic Area (EEA) if there is no deal, and the document appears to put the onus on the European Union (EU) to ... Read the full article
Kingstone reduces quota share reinsurance treaty to 10%
24th August 2018
Kingstone Companies, a multi-line regional property and casualty (P&C) insurance holding company, has announced that its wholly-owned subsidiary, Kingstone Insurance Company (KICO), has reduced its personal lines quota share treaty ceding percentage from 20% to 10%, effective July 1, 2018. Kingstone said the treaty remains on a ‘net’ of catastrophe reinsurance ... Read the full article
NZ Earthquake Commission confirms leadership restructure
24th August 2018
The Chief Executive Officer (CEO) of the New Zealand Earthquake Commission (EQC), Sid Miller, has confirmed the new structure of the organisations executive leadership team, which includes the appointment of two new Deputy CEOs. The changes were announced the EQC staff on August 8th, 2018 and have now been confirmed by ... Read the full article
Re/insurers weather challenging H1 market with $48bn in M&A deals: S&P
23rd August 2018
Global re/insurers have turned to mergers and acquisitions (M&A) deals to remain relevant in the face of challenging market conditions, with total transaction volume reaching $48 billion during the first half of 2018, according to S&P Global Ratings, although the firm maintains a neutral view on this trend. A recent report ... Read the full article
Arch MI platform integrated into Mortgage Cadence’s Lending Center
23rd August 2018
Arch Mortgage Insurance Company (Arch MI) has announced that Mortgage Cadence, an Accenture Company, has integrated Arch MI’s mortgage insurance platform into the Mortgage Cadence Enterprise Lending Center (ELC). Mortgage Cadence said its ELC facilitates lending in all forward and reverse mortgage channels and across all mortgage products, including home equity, ... Read the full article
Munich Re appoints Rissa Revin as CEO of DAS Legal Protection MGA
23rd August 2018
Philipp Wassenberg, President and Chief Executive Officer (CEO) of Munich Re Canada and Temple Insurance Company, has announced the appointment of Rissa Revin as CEO of its MGA subsidiary, DAS Legal Protection Inc., effective September 1, 2018. Revin’s appointment follows the recent amalgamation of DAS Canada and Temple, and she will ... Read the full article
Brazilian reinsurers Terra Brasis & Austral reported to discuss merger
23rd August 2018
Two domestic Brazilian reinsurance firms are reportedly in merger discussions, with the respective owners of Terra Brasis Re and Austral Re said to be keen on a deal. Austral Re's investment firm owners Vinci Partners have been looking for an exit since the beginning of the year, it's said, while Terra ... Read the full article
California’s new public underwriting rules could impact P&C and InsurTech
23rd August 2018
The California Department of Insurance’s (CDI’s) recently issued legal opinion, which requires underwriting rules included in property and casualty (P&C) rate applications to be made public, could have negative implications for California’s P&C and InsurTech markets, according to analysts at U.S law firm Drinker Biddle. The legal opinion, which Drinker Biddle ... Read the full article
Travelers acquires majority stake in FinTech start-up Zensurance
23rd August 2018
The Travelers Companies, Inc. has acquired a majority (60%) stake in Zensurance, a Canadian FinTech start-up that helps businesses find and manage their insurance packages, for a price of roughly CAD $16 million (USD $12.3 million), according to BetaKit. Zensurance’s Chief Executive Officer (CEO) Danish Yusuf and Chief Technology Officer (CTO) ... Read the full article
Joint Hull Committee appoints AXA’s Paul Newton as Chairman
23rd August 2018
Paul Newton has been appointed as the new chairman of the London market’s Joint Hull Committee (JHC), succeeding Peter Townsend, who stepped down in June. Newton has over 30 years’ experience in the marine insurance sector and has served as Head of London Marine Hull & Liability Underwriting at AXA Corporate ... Read the full article
Beat Capital to merge with Paraline UK
23rd August 2018
It's been announced that Beat Capital Partners and Paraline UK are to merge in order to enhance and further build Beat's platform in an effort to support independent underwriting businesses. Following the merger, Beat, a Bermuda domiciled insurance holding company, will join Neon Holdings Ltd. as a strategic investment partner of ... Read the full article
AFL Insurance Brokers appoints Chris Gagg as CFO
23rd August 2018
Independent Lloyd’s broker AFL Insurance Brokers Ltd has appointed Chris Gagg as its Chief Financial Officer (CFO) and as a member of the AFL Board of Directors, effective 1 September. Gagg has 17 years’ experience in the insurance and financial services industries and joins AFL from Towergate Insurance (part of the ... Read the full article
Insured claims from hurricane Irma reach $10.5 billion, says Florida regulator
23rd August 2018
The Florida Office of Insurance Regulation (FOIR) has reported that insured claims from last year's hurricane Irma counted by the regulator has increased by a further 8% to almost $10.5 billion, as loss creep from the storm continues. The Florida regulator states that claims are being closed, although, according to an ... Read the full article
Hawaii braces for $8bn property damage as Hurricane Lane approaches
23rd August 2018
More than 48,000 homes are threatened with flood damage as Hurricane Lane bears down on the U.S state of Hawaii, with total reconstruction costs expected to total around $8 billion, according to catastrophe risk modelling specialist CoreLogic. While unlikely to make a direct landfall, Hurricane Lane became a strong Category 5 ... Read the full article
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