Reinsurance News
LIIBA appeals to UK Prime Minister over ‘enhanced equivalence’ Brexit regime
23rd August 2018
The London and International Insurance Brokers’ Association (LIIBA) has written a letter to the UK’s Prime Minister, Theresa May, to express concerns about the ‘enhanced equivalence’ regime proposed in the Government’s recent Brexit White Paper. In the letter, LIIBA’s Chairman, Roy White, said: “We have noted the proposals the Government has ... Read the full article
Insured losses from Greece’s deadly Attica fires reach €33.7mn
23rd August 2018
The Association of Insurance Companies of Greece (EAEE) has estimated that the total initial value of insurance pay-outs relating to the deadly fires which burnt through the Attica region on July 23 amounts to at least €33.7 million (US $39.1 million). More than 15 fires broke out simultaneously last month in ... Read the full article
Arch Capital secures $653mn of mortgage reinsurance from capital markets
22nd August 2018
Arch Mortgage Insurance Company (Arch MI), the U.S mortgage insurance arm of Arch Capital Group, has secured $653.3 million of indemnity reinsurance from the capital markets via an insurance-linked securities (ILS) transaction with Bellemeade Re 2018-2 Ltd., a special purpose insurer. The reinsurance relates to a portfolio of mortgage insurance policies ... Read the full article
Chubb appoints new senior leaders for Hong Kong
22nd August 2018
Chubb has appointed Stanley Wong to succeed Doug White as Country President for Hong Kong, Taiwan & Macau, and Douglas Wong to succeed Patrick Wong as Head of Property & Casualty for Hong Kong, effective 1 October 2018. Doug White was recently appointed as Head of Chubb’s newly established Major ... Read the full article
Guy Carpenter and RPC Consulting partner on reinsurance analytics platform
22nd August 2018
Guy Carpenter & Company LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has entered into a multi-year strategic partnership with Reynolds Porter Chamberlain Consulting LLP (RPCC) to license and develop applications for RPCC’s Tyche analytics software. As part of the arrangement, Guy Carpenter will have exclusive ... Read the full article
Enstar boosts acquisition war chest with enlarged $1bn credit facility
22nd August 2018
Bermuda based insurance, reinsurance, run-off and legacy transaction specialist Enstar Group Limited has boosted its acquisition war chest with the signing of a new credit facility that can provide up to $1 billion of capital. The arrangement sees Enstar Group and certain subsidiaries enter into a five year unsecured $600 million ... Read the full article
L&G in £300mn longevity insurance deal, 100% reinsured by SCOR
22nd August 2018
Legal & General (L&G) has announced the completion of its first streamlined longevity transaction, covering approximately £300 million (US$387mn) of liabilities of an unnamed mid-tier pension scheme. The deal is L&G's first entry in the longevity insurance market for smaller schemes. According to L&G, to date, longevity swap deals have been ... Read the full article
W. R. Berkley establishes new Healthcare unit, names head
22nd August 2018
W. R. Berkley Corporation has announced the formation of Berkley Healthcare, a new unit that will provide a broad array of products and services to all types of healthcare providers, and has appointed AIG's Gregg A. Piltch as its President. Berkley Healthcare is comprised of Berkley Healthcare Professional Underwriters, which provides ... Read the full article
The Hartford announces $2.1 billion acquisition of Navigators
22nd August 2018
The Hartford has agreed to acquire all the outstanding common shares of The Navigators Group, Inc., in an all-cash transaction valued at $2.1 billion, or $70 per share. The Board of Directors of both companies have approved the deal, but it remains subject to approval by the shareholders of Navigators and ... Read the full article
RiskBlock Alliance partners with EY on blockchain insurance services
22nd August 2018
The Institutes RiskBlock Alliance, a not-for-profit enterprise-level blockchain consortium for the risk management and re/insurance industry, has announced that Ernst & Young (EY) will serve as a primary service provider for blockchain-specific cybersecurity and risk management guidance. The services constitute part of the consortium’s efforts to implement and test multiple uses ... Read the full article
Allianz hires new CFO Fernley Dyson from Ageas
22nd August 2018
Allianz Insurance has announced the appointment of Fernley Dyson, current Chief Financial Officer (CFO) at Ageas, as its new CFO, effective 1 January 2019. Dyson will replace outgoing CFO Mark Churchlow, who is retiring after almost 30 years with Allianz. Churchlow has served as CFO since 2010, before which he was ... Read the full article
Shanghai Stock Exchange partners with insurers on new blockchain project
22nd August 2018
The Shanghai Stock Exchange (SSE) has entered into a partnership with a number of major re/insurance industry players, including the Insurance Asset Management Association of China (IAMAC), to improve the efficiency and security of the insurance industry using blockchain technology. Shanghai Securities News reported that the SSE and IAMAC had joined ... Read the full article
Russell Higginbotham appointed Swiss Re CEO Reinsurance EMEA
22nd August 2018
Global reinsurer Swiss Re has announced a senior executive change, as Russell Higginbotham is appointed to Swiss Re CEO Reinsurance EMEA and Regional President EMEA and also takes a position in the Group Executive Committee. The reason for the appointment is to replace the departing Jean-Jacques Henchoz, who is moving ... Read the full article
Hannover Re CEO Wallin to retire, be replaced by Henchoz from Swiss Re
22nd August 2018
The CEO of global reinsurance Hannover Re, Ulrich Wallin, is to step down and retire from the firm in 2019 and will be replaced by Jean-Jacques Henchoz of Swiss Re. The company said this morning that Jean-Jacques Henchoz will become a member of the Hannover Re Executive Board from 1st April ... Read the full article
Cincinnati Insurance names Stephen Spray as new Chief Insurance Officer
21st August 2018
Cincinnati Financial Corporation has announced that Stephen M. Spray is to become the new Chief Insurance Officer (CIO) of its lead subsidiary, The Cincinnati Insurance Company, succeeding outgoing CIO Jacob F. Scherer, Jr., who plans to retire in August 2019. Additionally, Cincinnati announced that Sean M. Givler, Senior Vice President – ... Read the full article
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