Reinsurance News
Heritage sees reduced claims volatility as it further de-risks from Florida
14th August 2018
Florida headquartered property casualty insurer, Heritage Insurance Holdings, Inc., continues to expand and diversify outside of the highly competitive Florida market, a trend the firm's Chairman and Chief Executive Officer (CEO), Bruce Lucas, says should reduce claim volatility as well as reinsurance pricing. Speaking during the insurer's second-quarter 2018 earnings call, ... Read the full article
PIC completes £800m buyout of BHS2 pension scheme
14th August 2018
Specialist insurer of defined benefit pension funds, Pension Insurance Corporation (PIC), has completed a full, £800 million buyout of the BHS2 pension scheme - set up in 2017 following the collapse of British Home Stores (BHS). BHS2 covers members of two predecessor BHS Pension Schemes, who chose to transfer to BHS2 ... Read the full article
Ping An considers acquisition of Prudential’s Asia business
14th August 2018
Ping An Insurance, China’s largest insurer by market value, is considering an acquisition of Prudential Plc’s Asia business, according to sources at Bloomberg. The move would allow Ping An to expand into new insurance markets from Singapore to Indonesia, and would bring it into competition with international companies such as AIA ... Read the full article
Mapfre and AgriTask launch digital claims system for agricultural insurers
14th August 2018
Spanish insurer Mapfre has partnered with AgriTask, an international precision agriculture provider, to develop a digital claims management system for insurance companies operating in the agricultural sector. The new system integrates relevant geographical information of plots covered by insurance and correlates inspection protocols to the actual location of all policyholders, providing ... Read the full article
Everest Re appoints Ike Barbatsoulis as Reinsurance Claims Officer
14th August 2018
Bermudian reinsurer Everest Re Group has appointed Ike Barbatsoulis to the role of Reinsurance Claims Officer for its Reinsurance Division. Barbatsoulis joins from Chubb where he held senior positions across its Global Claims, Services Corporation and Insurance units. Most recently, he was Senior Vice President for Chubb Global Claims with strategic and ... Read the full article
AmWINS announces formation of two marine-focused MGAs
14th August 2018
Speciality insurer AmWINS Group has announced the formation of AmWINS Specialty Logistics Underwriters (ASLU) and Sentinel Marine Underwriters (SMU) - two specialty Managing General Agencies (MGA) focused on the marine industry. Executive Vice President Alex Rosas will lead ASLU from Sunrise, Florida, while Mark Bernas and Keith Blair, also both EVPs, ... Read the full article
Bain Capital & esure reach agreement on £1.21bn takeover
14th August 2018
The Independent Directors of esure have reached an agreement with the board of Bidco, a wholly-owned subsidiary of funds advised by Bain Capital Private Equity, LP, and its affiliates, on the terms of an all cash offer for the entire issued and to be issued share capital of esure by ... Read the full article
2018 set to be record year for pension de-risking: Willis Towers Watson
14th August 2018
2018 is on course to be a record year for buy-in, buyout, and longevity swap transactions by defined benefit pension funds, with more than £10 billion of transactions having already been completed at the end of June, according to a report by re/insurance broker Willis Towers Watson (WTW). The total value ... Read the full article
Bain Capital in discussions to acquire UK insurer esure
14th August 2018
After receiving an unsolicited acquisition offer from U.S. domiciled private multi-asset alternative investment firm, Bain Capital Private Equity, LP and its affiliates, UK insurer esure Group is considering a possible deal. According to a recent announcement, the Board of esure Group notes the recent positive movement in the company's share price ... Read the full article
Global reinsurer capital up 1% in Q1: Aon
13th August 2018
Global, dedicated reinsurance capital increased by 1% during the first three months of 2018 from the end of 2017, to $610 billion, driven by the continued expansion of the alternative reinsurance capital space, according to Aon. Insurance and reinsurance broker, Aon, has revealed that during the first-quarter of 2018, traditional reinsurance ... Read the full article
UK MGAs warm to InsurTech, raise Brexit concerns: MGAA survey
13th August 2018
UK Managing General Agents (MGAs) have become more receptive to the potential benefits of greater InsurTech integration, but remain concerned about the impact of continuing uncertainties around Brexit, according to the latest MGAA Matters survey. The survey, which represents a research based partnership between the Managing General Agents Association (MGAA) and ... Read the full article
Sedgwick appoints new CEO of Australia operations
13th August 2018
Sedgwick, a global provider of technology-enabled risk, has announced the appointment of Diego Ascani as Chief Executive Officer (CEO) of its Australia operations. Ascani, who brings over 27 years’ experience to the role, was previously Chief Operating Officer (COO) and Head of inTrust, Australia at Cunningham Lindsey, a company acquired by ... Read the full article
London Market’s electronic placing platform exceeds Q1 targets
13th August 2018
The Board of the London Market Group's (LMG) Placing Platform Limited (PPL), an electronic placing platform created in July 2016 with the aim of increasing LMG efficiencies, has announced it's exceeded its Q1 2018 adoption targets. Syndicates accepted 16.3% of risks through electronic placement, higher than the 10% target. The highest ... Read the full article
Anne Kelly named Global Head of Ceded Reinsurance at AXIS
13th August 2018
AXIS Capital Holdings Limited has announced the appointment of Anne Kelly as Global Head of Ceded Reinsurance, effective September 4th, 2018. In her new role, Kelly will be responsible for leading AXIS' Ceded Re functions across its entire range of insurance product lines. Based in New York, she will report to ... Read the full article
Aspen ceases underwriting certain lines at Lloyd’s, cost a factor
13th August 2018
Aspen Insurance Holdings is to stop underwriting international professional indemnity (PI), marine hull, and aviation insurance at Lloyd's of London, with the cost of doing business at the specialist insurance and reinsurance marketplace being a factor. Speaking during the insurer and reinsurer's second-quarter 2018 earnings call, Chief Executive Officer (CEO), Chris ... Read the full article
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