Reinsurance News
THB appoints Ko Bertelkamp as Operations Director of European business
2nd August 2018
Specialist re/insurance broker, THB, has appointed Ko Bertelkamp as Operations Director of its European business, effective immediately. Bertelkamp will be based in Amsterdam and report to Ricardo Borges, Managing Director, THB Europe. This follows the recent THB Europe leadership transition, with Ricardo Borges becoming Managing Director as Paul Lindeboom retires and Joaquim ... Read the full article
CNO secures reinsurance from Wilton Re on long-term care policies block
2nd August 2018
Bankers Life and Casualty Company, a subsidiary of CNO Financial Group, has secured reinsurance on its long-term care policies written prior to 2003, with reserves of approximately $2.7 billion, through 100% indemnity coinsurance. Wilton Re, a U.S life re/insurer that specialises in the acquisition of in-force portfolios, has agreed to take ... Read the full article
Marsh completes purchase of Wortham Insurance
2nd August 2018
Global insurance and reinsurance broker Marsh has completed its previously announced acquisition of Houston-based independent insurance brokerage Wortham Insurance. Marsh originally announced in June 2018 that it planned to acquire the Texan broker, which has 530 colleagues based across its offices in Austin, Dallas, Fort Worth, Houston, and San Antonio, ... Read the full article
AIG names David McElroy as CEO of Lexington unit
2nd August 2018
AIG has announced the appointment of David H. McElroy as Chief Executive Officer (CEO) of its Lexington Insurance Company subsidiary, at a date to be determined. McElroy will report to Peter Zaffino, CEO, General Insurance, and will serve as a member of the General Insurance Executive Leadership Team, overseeing all aspects ... Read the full article
UK businesses must raise Brexit concerns: ex-Lloyd’s Chairman Nelson
2nd August 2018
John Nelson, former Chairman of Lloyd’s, has said that it is incumbent upon UK businesses to air their concerns about the trade implications of Brexit, and has argued that the country is dangerously unprepared for its split with the European Union (EU), according to This is Money. In an interview with ... Read the full article
Barbican Protect adds new development underwriters to casualty team
2nd August 2018
Barbican Protect, the UK insurance arm of Barbican Insurance Group, has appointed Keith Irwin and Deanne Rogers as development underwriters within the firm’s casualty team. Irwin, who joins Barbican from Beazley, will be tasked with developing a new specialty casualty portfolio that focuses on the rail and automotive sectors. He is based ... Read the full article
Hedge fund reinsurer model shows signs of promise, but challenges remain
1st August 2018
Hedge fund reinsurers Greenlight Capital Re and Third Point Re have now both reported their second-quarter and half-year 2018 financial results, which, continues to show divergent performance in a challenging marketplace. The business model of the hedge fund reinsurance entities, of which Greenlight Re and Third Point Re are the most ... Read the full article
R&Q’s Accredited enters new program underwriting partnership with Atlas
1st August 2018
Randall & Quilter Investment Holdings Ltd. (R&Q) has announced that its wholly owned subsidiary, Accredited Surety & Casualty Company, Inc has closed its largest ever program underwriting partnership with Atlas General Services Insurance LLC. Accredited, which is a Florida-based insurance company licensed to write admitted business in all 50 U.S states, ... Read the full article
Guernsey Finance appoints Andy Sloan as Deputy Chief Exec, Strategy
1st August 2018
Guernsey Finance has appointed Dr. Andy Sloan as Deputy Chief Executive, Strategy as part of its decision to take a broader role in the development of the island’s financial services sector. Sloan has been Acting Director of Strategy on part-time secondment from the Guernsey Financial Services Commission for the past nine ... Read the full article
Drone InsurTech firm Betterview develops new AI driven roof analysis product
1st August 2018
Betterview, an insurance technology and drone start-up firm that is backed by Munich Re and Maiden Re, has launched a new product that uses artificial intelligence (AI) to analyse the characteristics and risks of a property and its roof, called Property Profile. Property Profile uses satellite imagery and historical weather data ... Read the full article
Markel International appoints Simon Engelen as Marine & Energy underwriter
1st August 2018
Specialist insurer Markel International has announced the appointment of Simon Engelen as Senior Marine and Energy Liability underwriter. Engelen, who brings over 16 years’ experience to the role, joins from MS Amlin where he served as Marine Liability Class Underwriter for four years. Prior to that, held the same role at ... Read the full article
FEMA completes $500mn NFIP cat bond reinsurance deal
1st August 2018
The Federal Emergency Management Agency (FEMA) has successfully secured $500 million of reinsurance for the National Flood Insurance Program (NFIP) from the capital markets with the issuance of its FloodSmart Re 2018-1 catastrophe bond. The transaction, which was backed by more than 35 capital markets investors, significantly expands FEMA’s reinsurance program, ... Read the full article
AIR releases new reinsurance catastrophe modelling software Touchstone Re
1st August 2018
AIR Worldwide, the catastrophe modelling arm of Verisk Analytics, has announced the launch of Touchstone Re, a new catastrophe modelling software application that replaces its long-standing CATRADER product. "With over 20 years of experience with CATRADER and its predecessor products, we're excited to see the next generation features available now in ... Read the full article
AIG partners with Carlyle Group to build DSA Re into a standalone reinsurer
1st August 2018
American International Group (AIG) has entered into a strategic partnership with The Carlyle Group, a global alternative asset manager, to build AIG’s recently established Bermudian legacy reinsurance platform, DSA Re, into a standalone provider of reinsurance. DSA Re was launched by AIG in February 2018 as a composite reinsurer of ... Read the full article
GFIA calls for guidance over PFIC tax amendments
1st August 2018
The Global Federation of Insurance Associations (GFIA) has written to the U.S Treasury for guidance to assist insurers and their investors in complying with the Passive Foreign Investment Company (PFIC) insurance exemption, as amended by the 2017 U.S tax reform law. GFIA has said that such guidance would be essential in ... Read the full article
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