Reinsurance News
Ed appoints Patrick Jordan as Divisional Director of Marine
31st July 2018
Ed, the global reinsurance speciality broker, has announced the appointment of Patrick Jordan as Divisional Director of Marine to its London office. Jordan’s appointment is effective immediately and will see him reporting to Heather Clarkson, Managing Director of Marine. “Patrick is a fantastic addition to the team, with longstanding and extensive experience ... Read the full article
Nephila Climate to provide weatherXchange platform with indicative pricing
31st July 2018
Nephila Climate (NCx), the weather and ESG-driven specialty division of Nephila Holdings, has announced that it will be providing instantaneous indicative pricing for weatherXchange, the global platform that offers companies access to index-based weather risk protection. weatherXchange said that its Instantaneous Indicative Pricing service helps to streamline the structuring process for ... Read the full article
2017 highlights reinsurer modelling and exposure disparities: S&P Global
31st July 2018
Natural catastrophe losses in 2017 highlight disparities in reinsurers' exposures, raising concerns over the industry's ability to handle another costly year effectively, says S&P Global Ratings. S&P found that estimates for aggregate annual losses in 2017 ranged anywhere from between 1-in-10 to 1-in-60. To an extent, S&P believes return period estimates reflect ... Read the full article
Aviation market to remain stable through 2018: JLT Specialty
30th July 2018
JLT Specialty, a division of global insurance and reinsurance broker JLT Group, has noted continued underwriting discipline in the aviation insurance market so far in 2018, a trend that supports upwards pricing pressure during renewals in a relatively stable marketplace. After the analysis of second-quarter 2018 market conditions, as well as ... Read the full article
Swiss Re partnership targets property protection gap in Florida
30th July 2018
Swiss Re has partnered with Florida-based homeowners insurer Security First to provide policyholders with increased protection from water damage, including flood coverage. Ratings are to be based on Swiss Re’s proprietary flood model and priced according to the individual risk exposure. This allows for a more sophisticated delineation of premiums based on ... Read the full article
Liberty Specialty plans Nordic expansion, promotes Rob Groenen to lead role
30th July 2018
Liberty Specialty Markets (LSM), the London-headquartered unit of Liberty Mutual Insurance Group, has announced plans to underwrite and service more business across Nordic regions from its officer in the Netherlands. Subsequently, former General Manager for LSM’s Netherlands operations, Rob Groenen, has been promoted to the newly-created Head of Benelux and Nordics ... Read the full article
A.M. Best gives Markel’s German insurance subsidiary A rating
30th July 2018
Global rating agency A.M. Best has assigned Markel Corporation's new German insurance subsidiary an A financial strength rating. Markel announced recently that the German federal financial supervisory authority, BaFin, had granted the firm a license to establish an insurance company in the country, called Markel Insurance SE (MISE). Markel explained at the time that the new subsidiary ... Read the full article
Cybersecurity liability primary concern among U.S. D&Os: Willis
30th July 2018
Cybersecurity liability emerged as the biggest perceived risk in the coming year (80%) among U.S. directors and officers (D&O) surveyed by Willis Towers Watson, ahead of claims by employees (55%), and regulatory and enforcement (48%). 55% of respondents said that their organisation had experienced a lawsuit or demand by a current ... Read the full article
DARAG secures €260mn equity funding for growth plans
30th July 2018
European legacy acquirer DARAG has secured equity funding of up to €230 million (US $269 million) from Aleph Capital and Crestview Partners in support of its global growth plans. DARAG said the capital commitment follows a period of significant strategic development for the company, during which it grew substantially in the ... Read the full article
Ethos enters partnership with Munich Re and Assurity Life
30th July 2018
Ethos, the specialty wholesale life insurance broker, has announced that it is partnering with Munich Re on the provision of reinsurance services, and is working with Assurity Life Insurance, a mutual insurance organisation, as its underwriting partner. The partnerships will enable Ethos to better deliver its digital life insurance solutions to ... Read the full article
Hiscox H1 profits jump following growth in written premiums
30th July 2018
Lloyd’s of London underwriter Hiscox experienced “a good start to the year” as its pre-tax profits surged 27% from $129.1 million in H1 2017 to $163.6 in H1 2018, driven by a strong 21% growth in written premiums. “Our investment across the business is driving strong profitable growth in all segments,” ... Read the full article
California’s Carr wildfire continues to spread, marking worst season in decade
30th July 2018
The Carr wildfire, which hit Shasta county in Northern California last week, has claimed at least six lives and destroyed or damaged more than 1,000 structures, and continues to spread despite efforts to contain the blaze. The fire more than doubled in size over the weekend, driven by strong winds and ... Read the full article
Gallagher eyes UK expansion, recruits Marsh duo to Manchester team
30th July 2018
Gallagher has bolstered its Manchester-based team with the hiring of Colin Cunningham and Rachel Smailes, two long-serving employees of rival-firm Marsh, as it looks to expand its Trade Credit & Surety Practice across the North of the UK. Cunningham, who brings 28 years’ experience, has been appointed to the UK-wide role ... Read the full article
Prudential enters into $923mn pension risk transfer deal with Raytheon
30th July 2018
Prudential Insurance Company of America, a subsidiary of Prudential Financial, has entered into a group annuity contract with Raytheon, a major U.S. defence contractor and industrial corporation, that will see it take over $923 million in pension obligations. The contract covers approximately 13,000 U.S retirees, as well as their beneficiaries, from Raytheon’s ... Read the full article
European insurers among backers of BlackFin, the continent’s largest fintech fund
30th July 2018
A number European insurers have backed BlackFin Capital Partners, now the continents’ largest fintech investment fund. Swiss Life, Securex Insurance and MACIF joined a number of Top-tier institutional investors in a pool that raised €180 million its fintech venture capital fund, BlackFin Tech 1, in its final round. BlackFin has positioned itself ... Read the full article
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