Reinsurance News
Reinsurers must impose meaningful price differentiation in Florida: Demotech
15th May 2019
Reinsurers have thus far failed to impose meaningful pricing differentiation on Florida-focused insurers, according to financial analysis firm Demotech, but must do so to avoid the further commoditisation of catastrophe risk. Analysts noted that reinsurance and insurance-linked securities (ILS) may boost short-term profits by applying price increases across the board, but ... Read the full article
Glass Lewis report favours Voce in Argo dispute
15th May 2019
Proxy advisory firm Glass Lewis & Co. has sided with Voce Capital Management in its ongoing dispute with specialty re/insurer Argo. The firm recommends that shareholders vote to install Charles Dangelo and Nicholas Walsh to Argo’s Board, whilst at the same time recommending that current Chairman Gary Woods be removed. Argo, who ... Read the full article
Major reinsurance brokers collaborate on distributed ledger technology
15th May 2019
The Reinsurance Solutions arm of Aon, reinsurance broker Guy Carpenter and other industry partners, including RenaissanceRe and Everest Re, have worked with The Institutes RiskStream Collaborative on the use of distributed ledger technology (DLT). According to an announcement, the joint effort targets the delivery of greater efficiency to the placement of ... Read the full article
THB bolsters binding authority team with two JLT Re hires
15th May 2019
Specialist re/insurance broker THB Group has announced two senior appointments to its binding authority team. Lee Collins, a Partner at JLT Re, will join as Director, Head of binding authority placements. Adrian Steele, also a Partner at JLT Re, joins as Director, binding authorities. Both start at THB in November and will report ... Read the full article
Beazley develops affirmative cyber cover for marine risks
15th May 2019
Specialist insurer Beazley has developed a new affirmative cyber insurance product for the marine space, designed to protect vessel owners and operators. The product, called Beazley Cyber Defence for Marine, will provide insurance for physical damage and loss of hire in the event that a cyber incident impacts a vessel’s operational ... Read the full article
FedNat well situated for “unusual” renewal: President & CEO Braun
15th May 2019
Numerous dynamics are at play across the reinsurance market ahead of June 1st, with delays in pricing and gamesmanship contributing to an unusual mid-year renewals season, according to the President and Chief Executive Officer (CEO) of FedNat Holding Company, Michael Braun. The global risk transfer industry continues to speculate about the ... Read the full article
Curi appoints Sean Farrelly as Head of Underwriting
15th May 2019
Curi, a North Carolina based mutual insurance company owned by physicians, has announced the appointment of Sean Farrelly as its new Senior Vice President (SVP) of Underwriting. Farrelly joins Curi, which recently rebranded from Medical Mutual, from PartnerRe, where he served as portfolio manager for U.S medical reinsurance. While at PartnerRe, he ... Read the full article
RenRe optimistic as TMR integration moves to execution
15th May 2019
Integration execution takes centre stage following Bermudian reinsurer RenaissanceRe's (RenRe) $1.5 billion takeover of Tokio Millennium Re (TMR), which completed on March 22nd, 2019. Speaking during the firm's Q1 2019 earnings call, RenRe executives discussed its recently completed acquisition of TMR, underlining a shift from planning to execution. "From my perspective, ... Read the full article
Insurance Europe endorses EU verdict on benefits of big data
15th May 2019
Insurance Europe has endorsed the verdict of a recent report by EU financial regulator, the European Insurance and Occupational Pensions Authority (EIOPA), which recognises opportunities for both consumers and re/insurers in the use of big data. The report, which specifically looked at big data analytics in motor and health insurance, also ... Read the full article
Sompo GRS forms new life sciences team, names head
15th May 2019
Sompo Global Risk Solutions (GRS), a subsidiary of Bermuda-based specialty property and casualty (P&C) re/insurer Sompo International, has formed a new team offering insurance solutions to clients in the life sciences industry. The team will be led by newly appointed Senior Vice President (SVP) Todd Lauer, and is comprised of dedicated ... Read the full article
BIBA names new Chair, adds non-exec director
15th May 2019
The British Insurance Brokers' Association (BIBA) has appointed former Insurance Minister and current board member, Jonathan Evans, as its new Chair, effective January 2020. Evans replaces outgoing Chair David Hunt, whose tenure as Chair expires in December 2019. Hunt announced the appointment of Evans at the organisation's annual conference in Manchester, ... Read the full article
African Risk Capacity to assist Mozambique with extreme weather risks
15th May 2019
The African Risk Capacity (ARC) Agency and the Government of Mozambique have signed a Memorandum of Understanding (MoU) to provide mid to long-term solutions against the risk of drought, flood, and tropical cyclone events in the country. The MoU defines the terms under which the ARC will provide support for Mozambique, ... Read the full article
LMA adds Execs from TMK, Beazley & AXA XL to Board
15th May 2019
The Lloyd’s Market Association (LMA), an organisation set up to represent the interests of the Lloyd's community, has announced the results of its recent Board election process. Effective from the Annual General Meeting (AGM) on May 22, the members will include Paul Culham, Group Chief Underwriting Officer, Tokio Marine Kiln; Adrian ... Read the full article
Nexus appoints CEO and Non-Exec Chairman of Asia business
15th May 2019
Specialty Managing General Agent (MGA) Nexus Group has announced the appointments of Tony Egerton and Gerard Pennefather as Chief Executive Officer (CEO) and Non-Executive Chairman of its Nexus Asia subsidiary, respectively. Egerton previously worked as Principal Officer at Nexus Structured Solutions Limited and has over 35 years’ experience in re/insurance and ... Read the full article
Lee Equity takes majority stake in K2 Insurance Services
15th May 2019
Growth-focused middle market private equity firm, Lee Equity Partners, LLC has agreed to acquire a majority ownership in specialty insurance services holding company, K2 Insurance Services. K2 owns and controls 14 managing general agents (MGAs) that operate in the property and casualty sector. The firm's senior management team, which is led ... Read the full article
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