Reinsurance News
KPMG UK appoints WTW’s Mary O’Connor as Chief Risk Officer
25th July 2018
The British division of financial advisory firm KPMG has announced the appointment of Mary O’Connor to the role of Chief Risk Officer. She will also become a member of KPMG’s Executive Committee and its UK Board. O’Connor, who joins from Willis Towers Watson, will oversee the firm’s risk management framework, including ... Read the full article
Praedicat insurtech firm launches new chemical analysis product
25th July 2018
Praedicat, an InsurTech analytics company, has announced the launch of ChemMeta; a product that provides clients with tools to monitor and evaluate the latest regulatory and environmental information on the chemicals it uses. ChemMeta leverages natural language processing and machine learning to “read” and convert high volumes of toxicology and environmental ... Read the full article
Insurtech positioned to reconfigure insurers’ business models, say analysts
25th July 2018
A rapid evolution over the past three years has shifted the narrative surrounding insurtech startups and positioned insurers to re-calibrate the way we classify the industry and its role in society, says global startup accelerator Startupbootcamp InsurTech (SBC), and multinational professional services network, PwC. SBC says debate was initially focused on ... Read the full article
The Hilb Group acquires Southern Maryland Insurance
25th July 2018
U.S insurance brokerage The Hilb Group (THG) has announced that it has acquired property/casualty (P&C) insurer Southern Maryland Insurance (SMI), effective July 1. Located in Bowie, MD, SMI primarily offers P&C insurance coverages to businesses throughout the Mid-Atlantic area. SMI's Managing Director, Ken Wyvill, and his associates will join THG's Mid-Atlantic operations ... Read the full article
Guy Carpenter names Head of Credit, Bond and Political Risk Practice
25th July 2018
Guy Carpenter & Company, LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has promoted Gregory King-Underwood to Head of the Credit, Bond and Political Risk Practice of Guy Carpenter International, effective immediately. He succeeds outgoing practice leader John Orchard, who is leaving Guy Carpenter after 11 ... Read the full article
Enstar & Madison Dearborn fund $350m slice of $2.5b AmTrust take-private deal
25th July 2018
Bermuda-based insurance, reinsurance and run-off specialist Enstar and private equity firm Madison Dearborn Partners are to fund a $350 million portion of the AmTrust Financial Services take-private transaction. Under the terms of the agreement, each of MDP and Enstar will participate in a portion of the previously-disclosed take-private purchase of approximately ... Read the full article
Chubb’s Luc Reuter appointed Head of Surety, Europe for Tokio Marine HCC
25th July 2018
Specialty insurance group Tokio Marine HCC has appointed Luc Reuter as Head of Surety for Continental Europe as it further expands its international surety capabilities in the region. Effective September 1, Reuter will report to Martyn Ward, Managing Director, International Credit & Surety. He will divide his time between operations in ... Read the full article
Arch Capital to open operational hub in North Carolina
25th July 2018
Arch Capital Group Ltd. (ACGL), the Bermuda based insurance and reinsurance firm, has revealed plans to invest $12.9 million in the launch of a new operational hub in Raleigh, North Carolina. Arch currently employs approximately 575 people in the state, and the new hub is set to create an additional 365 ... Read the full article
Chubb’s Brexit preparations move forward
25th July 2018
Chubb European Group and its ACE Europe Life subsidiary has converted to Societas Europaea, enabling both companies to redomicile to another European Union (EU) jurisdiction and continue to undertake business both across the EU and into the UK. The conversion is the next step in Chubb’s efforts to redomicile its businesses ... Read the full article
LIIBA urges members to plan for no-deal Brexit
25th July 2018
The London Insurance and International Brokers Association (LIIBA) has urged its members to consider how they will continue to service European Union (EU) clients’ needs in the event of a no-deal Brexit. EU-UK negotiations are in a precarious state of limbo following a widely-criticised exit strategy outlined in the government’s White ... Read the full article
PIC completes £60 million pension buy-in with the CAA
25th July 2018
Specialist insurer Pension Insurance Corporation (PIC) has announced the completion of its second buy-in with the Civil Aviation Authority's (CAA) defined benefit scheme, covering £60 million of liabilities. “This transaction takes us a step closer to achieving our long-term aim of de-risking the scheme,” said Joanna Matthews, Chair of the Trustees. “It is ... Read the full article
Global insured nat cat losses hit $21 billion in H1 2018: Aon
24th July 2018
Global insurance and reinsurance broker, Aon, has announced that natural disaster losses in the first-half of 2018 totalled $45 billion, of which an estimated 47%, or $21 billion, is preliminarily estimated to be covered by re/insurance. The report comes from Impact Forecasting, the catastrophe model arm of Aon's Reinsurance Solutions business, and ... Read the full article
Munich Re launches new commercial U.S inland flood solution
24th July 2018
Munich Reinsurance America, Inc., a subsidiary of reinsurance giant Munich Re, has launched a new U.S commercial inland flood product aimed at small businesses and habitational properties located in low-to-moderate flood zones. The endorsement offers insurance protection for the building, contents (including business property in a basement), business interruption/extra expense, the ... Read the full article
Tokio Marine co-leads $90mn funding for Metromile start-up
24th July 2018
Tokio Marine Holdings and Intact Financial, a North American property and casualty (P&C) insurer, have co-led a $90 million Series E funding drive for Metromile Inc., a San Francisco based car insurance start-up that utilises a pay-per-mile model and fully automated claims experience. Metromile said it plans to use the funds ... Read the full article
UK and Gibraltar Govs engage Deloitte on post-Brexit regulations
24th July 2018
The governments of the UK and Gibraltar have engaged Deloitte to ensure regulatory alignment between the countries following the UK’s planned departure from the European Union in 2019, according to The Gibraltar Chronicle. Post-Brexit regulatory alignment is a key element of the UK’s commitment to continued market access for Gibraltar-based re/insurance ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
