Reinsurance News
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
Property still challenging, but reinsurance segment isn’t entirely a buyers market: Berkley
27th July 2018
Robert Berkley, the President and Chief Executive Officer (CEO) of W. R. Berkley Corporation, has underlined that while the property segment remains very challenging, in other areas of the reinsurance market, "it's not completely a buyers market." The firm recently announced its second-quarter 2018 results, reporting net income of $180 million ... Read the full article
Uganda takes major step in de-risking future renewable energy projects
27th July 2018
Uganda has become the first African country to de-risk medium scale renewable energy projects by signing up to the German and African Trade Insurance-backed Regional Liquidity Support Facility (RLSF). RLSF is a joint initiative of the African Trade Insurance Agency - a Pan-African and multilateral guarantor - and KfW with funding ... Read the full article
Fannie Mae transfers further $22bn of loan risk to re/insurers
27th July 2018
The Federal National Mortgage Association (Fannie Mae) has completed its fourth and fifth Credit Insurance Risk Transfer (CIRT) transactions of 2018, which together provide re/insurance cover for $22 billion of loans. These latest two deals are a part of Fannie Mae’s ongoing effort to reduce taxpayer risks by increasing the role ... Read the full article
Whiplash reforms delayed, soft motor insurance pricing now looks premature
27th July 2018
Insurers’ anticipatory price cuts in response to claims savings expected from the UK’s proposed whiplash reforms may have been premature following the government’s abrupt decision to delay changes by an entire year, from April 2019 to April 2020. The government’s decision to delay the Soft Tissue Injury Claims reforms - commonly ... Read the full article
Ascot creates new trade credit division, names heads
27th July 2018
Ascot, a Bermuda headquartered insurance and reinsurance firm, has launched a new trade credit insurance division and has appointed Doug Collins and Anthony Barrett to lead it. As Executive Vice President (EVP) and Head of Trade Risk, Collins will lead all aspects of Ascot’s U.S trade credit business, utilising his 23 ... Read the full article
Oasis obtains funding for new Philippines and Bangladesh cat models
27th July 2018
Oasis Loss Modelling Framework, the open source catastrophe modelling platform, has begun a new project to co-develop catastrophe models for flood in the Philippines and windstorm in Bangladesh, funded by Germany’s International Climate Initiative (IKI). Oasis will collaborate with the IKI, part of the German Federal Ministry for the Environment, Nature ... Read the full article
Tokio Marine HCC names Susan Rivera as new CEO
27th July 2018
Tokio Marine HCC has announced that Susan Rivera has been appointed as its new Chief Executive Officer (CEO), succeeding current CEO Christopher J.B. Williams from September 1, 2018. Rivera has served as Tokio Marine HCC’s Executive Vice President and Chief Operating Officer since April 1, 2018, before which she was ... Read the full article
Assured Risk develops StormPeace parametric business cover
27th July 2018
Assured Risk Cover (ARC), a residential hurricane insurance start-up, has launched a new parametric commercial insurance policy for small businesses in Florida under its StormPeace brand name. The new policy will contain all the features of the existing StormPeace residential policy, with the addition of business interruption coverage regardless of physical ... Read the full article
ABIR appoints executives from XL Group and Arch to leadership roles
27th July 2018
The Association of Bermuda Insurers & Reinsurers (ABIR) has appointed XL Group’s Leila Madeiros and Arch Reinsurance’s Michelle Seymour Smith to its policy and financial committees respectively. Madeiros, who succeeds Stephen Weinstein, serves as Head of Compliance & Regulatory Affairs, Bermuda, for XL Group and is part of its team on ... Read the full article
Brexit contract continuity issues must be resolved: LIIBA CEO
27th July 2018
Christopher Croft, Chief Executive Officer (CEO) of The London Insurance and International Brokers Association’s (LIIBA) has criticised the Brexit strategy outlined in the recently-released white paper, stating that the government “has not reflected the strong feedback from our industry.” Croft aimed his comments predominantly at the decision not to ... Read the full article
Opioid lawsuits not comparable to asbestos: W.R. Berkley CEO
27th July 2018
W.R. Berkley’s Chief Executive Officer (CEO) Robert Berkley has said that prescription opioid drugs, which have come under scrutiny this year following a series of lawsuits against pharmaceutical manufacturers in the U.S, are not comparable to asbestos from a re/insurance point of view. “As far as an asbestos analogy, I think ... Read the full article
Outlook for Jan 2019 reinsurance renewals negative: Deutsche Bank
26th July 2018
Deutsche Bank holds a negative outlook for January 2019 reinsurance renewals and does not expect pricing for July to gain significant momentum. The company cites an expectation that 2018 Q2 losses will be underestimated by the markets - despite a quiet quarter for natural catastrophe - while pricing data should support ... Read the full article
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