Reinsurance News
Brit hires Stephen Quinton as senior Kidnap and Ransom Underwriter
24th July 2018
Brit Ltd, the global specialty re/insurer, has appointed Stephen Quinton as Class Underwriter for Kidnap and Ransom (K&R), effective 3rd September 2018. Quinton joins Brit from Travelers Syndicate Management, where, as Head of Accident & Special Risks for Travelers Syndicate 5000, he managed a team writing a diverse portfolio that included marine ... Read the full article
Trustees wary of defined benefit pension consolidation: Willis Towers Watson
24th July 2018
Over a third of pension scheme trustees believe consolidating defined benefit (DB) pensions into a pension ‘super fund’ would appeal to corporate sponsors, but only a quarter would feel comfortable judging whether such a move would make sense, according to Willis Towers Watson. This kind of DB consolidation would allow employers ... Read the full article
Aon’s flagship PCC vehicle White Rock Guernsey approaching 200 cells
24th July 2018
The Aon-owned White Rock Group has announced that its flagship Guernsey-domiciled operation is nearing 200 cells, 21 years after the White Rock Insurance Company launched as the world's first PCC. PCCs allow for segregation of assets or liabilities, so have been used to enable multiple transactions to be effected in different ... Read the full article
MIB to handle all UK terrorism motor claims from 2019
24th July 2018
Motor insurers in the UK have voted to mutualise the risks associated with terrorism claims, electing that The Motor Insurance Bureau (MIB), the UK's not-for-profit body, handle and pay the claims from victims involved in a terrorist event where a vehicle is used to kill or injure. All motor insurers writing ... Read the full article
RMS appoints Reed Birnbaum to CFO role
24th July 2018
Global risk modeling and analytics firm RMS has announced the appointment of Reed Birnbaum as Chief Financial Officer, having previously served as Vice President, Finance and Analytics at the same company. As CFO, Birnbaum will be reporting to Chief Executive Officer Karen White and will serve as a member of the ... Read the full article
REG UK implements BIBA’s standardised TOBA template across online platform
24th July 2018
REG UK, a Regtech solution that streamlines counterparty compliance checks and accelerates agency processes, is offering its clients the opportunity to issue The British Insurance Brokers’ Association's new standardised Terms Of Business Agreement electronically via its online agency management platform. BIBA’s new template is aimed at streamlining the TOBA exchange process, ... Read the full article
Sompo International’s Lexon and Bond Safeguard subsidiaries upgraded
24th July 2018
A.M. Best has upgraded the financial strength rating of Sompo International Holdings Ltd. subsidiaries, Lexon Insurance Company and Bond Safeguard Insurance Company, from B++ (Good) to A+ (Superior), and the Long-Term Issuer Credit Ratings from “bbb” to “aa-”, with a stable outlook. The two firms were previously subsidiaries of Lexon Surety Group LLC, before being acquired ... Read the full article
JLT Specialty expands European Cyber practice with four new hires
24th July 2018
JLT Specialty, the specialist insurance broker and risk consultant, has expanded its European Cyber practice with four new senior appointments in London and Stockholm. Monica Tigleanu joins the practice as a Partner from Beazley, where she served as an Underwriter for Cyber Risk. As a certified Information Privacy Professional, she is experienced ... Read the full article
Caribbean insurers’ comprehensive reinsurance use protects surplus: A.M. Best
24th July 2018
Despite the devastating and costly impacts of 2017 catastrophe events on the Caribbean, which includes hurricanes Irma and Maria, the region's insurance sector saw its surplus decline by just 4% as a result of its comprehensive reinsurance utilisation, according to A.M. Best. Speaking with AMBestTV, Ricardo Longchallon, a Senior Financial Analyst ... Read the full article
Munich Re’s HSB launches IoT sensors for building owners
24th July 2018
Munich Re member firm The Hartford Steam Boiler (HSB) has launched a new generation of its Sensor Systems solution; sensors and software that connect equipment and facilities through the Internet of Things (IoT). Delivered as a kit for commercial customers, the sensors use proprietary algorithms to help prevent loss and improve ... Read the full article
Greenlight Re COO Michael Belfatti steps down
23rd July 2018
Greenlight Capital Re, the specialist hedge fund backed property and casualty (P&C) reinsurer, has announced that its Chief Operating Officer (COO), Michael Belfatti, will be stepping down from his role for personal reasons. Belfatti, who was appointed to the newly created position in August 2017, will depart the company as ... Read the full article
Unprepared Floridian insurers face crisis after new AOB precedent set: Demotech
23rd July 2018
Financial analysis firm Demotech has underlined the importance of adequate loss and loss adjustment expense reserves for Floridian insurers as a challenging claims environment continues across the state. The quarterly review points to a recent Assignment of Benefits (AOB) case in which an insured’s right to assign policy benefits to two ... Read the full article
Seeman Holtz continues U.S expansion with new acquisitions
23rd July 2018
Seeman Holtz Property & Casualty, Inc. (SHP&C) has continued its expansion in the U.S with the acquisitions of Central Insurance Advisors, LLC in Florida and Transway Insurance Agency, LLC in Texas. The company says the acquisition of these new independent agencies will strengthen its local commercial insurance platforms and allow it ... Read the full article
Willis Towers Watson strengthens Facultative team in France
23rd July 2018
Willis Towers Watson (WTW) has announced that it has reinforced its existing Facultative (Fac) Reinsurance business in France by establishing an independent and dedicated team of three specialists based in Paris. The new Fac team will operate under the Gras Savoye Facultative brand as part of WTW's Global Fac business, and ... Read the full article
Pillar Capital appoints Jeff Franklin as CUO
23rd July 2018
Bermuda-based re/insurance asset manager Pillar Capital Holdings has announced the appointment of Jeff Franklin as Chief Underwriting Officer (CUO), effective immediately. "I am thrilled to assume the CUO position at Pillar” said Franklin. “It has been an honour to contribute to Pillar’s success in the reinsurance market and I’m looking forward ... Read the full article
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