Reinsurance News
Beazley posts robust premium growth for Q1 2019
9th May 2019
Specialist insurer Beazley experienced higher than normal levels of claims within its marine, property, and reinsurance businesses during the first-quarter of 2019, while premium growth continued. Despite the pressures of increased levels of claims, the insurer did report 16% growth in gross written premiums (GWP) for the first-quarter of the year, ... Read the full article
Canopius’ Linus Phoon joins Munich Re as CEO for Singapore & Southeast Asia
9th May 2019
Munich Re has announced the appointment of Linus Phoon from Canopius as Chief Executive Officer (CEO) for Singapore & Southeast Asia, effective May 2nd, 2019. Phoon joins the reinsurance giant from Canopius, where he held the position as CEO Reinsurance Asia, since 2008. In his new role he will be based in ... Read the full article
Aon’s Jay Demeusy named US Vice Chairman, Reinsurance Solutions
9th May 2019
Global insurance and reinsurance broker Aon has appointed Jay Demeusy as US Vice Chairman of its Reinsurance Solutions business. Demeusy will also continue to chair the newly created Global Construction & Inland Marine Practice Group and will continue to lead the US retrocessional solutions team within Aon's Reinsurance Solutions division. He has ... Read the full article
Generali elects new Board members, approves financial statements
9th May 2019
Assicurazioni Generali S.p.A. has announced the election of 13 members of its Board of Directors following its recent shareholders meeting. Shareholders also approved the financial statements for the year 2018, which closed with a net profit of €1,473 million, and announced the distribution to the shareholders of a dividend of €0.90 ... Read the full article
RSA UK&I launches five industry pratices within GRS business
9th May 2019
The UK & International operations of multinational insurance group RSA has announced the launch of five industry practices within its Global Risk Solutions business. The practices consist of rail, chemical, food and beverage, real estate and renewables. They cover areas where RSA already has experience and a broad risk appetite. The practices ... Read the full article
Guy Carpenter announces numerous senior appointments
8th May 2019
Reinsurance broker Guy Carpenter has announced a number of international leadership appointments in light of Marsh & McLennan Companies' acquisition of JLT. The appointments are effective immediately and the reinsurance broker says that they reflect its efforts to align the firm's structure, and integrate the capabilities of JLT Re, ultimately creating ... Read the full article
Beazley names Richard Montminy Global Head of Property
8th May 2019
Specialist insurer Beazley has announced the appointment of Richard Montminy as Global Head of Property, effective May 20th, 2019. He brings more than 30 years of experience in both broking and senior underwriting within the commercial property space. Montminy joins Beazley from Zurich North America, where he was most recently Head of ... Read the full article
Talbot founder Rupert Atkin steps down as Non-Exec Chairman
8th May 2019
David Batchelor has been appointed Non-Executive Chairman of Talbot Group, the Lloyd's of London re/insurer acquired by AIG through its acquisition of Validus Holdings in 2018. The appointment is effective after the receipt of regulatory and Lloyd's approval. Batchelor, formerly of broker Marsh, replaces Talbot founder Rupert Atkin, who steps down ... Read the full article
Jean-Jacques Henchoz takes over as Hannover Re CEO
8th May 2019
The Annual General Meeting of reinsurance giant Hannover Re saw the approval of all proposed resolutions by a large majority, including the appointment of Jean-Jacques Henchoz as Chief Executive Officer (CEO) and the election of Torsten Leue as Chairman of the Supervisory Board. Departing CEO Ulrich Wallin addressed shareholders today at ... Read the full article
MarketScout highlights capacity crunch in both Florida & California
8th May 2019
In light of two major high net worth homeowners insurance companies deciding to either exit or reduce their underwritings, MarketScout has revealed that its new brush and wind facilities are structured to help agents that are looking to replace non-renewed business. The insurance distribution and underwriting firm notes that its underwriting ... Read the full article
UPC grows Q1 income despite higher cat losses
8th May 2019
Property and casualty insurance holding company United Insurance Holdings Corp. (UPC) grew its net income by 13%, from $8.4 million to $9.5 million, in the first quarter of 2019, despite comparatively higher catastrophe losses. Cat losses totalled $11.7 million in Q1 2019, up from $6.3 million for the same period last ... Read the full article
Lower cats, premium growth drive higher profits for US P&C insurers: Verisk, APCIA
8th May 2019
A significant decline in catastrophe losses and double-digit premium growth helped U.S. private property and casualty insurers increase their net income by more than 66% in 2018 to $60 billion (after tax), according to Verisk, and the American Property Casualty Insurance Association (APCIA). The report finds that net premiums increased year-on-year ... Read the full article
Shepherd Compello launches entertainment team
8th May 2019
Shepherd Compello, a specialist insurance brokerage, has announced the launch of a new entertainment team focused on risks associated with live touring, sports, theatrical productions and all other staged events. The team will be led by Nic Miles and David Bishop. Bishop joins with 30 years’ experience and has worked with ... Read the full article
Brevard County hail storm pushes FedNat to first-quarter net loss
8th May 2019
FedNat Holding Company has reported a net loss of $3.9 million for the first-quarter of 2019, citing that progress was masked by $18.7 million of claims from the Brevard County, Florida hail storm. The $3.9 million net loss compares to net income of $7.5 million in the first-quarter of 2018. Within ... Read the full article
Allstate “feels really good” about 2019 reinsurance placement: CFO, Rizzo
8th May 2019
Mario Rizzo, Executive Vice President (EVP) and Chief Financial Officer of The Allstate Corporation, has said that the insurer feels "really good" about its larger catastrophe reinsurance program for 2019 - 2020. Allstate makes extensive use of reinsurance protection to optimise the risk and return profile of its homeowners business, and ... Read the full article
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