Reinsurance News
Frank Bazos joins White Mountains as Exec VP, Head of M&A
8th May 2019
Frank Bazos has been announced as Executive Vice President and Head of M&A for White Mountains Insurance Group, a Bermuda-domiciled financial services holding company. He joins with over 25 years’ experience, primarily in the insurance, financial services and health care sectors. He spent approximately 18 years with Century Equity Partners and previously worked ... Read the full article
Angolan national reinsurance company close to launch: reports
8th May 2019
The African nation of Angola is close to finalising the creation of a national reinsurance company, according to reports from Macauhub. AngoRe will be a partnership between the Angolan State and domestic and foreign private investors. Aguinaldo Jaime, the President of the sector regulator, stated on Monday that the new company should ... Read the full article
RenRe reports a solid first-quarter, underpinned by 72% combined ratio
8th May 2019
Bermuda domiciled reinsurer RenaissanceRe Holdings Ltd. (RenRe) has reported an improved year-on-year net income for the first-quarter of 2019, of $273.3 million, an increase of more than 380%. Operating income also increased for the reinsurer during the first-quarter of 2019, from $122.1 million to $154.4 million. RenRe's annualised return on average ... Read the full article
Tech firm GMBC launches MGA platform for the European insurance market
8th May 2019
Professional services and technology company, GMBC, has launched a new master MGA platform for the European insurance market that connects underwriting agencies to insurers and reinsurers for non-life business, called Ekkore. GMBC states that its new, next generation platform enables a modern and efficient collaboration. Ekkore is designed to improve efficiency and ... Read the full article
Higher losses hit Munich Re’s Q1 2019 performance
8th May 2019
Global reinsurance giant Munich Re has maintained its full-year 2019 profit target of around €2.5 billion, despite recording a decline in first-quarter net income as a result of higher basic losses and greater expenditure for claims from previous years. Munich Re's Q1 2019 income totalled €633 million, compared with €827 million ... Read the full article
HDI Global names Michael Rüsch as Head of Swiss branch
8th May 2019
Primary commercial specialist HDI Global SE (HDI) has announced the appointment of Michael Rüsch as the new Authorised Representative and Head of its Branch for Switzerland. He will succeed Jürgen G. Decker from 1 August 2019, who has been an interim appointment to this post over the past few months. Rüsch joins ... Read the full article
Rate increases have to be looked at in context: Lancashire CEO, Maloney
7th May 2019
While recent rate increases in the reinsurance market are welcomed, the Chief Executive Officer (CEO) of Lancashire Holdings Limited, Alex Maloney has stressed the importance of looking at any increases in context of the rate given up over the past five years. "You need to balance rate increases from where you ... Read the full article
Heritage continues to diversify outside of competitive Florida market
7th May 2019
Heritage Insurance Holdings, Inc. has reported its results for the first-quarter of 2019, which reveals continued expansion outside of Florida, a lower net income and catastrophe losses of $15 million. Property and casualty insurer Heritage has reported net income of $7 million for the first-quarter of 2019, down roughly 53% on the ... Read the full article
Welch, Reardon & Rhoads elected to RAA Board
7th May 2019
The Reinsurance Association of America (RAA) has elected John Welch, Chief Executive North America for AXA XL Reinsurance, as Chair of its Board of Directors. Hamilton Re CEO Kathleen Reardon was also elected Vice Chair of the Board, while Jed Rhoads, President and Chief Underwriting Officer at Markel Global Reinsurance, was ... Read the full article
Law firm Devonshires adds re/insurance expert to litigation team
7th May 2019
Full service law firm Devonshires has expanded its Litigation & Dispute Resolution team with the appointment of re/insurance practitioner Stephen Netherway. Netherway will be tasked with helping to form a new insurance practice area as part of the firm’s growth strategy. He has more than 30 years’ experience and joins Devonshires from ... Read the full article
Hiscox uncertain if mid-year rate increases will be adequate
7th May 2019
Global insurer and reinsurer Hiscox saw its gross written premiums increase by 0.6% in the first-quarter of 2019, as a decline in the reinsurance & insurance-linked securities (ILS) segment offset growth in the retail and London market segments. At the same time, the re/insurer is unconvinced mid-year rate increases will ... Read the full article
Cat bond issuance hits six-year low in Q1 2019: Willis Re
7th May 2019
Growth in the insurance-linked securities (ILS) market continued to slow in the first quarter of 2019, with $1.1 billion raised through non-life catastrophe bond issues, according to Willis Re, the reinsurance arm of broker Willis Towers Watson. Analysts noted that issuance was well below the average of $1.8 billion raised during ... Read the full article
Assurant reports improved results across all segments in the first-quarter
7th May 2019
Assurant, Inc. recorded improved net income of $161 million in the first-quarter of 2019, with higher earnings reported across its business segments. Net operating income of $140.6 million improved 31% in Q1 2019 when compared with the same period in 2018, and excluding reportable catastrophes improved by 30%, to $148.8 million. The ... Read the full article
RLI promotes Bryant to replace retiring Brown
7th May 2019
The Senior Vice President (SVP) & Chief Financial Officer (CFO) of RLI Corp., Thomas L. Brown, is leaving the company on July 1st, 2019 after eight years with the firm. He joined in 2011 as Vice President (VP) and CFO, and subsequently led the company's financial strategy, planning, and management operations. He was ... Read the full article
Investment income offsets underwriting loss for Greenlight Re in Q1
7th May 2019
Hedge fund style reinsurer Greenlight Re has reported investment income of $32.3 million for the first-quarter of 2019, which more than offset a quarterly underwriting loss as the firm announces Q1 net income of $5.9 million. Net income of $5.9 million compares with a net loss of $142.8 million for the ... Read the full article
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