Reinsurance News
Prestige secures multi-million pound investment from Capital Z
19th July 2018
Prestige Insurance Holdings, the parent company of Northern Ireland’s largest privately owned broker, Abbey Insurance, has secured a multi-million pound investment by global equity firm Capital Z Partners Management. The deal, for an undisclosed sum, will see Capital Z acquire the shares of a number of retiring shareholders of Prestige. Prestige’s Founder ... Read the full article
Willis extends CEO John Haley’s contract to 2021
19th July 2018
Global re/insurance broker Willis Towers Watson has extended the contract of its long-serving Chief Executive Officer (CEO), John Haley, until January 1, 2021. “We are pleased to retain John Haley’s leadership as CEO of Willis Towers Watson,” said James McCann, chairman of the Board, Willis Towers Watson. “Over the last several years, ... Read the full article
Beazley announces Global Lawyers Consortium for large UK firms
19th July 2018
Beazley, the specialist insurer, has announced the launch of a new consortium that will provide professional indemnity insurance to large law firms based in the UK. Led by Beazley, the Global Lawyers Consortium will offer up to £10 million of primary capacity. Brenna Westinghouse, Focus Group Leader for Large Law Firms at ... Read the full article
Markel secures license for German insurer
19th July 2018
In light of the UK's vote to leave the European Union (EU), Markel Corporation has been granted a license to establish an insurance company in Germany by BaFin, the country's federal financial supervisory authority. With uncertainty remaining about exactly what Brexit means for many financial services, the license enables Markel Insurance ... Read the full article
Guy Carpenter names President & Head of South East Asia and Korea
19th July 2018
Reinsurance broker Guy Carpenter has named Bengt Johnsen as President and Head of the South East Asia and Korea (SEAK) region, succeeding Richard Jones, who was promoted to ... Read the full article
FEMA launches first NFIP cat bond via FloodSmart Re
19th July 2018
The U.S Federal Emergency Management Agency (FEMA) has launched its first catastrophe bond to transfer risk from the National Flood Insurance Program (NFIP) to the capital markets. Issued via FloodSmart Re, a Bermuda domiciled special purpose insurance vehicle, the catastrophe bond will attempt to secure $275 million of reinsurance protection for ... Read the full article
Allianz expands Africa presence with completed acquisition of Ensure
19th July 2018
Global insurer Allianz Group has completed the acquisition of 99.03% of the shares of Nigerian insurance company, Ensure Insurance plc, from Greenoaks Global Holdings Ltd. Effective July 18th, 2018, Ensure becomes part of the Allianz Group, and will operate in Nigeria as Ensure - a company of Allianz. Ensure offers both life ... Read the full article
Growth opportunities remain despite market challenges: Hannover Re CEO Wallin
18th July 2018
Despite ongoing competition and pricing challenges in many areas of the industry, various opportunities for growth remain open to re/insurers, including new lines of business, technological efficiencies, and emerging markets, according to Ulrich Wallin, Chief Executive Officer (CEO) of Hannover Re. Speaking in an interview with Reinsurance News, Wallin explained that ... Read the full article
RMS updates terrorism models to address new trends
18th July 2018
Global risk modelling and analytics firm RMS has updated its Probabilistic Terrorism Model (PTM) and Terrorism Scenario Model (TSM) to address new trends and challenges in the threat landscape, such as the rise of ‘lone-wolf’ attacks and the geographic spread of risks within major cities. Updates to RMS’s Terrorism Target Database ... Read the full article
Projected asbestos industry losses up $10bn, reserves remain deficient: Fitch
18th July 2018
A Fitch Ratings report examining U.S. property and casualty re/insurers' asbestos liability exposures has led the agency to raise its projection for ultimate all-time industry incurred losses to $100 billion, up from $90 billion last year. Additionally, the U.S. industry's asbestos reserve deficiency is in the range of $8 billion - ... Read the full article
Ian Curtin joins Miller from Marsh as Head of Energy Construction team
18th July 2018
Insurance and reinsurance broker Miller has appointed Ian Curtin as Head of its Energy Construction team to bring expertise in oil and gas re/insurance to clients globally. Curtin has decades of experience in various areas of the energy world and joins Miller from Marsh, where he served as Global Head of ... Read the full article
AIG completes Validus acquisition
18th July 2018
American International Group, Inc. (AIG) has announced the closing of its $5.56 billion acquisition of Validus Holdings, Ltd. following the receipt of regulatory approvals and approval of Validus shareholders. The deal was first announced on January 22nd, 2018, and sees AIG gain some attractive and diversified franchises, including reinsurer Validus Re, insurance-linked ... Read the full article
Guy Carpenter announces launch of InsurTech Alliance
18th July 2018
Guy Carpenter & Company, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has announced the launch of InsurTech Alliance, a new insurer-focused suite of capabilities designed to help carriers understand and exploit the data and analytics-driven innovations emerging from InsurTech. The announcement sees Guy Carpenter look to ... Read the full article
Insurance Europe calls for drone standardisation across the continent
18th July 2018
Insurance Europe, the European insurance and reinsurance federation, has detailed the kind of drone regulation and standardisation it believes would benefit re/insurers across the continent. The report follows the European Commission’s (EC) recent public consultation on technical standards for drones as a product and conditions for drone operations. The results of the ... Read the full article
REG UK reveals latest RegTech product, Market Monitor
18th July 2018
REG UK, a RegTech solution that streamlines counterparty compliance checks and accelerates agency processes, has announced the launch of its new Market Monitor product. Regtech is the umbrella term for new technologies that facilitate the delivery of regulatory requirements and has grown in prominence since new, customer data-driven industries like FinTech ... Read the full article
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