Reinsurance News
Ethos appoints Kevin Mooney as SVP and Head of SME, Casualty
18th July 2018
New York-based MGA Ethos Specialty Insurance Services, part of Ascot Group, has announced the appointment of Kevin Mooney as Senior Vice President (SVP) and Head of Small Medium Enterprise (SME), Casualty. Mooney will be reporting to Rory Cline, Ethos’ Chief Underwriting Officer, and will focus on developing excess casualty products for ... Read the full article
Brown & Brown acquires disability insurance services firm, PDA
18th July 2018
Brown & Brown has announced that its wholly owned subsidiary, The Advocator Group, has acquired Professional Disability Associates, LLC (PDA), a disability services company and provider of specialty claims management services. PDA has annual revenues of approximately US $15 million, and its services include medical file review, vocational services, and claim ... Read the full article
Cattolica in national nat cat scheme for religious buildings in Italy
18th July 2018
Cattolica Assicurazioni, Italy’s sixth largest insurer, has finalised an agreement with the Episcopal Conference of Italy (CEI) to provide a re/insurance policy that will protect religious buildings from natural catastrophe risks in all 25,796 parishes of the 225 Italian dioceses. The policy is believed to be the first national scheme of ... Read the full article
2Q18 P&C results signal increased M&A activity: KBW
18th July 2018
Results for 2Q18 show that mergers and acquisitions (M&A) activity among property and casualty (P&C) re/insurers has increased in terms of both transaction value and count when compared with the same period in 2017, according to analysts at Keefe, Bruyette & Woods (KBW). Underwriter transaction values for the year to date ... Read the full article
Arthur J. Gallagher & Co. acquires The Jack Nebel Companies, Inc.
18th July 2018
U.S. global insurance brokerage and risk management services firm, Arthur J. Gallagher & Co., has announced the acquisition of wholesale commercial insurance broker and MGA, The Jack Nebel Companies, Inc. Based in North Barrington, Illinois, Jack Nebel serves independent retail agents and brokers across the Midwestern United States. The firm offers a ... Read the full article
Munich Re restructures and changes Board responsibilities
17th July 2018
Munich Re has announced that it intends to restructure and reallocate responsibilities on its Board of Management in order to improve business synergies and simplify structures and processes. The company said that the reorganisation will mean larger divisions and the reallocation of units, but no changes to the composition of the ... Read the full article
HDI appoints Jon Bartlett as Director of Property
17th July 2018
Primary commercial specialists HDI Global SE - UK has appointed Jon Bartlett as Director of Property to “bolster its property underwriting lines.” Bartlett, who will be based in HDI’s London office, brings over 30 years’ experience in the market. He joins from Allianz Global Corporate and Specialty, where he was Head of ... Read the full article
Space debris poses new challenge to insurers, says Swiss Re
17th July 2018
The insurance industry faces new challenges as the number of low Earth orbiting (LEO) satellite constellations are launched into areas littered with space debris, a study by Swiss Re has found. Space debris makes up over 90% of the tracked objects orbiting the Earth today and pose a profound risk to ... Read the full article
AXA’s legacy arm acquires majority stake in Emirates Re
17th July 2018
Specialist run-off acquirer and manager AXA Liabilities Managers has signed its 19th acquisition on the external market with the purchase of a majority stake in Dubai-headquartered Emirates Re. “We are delighted to pursue our external development with the acquisition of Emirates Re,” said Sylvain Villeroy de Galhau, Chief Executive Officer (CEO), ... Read the full article
PERILS increases loss estimate for European windstorm Friederike by €46m
17th July 2018
Zurich-based catastrophe loss data aggregator PERILS has increased its third loss estimate for European windstorm Friederike, also known as David, by €46 million. Windstorm Friederike caused significant damage as it swept through the British Isles, Belgium, the Netherlands, and Germany over January 17 and 18, 2018. PERILS’ third estimate, based on loss ... Read the full article
“Cultural misalignment” hinders InsurTech innovation: Maffeo, Boost Insurance
17th July 2018
As technology continues to advance and increasingly looks to disrupt the global insurance industry, partnerships between incumbents and InsurTech startups are becoming more and more commonplace, however, cultural misalignment could be hindering innovation across the sector, according to Alex Maffeo, Chief Executive Officer (CEO) and Founder, Boost Insurance. Speaking with Reinsurance ... Read the full article
Munich Re CFO Jörg Schneider to step down, Christoph Jurecka incoming
17th July 2018
Munich Re’s long-standing Chief Financial Officer (CFO) and Board of Management member Jörg Schneider is to step down at his own request on December 31st, 2018. Christoph Jurecka, who has served as CFO of Munich Re’s primary insurance subsidiary ERGO Group AG for the past seven years, has been announced as ... Read the full article
Coface names Swiss Re’s Carmina Abad Sánchez as CEO for Latin America
17th July 2018
Credit insurer Coface has appointed Carmina Abad Sánchez, formerly of Swiss Re, as its new Chief Executive Officer (CEO) for the Latin America Region. Sánchez has more than 30 years’ experience holding senior leadership positions in the re/insurance industry, and most recently served as Chairman of Swiss Re Group in Mexico ... Read the full article
New insurance standards act grants U.S congress increased oversight
17th July 2018
The U.S has passed a new bill that will allow Congress to have greater involvement in negotiations regarding international insurance standards, which it claims will preserve the State-based system of regulation and improve transparency. Adopted by a vote in the House of Representatives recently, the International Insurance Standards Act of 2018 ... Read the full article
Zurich NA names Deirdre Manna Head of Government & Industry Affairs
17th July 2018
Zurich North America, a division of Zurich Insurance Group, has appointed Deirdre Manna as Head of Government & Industry Affairs. Manna undertook the role on July 9 and will be leading Zurich’s engagement with elected officials at the state and federal level on public policy issues that may impact the company’s ... Read the full article
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