Reinsurance News
Rating agencies maintain divergent reinsurance sector outlooks: Aon
20th July 2018
Rating agencies continue to hold divergent outlooks for the global reinsurance sector, with prolonged market softening and 2017 catastrophe losses driving down profits, while the sector's capital adequacy remains very strong in 2018, reports global insurance and reinsurance broker, Aon. Both A.M. Best and Fitch hold a negative outlook for the ... Read the full article
Liberty Specialty expands liability team
20th July 2018
Liberty Specialty Markets, part of Liberty Mutual Insurance, has created two new senior underwriting roles as the firm looks to expand its liability team. Paul Grover, formerly international class subject matter expert with AIG, becomes LSM’s international Casualty Underwriting Manager. Daniel Munro, who was London market Manager at AIG, will serve as ... Read the full article
Beazley eyes broader growth in improved rating environment
20th July 2018
Price firming has been in line with the expectations of specialist insurer Beazley, and the firm sees an opportunity to take advantage of an improved rating environment, where it can ultimately look for growth across a broader range of business lines. The London-based insurer reported a decline in profit before tax ... Read the full article
Hannover Re’s Doug Ingle joins AHOU Hall of Fame
20th July 2018
Hannover Life Reassurance Company of America (Hannover Re U.S) has announced that Doug Ingle, Vice President of Underwriting Research, has been elected to join the Association of Home Office Underwriters' (AHOU) Hall of Fame. AHOU is the world’s largest association of life underwriters, and elects a number of professionals to its ... Read the full article
PIC agrees buyout of The 600 Group’s UK pension scheme liabilities
20th July 2018
The Trustee of The 600 Group plc's UK defined benefits pension scheme has agreed to a buyout of the scheme liabilities by Pension Insurance Corporation Plc (PIC). The agreement concerns the pension scheme liabilities of £201 million covering 2,000 pensioners and 800 deferred members to be transferred entirely to PIC, a specialist ... Read the full article
Everest Re expects reserve charges to hit Q2 results
20th July 2018
Bermuda-headquartered reinsurer Everest Re has announced that it expects to report a charge for net reserve adjustments of approximately $250 million for Q2 2018, in relation to prior year catastrophe events. The increase in estimates was mostly driven by reopened claims reported in the second quarter and loss inflation from higher ... Read the full article
Allstate announces Q2 cat losses of $906 million, pre-tax
20th July 2018
Primary insurance giant The Allstate Corporation (Allstate) has announced estimated catastrophe losses of $417 million, pre-tax ($329 million after-tax), for the month of June, which takes the company's second-quarter 2018 catastrophe losses to $906 million, pre-tax ($716 million after-tax). Catastrophe losses in June included 16 events at an estimated cost of ... Read the full article
Brit announces two senior appointments to Sussex Capital
20th July 2018
Brit Global Specialty has announced the appointments of Richard Slater as Underwriting Director and Adam Champion as Senior Vice President, Portfolio Manager and Operations of its Bermuda-based collateralised reinsurance platform, Sussex Capital. Slater joins from XL Catlin where he served as Head of International Property Reinsurance and Global Property Retro. Prior ... Read the full article
CoreLogic partners with Esri to expand geospatial content offering
20th July 2018
CoreLogic, a global property information, analytics and solutions provider, has partnered with spatial analytics company Esri to expand the availability of its geospatial content using Esri’s online ArcGIS Marketplace. The online marketplace will allow users to more easily integrate CoreLogic’s content into their workflow, by providing access to more than 200 ... Read the full article
Analysis shows U.S. tax reform has prompted shift in reinsurance utilisation
19th July 2018
Recent U.S. tax reforms have prompted many of the country’s insurers to significantly reduce the portion of premiums ceded to their non-U.S. affiliates, according to Analysis by ISO, a Verisk business, and the Property Casualty Insurers Association of America. Concerns about possible tax implications under the new law was said to ... Read the full article
EPUL hires Christopher Box as senior commercial property underwriter
19th July 2018
London-based commercial property MGA European Property Underwriting Limited (EPUL), part of Global Risk Partners Limited (GRP), has appointed Christopher Box to the role of Senior Underwriter for UK ad European Property Owner Risks. Box brings over a decade of underwriting experience to his new position, having most recently served as a ... Read the full article
THB promotes Ricardo Borges to head of European Division
19th July 2018
THB, a specialist insurance and reinsurance broker, has appointed Ricardo Borges as Managing Director of its Amsterdam-based European Division. He will succeed former co-Managing Directors Paul Lindeboom and Joaquim Caria. Lindeboom is set to retire from his post on 31 July, while Caria will step down as Executive Director but continue ... Read the full article
Aspen Re’s Donna McDermott appointed Head of IAT Reinsurance
19th July 2018
IAT Insurance Group has announced Donna McDermott as the successor to outgoing Senior Vice President Jim Miller, who plans to retire on March 1 2019, as head of IAT Reinsurance (IAT Re). McDermott, who joins IAT on July 30 2018, brings over 30 years’ experience and joins from Aspen Re America ... Read the full article
Higher than expected cat losses drives lower Q2 net income for Travelers
19th July 2018
The Travelers Companies, Inc. (Travelers) has reported its second-quarter 2018 results, posting a decline in both net income and core income as a result of increased catastrophe losses that came in roughly $50 million higher than anticipated, at $488 million. Catastrophe losses for the second-quarter of 2018 were $85 million higher ... Read the full article
AXIS promotes Randell to Head of Insurance & Chief Agent, Canada
19th July 2018
AXIS Insurance, a division of Bermuda domiciled insurer and reinsurer AXIS Capital Holdings Limited, has named Brad Randell to Head of Canada Insurance, and Chief Agent, Canada, reporting directly to John Van Decker, President, North American Professional Lines, AXIS Insurance. Randell's promotion sees him take responsibility for the oversight of AXIS' insurance operations ... Read the full article
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