Reinsurance News
PERILS increases storm Burglind (Eleanor) industry loss estimate to $840mn
3rd July 2018
Catastrophe loss data aggregator PERILS has reported its third loss estimate for Extratropical Cyclone Burglind, also known as Eleanor, at €724 million (US$840mn). The weather event hit between January 2nd and 3rd 2018, inflicting significant damage across Austria, Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland, and the United Kingdom. Gusts exceeded ... Read the full article
AFL acquires majority stake in UK employer protection MGA
3rd July 2018
AFL Insurance Brokers Ltd, the independent Lloyd’s broker, has acquired a controlling stake in specialist employer protection Managing General Agency (MGA) Concordia Employment Services Limited, for an undisclosed sum. Based in London, Concordia has been supporting UK employers by managing risks and exposures related to workplace disputes since its launch in ... Read the full article
Sedgwick reveals management team for newly combined Australia business
3rd July 2018
Sedgwick has revealed the structure of the leadership team for its newly combined company in Australia following its recent acquisition of Cunningham Lindsey, a global loss adjusting, claims management, and risk solutions firm. Damon Bennett has been named as Chief Executive Officer (CEO) for Asia Pacific and will lead Sedgwick’s ... Read the full article
Brokerslink appoints first Director of Business Operations
3rd July 2018
Brokerslink, an international network of brokers, has announced the appointment of Anne Collette as Director of Business Operations, a newly-created role within the company aimed at strengthening its global presence. Working out of Brokerslink office in Porto, Portugal, Collette will be responsible for business operations globally including the management and co-ordination of ... Read the full article
Legal & General’s U.S Pension Risk Transfer business volume nears $2bn
3rd July 2018
Legal & General has announced that its Pension Risk Transfer (PRT) business has experienced continued growth since the company entered the U.S market less than three years ago, having written nearly $2 billion in total volume across 28 clients. The business has also amassed a global annuity book of nearly $80 ... Read the full article
Pool Re names Tracey Paul as Chief Strategy and Communications Officer
3rd July 2018
Pool Re, the UK’s government-backed terrorism reinsurer, has appointed Tracey Paul to the newly-created position of Chief Strategy and Communications Officer. Paul has more than 20 years of strategic communications experience and will take up her new position with immediate effect, reporting directly to Julian Enoizi, Chief Executive Officer (CEO) at ... Read the full article
Zurich completes Oak Underwriting takeover
3rd July 2018
Global insurer Zurich has completed the acquisition of Oak Underwriting from RSA Insurance, enhancing the company's high net-worth proposition, known as Zurich Private Clients. The insurer's purchase of Oak Underwriting, a high net-worth specialist insurer, makes Zurich one of the largest high net-worth insurers in the UK, and provides it with ... Read the full article
Rebranded Liberty reinsurance division launches Italian operation
3rd July 2018
Liberty Specialty Markets (LSM), the London headquartered unit of Liberty Mutual Insurance Group, has rebranded its reinsurance division as Liberty Mutual Re and launched a reinsurance operation in Italy for the first time. The rebrand applies to all aspects of LSM’s reinsurance division, which comprises 180 people in 14 locations. Liberty Mutual ... Read the full article
Swiss Re Corporate Solutions targets expansion with new Hamburg office
3rd July 2018
Swiss Re Corporate Solutions, the commercial insurance arm of the global reinsurance firm, has opened an office in Hamburg, Germany in an effort to expand its commercial insurance portfolio in northern Germany’s regional market. The office is already operational and through its broking partners will serve large and upper mid-sized companies, ... Read the full article
“Our DNA is changing”, says Munich Re CIO
3rd July 2018
The 2018 Tech Trend Radar report by Munich Re emphatically underlines the rate at which it expects new technologies to transform customers’ demands and expectations over the next two decades. This trend towards greater-connectivity is one that re/insurers must understand, accept and integrate into its framework into to secure longevity, says ... Read the full article
Brokers relying on more granular data in challenging property market: AmWINS
3rd July 2018
Property market brokers are increasingly relying on more granular data and risk models to obtain better results as 2018's underwhelming pricing environment looks set to extend into the second half of the year, according to specialty insurer AmWINS. A report by the company observed that advanced risk modelling was leading to greater ... Read the full article
Re/insurers step up Brexit plans as uncertainty remains
2nd July 2018
Analysis by Ernst & Young (EY) via its Financial Services Brexit Tracker reveals that re/insurers continue to step up their Brexit contingency plans despite the transition agreement, as widespread uncertainty remains. Despite the importance of the financial services sector to London and the wider UK, it appears that insurers and reinsurers, ... Read the full article
Windward secures $16.5mn in fresh funding, backed by XL Innovate
2nd July 2018
Windward, a maritime risk analytics start-up, has raised $16.5 million in a Series C round of funding that was led by XL Group's venture capital InsurTech fund, XL Innovate, bringing its total funding to $38.9 million. Existing investors such as Horizons Ventures and Aleph also participated in the latest round of ... Read the full article
PIC concludes £850m full buyout of the PA Pension Scheme
2nd July 2018
Pension Insurance Corporation plc (PIC) has announced the completion of a full buyout of all members of the PA Consulting Pension Scheme, covering £850 million of liabilities and roughly 2,400 members. PIC, a specialist insurer of defined benefit pension funds, wrote a total £3.2 billion of new business in the first ... Read the full article
Athene resolves investigation with New York State regulator
2nd July 2018
Athene Holding Ltd. has announced that Athene Life Insurance Company of New York (ALICNY) and First Allmerica Financial Life Insurance Company (FAFLIC), a subsidiary of Global Atlantic Financial Group, have agreed to a $55 million consent order with the New York State Department of Financial Services (NYSDFS). The agreement resolves the ... Read the full article
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