Reinsurance News
AmTrust stockholders approve amended merger deal
22nd June 2018
AmTrust Financial Services has announced that its stockholders have approved its proposed merger transaction with Evergreen Parent, L.P. for the amended offer price of $14.75 per share in cash for all outstanding shares. Evergreen Parent L.P. is an entity formed by private equity funds managed by Stone Point Capital LLC, together ... Read the full article
Allstate estimates catastrophe losses of $278mn for May
22nd June 2018
The Allstate Corporation, one of the largest primary insurers in the U.S, has estimated that its catastrophe losses for the month of May 2018 were $278 million, pre tax ($220 million after-tax). The pre-tax figure consists of $224 million in losses from 12 catastrophe events over the month of May, in ... Read the full article
Parametric re/insurance potential in commercial risks highlighted
21st June 2018
A new report from Airmic in collaboration with reinsurance giant Swiss Re's commercial insurance arm and insurance and reinsurance brokerage Marsh, highlights the potential for parametric re/insurance solutions to become more mainstream in the commercial space. Parametric insurance remains more common place in the alternative reinsurance, or insurance-linked securities (ILS) sector, ... Read the full article
Tokio Marine Kiln restructures A&H team
21st June 2018
London-headquartered specialist insurer Tokio Marine Kiln (TMK) has announced it's in the process of reshaping its Accident & Emergency (A&H) unit. The restructuring sees long-serving, former departmental head of A&H Tim Prifti resign from his position, with Holly Strettle incoming as interim departmental head. The firm has said the re-organisation is so ... Read the full article
U.S. domiciled AIA and PCI enter merger negotiations
21st June 2018
The American Insurance Association (AIA) and the Property Casualty Insurers Association of America (PCI) have announced that they have entered merger discussions to create a unified U.S re/insurance trade organisation. A merged trade association would represent approximately 60% of the U.S property and casualty (P&C) market, creating an influential voice that ... Read the full article
Mutual Reinsurance Bureau announces name change
21st June 2018
In order to align itself for continued success in the future, joint reinsurance association Mutual Reinsurance Bureau is dropping the Bureau from its name, announcing a name change to Mutual Re. The announcement reveals that although the official name will stay the same for legal documents such as Interests & Liabilities, ... Read the full article
Amazon, Berkshire Hathaway, JPMorgan name CEO of new healthcare company
21st June 2018
Amazon, Berkshire Hathaway and JPMorgan Chase have appointed Dr. Atul Gawande as Chief Executive Officer (CEO) of the trio’s non-profit, U.S. employee healthcare partnership. The role, effective July 9, will see Gawande serve from the new company’s headquarters in Boston. Warren Buffett, Jeff Bezos and Jamie Dimon - CEOs of Berkshire ... Read the full article
Commercial insurance industry must adapt to secure longevity: Airmic CEO Ludlow
21st June 2018
The commercial insurance industry’s longevity relies on its adaptability to emerging challenges unique to the fourth industrial revolution, according to Airmic Chief Executive Officer (CEO), John Ludlow. Speaking at Airmic’s annual conference in Liverpool, Ludlow pointed out that rapidly changing business models and the rise of cyber-technology is creating new risk ... Read the full article
LIIBA names Sarah Peppiatt and Steve Williams as new committee chairs
21st June 2018
The London and International Insurance Brokers’ Association (LIIBA) has named Sarah Peppiatt and Steve Williams as the new chairs for two of its committees. Both committees are actively involved in modernisation initiatives that aim to make London an easier place to do business, particularly in regard to Placing Platform Limited (PPL), ... Read the full article
Everest offers discounted cyber policy to Center for Internet Security members
21st June 2018
Everest Insurance has announced a joint initiative with the Center for Internet Security (CIS) to offer a premium discount on its new Everest Cyber Elevation Policy to eligible CIS SecureSuite members. CIS is a non-profit entity that uses a global IT community to safeguard private and public organisations against cyber threats. Over ... Read the full article
Willis Towers Watson announces £85mn pension scheme buy-in deal
21st June 2018
Willis Towers Watson has announced a two-tranche, £85 million buy-in deal for the Aliaxis UK Defined Benefit Pension Scheme by London-headquartered Just Group. Willis Towers Watson advised the Trustees of Aliaxis UK on the buy-in transaction structured across two tranches of pensions in payment. The initial tranche, worth approximately £35 million, was ... Read the full article
Munich Re collaborates on new SmartFactory manufacturing initiative
21st June 2018
Munich Re has partnered with MHP, a manufacturing consultancy firm and subsidiary of Porsche AG, and KUKA, a global automation corporation, on SmartFactory as a Service, a new manufacturing initiative designed to streamline product development and safeguard manufacturers from risks. The partnership aims to facilitate the testing and development of new ... Read the full article
Grahame Chilton to return to Capsicum Re
21st June 2018
Global specialist reinsurance broker Capsicum Re has announced that Grahame Chilton is set to rejoin the company later this year after leaving his positions at Arthur J. Gallagher & Co. (Gallagher). Gallagher announced earlier this week that Chilton was leaving his role as head of its UK-based brokerage and underwriting unit, ... Read the full article
Munich Re rumoured to be in talks to sell its asset manager
21st June 2018
According to industry reports, Munich Re is rumoured to be in talks with U.S. fund manager Guggenheim Partners LLC about the sale of its asset management arm, Munich Ergo Asset Management GmbH (MEAG). The Wall Street Journal first reported that talks are at an early stage, and that it remains uncertain ... Read the full article
Monument Re acquires €500m run-off portfolio from Metlife Europe DAC
21st June 2018
Bermudian reinsurer Monument Re has announced the acquisition of a run-off portfolio consisting of linked and traditional life insurance business from Ireland-domiciled Metlife Europe DAC. Monument Re is to act as a reinsurance vehicle for the deal initially, with the risk portfolio ultimately set to be transferred to its subsidiary Laguna ... Read the full article
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