Reinsurance News
Post-Brexit crisis looms for 36 million European policyholders: TheCityUK
21st June 2018
There’s a rising concern over issues surrounding cross-border financial contracts post-Brexit, with TheCityUK estimating 36 million policyholders across the continent may be at risk. This potential crisis would affect £26 trillion of outstanding uncleared derivatives should the UK/European Union (EU) fail to reach a solution in time. According to reports by ... Read the full article
Hannover Re to step away from coal investment
20th June 2018
Hannover Re’s pledge to divest from companies dependant on coal for more than 25% of its revenue means close to half of the world’s reinsurers have made commitments to step away from the energy source, according to the Unfriend Coal campaign. Hannover Re’s exclusion policy will not apply to coal power ... Read the full article
Bishopsgate appoints Meredew as Director for Oil, Gas and Marine Trades
20th June 2018
London-headquartered Bishopsgate Insurance has announced the appointment of Chris Meredew as Director UK and International liability, Oil and Gas and Marine Trades. Meredew joins from RKH Specialty, where he served on its marine and energy account, and brings with him over 35 years’ experience in the industry. Prior to his time at ... Read the full article
Aon launches significantly updated Thai flood modeling system
20th June 2018
Aon has announced significant updates and readjustments to its Thailand flood catastrophe model in an attempt to improve understanding of the peril and help "insurers increase resilience for businesses and communities." Aon highlights Thailand’s increasing exposure to frequent floods as a result of its growing population and economy. The region was ... Read the full article
Nephila Climate and Allianz complete Proxy Revenue Swap for Australian wind farm
20th June 2018
Nephila Climate (NCx), the weather and ESG-driven specialty division of Nephila Holdings, together with Allianz Global Corporate & Specialty’s alternative risk transfer unit, have completed a Proxy Revenue Swap and Corporate Power Purchase Agreement (PPA) for the Lal Lal wind farm project in Victoria, Australia. The Proxy Revenue Swap transaction marks ... Read the full article
Liberty Mutual appoints Shaun Kelly and Matthew Dolan to new leadership roles
20th June 2018
Liberty Mutual has appointed Shaun E. Kelly as President of Distribution for Global Risk Solutions (GRS) and Matthew Dolan as President of North America Specialty. Kelly will now be responsible for leading the distribution and marketing of GRS’s globally-diversified commercial and specialty insurance and reinsurance product portfolio. He brings more than 30 ... Read the full article
Precarious Barbados economy to have little impact on rated re/insurers: A.M. Best
20th June 2018
A recent report by A.M Best indicates Barbados-domiciled re/insurers’ are to remain largely unaffected, following announcements made by Prime Minister Mia Mottley that highlighted the precariousness of the country’s economy. Mottley stated on June 4 that the country was to suspend “all payments due on debts to our external commercial creditors” ... Read the full article
AIG to acquire UK life insurer Ellipse from Munich Re
20th June 2018
American International Group, Inc. (AIG) has entered into an agreement to acquire Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re. The acquisition will be funded by an undisclosed cash consideration, and will be conducted via AIG Life Ltd. (AIGLL), a UK subsidiary of AIG ... Read the full article
Generali finalises sale of PanEurope unit to LCCG
20th June 2018
Assicurazioni Generali SpA has completed the sale of its entire shareholding in its Ireland-based subsidiary, Generali PanEurope, to Life Company Consolidation Group (LCCG). Generali says the terms of the sale are in line with the transaction’s original announcement in December 2017, when it was revealed that Generali had agreed to ... Read the full article
UAC’s William Legge joins ACORD’s Asia Pacific governance committee
20th June 2018
William Legge, General Manager of the Underwriting Agencies Council, has been invited to join ACORD’s peak Asia Pacific governance committee. Established at ACORD’s 2018 board of directors’ meeting, the Asia-Pacific General Insurance (GI) Program Advisory Council (PAC) offers direction to the Asia-Pacific GI Program, which provides insurance process, messaging and data ... Read the full article
BMS to expand into Turkey and surrounding areas via new partnership
20th June 2018
BMS Group Limited, the independent specialist insurance and reinsurance broker, has entered into a tied representative agreement with Turkish specialist re/insurance broker Rönesans Reasürans ve Sigorta Brokerlik A.Ş. (Rönesans). The agreement will see the parties develop a joint marketing plan for Turkey, as well as offering jointly-branded products to clients in Turkey. Rönesans ... Read the full article
Bernina Re launches, names Michael McKnight as CEO
20th June 2018
Bernina Re, a recently established Bermuda domiciled reinsurance platform for Credit Suisse Insurance Linked Securities Ltd. (CS ILS), has named Michael McKnight as its Chief Executive Officer (CEO) and Chief Risk Officer (CRO). Bernina Re, which currently manages more than US $2 billion in trading volume, was launched as the flagship ... Read the full article
Hamilton Underwriting appoints Neil Lee-Amies as Head of Treaty
20th June 2018
Hamilton Underwriting, the managing agency of Syndicate 3334 and Lloyd’s operations of Hamilton Insurance, has appointed Neil Lee-Amies as its new Head of Treaty. Lee-Amies brings with him over 30 years’ experience in broking and underwriting. He joins from Chubb, having most recently served as Head of Marine and Energy Treaty ... Read the full article
2017 losses unmasked broader reinsurance price inadequacy: KBW
20th June 2018
The major hurricane and catastrophe losses of 2017 while not sufficient to significantly boost property catastrophe reinsurance rates, have unmasked the inadequacy of pricing more broadly across the sector, according to analysts. Reinsurance pricing did respond to the losses of 2017, but increases seen at the key January reinsurance renewals ... Read the full article
MS Amlin partners with Cytora for AI driven commercial property underwriting
20th June 2018
Global insurer and reinsurer MS Amlin has announced a new partnership with artificial intelligence (AI) firm Cytora, which sees AI technology deployed into commercial underwriting processes to improve and assist with the automation of decisions throughout MS Amlin's commercial property portfolio. The new partnership will see MS Amlin use Cytora's solutions ... Read the full article
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