Reinsurance News
Indian regulator to allow reinsurers to invest in foreign sovereign bonds
12th June 2018
The Insurance Regulatory and Development Authority of India (IRDAI) may permit reinsurance companies to invest in overseas financial instruments, such as sovereign bonds, in an effort to reduce the risk of their global portfolio and promote the country as a major reinsurance hub, according to the Economic Times. A source close ... Read the full article
Tokio Marine HCC set to purchase Qdos Contractor
12th June 2018
HCC International Insurance Company, a subsidiary of the specialty insurance group Tokio Marine HCC, has signed up to purchase Qdos Contractor, part of the Qdos Group. The transaction’s completion is expected by Q4 2018. Qdos Contractor provides insurance products and services to the U.K. independent contractor and freelancer market via its ... Read the full article
Brit names Michael Gould as new Chief Operating Officer
12th June 2018
Brit Ltd, the global specialty re/insurer, has announced the appointment of Michael Gould as its new Chief Operating Officer (COO). Gould has more than 35 years’ experience in senior operational roles, and joins Brit from Lloyd’s syndicate Talbot Underwriting, where he also served as COO, and was responsible for improving responsiveness ... Read the full article
Lottoland pays out €90mn prize via Fortuna Insurance subsidiary
12th June 2018
Online lotto operator Lottoland has issued a pay-out of €90 million to the winner of the EuroJackpot’s top prize via its Fortuna Insurance PPC subsidiary, which uses financial instruments such as insurance-linked securities (ILS) and collateralised reinsurance to guarantee top prizes. The win represents the largest pay-out in Lottoland’s five-year history, ... Read the full article
AmTrust names Daniel Hickey as Chief Underwriting Officer
12th June 2018
AmTrust Financial Services has announced the appointment of J. Daniel Hickey as Group Chief Underwriting Officer (CUO). Hickey will now be responsible for overseeing the company’s global underwriting activities. Additionally, he will be tasked with implementing a consistent and disciplined underwriting approach that is aligned with AmTrust’s strategic objectives. He first joined AmTrust ... Read the full article
EPUL positions new terrorism cover as alternative to Pool Re
12th June 2018
London-headquartered commercial property MGA European Property Underwriting Limited (EPUL) has announced the launch of a flexible UK and Northern Ireland terrorism solution meant to offer a more cost-effective alternative to Pool Re. With a minimum premium of £25, compared to £100 under Pool Re, the new terrorism policy provides material damage ... Read the full article
Wide ranges and divergent hurricane loss estimates 2017’s biggest surprise: Karen Clark
11th June 2018
After years without a major U.S. landfalling hurricane, Harvey, Maria, and Irma devastated parts of the region and the Caribbean in the second-half of 2017. But perhaps the biggest surprise of the 2017 storm season was the wide ranges and divergent modelled loss estimates for the events, according to Karen ... Read the full article
Zurich invests in Insurtech startup Coverwallet
11th June 2018
Zurich has acquired a minority stake in U.S. based Insurtech startup Coverwallet, an online platform founded in 2015 that simplifies the purchase and management of insurance for businesses. This announcement builds upon an agreement between the two companies in February that saw the launch of Zurich, Powered by Coverwallet (ZPC) - ... Read the full article
XL Catlin appoints Andrew Coutts as Global Practice Leader for Cargo
11th June 2018
XL Catlin has announced the appointment of Andrew Coutts to the position of Global Practice Leader for Cargo. The London-based role will see him responsible for managing its global underwriting team, providing clients and brokers with underwriting and claims service. Coutts joins from Brit Global Specialty, where he served as Cargo ... Read the full article
Qatar Re suspends facultative underwriting at Dubai practice
11th June 2018
Qatar Re, the Bermuda-based reinsurer and subsidiary of Qatar Insurance Company (QIC) Group, has suspended the writing of all new and renewing facultative business from its branch office in the Dubai International Financial Centre. Facultative reinsurance will continue to be distributed throughout the Middle East & North Africa (MENA) region by ... Read the full article
Chubb names Furby to lead Europe, as Kendrick set to retire
11th June 2018
Chubb, the world’s largest publicly traded property and casualty (P&C) insurer, has named David Furby as Senior Vice President (VP), Chubb Group and Regional President, European Group. Additionally, Andrew Kendrick has announced his retirement, having led the company’s European operations as Regional President for 14 years. Furby currently serves as VP, ... Read the full article
Aviation risks now trading on London Market’s PPL
11th June 2018
The Board of the London Market Group’s Placing Platform Limited (PPL) - an electronic placing platform created in July 2016 with the aim of increasing market efficiencies - has announced that Aviation classes of business have gone live. This follows Lloyd’s of London’s recent mandate for electronic placement, requiring syndicates ... Read the full article
RTG’s Limehouse acquires Corporate Underwriting agency
11th June 2018
Limehouse Agencies, the MGA subsidiary of RFIB’s Risk Transfer Group Limited (RTG), has announced the acquisition of Corporate Underwriting Ltd (CUL), a specialist marine underwriting agency and Lloyd’s coverholder. The acquisition of the Dublin-based CUL forms part of RTG’s (formerly CCP TopCo) new corporate strategy, which was outlined in May ... Read the full article
Integro finalises acquisition of Lloyd’s broker Tysers & Co
11th June 2018
Integro Group Holdings, an international insurance brokerage and specialty risk management firm, has announced that its affiliate has successfully completed the acquisition of Hawkes Bay Holdings (HBH), the principal parent company of specialty Lloyd’s broker Tyser & Co. The parties will now begin the process of merging their UK wholesale and ... Read the full article
Moody’s upgrades China’s life sector outlook from negative to stable
11th June 2018
Moody’s Investors Service has upgraded its outlook on the life re/insurance industry in China from negative to stable as the sector improves its product mix and stabilises its asset risks. A recent report by the rating agency found that risks are subsiding for Chinese life insurers’ product and investment portfolios, and ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
