Reinsurance News
A.M. Best stays negative on UK non-life insurance
28th March 2019
Global financial services ratings agency, A.M. Best, has maintained its negative outlook on the UK non-life insurance market in light of strong competition, legislative changes, political and economic uncertainty, and increased regulatory scrutiny. A.M. Best expects the profits of UK non-life insurers to remain under pressure in 2019, driven largely by ... Read the full article
Labuan IBFC continues insurance sector growth in 2018
28th March 2019
The Labuan International Business and Financial Centre (Labuan IBFC) posted strong growth in its insurance sector during 2018, with total gross written premiums rising 19.1% to $1.7 billion. This represents a significant jump compared with the Centre’s performance in 2017, when gross written premiums increased by just 2.2%. Labuan IBFC said ... Read the full article
Favourable conditions suggest record-breaking year ahead for longevity risk transfer: Kessler, Prudential
27th March 2019
Pension funds are continuing to take advantage of favourable longevity risk transfer conditions, and it’s expected that 2019 will be another record breaking year for the market, according to Amy Kessler, Head of the Longevity Risk Transfer, Prudential Financial Inc. of the U.S. Pension funds across the UK, U.S. and Canada ... Read the full article
Seeman Holtz acquires Californian broker Kaercher Campbell & Associates
27th March 2019
Seeman Holtz Property & Casualty has continued its expansion into Southern California with the acquisition of Kaercher Campbell & Associates Insurance Brokerage. Headquartered in Culver City, Kaercher Campbell & Associates is an independent agency offering a range of personal and commercial insurance, including auto and life insurance, as well as retirement ... Read the full article
Chubb Bermuda names Richard Porter SVP, Head of Financial Lines
27th March 2019
Currently General Counsel for Chubb Bermuda, Richard Porter has been appointed Senior Vice President (SVP), Head of Financial Lines at the firm, reporting to Judy Gonsalves, Vice President (VP) of Chubb Group and Division President, Chubb Bermuda. He brings more than twenty years of industry experience to the role, and will ... Read the full article
Caitlin Crist appointed Head of Claims, Coverys Syndicate 1975
27th March 2019
Lloyd's of London Managing Agent of Syndicates 1975, 1991, 3330 and 1110, Coverys Managing Agency Limited, has named Caitlin Crist Head of Claims of Coverys Syndicate 1975, a newly created position. Effective June 2019, Crist brings more than ten years of liability claims experience to the firm, and joins from Brit ... Read the full article
California Disaster Insurance bill passes key committee vote
27th March 2019
The California Disaster Insurance bill (SB 290), proposed new legislation that could see the introduction of a state insurance policy to assist with natural catastrophe costs, has passed a key committee vote. The bill has been designed in response to the increasing costs of natural catastrophe events in the region, from a range ... Read the full article
Neon leads London Political Risks Insurance Consortium
27th March 2019
Insurance and reinsurance specialist Neon has been revealed as the lead of the newly established London Political Risks Insurance Consortium, with MS Amlin being announced as a joint agreement party. The new initiative will be led by Nicholas Robinson, who was recently promoted to Head of Specialty at Neon, and is ... Read the full article
CIAM labels SCOR criticism “nonsensical”
27th March 2019
French investment management firm CIAM has defended its call for Denis Kessler to step down as Chairman after SCOR derided the request as an attempt to destabilise the company. CIAM in a statement released today says SCOR’s accusation is nonsensical given the 0.94% stake they hold in the company. “We have ... Read the full article
Munich Re, Allianz & AXIS join Marsh for new cyber service
27th March 2019
Global re/insurance broker Marsh has announced the launch of Cyber Catalyst, a service that brings together a number of the market’s leading insurers to provide analysis and assessment of cybersecurity products. The objective of Cyber Catalyst is to identify and evaluate effective solutions for an organisation to deploy against cyber risk, ... Read the full article
Lloyd’s CEO targets more efficient, successful marketplace
27th March 2019
John Neal, the Chief Executive Officer (CEO) of Lloyd's of London has outlined a number of potential ideas for building a more efficient and successful insurance and reinsurance marketplace. In an ever-changing and rapidly advancing world, underpinned by technological advances and increased interconnectedness, the Lloyd's market is striving for increased efficiency. The ... Read the full article
AXA raises $1.5bn by reducing stake in US life insurance business
27th March 2019
AXA S.A. (AXA) has successfully offloaded 76 million shares of its US life insurance business AXA Equitable Holdings (EQH), decreasing its ownership from 60.1% to 48.3% and raising $1.5 billion in net proceeds. The sale consisted of a secondary public offering of 40 million shares - at a public offering price ... Read the full article
LIIBA elects Nick Cook as Deputy Chairman
27th March 2019
The London and International Insurance Brokers’ Association (LIIBA) has announced that Nick Cook, CEO of BMS Group has been elected as a Deputy Chairman. He takes over with immediate effect from Barnaby Rugge-Price, who stood down in 2018. Cook was elected at LIIBA’s annual general meeting this week, which also saw the ... Read the full article
UK P&I Club’s Rotterdam subsidiary receives licence ahead of Brexit
27th March 2019
The UK P&I Club has received approval from the Netherland's financial regulator for a licence for its Rotterdam domiciled subsidiary, UK P&I Club N.V. (UKNV), ensuring continuity for its clients post-Brexit. Combined with other Thomas Miller managed Clubs for which UKNV is fronting, the new Rotterdam-based unit provides UK P&I Club, ... Read the full article
Gallagher appoints John Farley to lead cyber practice
27th March 2019
Gallagher, the global re/insurance brokerage and risk management services firm, has appointed John Farley as its Managing Director, Cyber Practice Group leader. He joined the firm in March 2019 to lead its Cyber Practice, a role that will see him develop and executive strategy for cyber insurance and related business lines ... Read the full article
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