Reinsurance News
Global Atlantic closes $9bn reinsurance transaction following Talcott Resolution sale
5th June 2018
Life and annuity re/insurance firm Global Atlantic Financial Group has successfully closed its $9 billion reinsurance transaction, having provided financial backing for Talcott Resolution's recent sale to an investor group. The firm had reinsured from Talcott Resolution $9 billion of fixed deferred annuities as well as other spread-based reserves. This deal’s ... Read the full article
AFL launches new specialist advisory business, names James Poole as head
5th June 2018
AFL Insurance Brokers has announced the launch of Agile Risk Advisory (ARA), a new specialist business that provides evidence-based risk advice and insurance-linked securities (ILS) opportunities, which will be led by data analytics expert James Poole. ARA will operate as a wholly owned subsidiary of AFL, and will use insights from ... Read the full article
Sompo International completes acquisition of Lexon Surety Group
4th June 2018
Bermudian property and casualty (P/C) re/insurer Sompo International Holdings (SI) has acquired Lexon Surety Group (Lexon), the second largest independent surety insurer in the United States. Lexon is comprised of Lexon Insurance Company, Bond Safeguard Insurance Company and Fortress National Group. The acquisition is expected to positively impact the subsidiaries’ financial ... Read the full article
Assured Risk adds Florida Insurance Commissioner McCarty to Board of Advisors
4th June 2018
Assured Risk Cover, a leading provider of StormPeace hurricane insurance, has appointed former Florida Insurance Commissioner Kevin McCarty to its Board of Advisors. McCarty served as Florida’s first appointed Insurance Commissioner between 2003 to 2016 and President of the National Association of Insurance Commissioners in 2012. Commenting on the announcement, McCarty said, ... Read the full article
Guy Carpenter hires Shiv Kumar as Global Leader of capital markets unit
4th June 2018
Guy Carpenter & Company, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has hired Shiv Kumar as President and Global Leader of GC Securities, Capital Markets. Most recently, Kumar was Global Head of Insurance Structured Finance at Goldman, Sachs & Co., and brings over 23 years’ experience ... Read the full article
Athene completes $19bn fixed annuities reinsurance deal with Voya Financial
4th June 2018
Athene Holding has successfully completed a transaction with Voya Financial to reinsure approximately $19 billion of fixed and fixed indexed annuity liabilities. The transaction, which was announced in December 2017, brings Athene’s total invested assets to approximately $100 billion. The fixed and variable annuity blocks from Voya will be administered by ... Read the full article
UK Gov Environmental Committee proposes mandatory climate risk reporting
4th June 2018
The UK Government’s Environmental Audit Committee has recommended that it should be mandatory for large companies and asset owners to report their exposure to climate change risks and opportunities by 2022. The Committee’s new report on Greening Finance concluded that such a measure would encourage companies to focus on long-term considerations ... Read the full article
Climate measures proposed as New Zealand’s April storm losses reach $72mn
4th June 2018
Insured losses from New Zealand’s recent April storms have reached NZD $72 million (USD $50 million), prompting a boost in funding to the country’s emergency response section and a series of climate resilience measures, according to the Insurance Council of New Zealand (ICNZ). The storm battered New Zealand’s North Island over ... Read the full article
More modest-sized losses will do little to change market, says JMP Securities
4th June 2018
Despite 2017 catastrophe events resulting in one of the costliest years on record for insurers and reinsurers, the highly competitive and overcapitalised state of the market resulted in muted change, with a true tail event needed to potentially bring about more meaningful change, reports JMP Securities. Forecasters and experts are calling ... Read the full article
Howden names José Manuel González as new CEO
4th June 2018
Howden, the retail broking unit of Hyperion Insurance Group, has appointed José Manuel González as Chief Executive Officer (CEO) of Howden Broking Group. González will also retain his current role as CEO of Howden Iberoamerica, and, as a member of the Hyperion Group Executive Committee, will continue to report to David ... Read the full article
Berkshire Hathaway Specialty appoints new President of Australasia
4th June 2018
Berkshire Hathaway Specialty Insurance (BHSI) has announced the appointment of Mark Lingafelter as President, BHSI, Australasia. In a move that sees him assumes responsibility from its new President of U.K. & Europe, Chris Colahan. Lingafelter joins the Sydney-based role after 3 years at QBE insurance, where he served out of Singapore ... Read the full article
XL Catlin appoints new Client & Distribution Leader for Asia
4th June 2018
XL Catlin has appointed Zoe Xie as Client & Distribution Leader for Asia, in a role which will see her deliver client and broker strategies for Singapore and Hong Kong businesses. Xie joins the Singapore-based position from insurance firm Willis Tower Watson, where she spent over 4 years occupying various roles, ... Read the full article
The Hanover appoints Zurich VP Frank Baron as President of Alternative Markets
4th June 2018
Massachusetts-based property and casualty (P/C) insurer The Hanover insurance Group (THG) has appointed Frank M. Baron as the President of its newly formed Alternative Markets unit. A veteran of 30 years, Baron joins from Zurich where he served as Executive Vice President (VP) for over 5 years. Prior to that he ... Read the full article
Syncora closes $13bn reinsurance transaction with Assured Guaranty
4th June 2018
Bermuda-domiciled holding company Syncora Holdings has announced that its New York financial guarantee subsidiary Syncora Guarantee Inc (SGI) has closed the previously announced reinsurance transaction with Assured Guaranty Corp (AGC). As consideration for the transaction - totalling approximately $13 billion in net par amount - AGC received approximately $360 million ... Read the full article
Liberty Specialty creates new claims dedicated role
4th June 2018
Speciality and commercial insurer Liberty Specialty Markets (LSM) has created a new Claims Manager, Client Relationships position within the organisation, focused on the promotion of claims, promoting Andrew Pedler in the process. Reporting to both Head of Claims Mike Gillett and Head of Business Development Mark Stephenson, the role is a ... Read the full article
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