Reinsurance News
Strong U.S. casualty market growth driven by quota shares: Munich Re’s Steve Levy
1st June 2018
The U.S casualty reinsurance market has experienced strong growth over the last few years, which has largely been driven by quota share business, according to Steve Levy, President and Chief Executive Officer (CEO) of Munich Re U.S’s Reinsurance Division. Levy explained that U.S casualty insurers are increasingly relying on reinsurance to ... Read the full article
Cyber insurance must tackle ‘hidden costs’ of franchise value impact: JLT Re
1st June 2018
JLT Re has reported that cyber re/insurance must be expanded to better account for the ‘hidden costs’ of franchise value impact following a cyber breach, which often outstrip the reported losses of affected organisations by mid to high single-digit multiples. Many re/insurers already offer cyber liability policies that account for reputational ... Read the full article
Everest Re partners with tech firm on updated safety platform ZERO
1st June 2018
Everest Re Group has partnered with technology firm Salus Systems, LLC on an updated version of its safety communication platform ZERO, a real-time sharing platform that allows employees to actively contribute to their company’s safety programme. ZERO 2.0 now includes several enhanced features, such as a comprehensive dashboard, live-chat capabilities, bulletin ... Read the full article
Federated National completes 2018-19 catastrophe reinsurance programme
31st May 2018
Federated National Holding Company (FNHC) has completed its excess of loss catastrophe reinsurance programme for 2018-19, which will provide FNHC and its wholly-owned insurance subsidiaries, Federated National Insurance Company (FNIC) and Monarch National Insurance Company (MNIC), with $1.34 billion of reinsurance coverage in excess of $23 million retention for catastrophic ... Read the full article
Envelop Risk adds former XL CEO Brian O’Hara to Board of Directors
31st May 2018
Envelop Risk, a global specialty cyber re/insurance analytics and underwriting firm, has appointed Brian O’Hara, former Chairman and Chief Executive Officer (CEO) of XL Capital Ltd (now XL Group), to its Board of Directors. O’Hara served as President and CEO of XL from 1994 until 2008, and as Chairman of XL’s ... Read the full article
Essent Group add experience to Board of Directors with new additions
31st May 2018
Bermuda-domiciled Essent Group has announced the appointment of Jane P. Chwick and Angela Heise to its Board of Directors. Commenting on the appointment, Mark Casale, Chairman and Chief Executive Officer (CEO) said, “We are very pleased to have Jane and Angela join our Board of Directors, They both bring tremendous depth ... Read the full article
Brit Global Specialty USA expands Professional Liability team
31st May 2018
Brit Global Specialty USA (BGSU) has expanded its Professional Liability team with the appointments of Tom Rea as Senior Vice President, Miscellaneous Professional Liability, and Jim Kelly as Assistant Vice President, Construction Professional. Rea will now be responsible for writing miscellaneous professional liability for U.S domiciled companies through wholesale intermediaries, and ... Read the full article
AXIS Re announces plans for market expansion, reports organisational changes
31st May 2018
AXIS Re, the reinsurance segment of AXIS Capital, has announced a multifaceted plan intended to deliver increased client satisfaction and profitable growth, while cementing future market leadership. These actions, which follow an enterprise-wide focus on leadership in selected markets by AXIS Capital, include an implementation of the consultative client engagement model ... Read the full article
AEGIS London appoints Tania Patston as A&H Underwriter
31st May 2018
AEGIS London has announced the addition of Tania Patston to its Accident and Health team as an Underwriter. An expert in handling complex and remote environments such as the Middle East and South America, Patston’s career spans over two decades, starting at Cassidy Davies Life Syndicate in 1996. She then became an ... Read the full article
Swiss Re report highlights most significant emerging risks facing re/insurers
31st May 2018
The release of Swiss Re’s SONAR report, a crowdsourcing tool leveraging the firm’s internal risk management experience, highlights what they believe to be the most compelling emerging risks re/insurers face globally. Emerging risks are volatile and hard to quantify due to the pace at which they evolve but have the potential ... Read the full article
Reconstruction costs of homes at risk of hurricane storm surge rising: CoreLogic
31st May 2018
Analysis from global property information, analytics and data-enabled service provider, CoreLogic, shows that more than 6.9 million homes along the Atlantic and Gulf coasts are at risk of hurricane storm surge inundation, with a combined reconstruction cost value (RCV) of over $1.6 trillion. This is according to CoreLogic's 2018 Storm Surge Report, ... Read the full article
Aon names Marcell CEO of new Reinsurance Solutions division
31st May 2018
Global broking powerhouse Aon has announced that Andrew Marcell has been appointed as the firms Chief Executive Officer of its new Reinsurance Solutions division, effective immediately. Aon recently announced a rebranding of its reinsurance broking unit Aon Benfield to just Aon and has split its operations into new Solutions divisions, one ... Read the full article
The Hanover Insurance strengthens surety leadership team
31st May 2018
In a move that sees The Hanover Insurance Group (THG) expand capabilities for the growth and management of its transactional surety business, Carrick Bligh has been promoted to Vice President of Commercial Surety, effective May 1st, 2018. Bligh joined the firm six years ago, and brings 14 years’ industry experience to ... Read the full article
Thomas Costello Insurance Agency acquired by Arthur J. Gallagher & Co.
31st May 2018
U.S. global insurance brokerage and risk management services firm Arthur J. Gallagher & Co. has announced the acquisition of California-based Thomas Costello Insurance Agency. Terms of the transaction were not disclosed. The deal sees Arthur J. Gallagher & Co. acquire a 1990-founded retail property/casualty broker, and employee benefits consultant and broker, ... Read the full article
Universal’s P&C subsidiaries finalise 2018-19 reinsurance programmes
31st May 2018
Universal Insurance Holdings, Inc. has announced that its wholly owned subsidiaries, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their 2018-19 reinsurance programmes. Private participants in the reinsurance programmes include Nephila Capital (via Allianz Risk Transfer), Everest Re, RenaissanceRe, Chubb Tempest ... Read the full article
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