Reinsurance News
Kansas City Life to acquire Grange Mutual Casualty’s life division
5th June 2018
Kansas City Life Insurance Company is to acquire all of the issued and outstanding stock of Grange Life Insurance Company, the life division of Grange Mutual Casualty Company, subject to review by the Ohio Department of Insurance. The transaction is expected to close in the third-quarter of 2018, and once completed, the integration efforts ... Read the full article
Increasing number of firms using captives to finance emerging risks: Marsh
5th June 2018
Leading insurance broker and risk management solutions firm, Marsh & McLennan, has released a report that reveals captive insurance vehicles’ growing popularity among risk managers seeking alternative ways to finance emerging risks. 1,100 captives managed by Marsh Captive Solutions globally were examined by Marsh’s 2018 Captive Landscape Report. The study found a ... Read the full article
Disappointing Florida renewals only justified if hurricane season is benign, warns Peel Hunt
5th June 2018
After reported, disappointing reinsurance rate increases of 1.2% at the Florida June property catastrophe renewals, analysts at Peel Hunt have said that increases at these levels can only be justified if the 2018 hurricane season proves to be benign. Following years of falling rates as a result of benign loss activity ... Read the full article
Fidelis launches Bermuda-domiciled ILS sidecar Socium
5th June 2018
Fidelis Insurance Holdings (Fidelis) has announced the launch of Socium Insurance (Socium), a Bermuda-domiciled special purpose insurer set to provide collateralised capacity support for Fidelis’ reinsurance portfolio. Having entered into a quota share agreement with Fidelis on June 1 2018, Socium is able to reinsure a share of Fidelis’ worldwide excess ... Read the full article
CFO appointment bolsters Ascent Underwriting’s senior team
5th June 2018
London-headquartered Ascent Underwriting has announced the appointment of Rob Harden as its new Chief Financial Officer (CFO), subject to regulatory approval. Harden has over 20 years experience in the industry - including senior finance and corporate development roles at Liberty Specialty Markets, Beazley, QBE and Close Brothers - and joins from ... Read the full article
Munich Re America appoints Jean Vernor as Head of Incubator
5th June 2018
Munich Re America has announced the appointment of Jean Vernor to the newly created position of Head of Incubator, New Strategic Markets. Vernor will now be responsible for overseeing Munich Re’s U.S Innovation Lab and business domains focusing on emerging risks, as well as for driving the execution and launch of ... Read the full article
Argo Group completes rebranding of Ariscom
5th June 2018
Global specialty insurer and reinsurer, Argo Group International Holdings, has completed the rebranding of Ariscom, its new Italian subsidiary, to ArgoGlobal Assicurazioni S.p.A. The move follows Argo Group’s recent acquisition of the Italian specialty insurer in March 2018, which is now led by Giovanni Tucci, who was appointed as Managing ... Read the full article
Capsicum Re launches New York cyber hub, led by Patrick Bousfield
5th June 2018
Specialist reinsurance broker Capsicum Re has extended its cyber presence to New York with the launch of a new cyber hub, which will be led by Patrick Bousfield, who has been promoted to Executive Director. Rupert Swallow, Chief Executive Officer (CEO) of Capsicum Re, said: “The cyber team has received overwhelming ... Read the full article
Willis praises revolutionary Insurwave blockchain platform
5th June 2018
Insurance and reinsurance broker Willis Towers Watson has described the recently launched Insurwave, a blockchain platform to support marine hull insurance, as a "game changer", urging carriers and brokers to adopt the technology. In May 2018, EY, Guardtime, A.P. Møller-Maersk, Microsoft, Willis Towers Watson, XL Catlin, MS Amlin and ACORD announced that members of ... Read the full article
XL Catlin bolsters Global Excess Casualty Insurance team with two key appointments
5th June 2018
XL Catlin has further strengthened its Global Excess Casualty Insurance team following the dual appointments of Donnacha Smyth as President, Global Excess Casualty Insurance and Carla Greaves as Chief Underwriting Officer (CUO), Global Excess Casualty. Smyth, who has served a number of positions with the firm since 2007, is set to ... Read the full article
Insurance stocks lag while reinsurance outpaced market in Q1
5th June 2018
Reinsurance stocks far outpaced the overall market in Q1 2018 despite significant under-performance by the world’s equities markets and insurance stocks, with reinsurers enjoying solid premium growth in spite of persistent soft markets conditions. Evidence suggests that the 7.3% gain enjoyed by reinsurers can be partially attributed to ‘the pie getting ... Read the full article
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
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