Reinsurance News
JLT Re warns of inflection point as re/insurers accelerate reserve releases
3rd September 2018
JLT Re, the reinsurance broking arm of global brokerage JLT Group, has described the recent reserving practices of some insurers and reinsurers as somewhat aggressive, noting that some companies are accelerating their releases in certain business lines. While much of the marketplace focuses on the property catastrophe losses of 2017 as ... Read the full article
Caribbean Development Bank to subsidise Haiti’s catastrophe premiums
3rd September 2018
The Caribbean Development Bank (CDB) has approved a grant of US $3 million to cover Haiti’s 2018-2019 insurance premiums with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) SPC, a provider of parametric coverage in the Caribbean and Latin America. The funding will help Haiti meet the cost of the premiums for ... Read the full article
Aon’s public D&O pricing increases 6.1% at Q2 2018
3rd September 2018
Aon Risk Solutions (U.S) has reported in its quarterly pricing index of Directors’ and Officers’ liability (D&O) insurance that its D&O price per million was up 6.1% at Q2 2018 when compared with the prior year quarter, while average change for primary policies with the same limit and deductible increased ... Read the full article
Aspen UK approves early release of Thomas Lillelund to AIG
3rd September 2018
Aspen Insurance Holdings Limited has agreed to release former Chief Executive Officer (CEO) of its reinsurance segment, Thomas Lillelund, early. Lillelund stopped acting as CEO of Aspen's reinsurance segment effective August 7th, 2018, and on August 29th, Aspen Insurance UK Limited and Lillelund executed a letter outlining terms and conditions of his ... Read the full article
Daljitt Barn joins Tokio Marine from Munich Re as Global Head of Cyber Risk
3rd September 2018
Tokio Marine Holdings has announced the appointment of Daljitt Barn from reinsurance giant Munich Re, to the newly created role of Global Head of Cyber Risk. Based in London, Barn started at Tokio Marine on September 3rd, 2018, and will be responsible for developing the firm's cyber strategy. Joining from Munich Re, ... Read the full article
Everest Insurance names Vincent Vandendael CEO of international operations
3rd September 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has announced the addition of Vincent Vandendael - who confirmed his departure from Lloyd’s earlier today - as Chief Executive Officer of Everest Insurance International. He will be based out of the firm’s London office. Vandendael will report to Jonathan ... Read the full article
U.S single premium pension buy-out sales exceed $8.2bn at Q2: LIMRA
3rd September 2018
U.S single premium pension buy-out product sales surpassed $8.2 billion in the second quarter of 2018, more than doubling sales totals for Q2 2017, according to a quarterly survey by the LIMRA Secure Retirement Institute (LIMRA SRI). LIMRA SRI also noted that Q2 2018 marked the 13th consecutive quarter of sales ... Read the full article
Reinsurers adapting as alternative capital becomes permanent fixture: J.P. Morgan
31st August 2018
Reinsurers are adapting their business models in light of the market’s increasing reliance on alternative capital, which proved capable of absorbing large industry losses in 2017, and which may have ended the concept of ‘payback’ in the property & casualty (P&C) sector, according to analysts at J.P. Morgan. A report by ... Read the full article
Canopius partners with Anvil Underwriting on credit and political risk
31st August 2018
Global specialty lines re/insurer Canopius has entered into a partnership with Anvil Underwriting Ltd, a managing general agent (MGA) specialising in credit and political risk. The partnership, which is effective from 3 September, will allow Anvil to underwrite credit insurance, contract frustration, and political risks on behalf of Canopius. The agreement will ... Read the full article
Swiss Re’s Frank O’Neill to step down as CEO for UK & Ireland
31st August 2018
Swiss Re has announced that Frank O’Neill, current Chief Executive Officer (CEO) for UK & Ireland, has decided to step down from his position, effective 4 September 2018, in order to pursue an opportunity outside of Swiss Re. The company said that a search to find a successor to O’Neill is ... Read the full article
Enstar to acquire Maiden Re North America for $307.5mn
31st August 2018
Bermuda based insurance, reinsurance, run-off and legacy transaction specialist Enstar Group Limited has announced that it has entered into an agreement to acquire Maiden Re North America from a subsidiary of Maiden Holdings for a total consideration of $307.5 million. Domiciled in Missouri, Maiden Re North America is a diversified insurance ... Read the full article
ESG integration entails both social and financial benefits: A.M. Best
31st August 2018
In recent years, investors and shareholders have been increasingly judging re/insurers on their incorporation of a range of Environmental, Social and Governance (ESG) factors, but consideration of these risks and opportunities could also result in significant financial benefits, according to a recent report by A.M. Best. The report observed that, while ... Read the full article
Markel Corporation buying Nephila Capital, world’s largest ILS manager
31st August 2018
It's been announced that Markel Corporation is to acquire all of the outstanding shares of Nephila Holdings Limited, the largest manager of catastrophe and weather insurance and reinsurance linked investment funds in the world. Nephila manages $12.2 billion of assets under management (AuM) for a geographically diverse investor base of ... Read the full article
Lloyd’s COO Vincent Vandendael to leave for Everest Insurance
31st August 2018
Lloyd’s of London has announced that its Chief Commercial Officer (COO) of nearly six years, Vincent Vandendael, is to leave the company. Vandendael is to join Everest Insurance as Chief Executive Officer (CEO) of International Insurance in early 2019. His departure date has yet to be confirmed. Since joining Lloyd’s as ... Read the full article
Mitsui Sumitomo increases shareholdings in Sri Lanka’s Ceylinco Group to 15%
31st August 2018
Mitsui Sumitomo Insurance Co., Ltd. (MSI), a member of MS&AD Insurance Group, has acquired an additional 9% of common stock in Ceylinco Insurance PLC, the largest insurance group in Sri Lanka, for approximately 3 billion rupees (US $42 million), increasing its total shareholdings to 15%. MSI originally invested in Ceylinco Group, ... Read the full article
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