Reinsurance News
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
Allianz names Bart Schlatmann CEO of European direct business
31st August 2018
Insurance giant Allianz has named Bart Schlatmann as Chief Executive Officer (CEO) of its European direct business, effective September 1. Schlatmann, who brings over 20 years’ experience to the role, will lead the consolidation process for Allianz’ European direct business; including the establishment of a new pan-European risk carrier for the ... Read the full article
Political solution needed to ensure contract continuity post-Brexit: BaFin President
31st August 2018
In a recent interview with Bloomberg TV, Felix Hufeld, the President of Germany's financial regulatory authority, BaFin, called for a political solution to ensure contract continuity post-Brexit, with billions of contracts, including insurance, in need of some level of security. Reinsurance News discussed recently that it appears the UK is ... Read the full article
Top eight reinsurers account for 90% of global life premiums: S&P
31st August 2018
The top eight global life reinsurers dominate the industry and account for around 90% of total premiums, making it difficult for new entrants to quickly enter the market and establish themselves, according to a recent report by S&P Global Ratings. The report said that such a scale of competitive advantage would ... Read the full article
“Conditions are right” to buy more catastrophe reinsurance: JLT Re’s Ed Hochberg
31st August 2018
Ed Hochberg, Chief Executive Officer (CEO) of JLT Re in North America, has suggested that primary insurers are increasingly understanding the value of reinsurance following 2017’s catastrophe losses, and claimed that the “conditions are right” for them to buy more cover. “It’s clear that primary insurers increasingly recognise the valuable role ... Read the full article
Amendment made to Sirius Group & Easterly merger agreement
31st August 2018
Sirius International Group, a global multi-line re/insurance group, has announced an amendment to its previously-confirmed merger agreement with Easterly Acquisition Corp. The merger, first revealed on June 25, was to see Easterly combine with and become a wholly-owned subsidiary of Sirius Group, which would become a publicly listed company. The amendment ... Read the full article
InsurTechs still growing despite unsustainable loss ratios: Industry execs
30th August 2018
InsurTech start-ups have continued to record robust premium growth so far in 2018, however, generating a sustainable loss ratio below 100% remains a challenge, according to analysis by two industry executives. A recent article co-authored by Adrian Jones, Head of Strategy & Development at reinsurance giant SCOR, and Matteo Carbone, Founder ... Read the full article
PartnerRe names Brian Dowd to replace Elkann as Chairman
30th August 2018
Reinsurer PartnerRe has announced that John Elkann is to be replaced as Chairman of the firm's Board of Directors by Brian Dowd, effective September 1st, 2018. Elkann, who is Chairman and Chief Executive Officer (CEO) of EXOR, is to remain on the PartnerRe Board after he steps down as its Chairman. His ... Read the full article
Munich Re Specialty hires two to lead Americas underwriting team
30th August 2018
Munich Re Specialty Group (MRSG), a division of reinsurance giant Munich Re, has appointed Steven Weiss and Ben Tucker to lead its expanding underwriting team in the Americas. Weiss has been named Senior Vice President (SVP)/Chief Underwriting Officer (CUO) of Ocean and Inland Marine Insurance. He brings 28 years’ experience as ... Read the full article
Kenya Re eyes further global expansion amid strong local competition
30th August 2018
Kenya Reinsurance Corporation (Kenya Re) is eyeing expansion into new markets across the globe to boost income amid increasingly strong competition both locally and abroad, according to Business Daily Africa. Jadiah Mwarania, Chief Executive Officer (CEO) of Kenya Re, said the company was looking to open regional offices in new markets, ... Read the full article
Aon promotes two to strengthen cyber reinsurance business
30th August 2018
Global re/insurance broker Aon has promoted Catherine Mulligan and Luke Foord-Kelcey within its Reinsurance Solutions (RS) unit to bolster its suite of cyber solutions for insurers. Mulligan has been appointed Global Head of Cyber and will be responsible for setting strategy, driving growth, building the team and working closely with Aon’s ... Read the full article
Inadequate reinsurance pushes Ashmere Insurance into voluntary run-off
30th August 2018
Small, Florida-based insurer, Ashmere Insurance Company (AIC), has placed itself into voluntary run-off after learning on the 1st of June, 2018 that it could not renew its reinsurance treaties. Absent adequate reinsurance protection, the insurer placed itself into run-off by ceasing to write new business or renew expiring policies. The company, which ... Read the full article
Profitability varied across competitive European re/insurance markets: A.M. Best
30th August 2018
Profitability for companies operating in the European re/insurance markets is extremely varied, largely due to the peculiarities of each market and competition arising predominantly from the reinsurance sector, according to a recent report by A.M. Best. The rating agency observed that a handful of participants continue to dominate the European markets, ... Read the full article
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