Reinsurance News
Zurich North America appoints Paul Lavelle as Chief Claims Officer
24th August 2018
Zurich North America has appointed Paul Lavelle as its new Chief Claims Officer, succeeding Steve Hatch as of September 4, who announced his retirement earlier in August. Lavelle joins Zurich from Allied World Assurance Company, where he most recently served as Senior Vice President, North America Claims Operations. He was also the ... Read the full article
90% of Peru’s $660mn insured El Niño losses absorbed by reinsurers
24th August 2018
Insured losses resulting from the El Niño coastal phenomenon (FEN) totalled US $660 million for the period ending June 2018, although 89.02% of this figure was absorbed by the international reinsurance markets, according to Peru’s Superintendency of Banking and Insurance (SBS). "The reports presented by Rímac Seguros, La Positiva, Mapfre Perú, ... Read the full article
Flooding and landslides begin as Category 3 Hurricane Lane nears Hawaii
24th August 2018
Parts of Hawaii have experienced flash-flooding and landslides as downgraded Category 3 Hurricane Lane approaches the U.S state, bringing winds of 125mph (200km/h) and heavy rainfall, and causing reinsurance market exposure through aggregate contracts. Lane continues to weaken as it draws closer to the Hawaiian islands, although its outer bands have ... Read the full article
Shepherd Compello adds Duncan McClure Fisher to Board of Directors
24th August 2018
Specialist insurance broker Shepherd Compello has announced that Duncan McClure Fisher, Chief Executive Officer (CEO) of motoring solutions company MotorEasy, has joined its Board of Directors. McClure Fisher has an insurance industry career spanning more than two decades and half a million warranties, and is a leading B2C warranty expert in ... Read the full article
Global life reinsurance industry set for stable short-term growth: S&P
24th August 2018
The global life reinsurance industry is expected to experience stable premium growth of about 3% per year and a return on equity of just above 10% from 2018 to 2020, according to a new report by S&P Global Ratings. S&P observed that the global life reinsurance industry weathered 2017’s unusually high ... Read the full article
Subsidence claims rise 350% as UK’s hot weather continues
24th August 2018
Sedgwick, a global provider of technology-enabled risk, benefits, and integrated business solutions, is anticipating a surge in subsidence claims due to the ongoing period of unusually hot and dry weather in the UK. The company’s weekly update on subsidence volumes shows that there has been a rise of more than 350% ... Read the full article
Gordon Lam joins Markel as Senior Professional & Financial Risks Underwriter
24th August 2018
Specialist insurer Markel International has named Gordon Lam as a Senior Professional and Financial Risks Underwriter, initially based in Singapore and expected to relocate to the firm's Hong Kong office at a later date. Lam is expected to join the insurer in early 2019, and will work closely with Head of ... Read the full article
UK puts onus on EU to solve no-deal passporting issues
24th August 2018
The UK government's no-deal Brexit document suggests that UK firms that have relied on passporting rights may not be able to do business at all in the European Economic Area (EEA) if there is no deal, and the document appears to put the onus on the European Union (EU) to ... Read the full article
Kingstone reduces quota share reinsurance treaty to 10%
24th August 2018
Kingstone Companies, a multi-line regional property and casualty (P&C) insurance holding company, has announced that its wholly-owned subsidiary, Kingstone Insurance Company (KICO), has reduced its personal lines quota share treaty ceding percentage from 20% to 10%, effective July 1, 2018. Kingstone said the treaty remains on a ‘net’ of catastrophe reinsurance ... Read the full article
NZ Earthquake Commission confirms leadership restructure
24th August 2018
The Chief Executive Officer (CEO) of the New Zealand Earthquake Commission (EQC), Sid Miller, has confirmed the new structure of the organisations executive leadership team, which includes the appointment of two new Deputy CEOs. The changes were announced the EQC staff on August 8th, 2018 and have now been confirmed by ... Read the full article
Re/insurers weather challenging H1 market with $48bn in M&A deals: S&P
23rd August 2018
Global re/insurers have turned to mergers and acquisitions (M&A) deals to remain relevant in the face of challenging market conditions, with total transaction volume reaching $48 billion during the first half of 2018, according to S&P Global Ratings, although the firm maintains a neutral view on this trend. A recent report ... Read the full article
Arch MI platform integrated into Mortgage Cadence’s Lending Center
23rd August 2018
Arch Mortgage Insurance Company (Arch MI) has announced that Mortgage Cadence, an Accenture Company, has integrated Arch MI’s mortgage insurance platform into the Mortgage Cadence Enterprise Lending Center (ELC). Mortgage Cadence said its ELC facilitates lending in all forward and reverse mortgage channels and across all mortgage products, including home equity, ... Read the full article
Munich Re appoints Rissa Revin as CEO of DAS Legal Protection MGA
23rd August 2018
Philipp Wassenberg, President and Chief Executive Officer (CEO) of Munich Re Canada and Temple Insurance Company, has announced the appointment of Rissa Revin as CEO of its MGA subsidiary, DAS Legal Protection Inc., effective September 1, 2018. Revin’s appointment follows the recent amalgamation of DAS Canada and Temple, and she will ... Read the full article
Brazilian reinsurers Terra Brasis & Austral reported to discuss merger
23rd August 2018
Two domestic Brazilian reinsurance firms are reportedly in merger discussions, with the respective owners of Terra Brasis Re and Austral Re said to be keen on a deal. Austral Re's investment firm owners Vinci Partners have been looking for an exit since the beginning of the year, it's said, while Terra ... Read the full article
California’s new public underwriting rules could impact P&C and InsurTech
23rd August 2018
The California Department of Insurance’s (CDI’s) recently issued legal opinion, which requires underwriting rules included in property and casualty (P&C) rate applications to be made public, could have negative implications for California’s P&C and InsurTech markets, according to analysts at U.S law firm Drinker Biddle. The legal opinion, which Drinker Biddle ... Read the full article
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