Reinsurance News
Global M&A insurance capacity extended by XL Catlin
17th May 2018
In an effort to better address the transactional liability insurance needs of clients, brokers and other deal professionals, XL Catlin has announced an extension of its global Mergers and Acquisitions (M&A) capacity by 20% to $60 million. XL Catlin offers M&A insurance for a number of risks associated with mergers and ... Read the full article
Swiss Re partnership set to shake up home-insurance sector in Cyprus
17th May 2018
Global reinsurer Swiss Re has teamed up with next-generation insurer Hellas Direct and one of Europe’s fast-rising banking alternatives, Revolut, in a move aimed at delivering an innovative and customer-focused home-insurance experience for Cyprus-based policyholders. In a strategic partnerships between a disruptive company and a traditional reinsurance powerhouse, the collaboration is ... Read the full article
Guy Carpenter commissions Simplitium’s ModEx cat risk platform
17th May 2018
Reinsurance broker Guy Carpenter & Company, LLC has commissioned Simplitium, a global financial services solutions provider and subsidiary of Cinnober Financial Technology, to deliver a catastrophe risk modelling solution using its ModEx platform. ModEx, formerly known as Boat Oasis, is the first independent multi-vendor catastrophe risk modelling platform for the re/insurance ... Read the full article
Marks & Spencer secures £1.4bn pension scheme buy-in
17th May 2018
Following the closure of its £10 billion defined pension scheme to future accrual in 2017, Marks & Spencer has further reduced risks by completing a £1.4 billion pension liabilities buy-in with insurers Aviva and Phoenix Life. The scheme’s position has gradually improved through a close working relationships with trustees and their ... Read the full article
Aon names John English CEO of Aon Captive & Insurance Management
17th May 2018
Insurance and reinsurance broker Aon has announced the appointment of John English as Chief Executive Officer (CEO), Aon Captive & Insurance Management, effective June 1st, 2018. Currently Chief Operating Officer (COO) of Aon Captive & Insurance Management & Managing Director of Aon Captive & Insurance Management EMEA, English has been with ... Read the full article
RMS hires Moe Khosravy to lead Software and Platform team
17th May 2018
RMS, the risk modelling and analytics company, has appointed Moe Khosravy as General Manager of Software and Platform. He will now be responsible for overseeing all software and platform technology at RMS, including RMS(one), the exposure and risk analytics platform developed for the re/insurance industry. Khosravy brings 20 years of software innovation ... Read the full article
Fidelis invests in new mortgage indemnity MGA, Aware Specialty
17th May 2018
Fidelis Insurance has taken an equity stake in a newly incorporated managing general agent (MGA), Aware Specialty Limited, which focuses on mortgage indemnity insurance. Aware will be managed through Pine Walk Capital Limited, Fidelis’ subsidiary MGA platform, and will provide Fidelis with mortgage indemnity insurance capacity in return for underwriting support. Giles ... Read the full article
Toa Re targets portfolio development with launch of Toa Re Europe
17th May 2018
The launch of a new European reinsurance underwriting platform, set to be based in Zurich, Switzerland, has today been announced by The Toa Reinsurance Company Ltd. (Toa Re). Toa Re has decided to activate its wholly owned subsidiary Toa 21st Century Reinsurance Company Ltd. (TTFC), domiciled in Switzerland since 2002 and ... Read the full article
Chairman of The Hanover Insurance Michael Angelini announces retirement
17th May 2018
After more than 30 years of service to The Hanover Insurance Group’s (THG) board of directors longtime Chairman Michael P. Angelini has announced his retirement, effective May 16th, 2018. The governance guidelines of THG prohibit the continuation of directors beyond the age of 75. Having joined Hanover’s board in 1995 Angelini ... Read the full article
P&C surplus continued to grow in 2017 despite drop in net income
17th May 2018
Industry surplus grew $51.7 billion to an all-time high of $752.5 billion for U.S Property and Casualty (P&C) re/insurers in 2017 despite a 15.8% drop in net income, according to ISO, a Verisk business, and the Property Casualty Insurers Association of America (PCI). Net investment income, which increased from $46.6 billion ... Read the full article
Tokio Marine Kiln’s syndicate losses continue at latest forecast
17th May 2018
Tokio Marine Kiln (TMK) has released the results for its three non-aligned Lloyd’s of London Syndicates and updated its 2017 year of account forecasts, revealing that losses are expected to continue in response to the costly catastrophe events experienced in late 2017. TMK’s Syndicates 510 and 557 both showed slight improvements ... Read the full article
SCOR restructures Business Solutions unit to enhance client focus
16th May 2018
SCOR has restructured its large corporate risks insurance unit, SCOR Business Solutions, to align with its current strategic plan, ‘Vision in Action’, which aims to increase the firm’s client centricity. The new organisational structure promotes greater business leadership and client and broker relationship management at a local level, offering global Line ... Read the full article
Insurability of GDPR risks is limited, report Aon and DLA Piper
16th May 2018
Aon and global law firm DLA Piper have reviewed the insurability of risks related to the European Union’s (EU) General Data Protection Regulation (GDPR), finding that fines would typically not be insurable, although associated legal costs could be covered. The GDPR, which will become effective from 25 May 2018, can fine ... Read the full article
Ironshore names Lainie Dorneker as President of IronHealth
16th May 2018
Ironshore has appointed Lainie R. Dorneker as President of IronHealth, the company’s healthcare professional liability unit. She succeeds outgoing IronHealth President Matthew Dolan, who was recently named President of Ironshore U.S Operations. Dorneker joined Ironshore in 2009, and most recently served the company as Chief Operating Officer (COO) of IronHealth, where she ... Read the full article
XL Catlin develops new solutions for autonomous technology industry
16th May 2018
XL Catlin has developed a new insurance solution that supports the design, development, testing, and implementation of autonomous technologies, and has established a new Global Autonomy Centre of Excellence. Available globally, the new solution aims to provide cover for all sectors of the autonomous technology industry, and can be tailored to ... Read the full article
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