Reinsurance News
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
Boston Mutual Life secures experienced new Vice President of Underwriting
16th May 2018
The National Insurance Solutions Provider Boston Mutual Life has announced the appointment of Robert “Bob” Dignazio as Vice President of Underwriting, in a move that brings over thirty years of management experience to their underwriting department. Mr. Dignazio’s extensive knowledge of underwriting, sales and management is expected to support the partnership between ... Read the full article
Rates won’t strengthen further, but equally won’t go backwards: Lancashire CEO
16th May 2018
Group Chief Executive Officer (CEO) of Lancashire Holdings Limited, Alex Maloney, doesn't expect rates for the firm's book to get any stronger from here unless loss activity picks up, but also doesn't see rates going backwards. Lancashire Holdings has now reported its first-quarter 2018 results, reporting minimal loss activity and positive ... Read the full article
One third of brokers lack understanding of cyber risks: DAS UK Group
16th May 2018
Although a majority of UK brokers consider cyber to be an important and rapidly expanding market, 31% also admit that they possess ‘poor’ or ‘very poor’ understanding of cyber risks and cyber insurance, according to a survey by DAS UK Group and HSB Engineering Insurance. DAS and HSB considered these results ... Read the full article
Baldwin & Lyons adds David Michelson to Board of Directors
16th May 2018
Baldwin & Lyons, a specialty property and casualty holding company, has appointed David W. Michelson to its Board of Directors. Michelson, who will also become a member of the company’s Audit Committee, has spent the previous 26 years at National Interstate Corporation, where he most recently served as a Senior Advisor. Until ... Read the full article
Seeman Holtz strengthens Midwest foothold with First Choice Insurance acquisition
16th May 2018
Seeman Holtz Property & Casualty (SHPC) has continued its expansion into the U.S Midwest with the acquisition of First Choice Insurance Agency, a company headquartered in Poplar Bluff, Missouri. With expertise in Life Insurance, financial services, and the Affordable Care Act, First Choice Insurance has served clients across Missouri for over ... Read the full article
Hamilton Re welcomes Carol Redahan as new Controller
16th May 2018
Hamilton Re, the Bermuda-based insurance and reinsurance platform for Hamilton Insurance Group, has announced the appointment of Carol Redahan as Senior Vice President, Controller. Reporting to Hamilton Re Chief Financial Officer Vanessa Hardy Pickering, Ms. Redahan will be bringing almost 20 years’ experience within the financial services and reinsurance industries. She joins ... Read the full article
BIBA service aims to better connect broker community with InsurTechs
16th May 2018
In an effort to promote collaboration between re/insurance brokers and InsurTech companies, the British Insurance Brokers' Association (BIBA) has announced that it's started work on the development of a service that better connects the two. The new service was announced by BIBA Chief Executive Officer (CEO), Steve White, in his opening ... Read the full article
Re/insurers failing to adjust to climate change, reports University of Waterloo
16th May 2018
The re/insurance industry is putting homeowners at risk by not sufficiently considering risks associated with a changing climate in their underwriting practices, according to a new study by the University of Waterloo. The University’s research, which looked at data from 178 re/insurers, concluded that most companies regard risk to property from ... Read the full article
Fierce competition leads to buyers market for cyber re/insurers: Fitch
16th May 2018
Profitable results in the fast-growing cyber space have led to fierce competition and a buyers market, with renewal rates expected to suffer, according to Fitch Ratings. Fitch observed that cyber continues to represent a significant growth opportunity for U.S property & casualty (P&C) re/insurers, driven by increasingly high-profile cyber-attacks and regulatory requirements. In ... Read the full article
Syncora approved for reinsurance deal with Assured Guaranty
16th May 2018
Syncora Holdings has obtained regulatory approval from the New York State Department of Financial Services (NYDFS) for its proposed $13.5 billion reinsurance transaction with Assured Guaranty Corp., as well as for the related $400 million payment on the Syncora Guarantee Surplus Notes held by third party holders. The reinsurance transaction, Read the full article
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