Reinsurance News
Mobile technology driving re/insurance penetration in Africa, says Lloyd’s Inga Beale
15th May 2018
Inga Beale, Chief Executive Officer (CEO) of Lloyd’s of London, has suggested that mobile technology is key to both supporting economic growth and driving re/insurance penetration across Africa. Although Africa has generally been late in its transition from analogue to digital technologies, the continent has essentially leapfrogged computers and landlines and ... Read the full article
JLT Specialty appoints Hamish Roberts to lead power business
15th May 2018
Specialist re/insurance broker and risk consultant JLT Specialty has appointed Hamish Roberts to lead its London-based power specialty business. Roberts will coordinate with JLT’s power specialists internationally and will oversee the power business, which combines JLT’s specialist sector knowledge to offer a suite of services to both regulated power companies and ... Read the full article
Aspen pursues new insurance subsidiary in Ireland
15th May 2018
The Central Bank of Ireland has received an application from insurer and reinsurer Aspen for the authorisation of a new insurance subsidiary in Dublin, Republic of Ireland. Aspen Insurance Ireland DAC (Aspen Ireland) is anticipated to be operational by the first quarter of 2019 and is intended to ensure continued service ... Read the full article
Aon names Andersen and O’Connor Co-Presidents, retires business unit brands
15th May 2018
Aon has appointed Eric Andersen, current Chief Executive Officer (CEO) of Aon Benfield, and Michael O’Connor, current CEO of Aon Risk Solutions, as Co-Presidents of the firm. The appointments come alongside the announcement that Aon will be retiring its remaining business unit brands, Aon Risk Solutions and Aon Benfield, creating instead ... Read the full article
Global insurance broker Willis Tower Watson granted full license in China
15th May 2018
First-of-its-kind deal provides Willis Tower Watson (WTW) with the same license as domestic brokers. China’s Banking Insurance Regulatory Commission (CBIRC) has approved leading global advisory, broking and solutions company WTW to become the first foreign broker to be allowed a full license over all insurance business within ... Read the full article
CelsiusPro tenders technical assistance for Armenian agricultural scheme
15th May 2018
Swiss InsurTech firm CelsiusPro has completed a multi stakeholder international tender on behalf of the German development bank KfW and the Central Bank of Armenia for the technical assistance to establish a nation-wide agricultural re/insurance scheme in Armenia. CelsiusPro defined the terms of reference (ToR), organised the international tender for multiple ... Read the full article
XL announces leadership changes as it prepares for AXA integration
15th May 2018
Global insurer and reinsurer XL Group has announced a range of leadership changes within the XL Catlin Insurance Leadership Team, and the XL Group Leadership Team, in preparation for its planned integration with the AXA Group. Firstly, reinsurance operations will continue to be led by Charles Cooper. Within Insurance, XL Group ... Read the full article
Zurich completes £2bn longevity risk transfer deal with UK’s National Grid
15th May 2018
Zurich Insurance Group has completed an intermediated longevity swap deal that covers more than £2 billion of pensioner liabilities for the UK’s National Grid Electricity Group of the Electricity Supply Pension Scheme (ESPS). The transaction, which represents Zurich’s largest ever longevity swap arrangement, will protect the National Grid against the risk ... Read the full article
Castel hires Bob Cowdell as independent Non-Executive Director
15th May 2018
Castel Underwriting Agencies Limited, the club-style MGA formation platform, has announced the appointment of Bob Cowdell as its first independent Non-Executive Director (NED). Cowdell is currently a NED with Thomas Miller Holdings Limited and with Real Estate Credit Investment Limited, and has previously held NED roles at XL Catlin. He also has ... Read the full article
Arch appoints François Morin as new CFO
15th May 2018
Arch Capital Group has announced the appointment of François Morin as Executive Vice President and Chief Financial Officer (CFO), effective May 25. He will succeed Mark Lyons, who is leaving Arch to become Senior Vice President and Chief Actuary, General Insurance at AIG, as we reported earlier. Morin has been with ... Read the full article
Lyons rejoins AIG as SVP & Chief Actuary, General Insurance
15th May 2018
American International Group, Inc. (AIG) has announced the appointment of Mark D. Lyons as Senior Vice President (SVP) & Chief Actuary, General Insurance, effective June 1st, 2018. Lyons is rejoining the firm from Arch Capital Group, where he was Executive Vice President (EVP), Chief Financial Officer (CFO), and Treasurer since 2012. In his ... Read the full article
FWD plans joint venture in Shanghai as China relaxes regulation
15th May 2018
FWD Group, the Hong Kong based insurance business of Pacific Century Group, is planning to set up a life insurance joint venture in Shanghai, as China opens up its financial sector to more foreign investment, according to the South China Morning Post (SCMP). Under China’s new policy, FWD can take up ... Read the full article
Munich Re America promotes Sarina Puccio to Team Leader for Credit and Surety
15th May 2018
Munich Re America has announced the appointment of Sarina Puccio as Team Leader for Credit, Surety, and Political Risk in its Reinsurance Division. In her new role, she will be responsible for growing the surety, trade credit, and political risk business portfolio, as well as managing the division’s team of underwriters, ... Read the full article
Poor 2017 results suggest Lloyd’s syndicates under strain: RBC
14th May 2018
RBC Capital Markets has reported that Lloyd's syndicates are under considerable strain, having posted aggregate combined ratios of 114% in 2017, with the worst return on capital since 2001. RBC analysed 95 Lloyd's syndicate reports from 2017, finding that just 16% of syndicates by number, or 9% of syndicates by premium, ... Read the full article
Silent risk the key impediment to cyber re/insurance market growth: X-Analytics
14th May 2018
A recent study by X-Analytics has revealed that silent cyber risks are one of the major impediments to growth in the cyber re/insurance market, and that measurement of cyber risk in general is highly deficient among both customers and the wider re/insurance industry. Non-affirmative cyber, or silent cyber, refers to instances ... Read the full article
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