Reinsurance News
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
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
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