Reinsurance News
MetLife and FedEx in pension risk transfer deal covering $6bn of liabilities
11th May 2018
Metropolitan Life Insurance Company (MetLife) has entered a risk transfer agreement with FedEx Corporation, which will see it cover approximately $6 billion of FedEx's pension obligations. The deal, which will cover around 41,000 retirees and beneficiaries in the FedEx defined benefit pension plans, is believed to be the largest U.S. pension ... Read the full article
Compre appoints QBE’s Simon Hawkins as COO
11th May 2018
Compre, the independent European re/insurance legacy acquirer, has announced that QBE’s Simon Hawkins is to join the company as Group Chief Operating Officer (COO). Hawkins is currently Group Head of Retrospective Solutions at QBE, and is expected to take up his new position at Compre in the third quarter of 2018, ... Read the full article
XL Catlin names Brent Hoffman as Global Head of Claims
11th May 2018
Global insurer and reinsurer XL Catlin has announced the appointment of Brent Hoffman as Global Head of Claims, effective immediately. Hoffman will be responsible for leading claims teams across XL Catlin, and will report to Paul Jardine, XL Catlin’s Chief Experience Officer. Having joined XL in 2014, Hoffman most recently served the ... Read the full article
Positive reinsurance pricing trends likely unsustainable, warns Fitch
11th May 2018
Fitch Ratings has predicted that the positive reinsurance pricing trends of the January and April renewals are unlikely to be sustainable in the long-term, with price increases expected to level out at upcoming mid-year renewals. Reinsurance pricing finally bottomed out and turned positive in response to the record-breaking catastrophe losses in ... Read the full article
Beazley’s Q1 gross premiums grow 10% amid strong rate increases
11th May 2018
Beazley has reported that its gross premiums written increased by 10% to $631 million at the end of first-quarter 2018, as premium rates increased by 3% on its renewal business. The specialist insurer's reinsurance division saw a particularly strong underwriting performance, with rates increasing 7% across the portfolio and premiums also ... Read the full article
Aon names Richard Schuyler as CEO of Aon Carrier Link
11th May 2018
Global insurance and reinsurance broker, Aon plc, has announced that Richard Schuyler is to become the Chief Executive Officer (CEO) of Aon Carrier Link, the company’s data and analytics distribution channel. Schuyler will now be responsible for helping clients to digitally manage the placement process by leveraging technology to connect Aon’s ... Read the full article
United secures increased frequency & severity cover at reinsurance renewal
11th May 2018
United Insurance Holdings (UPC Insurance) has announced the completion of its 2018 catastrophe reinsurance program, which includes greater frequency and severity protection and an increased, overall program exhaustion point excess of $3.1 billion. The 2018 reinsurance program, that protects UPC Insurance, via subsidiaries American Coastal Insurance Company, United Property and Casualty ... Read the full article
Potential for UK life insurers to broaden services and generate higher profits: Oliver Wyman
11th May 2018
A recent report by international management consultancy, Oliver Wyman, urges life insurers in the UK to broaden their services and reach in order to take advantage of potential market opportunities driven by reforms. The report, The Retirement Franchise Opportunity, states that UK life insurance companies have the potential to add £7.5 ... Read the full article
Insurance Council of Australia declares catastrophe following Hobart storm
11th May 2018
The Insurance Council of Australia (ICA) has declared a catastrophe following severe wind and flood damage from a storm that affected the city of Hobart, Tasmania over May 10-11, 2018. Record overnight rainfall brought flash-flooding to the capital of Australia’s island state, damaging property and sweeping away cars, while wind gusts ... Read the full article
Gallagher acquires UK commercial insurance broker Risk Services (NW)
11th May 2018
Gallagher has announced that it intends to acquire UK regional commercial insurance broker Risk Services (NW) for an undisclosed consideration. Established in 1999, Risk Services is one of the largest independent insurance brokers in Chester, North Wales, and the surrounding area, and delivers cost-effective solutions to both corporate and commercial clients. Risk ... Read the full article
California to conduct first climate-related stress test for re/insurers
11th May 2018
The California Department of Insurance (CDI) has announced that it plans to conduct a climate-related financial risk stress test and analysis of re/insurance companies’ investments in fossil-fuels, which it claims will be the most comprehensive test of its kind for the insurance sector, and the first in the U.S. The CDI ... Read the full article
Hannover Re & HDI Global seek specialty growth with joint venture
11th May 2018
German reinsurance firm Hannover Re and primary commercial specialists HDI Global SE are to join forces in search of growth in specialty lines under the banner of a new joint venture, HDI Global Specialty. Both part of the Talanx group, Hannover Re and HDI Global already have expertise in the specialty ... Read the full article
There will be opportunities for continued price firming: Swiss Re CFO
10th May 2018
John Dacey, the Group Chief Financial Officer (CFO) of global reinsurer Swiss Re, noted improved rates in P&C business following the catastrophe events of 2017, but stressed an expectation that the market should have reacted stronger than it did, speaking during the firm's Q1 2018 earnings call. As global insurers and ... Read the full article
Beazley to offer new event cancellation product for charities
10th May 2018
Specialist insurer and reinsurer Beazley has developed a new event cancellation insurance product for registered charities to protect them against costs and loss of revenue related to the events they stage. The coverage has been tailored to charities by recognising income derived from donations made at events, which contribute significantly to ... Read the full article
Chubb appoints Manufacturing Industry Practice Leader for North America
10th May 2018
Chubb has appointed Mike Williams as Executive Vice President and Manufacturing Industry Practice Leader for its North American mid-market segment. Williams will now be responsible for leading Chubb's strategic efforts to drive results for its mid-market business in North America by leveraging the company's portfolio of underwriting, claims and risk engineering ... Read the full article
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