Reinsurance News
Sampo Group announces new CFO, insurance business surges
8th August 2018
Sampo Group, a Nordic financial and insurance company, has announced that Knut Arne Alsaker will be replacing Peter Johansson as its Chief Financial Officer. Johansson retires on January 1, 2019 after 33 years with Sampo; he has been a member of the firm’s Executive Board since 2001. Alsaker is currently CFO of ... Read the full article
Prudential takes on $1.4bn of pension longevity risk from Aviva
8th August 2018
Prudential Retirement, part of Prudential Financial, has reinsured longevity risk for approximately £1 billion (nearly $1.4 billion) in pension liabilities from Aviva Life and Pensions, the first such transaction between the two companies. The deal comes amid a rising appetite for de-risking in the U.K as attractive pricing and enhanced capacity ... Read the full article
Munich Re stays on track despite significant rise in major man-made losses
8th August 2018
Global reinsurance giant Munich Re has announced its results for the second-quarter and first-half of 2018, revealing a larger than expected hit from major man-made losses that dented the performance of its property casualty reinsurance segment. Overall, the reinsurer has reported Q2 profit of €728 million and H1 2018 profit of ... Read the full article
Aspen appoints Emil Issavi to lead reinsurance business
8th August 2018
Bermuda-headquartered Aspen Insurance Holdings has announced the appointment of Emil Issavi as President and Chief Underwriting Officer of Aspen Re, effective immediately. Issavi succeeds Thomas Lillelund and brings over 20 years’ experience to the role, including 12 at Aspen. “We are delighted to name Emil as our new leader for Aspen Re,” ... Read the full article
AmWINS appoints Swiss Re’s Robert Petrilli as President of Underwriting
8th August 2018
Speciality insurer AmWINS Group has announced the appointment of Robert Petrilli as President of its Underwriting division, effective immediately. Petrilli will be overseeing 11 operating companies, representing over $1.7 billion in underwriting premium; the largest MGA platform in the U.S. “Our underwriting division has seen incredible expansion over the last 24 months, ... Read the full article
Property remodelling surge creates insurance blindspot: BuildFax
8th August 2018
An almost 60% rise in property remodelling since 2009 has resulted in a misalignment between insurance premiums and risk exposure, according to a new report by BuildFax, a provider of property condition and history insights. Leveraging 23 billion data points, BuildFax observed a 58.9% increase in residential remodelling activity from 2009 ... Read the full article
Aegon to divest last block of U.S. life reinsurance business to SCOR
7th August 2018
Aegon has announced an agreement to divest the last substantial block of its life reinsurance business to SCOR Global Life, a division of French domiciled reinsurer SCOR. The latest transaction is consistent with Aegon's strategic objective to lower the volume of capital allocated to its run-off businesses. Under the agreement, Aegon's Transamerica ... Read the full article
Symbo acquires ReLeague InsurTech, adds reinsurance to its offerings
7th August 2018
Symbo, a Singapore-based all lines insurer, has acquired Mumbai-based B2B reinsurance software platform ReLeague in a deal that adds reinsurance to its current offerings in direct insurance, reports BW Disrupt. The acquisition sees Symbo - a technology-driven business backed by former Sequoia Partner Yinglan Tan’s Insignia Ventures and Dymon Asia Ventures ... Read the full article
Chubb appoints Aspen’s Raheila Nazir as UK&I Cyber Underwriting Manager
7th August 2018
Property & Casualty (P&C) insurer Chubb has announced the appointment of Raheila Nazir as Cyber Underwriting Manager for the UK and Ireland, effective immediately. Nazir will report to Kyle Bryant, Cyber Risks Manager, Europe, Chubb and be responsible for the leadership and direction of Chubb’s Cyber Underwriting team in the region. ... Read the full article
Swiss Insurtech start-up wefox expands into Italy
7th August 2018
Switzerland-based Insurtech start-up wefox has revealed plans to continue its European expansion into Italy via a new partnership with Italian insurance brokerage Mansutti S.p.A, in addition to new products and a new company, to be incorporated next year. The expansion comes just three years after wefox launched in Switzerland and Germany, ... Read the full article
Asian reinsurers remain profitable over 2017 despite market softening: Fitch
7th August 2018
Asian reinsurers in catastrophe-prone countries remained profitable over 2017 despite continued market softening thanks to effective risk management, favourable loss-reserve development, and limited catastrophe events, according to a new report by Fitch Ratings. Fitch found that big reinsurers in China, Japan and Korea recorded favourable profitability with return on equity (ROE) ... Read the full article
AIG appoints Zurich’s Jonathan Wismer to three senior positions
7th August 2018
American International Group (AIG) has appointed Jonathan Wismer, former Group Controller for Zurich Insurance Group, to the positions of Senior Vice President (SVP), Deputy Chief Financial Officer (CFO), and Chief Accounting Officer, effective immediately. He succeeds Elias Habayeb, who was appointed as CFO for General Insurance in May, and will report ... Read the full article
MSIG eyes further digital transformation with Plug and Play partnership
7th August 2018
Tokyo-headquartered general insurer MSIG Insurance has expanded its potential to access and leverage new technologies by partnering with startup accelerator and corporate innovation platform, Plug and Play. As part of the deal, MSIG becomes a founding anchor partner of Plug and Play’s Insurtech platform in Singapore and will be able to ... Read the full article
JLT Specialty hires Nigel Somerville as Head of Risk Consulting for Europe
7th August 2018
JLT Specialty, a division of global insurance and reinsurance broker JLT Group, has appointed Nigel Somerville as Head of Risk Consulting for Europe. Somerville will be tasked with driving JLT Specialty’s value proposition in risk advisory and consultancy areas across Europe, and will work closely with JLT’s global consulting leadership to ... Read the full article
Starr Insurance to acquire Aspen’s aviation business
7th August 2018
Starr Insurance Companies has announced that it has entered into an agreement to acquire the renewal rights of Aspen Insurance’s aviation business. Under the terms of the agreement, Starr will manage all underwriting and claims administration on current business, in addition to managing the run-off of Aspen’s aviation claims and reserves ... Read the full article
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