Reinsurance News
Beazley and Weather Decision collaborate to automate claims payment
2nd May 2018
Beazley, a specialist re/insurer and provider of weather-related coverage for event organisers, has partnered with Weather Decision Technologies (WDT) to automate the payment of claims under its Beazley Weather Guard policy. The collaboration will allow Beazley to offer a digitised, personalisable policy that automatically pays policyholders based on the occurrence of ... Read the full article
Protective completes $1.2bn reinsurance deal with Liberty Life
2nd May 2018
Protective Life Corporation, a wholly owned U.S subsidiary of Dai-ichi Life Holdings, Inc., has announced that it has successfully completed the acquisition of all the individual life and annuity business of Liberty Life Assurance Company of Boston (Liberty Life) in a reinsurance deal valued at $1.2 billion. Protective entered the ... Read the full article
Swiss Re expands Africa remit, approved for P&C business
2nd May 2018
Global reinsurer Swiss Re has announced that its reinsurance business unit has received approval from the South African Prudential Authority to expand the license of its existing subsidiary to include property & casualty (P&C) business. The approval enables Swiss Re ... Read the full article
Harsh winter and severe flu outbreak hits life reinsurer RGA in Q1
2nd May 2018
U.S. domiciled life reinsurer, Reinsurance Group of America (RGA) saw its net income fall by 31% to $100.2 million in the first-quarter of 2018, driven in part by fairly adverse mortality experience within its traditional U.S. and Latin America segment as a result of the bad flu season and particularly ... Read the full article
Beazley partners with Risk Cooperative and Bitfury on blockchain registry
2nd May 2018
Beazley has partnered with Lloyd’s coverholder Risk Cooperative and blockchain technology company Bitfury to develop a blockchain-based risk registry for crisis re/insurance and risk management. The blockchain based-system aims to provide a single source of accurate, real-time information on a policy so that re/insurers and service providers can react more quickly ... Read the full article
John Parry to depart Lloyd’s in 2019
1st May 2018
Lloyd's of London has announced today that the re/insurance market's Chief Financial Officer John Parry is set to leave the Corporation, after 17 years. Parry became Chief Financial Officer of Lloyd's in December 2014 and sits on both the Lloyd’s Board and Executive Committee. As CFO, he has been responsible for financial ... Read the full article
U.S Risk launches risk purchasing group for Lawyers Professional Liability
1st May 2018
U.S Risk Underwriters, a member of U.S Risk Insurance Group, has announced the launch of a new risk purchasing group to underwrite Lawyers Professional Liability. The new risk purchasing group, called U.S Risk Lawyers Advantage RPG, was created to provide an underwriting platform for firms of up to 25 lawyers. Randall Goss, ... Read the full article
Zurich’s reinsurance unit advised to use an internal model
1st May 2018
Zurich Reinsurance Company Ltd (ZRe), the reinsurance arm of global insurer Zurich, has been advised by the Swiss Financial Market Supervisory Authority (FINMA) that it must use an internal model over the standard model, prompting the reinsurer to apply for approval. According to a section on the Swiss solvency test (SST) within ... Read the full article
Purviance succeeds DeCarlo as CEO of AmWINS
1st May 2018
AmWINS Group has confirmed that Scott M. Purviance has succeeded M. Steven DeCarlo as the company’s Chief Executive Officer (CEO), effective immediately. The leadership change, which was first announced in January 2018, will see Purviance continue to build AmWINS' focus on growth, diversification, and technology. Most recently, Purviance served as the ... Read the full article
Munich Re reinsures life portfolio for Iranian insurer Mellat
1st May 2018
Global reinsurance player Munich Re has entered into an agreement with Iranian insurer Mellat Insurance Company, which will see the German reinsurer covering the entire life insurance portfolio of Mellat. Mellat said that it has covered all of the issued life insurance policies under the agreement with Munich Re, as part ... Read the full article
Breckenridge promotes Rinehart to Director of P&C operations
1st May 2018
Breckenridge Insurance Services, a U.S wholesale commercial re/insurance brokerage firm, has appointed Alex Rinehart as Director of its Property and Casualty (P&C) operations. In addition to his new responsibilities, Rinehart will also retain his position as a Senior Vice President (SVP) and Broker at Breckenridge. He will now be responsible for leading ... Read the full article
Former Head of BP Lord Browne joins Windward’s Board of Directors
1st May 2018
Windward, a maritime risk analytics start-up, has announced that former Chief Executive Officer (CEO) of BP, Lord Browne of Madingley, has joined the company’s Board of Directors. Lorde Browne has been advising Windward on strategies to penetrate the London and global marine re/insurance markets since 2016, when he first invested in ... Read the full article
S&P upgrades Sompo International’s core operating subsidiaries to A+
1st May 2018
S&P Global Ratings has upgraded its long-term issuer credit and financial strength ratings for Sompo International Holdings’ (SIH) core operating companies, from A to A+. SIH and its operating subsidiaries are also considered to have a stable outlook, and S&P raised its long-term issuer credit and senior debt ratings on SIH ... Read the full article
Guy Carpenter works with CyberCube on new cyber risk modelling platform
1st May 2018
Guy Carpenter & Company has entered into a formal license agreement with CyberCube Analytics following a two year strategic partnership that delivered the industry’s first cyber risk modelling platform with an inside-out view of cyber exposure. CyberCube, which was formerly part of Symantec Corporation and is backed by investment from Trident ... Read the full article
Pioneer names Simon Gaffney Group Chief Operating Officer
1st May 2018
Pioneer Underwriters has announced the appointment of Simon Gaffney as Group Chief Operating Officer (COO), effective immediately. Gaffney will be based in London and will report to Group Chief Executive Officer (CEO), Dane Douetil. He brings 20 years of insurance broking industry experience to the role, which includes serving as COO at ... Read the full article
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