Reinsurance News
W. R. Berkley names Gary Gudex President of North Pacific subsidiary
23rd January 2019
Re/insurance holding company W. R. Berkley Corporation has appointed Gary Gudex as President of its subsidiary Berkley North Pacific, effective immediately. Gudex joins the regional commercial property and casualty insurer with over 30 years’ experience in the industry. He has served as Director of Underwriting at the corporation's subsidiary Berkley Net since ... Read the full article
Travelers to pull-back on California wildfire exposure
23rd January 2019
U.S primary insurer Travelers has revealed that it plans to reduce its exposure to California wildfire risk following back-to-back years of elevated losses. Michael Klein, President, Personal Insurance and Head of Enterprise Business Intelligence & Analytics at Travelers, explained that the insurer had “already taken action in 2017 to begin to ... Read the full article
Cat-exposed property lines to see double-digit rate increases: AmWINS
23rd January 2019
The property re/insurance market experienced some firming at the recent January renewals, which could translate into double-digit rate increases for catastrophe-exposed business as we progress further into the year, according to analysts at AmWINS. The specialty insurer added that spikes of up to 40% were “not out of the question” for ... Read the full article
Newline adds Markus Schäfer to Cologne team
23rd January 2019
Speciality insurance group Newline has appointed Markus Schäfer as Senior Underwriter, General Liability at Newline Insurance Company Limited in Cologne. Newline set up offices in Cologne last year after announcing in May that it had selected the city as the location for the European Union (EU) insurance hub of Newline ... Read the full article
Gjensidige hires Hope as Director, Reinsurance
23rd January 2019
Leading Nordic insurance group Gjensidige has hired Aleksander Hope as a new Director in its Reinsurance division based in Oslo, Norway. Hope had previously worked at a reinsurance company and an insurance-linked securities (ILS) specialist, giving him broad experience across the various types of reinsurance capital and structures that can be ... Read the full article
Ed reports 67% PPL usage between August, November 2018
23rd January 2019
Ed Broking, the global reinsurance, wholesale and specialty insurance broker, claims it placed 67% of orders through the London Market’s Placing Platform Limited (PPL) between August and November 2018, with the company’s Group Head of Broking calling on all brokers to reveal their rate of usage. The PPL has been pushed ... Read the full article
Waypoint approved as A&H coverholder for ArgoGlobal at Lloyd’s
23rd January 2019
Specialty managing general underwriter (MGU) Waypoint Underwriting Management has obtained coverholder approval to underwrite accident and health (A&H) products on behalf of ArgoGlobal Syndicate 1200 at Lloyd’s. Waypoint offers insurance and reinsurance solutions to clients in the U.S, led by an executive team that has started, owned and run multiple reinsurance ... Read the full article
Alliant takes investment from pension fund PSP and Stone Point
23rd January 2019
Independent insurance brokerage, Alliant Insurance Services, has revealed that the Public Sector Pension Investment Board (PSP Investments) is to make an investment in the firm. PSP Investments, a Canadian pension investment manager, has roughly CA$160 billion (US$120bn) of assets under management (AuM), as at September 30th, 2018. According to an announcement on ... Read the full article
Ventus Risk partners with property risk modeller HazardHub
23rd January 2019
Commercial property managing general underwriter (MGU) Ventus Risk Management has announced a new partnership with HazardHub, a U.S provider of location-based hazard information. Ventus hopes to use HazardHub’s geospatial property risk databases to improve its risk selection and analysis, allowing it to better underwrite and manage catastrophe-exposed insurance risk. Stuart Mercer, President ... Read the full article
Jerry Ridge to be Head of Reinsurance at Lockton Re
23rd January 2019
Reinsurance broker Lockton Re has announced that Jerry Ridge is to lead the firm as Head of Reinsurance, following the retirement of George Carrington this Spring. As Head of Reinsurance at Lockton Re, Ridge will lead the firm's 60 dedicated reinsurance professionals across the UK and the U.S., as the company ... Read the full article
Emma Woolley named Cathedral Underwriting CEO
23rd January 2019
Specialty re/insurance group Lancashire Holdings has appointed Emma Woolley as Chief Executive Officer of its subsidiary Cathedral Underwriting Limited (CUL). She replaces Andrew Mckee, who has served in the role since June 2017 and is due to depart at the end of the month. Woolley brings over two decades of experience in ... Read the full article
Marsh & McLennan expands Florida presence with Bouchard acquisition
23rd January 2019
Marsh & McLennan Agency LLC, a subsidiary of global insurance and reinsurance broker Marsh, has announced that it is to acquire Florida domiciled full-service agency, Bouchard Insurance. Terms of the transaction were not disclosed, but it's been reported that the deal is expected to close later this month. Bouchard Insurance has dedicated ... Read the full article
India primed to become global reinsurance hub, says regulator
23rd January 2019
A number of factors, including recent regulatory changes, geography, economic growth and exposure to natural catastrophes have positioned India to become a global reinsurance hub, according to the International Regulatory and Development Authority of India (IRDAI). IRDAI noted in its annual report that India currently has very low levels of insurance ... Read the full article
Cyber risk could cost businesses $5.2tr within five years: Accenture
22nd January 2019
Professional services firm Accenture says that, over the next five years, companies worldwide risk losing an estimated $5.2 trillion in value creation opportunities from the digital economy—almost the size of the economies of France, Italy and Spain combined—to cyber attacks. Today, many of the base Internet protocols—the set of rules embedded ... Read the full article
Increased cat losses dent Travelers’ results, further reinsurance secured
22nd January 2019
American insurer Travelers’ losses and results overview shows the company had a net income of $621 million in Q4 2018, which included a pre-tax catastrophe loss of $610 million, increasing from $499 million in the prior year quarter. This Q4 cat loss figure consists primarily of $453 million pre-tax ($358 million ... Read the full article
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