Reinsurance News
Markel International appoints Simon Barrett to Finance Director role
10th July 2018
Specialist insurer Markel International has appointed Simon Barrett as Finance Director. He is expected to join at the end of 2018, replacing Jeremy Noble who becomes Chief Financial Officer (CFO) of Markel Corporation. Barrett joins from Hamilton at Lloyd’s where he served as CFO for three years. He was previously Finance Director ... Read the full article
Aon and Chubb partner on new terrorism and political violence policy
10th July 2018
Re/insurance broker Aon plc has collaborated with Chubb Limited and Lloyd’s to develop a new stand-alone terrorism and political violence solution, called Platinum, which addresses the demands of an increasingly regulated market. Platinum has been designed for multinational clients looking to fulfil local regulatory requirements in all territories they operate in, ... Read the full article
Fitch suggests large reinsurers can better withstand market challenges
10th July 2018
Fitch Ratings recently affirmed its stable outlook and ‘AA-‘ Insurer Financial Rating (IFR) for European reinsurance giants Swiss Re and SCOR, reasoning that the scale of the companies allows them to better withstand current market challenges. The rating agency recognised that both companies currently had very strong business profiles within the ... Read the full article
Stonybrook Capital appoints William Nutt as a Strategic Advisor
10th July 2018
Stonybrook Capital, an insurance sector-focused merchant and investment banking firm, has announced William Nutt's appointment as a Strategic Advisor. With 40 years’ experience in the insurance industry Nutt will be focusing on providing advisory services to Stonybrook’s clients. Nutt has primarily served with United Guaranty Corporation, then a subsidiary of AIG. While ... Read the full article
Catastrophe bond & ILS market is going from “strength to strength”
10th July 2018
Catastrophe bond and insurance-linked securities (ILS) issuance was at the second highest level ever recorded during the second-quarter of 2018, with $5.16 billion generated from 26 deals and 46 tranches of notes, according to Artemis' Q2 2018 Catastrophe Bond & ILS Market Report. When combined with the record-breaking level ... Read the full article
Liberty Specialty continues European expansion with Ironshore move
10th July 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance (LMI), is to take on Ironshore’s European non-M&A business and staff as the firm continues its expansion efforts on the continent. LMI had previously acquired the global specialty insurer in 2017 for a reported $2.935 billion. The move will see Ironshore’s locally ... Read the full article
U.S. cyber market continues to grow, remains profitable: Aon
10th July 2018
The latest market update from Aon indicates U.S. cyber insurance is growing increasingly sophisticated while the market expands and becomes less concentrated, resulting in continued profitability and shrinking claims. Following an ‘unprecedented year’ for ransomware attacks a total of 170 U.S. insurers were reportedly writing cyber insurance in 2017, up from ... Read the full article
Marsh names Kevin Richards as Global Head of Cyber Risk Consulting
10th July 2018
Global insurance and reinsurance broker Marsh has appointed Kevin Richards to the newly-created position of Global Head of Cyber Risk Consulting. Richards will be tasked with leading the strategic development and delivery of Marsh’s cyber risk consulting business worldwide, and will work closely with the company's regional and local cyber risk ... Read the full article
AXA Liabilities Managers acquires Gothaer Re run-off portfolio
10th July 2018
AXA Liabilities Managers has acquired the reinsurance portfolio of Gothaer Group, which has been in run-off since Gothaer Re ceased trading in 2004. The deal was confirmed following approval by the German Federal Financial Supervisory Authority on June 26, with Guy Carpenter having supported Gothaer at all stages in the transaction process. Guy ... Read the full article
Current market landscape has challenged long-term reinsurance business model: Analysts
10th July 2018
Morgan Stanley analysts have warned that the current reinsurance market landscape has challenged the long-term business model of reinsurance companies, in light of disappointing rate increases on the back of 2017's catastrophe losses and five years of pricing reductions. In spite of the record-level of global catastrophe losses experienced in 2017, ... Read the full article
Chris Donlan to lead Everest Insurance’s Marketing & Distribution, Southeast region
10th July 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has appointed Chris Donlan to lead its Marketing & Distribution efforts for the Southeast region, based in Atlanta, Georgia. Donlan joined the firm in 2016 from insurer AIG, and had most recently been based in the firm's New York City office. He ... Read the full article
Clear risk strategies more vital than ever for re/insurers: Canopius’ Andy Gladwin
9th July 2018
Underwhelming market corrections following the record-breaking 2017 losses is proof that insurers and reinsurers must have a clearly defined strategy when undertaking risks, according to Canopius’ Global Head of Marine Treaty, Andy Gladwin. In the event of a U.S. catastrophe, Gladwin said there can be an accumulation with property risks both ... Read the full article
Monument Re acquires Dutch closed life insurer, Robein Leven
9th July 2018
Reinsurer Monument Re has announced the acquisition of Robein Leven N.V. and its subsidiaries from Amerborgh Financial Services B.V. The Bermuda domiciled reinsurance company's acquisition of the Netherlands-based closed life insurer, Robein Leven, will follow satisfaction of customary closing conditions, which includes the receipt of regulatory approvals. Chief Executive Officer (CEO) of Monument ... Read the full article
Iranian regulator announces latest risk retentions and reinsurance caps
9th July 2018
The Central Insurance of Iran (CII), the Iranian re/insurance industry regulator and reinsurer, has revealed the latest risk retentions and inward reinsurance capacity allowed for insurance companies in Iran, according to the Financial Tribune. In addition to the CII, only six insurers out of a total of 30 in Iran are ... Read the full article
Kingstone renews reinsurance treaties under increased coverage
9th July 2018
Kingstone Companies, a multi-line regional property and casualty (P&C) insurance holding company, has announced that its wholly-owned subsidiary, Kingstone Insurance Company (KICO), has renewed its reinsurance coverage for the treaty year beginning July 1, 2018. KICO has entered into various reinsurance agreements with multiple reinsurers, which include increased coverage, improved terms, ... Read the full article
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