Reinsurance News
Saudi Arabia issues new rules for foreign re/insurance branches
20th December 2018
The Saudi Arabian Monetary Authority (SAMA) has issued a new set of rules for the licensing and supervision of foreign branches of insurance and reinsurance companies in the country. SAMA explained that the rules are designed to support the development of the re/insurance industry in Saudi Arabia, while also ensuring the ... Read the full article
Sonja Rottiers to replace Vandendael as Lloyd’s Brussels CEO
20th December 2018
It has been announced that Lloyd’s post-Brexit European base in Brussels will be lead by Sonja Rottiers as Chief Executive Officer. This appointment follows the recent departure of Lloyd's Brussels' previous CEO Vincent Vandendael, who played a key role in its' successful establishment. Rottiers will also serve as Lloyd’s Regional ... Read the full article
Assurant posts Q4 nat cat losses of up to $150m
20th December 2018
Assurant, a global provider of risk management solutions, has released a fourth quarter catastrophe loss estimate of between $110 million and $150 million. The figure, reportable in its Global Housing segment, includes an initial view of expected losses related to November’s Camp and Woolsey wildfires in California, as well as a ... Read the full article
InsurTech funding doubles to $1.3bn from previous quarter: WTW
20th December 2018
More than $1.3 billion of InsurTech funding was completed during Q3 2018, double the figure from the previous quarter, according to a report by global brokerage Willis Towers Watson (WTW). While individual investment rounds were larger, WTW says the number of transactions reported actually declined 20% to 57. Q3 saw eight transactions ... Read the full article
Marsh-JLT Specialty announces key leadership changes for UK & Ireland
20th December 2018
Following yesterday's news of global re/insurance broker Marsh's intended global leadership reshuffle, the firm has announced a number of further appointments - this time focused on key UK & Ireland roles within what will be known as Marsh-JLT Specialty - as its’ parent, Marsh & McLennan Companies, prepares for the ... Read the full article
AXIS estimates up to $150m loss from California wildfires
20th December 2018
Bermudian re/insurance group AXIS Capital has announced a preliminary, pre-tax loss estimate for the California wildfires of between $125 million and $150 million, net of estimated recoveries from reinsurance and retrocessional covers and including the approximate impact of reinstatement premiums. AXIS states that this figure is derived from the $20 billion estimated ... Read the full article
ASEAN countries to establish disaster risk insurance facility
20th December 2018
A number of countries belonging to the Association of Southeast Asian Nations (ASEAN) have signed a Memorandum of Understanding for the establishment of the region’s first disaster risk financing facility. The Southeast Asia Disaster Risk Insurance Facility (SEADRIF) will initially comprise a trust and an insurance company in Singapore, working in ... Read the full article
Ten re/insurers rule out support for Australian coal mine following climate campaign
20th December 2018
Ten of the world’s largest insurers and reinsurers will not provide support for the development of Adani Group’s Carmichael coal mine in Queensland, Australia, following a campaign by 73 prominent environmental organisations. The organisations, which collectively represent 76 million members, penned a letter to 30 global re/insurance companies earlier this ... Read the full article
Swiss Re takes further investment in ReAssure from MS&AD
20th December 2018
Global reinsurance firm Swiss Re has taken a further minority investment from insurance holding company MS&AD into ReAssure, taking the Japanese firms stake to 25%. MS&AD Insurance Group Holdings Inc (MS&AD) already holds around 15% of the shares in Swiss Re's UK closed life book consolidator ReAssure, having bought into ... Read the full article
ABI Director slates European Commission’s no-deal Brexit plans
19th December 2018
Hugh Savill, Director of Regulation at the Association of British Insurers (ABI) has criticised the contingency plans released today by the European Commission, which outline the European Union’s (EU) response to a potential ‘no-deal’ Brexit scenario for re/insurers. Savill argued that the plans fail to provide adequate support for the millions ... Read the full article
Argo appoints Kevin Rehnberg as Chief Administrative Officer
19th December 2018
Global specialty re/insurer Argo Group International Holdings has announced the appointment of Kevin Rehnberg as Chief Administrative Officer. Rehnberg joined Argo in 2013 as President of U.S Operations and extended his remit to the company’s business in Latin America earlier this year. Argo explained that he will take on his new responsibilities ... Read the full article
Japan Post to acquire 7% stake in U.S insurer Aflac
19th December 2018
Japan Post Holdings, the Tokyo-headquartered postal and financial conglomerate, has announced that it plans to acquire a 7% stake in U.S supplemental insurance provider Aflac Incorporated. The company, which is majority-owned by the Japanese government, said that it will acquire 7% of Aflac’s outstanding shares through a trust. Reuters reported last week ... Read the full article
Tremor completes reinsurance auction using programmatic marketplace
19th December 2018
Tremor Technologies, a venture-backed programmatic risk transfer platform, has announced the successful pricing and placement of a large panel property catastrophe program to what it describes as a top 20 U.S property and casualty insurance company. The Connecticut based start-up says nearly 50 reinsurers from the traditional U.S, Bermuda, Lloyd’s, European ... Read the full article
RSA appoints Neil Strickland as Customer Experience Director
19th December 2018
Following the re-focus of RSA’s Global Risk Solutions business, RSA Group has announced the appointment of Neil Strickland as Director of its new Commercial Customer Experience function. Strickland has over three decades’ experience in the industry and will take up the role of Customer Experience Director with immediate effect. Before joining RSA, ... Read the full article
Alliant hires William Callahan from Willis Towers Watson
19th December 2018
Alliant Insurance Services, the U.S specialty insurance brokerage firm, has hired Willis Towers Watson’s (WTW) William Callahan as Senior Vice President. Callahan has spent the previous two decades at WTW, where he also served as Senior Vice President in the broker’s New York office. He has more than 30 years’ experience in ... Read the full article
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