Reinsurance News
BMS adds George Bowring and Kian Wookey to Bermuda team
17th December 2018
Independent specialist re/insurance broker BMS Group has expanded its Bermuda market operations with the appointments of George Bowring from Price Forbes and Kian Wookey from JLT. The new hires come as part of a build out of BMS’s Bermuda operations and will focus on North American liability and property, respectively. Bowring most ... Read the full article
Zurich announces $2bn legacy portfolio transfer to Catalina
17th December 2018
Zurich Insurance, a subsidiary of Zurich Insurance Group, has entered into an agreement with Catalina Holdings that will see the majority of Zurich’s UK employers’ liability (UK EL) policies for 2006 and prior underwriting years transferred to Catalina. This major portfolio transfer represents a significant step forward in Zurich’s efforts to ... Read the full article
Former Everest Exec Michael Kerner appointed CEO, Munich Re Specialty Insurance
17th December 2018
The U.S branch of global reinsurance firm Munich Re has appointed Michael Kerner as Chief Executive Officer for Munich Re Specialty Insurance, a new commercial insurance unit in North America. Reporting to Tony Kuczinski, President and CEO, Munich Re, U.S, Kerner will have oversight for uniting several Munich Re Group business ... Read the full article
Analysts forecast average Atlantic hurricane activity for 2019
17th December 2018
Preliminary forecasts from meteorological experts suggest that the Atlantic will experience average levels of hurricane activity in 2019, although El Niño may add some uncertainty to the outlook. Analysis from Tropical Storm Risk (TSR), a re/insurance industry-backed tropical weather research group, predicts that the 2019 Atlantic hurricane season will be about ... Read the full article
Mondelez’s NotPetya cyber attack claim disputed by Zurich: Report
17th December 2018
A significant cyber insurance claim related to the Petya / NotPetya malware attack is being disputed by insurer Zurich, as the policy language includes an exclusion for hostile acts by sovereign actors. The NotPetya ransomware, a variation of Petya, hit companies around the world, interrupting their business through systems being out ... Read the full article
German non-life rates to continue rising through 2019: Fitch
17th December 2018
German non-life re/insurers are likely to continue raising their premium rates throughout 2019 to maintain profitability as the sector deals with increasing costs per claim and dwindling investment returns, according to a new report by Fitch Ratings. The rating agency forecasts overall premium growth of 2.3% in the sector, largely driven ... Read the full article
Alternative capital growth to further restrict pricing cycles: Swiss Re
14th December 2018
Alternative capital has matured into an integral player in the property catastrophe reinsurance and retrocession markets, but its continued growth is likely to further curb the volatility of the overall underwriting cycles, according to a report from the Swiss Re Institute. Over the last decade, the alternative capital market has become ... Read the full article
MarketScout adds Eduardo Crema as a Production Underwriter
14th December 2018
MarketScout, an insurance distribution and underwriting company headquartered in Dallas, Texas, has expanded its Private Client Solutions team with the addition of Eduardo Crema as a Production Underwriter. Crema has close to 10 years’ experience in the personal lines insurance business working as a wholesale agent/MGA and brings with him extensive ... Read the full article
BTG Pactual completes acquisition of Lutece Re
14th December 2018
BTG Pactual, the largest Latin American investment bank, has completed the acquisition of Lutece Re, a boutique fund manager specialising in reinsurance risk. As a result of the deal, Lutece Re has integrated into BTG Pactual Asset Management, the global asset management division of the firm. Lutece Re was founded by industry ... Read the full article
TigerRisk to adopt AIR’s cyber risk modelling platform
14th December 2018
Reinsurance brokerage, risk and capital strategic advisory firm TigerRisk Partners LLC has announced that it plans to adopt catastrophe risk modeller AIR Worldwide’s cyber risk analytics platform, ARC. TigerRisk intends to grow its cyber risk reinsurance offering using the platform, which is designed to inform risk selection, pricing, portfolio management and ... Read the full article
Hiscox targets European growth with INSTANDA InsurTech partnership
14th December 2018
Specialist re/insurer Hiscox has announced a new partnership with InsurTech firm INSTANDA to further its European growth strategy. Working together, the parties plan to explore opportunities for further growth across Hiscox’s commercial and personal lines business, through multiple distribution and service channels. “We are always looking to take a progressive approach to ... Read the full article
Ascot adds Chris Johnson, Jocelyne Factor from Navigators
14th December 2018
Ascot, a Bermuda-headquartered re/insurance firm, has announced the appointment of Chris Johnson and Jocelyne Factor as Underwriters in its U.S marine team. Both Johnson and Factor will be based in the company’s San Francisco office, expanding Ascot’s geographic footprint to the West Coast. Johnson, Senior Vice President, joins from Navigators where he ... Read the full article
Negative outlook placed on Brazil reinsurance market: A.M. Best
14th December 2018
Brazil’s reinsurance market has been given a negative market segment outlook by AM Best, with the rating agency citing persistent macroeconomic and political uncertainty; a declining interest rate environment, which has led to lower investment income; foreign exchange fluctuations; and evolving reinsurance market conditions. AM Best believes that, despite the negative ... Read the full article
EMC to continue inter-company reinsurance arrangements in 2019
14th December 2018
EMC Insurance Group Inc. and its parent organisation Employers Mutual Casualty Company have approved the continuation of last year’s inter-company reinsurance program between EMC’s reinsurance subsidiary and Employers Mutual for 2019. The terms of EMC Reinsurance Company’s 2018 program will be continued for the next calendar year, with the annual cost ... Read the full article
Beazley appoints Harry Goh, Jessica Schappell to Singapore office
14th December 2018
Specialist re/insurer Beazley has announced the appointments of Harry Goh and Jessica Schappell to its Singapore office, effective January 2019. Goh brings over 20 years' experience in underwriting professional indemnity and medical malpractice risks in Singapore and joins as an Underwriter of international financial lines. He will be responsible for underwriting a ... Read the full article
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