Reinsurance News
Allstate hit with $670m Camp and Woolsey wildfire losses
13th December 2018
American insurer Allstate has announced pre-tax catastrophe losses for the month of November of $685 million ($541 million, after-tax), of which $670 million ($529 million, after-tax) is attributable to California’s Camp and Woolsey wildfires and reflect the impact of reinsurance recoveries and reinstatement premiums. Allstate has said it has already provided ... Read the full article
Cyber not included in Australia’s terrorism reinsurance pool
13th December 2018
With the Australian Cyber Security Centre considering the current risk of terrorist groups using a cyber-attack to impact Australia’s interests and security as low, the threat has not been included in the country’s terrorism reinsurance pool. The Australian Reinsurance Pool Corporation (ARPC) was set up in 2003 to correct a market ... Read the full article
AkinovA adds Tokio Marine’s Daljitt Barn to Advisory Board
13th December 2018
AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has announced the addition of Daljitt Barn to its Advisory Board. Barn is the Global Head of Cyber Risk for Tokio Marine Group and an industry leader in cyber insurance and cyber risk, combining insurance value-chain expertise with a ... Read the full article
Hamilton’s investments with Two Sigma help generate consistent net income: KBRA
13th December 2018
Kroll Bond Rating Agency (KBRA) has assigned a stable outlook and an insurance financial strength rating (IFSR) of A to Bermudian property and casualty (P&C) reinsurer Hamilton Re, citing the strengths of its investment fund. The company’s TS Hamilton Fund is managed by Two Sigma and has allowed Hamilton Re to ... Read the full article
Threat of disruption driving re/insurer tech investment: Moody’s
12th December 2018
As technology becomes more affordable and accessible, consumers are becoming more demanding and have higher expectations from financial service providers like re/insurance companies, according to Moody’s. This high potential of disruption is in turn propelling re/insurers to invest in tech to remain relevant with consumers and boost profitability, which faces headwinds ... Read the full article
SCOR Global Life appoints leadership for newly combined teams
12th December 2018
SCOR Global Life, a division of the France-headquartered reinsurer, has announced the leadership structure for its newly combined Global Markets and Client Solutions teams. The company revealed that David O’Brien has been promoted to Deputy Head of Global Markets and Head of Client Relationships, while Christopher Smith has become Head of ... Read the full article
UK and U.S finalise re/insurance agreement ahead of Brexit
12th December 2018
The U.S Department of the Treasury and the Office of the U.S Trade Representative have finalised the terms of a bilateral agreement that aims to provide regulatory certainty for UK and U.S re/insurance markets ahead of Brexit. The new U.S-UK Covered Agreement will uphold the terms of the U.S-EU Covered Agreement, ... Read the full article
LSM secures licence for post-Brexit Luxembourg business
12th December 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has secured a licence for its European insurance company, Liberty Mutual Insurance Europe SE (LMIE), to operate from Luxembourg. While LSM intends to maintain its UK presence, the company says this new licence means it will be able to continue conducting ... Read the full article
U.S commercial insurance prices continue to rise over Q3, finds WTW
12th December 2018
Commercial insurance prices in the U.S increased by 2% over the third quarter of 2018, according to re/insurance broker Willis Towers Watson’s (WTW) Commercial Lines Insurance Pricing Survey (CLIPS). The survey established that prices rose materially in commercial auto, commercial property and excess/umbrella liability for a second consecutive quarter. Price changes ... Read the full article
Haven Holdings appoints Gordon Rowell as COO of insurance operations
12th December 2018
Haven Holdings has announced today the appointment of Gordon Rowell as the Chief Operating Officer (COO) of Time Insurance Company II. Haven Holdings previously announced that it had closed the acquisition of Time Insurance Company from Interfinancial., a wholly owned subsidiary of Assurant. Rowell will relocate to San Juan, Puerto Rico, to ... Read the full article
Tokio Marine Kiln adds property underwriter to Singapore team
12th December 2018
London-headquartered specialist insurer Tokio Marine Kiln (TMK) has announced the appointment of Jamie Tang as a property underwriter in its Singapore team. Tang brings a decade of underwriting experience with him and has a strong background in complex property business and developing broker relationships. He also has experience working in the Australian ... Read the full article
PURE Group expands coverage for high-value, high-risk Californian homes
12th December 2018
Owners of high-value, high-risk home in California are being offered broader coverage than is typically found in the high net worth Excess & Surplus (E&S) market by the PURE Group of Insurance Companies. In addition, the group says brokers who serve these individuals will benefit from a faster, easier and more ... Read the full article
Benchimol to continue as AXIS CEO for a further 5 years
12th December 2018
AXIS Capital Holdings has revealed that it has extended the employment term of its President and Chief Executive Officer (CEO), Albert Benchimol, for an additional five years. Benchimol was appointed as President and CEO of AXIS in May 2012 and has served as a director since January 2012. He joined the company ... Read the full article
Blue Capital Re anticipating $17mn losses from Q4 cats
12th December 2018
Blue Capital Reinsurance Holdings Ltd., the Bermuda-based reinsurer owned by Sompo International Holdings Ltd., is expecting to incur catastrophe losses of around $17.0 million in the fourth quarter of 2018, including losses related to Hurricane Michael and the California wildfires. The company explained that its Q4 catastrophe loss estimate was net of ... Read the full article
Athene adds Scott Kleinman, Mitra Hormozi to Board
12th December 2018
Athene Holding Ltd., one of Bermuda's leading retirement services companies, has appointed Scott Kleinman and Mitra Hormozi to its Board of Directors, effective immediately. Kleinman is Co-President of Apollo Global Management and shares responsibility for all of Apollo’s revenue-generating and investing businesses, with particular focus on equity and opportunistic business. He is ... Read the full article
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