Reinsurance News
XL Catlin appoints new Client & Distribution Leader for Asia
4th June 2018
XL Catlin has appointed Zoe Xie as Client & Distribution Leader for Asia, in a role which will see her deliver client and broker strategies for Singapore and Hong Kong businesses. Xie joins the Singapore-based position from insurance firm Willis Tower Watson, where she spent over 4 years occupying various roles, ... Read the full article
The Hanover appoints Zurich VP Frank Baron as President of Alternative Markets
4th June 2018
Massachusetts-based property and casualty (P/C) insurer The Hanover insurance Group (THG) has appointed Frank M. Baron as the President of its newly formed Alternative Markets unit. A veteran of 30 years, Baron joins from Zurich where he served as Executive Vice President (VP) for over 5 years. Prior to that he ... Read the full article
Syncora closes $13bn reinsurance transaction with Assured Guaranty
4th June 2018
Bermuda-domiciled holding company Syncora Holdings has announced that its New York financial guarantee subsidiary Syncora Guarantee Inc (SGI) has closed the previously announced reinsurance transaction with Assured Guaranty Corp (AGC). As consideration for the transaction - totalling approximately $13 billion in net par amount - AGC received approximately $360 million ... Read the full article
Liberty Specialty creates new claims dedicated role
4th June 2018
Speciality and commercial insurer Liberty Specialty Markets (LSM) has created a new Claims Manager, Client Relationships position within the organisation, focused on the promotion of claims, promoting Andrew Pedler in the process. Reporting to both Head of Claims Mike Gillett and Head of Business Development Mark Stephenson, the role is a ... Read the full article
American Traditions announces merger with affiliate insurer Modern USA
4th June 2018
American Traditions Insurance Company (ATIC) has announced it is to merge with affiliate Modern USA Insurance Company (MUSA), in a deal that sees ATIC become one of the largest manufactured home insurers in Florida. The two companies were launched in quick succession by a team of insurance professionals and investors, in ... Read the full article
Beazley splits specialty lines into two divisions led by Eaton and Donovan
4th June 2018
Specialist and Lloyd’s focused re/insurer Beazley plc has completed a split of its specialty underwriting unit into two separate divisions, which places the cyber risk practice at the firm outside of specialty risks and into a new unit aligned on technology, media, business and management liabilities. Beazley has been reorganising its ... Read the full article
Swiss Re appoints new President & CEO of Canada & English Caribbean
4th June 2018
Monica Ningen has been appointed as President & Chief Executive Officer (CEO) of Swiss Re Canada & English Caribbean, effective July 1 2018. The appointment will see her occupy the Toronto-based position following 12 years of distinguished service at the re/insurer. Ningen succeeds Veronica Scotti, who occupied the position for over 3 ... Read the full article
Negligible rate increases at June 1st, Florida RoL Index up just 1.2%: JLT Re
1st June 2018
Reinsurance broker JLT Re has said that rate increases achieved at the key June 1st 2018 reinsurance renewals were negligible, as the firms Risk-Adjusted Florida Property-Catastrophe Rate-on-Line (ROL) Index rose by only 1.2%. JLT Re's research found that only low single-digit reinsurance rate increases were seen at the June 1st 2018 ... Read the full article
Insurers must innovate to counter disruption from BigTech: World Insurance Report 2018
1st June 2018
The World Insurance Report (WIR) from Capgemini, in collaboration with Efma, has found Insurers face losing significant ground to the likes of Amazon, Google and Apple as a willingness from customers to buy insurance products from BigTech - coupled with a need for improved customer service across digital platforms - provide ... Read the full article
Guernsey capital market sector looks to partner with London
1st June 2018
Guernsey’s insurance-linked securities (ILS) sector has revealed that it aims to work closely with the developing market in London following the introduction of an ILS regime there in 2017. During a roadshow earlier this year, Guernsey practitioners learned that ILS business in London has been slow to take off, indicating that ... Read the full article
Willis Towers Watson the majority investor in insurtech Innovisk Capital Partners
1st June 2018
Innovisk Capital Partners, a new global InsurTech start-up that aims to address both the current and future fundamental changes in the insurance sector has been established, with insurance and reinsurance broker Willis Towers Watson as the majority investor. The new InsurTech partnership has been launched with technology, data and modelling core ... Read the full article
Chubb expands cyber offering, signs up to CyberCube
1st June 2018
Chubb, the world’s largest publicly traded property and casualty insurer, has rolled out comprehensive new protections for its policyholders against cyber-related incidents. Following its agreement with CyberCube, a leading provider of cyber risk analytics for the insurance industry, Chubb is able to leverage the firms’ analytical capabilities to supplement their ability ... Read the full article
Huangpu, Shanghai secures catastrophe insurance for residents: Shanghai Daily
1st June 2018
Residents and those working or travelling in the Huangpu district in Shanghai - one of the most densely populated urban districts in the world - will receive financial protection from natural disasters during 2018’s flood season thanks to a first-of-its-kind purchase of catastrophe insurance by the district government, according to ... Read the full article
Drone tech could reduce storm damage assessment costs by 40%
1st June 2018
Aerial data collection company DataWing Global has claimed that insurers could significantly reduce their response times and lower costs by 40% if they use drone technology for their damage assessments during the upcoming 2018 storm season. DataWing suggests that by working with independent drone pilots, insurers could inspect roofs and other ... Read the full article
The Hartford closes $2.75bn sale of Talcott Resolution
1st June 2018
Property and casualty insurer The Hartford has announced the completion of the previously announced sale of its run-off life and annuity businesses Talcott Resolution to a group of investors led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook and J. ... Read the full article
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