Reinsurance News
New Lloyd’s broker Marken Re announces launch
29th November 2018
Marken Re Specialty Limited, a newly formed specialty re/insurance broker that will operate from Lloyd’s of London, has been launched by the company’s founders Pieter Vlasbloem and Nathan Parke. "Our goal is to enhance the development of our clients by providing them with the most reliable and optimal (re)insurance solutions, with ... Read the full article
AFL launches joint South America venture with Special Division
29th November 2018
Independent Lloyd’s broker AFL Insurance Brokers Ltd has launched AFL Sud America LLC as part of a joint venture with Special Division Reinsurance Brokers, one of the largest reinsurance brokers in South America. The business was formed after AFL acquired a stake in Special Division’s Cooper Gay Argentina LLC business, which ... Read the full article
AXIS Insurance consolidates Cyber and Technology unit
29th November 2018
AXIS Insurance, the insurance arm of AXIS Capital Holdings, has announced the consolidation of its Global Cyber and Technology unit. Led by AXIS’ Global Head of Cyber & Technology, Dan Trueman, the company says the restructured team will enable its cyber and technology insurance capabilities, underwriting expertise and claims services to ... Read the full article
WTW’s ResQ software to help insurers implement IFRS17
29th November 2018
Global re/insurance broker Willis Towers Watson is to launch new software in early 2019 aimed at helping businesses implement IFRS17, one of the most significant and complex changes to insurance accounting requirements in over 20 years. When launched, ResQ Financial Reporter will provide insurers with a framework to generate financial statements ... Read the full article
Continental Reinsurance looks to restructure
29th November 2018
It has been announced that all outstanding and issued shares of Pan-African reinsurer Continental Reinsurance's Nigerian entity, CRe Nigeria, are to be bought back by what appears to be the firm’s investment arm, CRe Investments. The firm has stated that it's making the offer in order to initiate a “much needed restructuring exercise ... Read the full article
Alternative capital market proven to be “relevant and reliable”: PwC’s Gibbons
28th November 2018
The alternative capital market has shown itself to be both “relevant and reliable” following the series of heavy global catastrophe losses in 2017 and 2018, according to David Gibbons, insurance-linked securities (ILS) leader at PwC. Speaking as part of a panel at PwC’s Insurance Summit event in Bermuda, Gibbons said that ... Read the full article
Tower posts $6.7mn loss as weather events and earthquakes hit earnings
28th November 2018
New Zealand-based insurer Tower Limited has posted an NZ $6.7 million (US $4.6 million) loss for the 12 months ending September 30, as its earnings were hit by severe weather claims across the Pacific, escalating costs from the 2010 Canterbury earthquakes, and a settlement with reinsurer Peak Re. The company has ... Read the full article
AXA eyes profit boost in wake of $15bn XL acquisition
28th November 2018
With its investor day being held today, French insurance and investment giant AXA has said it expects the group’s profitability to improve over the next two years due to fresh U.S business bought in by its XL arm, and stated that focus would now be on expanding its operations in ... Read the full article
CNA Hardy appoints Carl Day as Lloyd’s Active Underwriter
28th November 2018
CNA Hardy, a UK specialist commercial re/insurer, has announced that Carl Day has been appointed to the role of Active Underwriter for Lloyd’s Syndicate 382. He will take over the role from current Active Underwriter Patrick Gage as of 1 January 2019, the company said. Day currently serves as Head of Property, ... Read the full article
Zurich partners with claims insurtech Snapsheet
28th November 2018
Zurich Insurance Group is partnering with Snapsheet, a provider of virtual claims technology, as it looks to streamline its customer experience and drive new and innovative tech implementations. Snapsheet’s software as a service (SaaS) platform allows intake of information from various customer channels including e-mail, text, or a web and mobile ... Read the full article
Oasis LMF, Nat Re and WTW to collaborate on new Philippines flood model
28th November 2018
Oasis Loss Modelling Framework (Oasis LMF) is to develop a new open-access catastrophe model for flood in the Philippines in collaboration with the National Reinsurance Corporation of the Philippines (Nat Re) and re/insurance broker Willis Towers Watson (WTW). The two-year project, called the ‘Oasis Platform for Catastrophe and Climate Change Risk ... Read the full article
R&Q ties up two run-off transactions in California
28th November 2018
Randall & Quilter Investment Holdings has announced the completion of a transaction to provide full finality to a California based self-insurer by R&Q’s wholly owned subsidiary, Accredited Surety and Casualty Company. This deal marks the second transaction with a self-insurer in California and the fifth nationwide over the past two years. “We ... Read the full article
AmTrust gets regulatory go-ahead for Evergreen merger deal
28th November 2018
AmTrust Financial Services, Inc. has received all necessary regulatory approvals to go ahead with the completion of its previously announced merger deal with Evergreen Parent, L.P., which will see the company go private. Evergreen is an entity formed by private equity funds managed by Stone Point Capital LLC, together with Barry ... Read the full article
Mercury General’s reinsurance to shoulder $216m of its wildfire losses
28th November 2018
Mercury General Corporation, a Los Angeles-based multi-line insurer, has announced that $216 million of losses inflicted by the Camp and Woolsey fires are expected to be shouldered by its reinsurance partners. The company states that pre-tax total gross losses, before reinsurance benefits, from the Camp fire in Northern California and the ... Read the full article
Hamilton Re appoints Liam Chan as SVP, Casualty & Specialty
28th November 2018
Hamilton Re, the reinsurance arm of Bermuda-based Hamilton Insurance Group, has promoted Liam Chan to the position of Senior Vice President (SVP), Casualty & Specialty. Reporting to Tim Duffin, Chan will underwrite a broad portfolio of casualty and professional lines business including several specialty classes. Chan joined Hamilton Re in 2015 as ... Read the full article
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