Reinsurance News
ISO’s cyber insurance programme implemented in 42 states and U.S. territories
9th April 2018
Verisk ISO's new cyber insurance programme, which features rating information and advisory loss costs along with an array of cover options, has been implemented in 42 states and U.S. territories. The programme is designed to help insurance companies expand into the growing cyber market, which is forecast by Verisk analytics to ... Read the full article
TransRe names Cardona VP of Marketing & Business Development, Latin America & Caribbean
9th April 2018
TransRe, the reinsurance arm of Alleghany, has announced the appointment of Hugo Cardona, formerly of Aspen Re, as Vice President of Marketing and Business Development for Latin America & Caribbean. The reinsurer states that in his new role Cardona will ... Read the full article
Stable 2018 outlook for UK life re/insurers: A.M. Best
9th April 2018
A recent report by A.M. Best has concluded that the outlook for the UK life re/insurance sector is likely to be stable over 2018, owing to favourable growth opportunities from defined contribution (DC) pensions and bulk annuity transactions, despite a number of challenges and uncertainties. A.M. Best expects the DC pension ... Read the full article
Sompo appoints VP’s for U.S Insurance Business Development
9th April 2018
Sompo International has appointed Jonathan Monks and Ben Tasse as Senior Vice Presidents, Business Development, for the company’s U.S Insurance platform. Monks and Tasse will now work to develop the platform’s interactions with key U.S distribution markets and build broker/agent relationships, and will report to Chris Sparro, Chief Executive Officer (CEO) ... Read the full article
Technology will transform re/insurance value chain, says Swiss Re’s Mumenthaler
6th April 2018
Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re, has asserted that “Technology will fundamentally change the insurance value chain over the coming years” in a statement that comes alongside Swiss Re’s plans for technological adaptation and integration. Swiss Re maintains that it has prepared for technological market disruption by firmly ... Read the full article
IBHS names FEMA’s Roy Wright as successive President and CEO
6th April 2018
The Insurance Institute for Business & Home Safety (IBHS) has named Roy E. Wright as the successor to Julie Rochman, who is retiring from her current role as company President and Chief Executive Officer (CEO) at the end of June 2018. Wright is currently Deputy Associate Administrator for Insurance and Mitigation ... Read the full article
Markel announces series of appointments within trade credit, political risk & surety business
6th April 2018
Specialist insurer and reinsurer Markel International has made a string of appointments and promotions in its trade credit, political risk and surety business, restructuring its teams to better reflect the needs of its broker clients across these lines. Adrian Jones has been appointed Head of Strategic Development for Asia and the ... Read the full article
XL Catlin partners with Praedicat to address evolving casualty risks
6th April 2018
XL Catlin has enlisted Praedicat, an InsurTech analytics company, to help address changing liability insurance and reinsurance needs using its emerging risk models and software for casualty re/insurance. The companies have agreed to work together on a multi-year basis, and will utilise Praedicat’s latency risk model and mass litigation scenarios, its ... Read the full article
LMA announces new and re-elected Board members
6th April 2018
The Lloyd's Market Association (LMA) has elected four candidates to its Board as members, as well as confirming that the Chief Underwriting Officer (CUO) of Beazley, Neil Maidment, will remain as Chairman of the LMA. Following the recent nomination process and effective from the AGM on May 31st, 2018, the LMA ... Read the full article
Peak Re completes sale of 13.1% stake to Prudential Financial
6th April 2018
Peak Reinsurance Company Limited has announced the completion of the sale of a 13.1% stake in Peak Re Holdings to Prudential Financial, Inc. The deal had been planned since February 2018, and was completed via the issuance of new shares to a wholly owned subsidiary of Prudential Financial. Before this transaction, ... Read the full article
Zurich appoints AXA’s Blanc as CEO for Europe, Middle East & Africa
6th April 2018
Zurich Insurance Group has announced that Amanda Blanc, current Chief Executive Officer (CEO) of AXA UK & Ireland, is to join the company and succeed Gary Shaughnessy as CEO for Europe, Middle East & Africa (EMEA). The transition is due to be implemented in the fourth quarter of 2018, and will ... Read the full article
U.S. commercial lines up 2% in Q1 2018: MarketScout
6th April 2018
Analysis by MarketScout reveals that year-on-year, commercial U.S. property and casualty (P&C) rates increased by 2% in the first-quarter of 2018, while personal lines insurers are tweaking pricing by line of coverage. MarketScout's first-quarter 2018 commercial insurance rate barometer shows an overall 2% P&C rate increase, which is in line with ... Read the full article
Underwriting pressure drives negative 2018 outlook for London market: Fitch
6th April 2018
Fitch Ratings has reported a negative sector outlook for London market re/insurance in 2018, citing underwriting pressure from the high cost of business as a driving factor. High acquisition and administration costs have affected underwriting performance, and although expense ratios remain high at 40%, the trend is now broadly flat year-on-year ... Read the full article
UIB opens new retail broking business in Colombia
6th April 2018
UIB, an independent international re/insurance broker, has announced the launch of a new retail broking business in Colombia, called UIB Seguros. Yolanda Guerra has been appointed head of the new company, and will report directly to Tony Dilley, Chief Executive Officer (CEO) of UIB International. Dilley commented: “Colombia is a stable country ... Read the full article
Rising interest rates “excellent news for SCOR”: Francois de Varenne
6th April 2018
Commenting on the hike in interest rates since the start of 2018, Chief Executive Officer of SCOR global investments, Francois de Varenne, said it would be "excellent news" for SCOR if the current cycle of increasing interest rates continues. In SCOR's 2017 activity report Varenne noted that at 2.9% at the ... Read the full article
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