Reinsurance News
London Market insurers’ profitability remains under pressure: Fitch
26th October 2018
Fitch Ratings expects London market insurers’ underwriting earnings to remain subdued in 2018 due to the difficult pricing environment, high expense ratios and limited impact from prior year reserve releases. According to Fitch, catastrophe losses in Q318 experienced by London market insurers are likely to remain within annual budgets allocated to ... Read the full article
Insurtech is the future infrastructure of insurance, says ZhongAn CEO
26th October 2018
A joint report by the recently-launched Fintech Research Institute of China’s largest online-only insurer ZhongAn and the financial advisory firm KPMG claims insurtech will enable a more efficient, compatible, balanced and humane insurance ecosystem. “We look forward to collaborating with all parties in the insurance industry through the construction of InsureTech, ... Read the full article
Aon reports 8% organic reinsurance revenue growth
26th October 2018
Insurance and reinsurance broking powerhouse Aon has reported 8% organic revenue growth for its reinsurance broking operations during the third-quarter of 2018. Aon's results show that total revenue was flat across the company at $2.3 billion, but that factors in a decrease of $117 million, or 6%, related to the FASB's ... Read the full article
Reinsurance Group of America income grows, deploys more excess capital
26th October 2018
Reinsurance Group of America (RGA) has reported net income of $301.2 million for the third-quarter of 2018, up considerably from the $227.6 million reported in the prior year period. During the quarter RGA has been working hard to deploy more of the excess capital it has built up over recent years ... Read the full article
AmTrust at Lloyd’s appoints Lucy Forcey to North American property cat team
26th October 2018
AmTrust at Lloyd’s (ATL), the Lloyd’s operation of multinational property and casualty insurer AmTrust Financial Services, has appointed Lucy Forcey Senior Underwriter, North American Property Catastrophe Treaty, a new line of business for ATL Syndicate 1861. Forcey began her career in 2006 as an Assistant Internal Auditor for Novae Group. She ... Read the full article
W. R. Berkley appoints Scott Barraclough CEO of public entity unit
26th October 2018
Re/insurance holding company W. R. Berkley Corporation has announced the appointment of Scott Barraclough as Chief Executive Officer of Berkley Public Entity (BPE), a Berkley Company. Curtis Fletcher succeeds Barraclough in his previous role as President of the Berkley company Admiral Insurance. The appointments are effective immediately. Barraclough joined the company in ... Read the full article
Insurers win final ruling on $470m Noreco case
26th October 2018
Insurers represented by global law firm Clyde & Co have been absolved from a $470 million claim by Norwegian energy company Noreco, a decision that the Danish High Court has called final and unappealable. The energy construction claim was notified by Noreco against a group of international insurers in 2009. Noreco ... Read the full article
AIG receives brexit restructure approval
26th October 2018
AIG Europe (AEL), the European subsidiary of American International Group (AIG), has received approval from the High Court of England & Wales to transfer business into two new entities, signalling a completion of its move to restructure its European operations and ensure readiness for brexit. American International Group UK (AIG UK) ... Read the full article
Insurance claims from Kerala, India floods surpass US$273 million
26th October 2018
Insurance claims from the severe flooding in the Kerala region of India in July and August, which is expected to result in economic losses of at least $3 billion, have approached Rs 2,000 crore (approximately $273.2 million), with industry sources suggesting that the payouts are more likely to hit ... Read the full article
Everest Insurance adds Lazar to lead west region risk management team
26th October 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has announced the appointed of John Lazar to its risk management unit as Vice President and West Region Leader. Lazar, who joins from Willis Towers Watson, where he was Center of Excellence Casualty Leader for California, will oversee a team of ... Read the full article
Alliant appoints Brendan Quinlan Senior Vice President in California
26th October 2018
Alliant Insurance Services, the U.S specialty insurance brokerage firm, has added Brendan Quinlan to its San Francisco team as Senior Vice President. Quinlan joins from Arthur J. Gallagher & Co., where he'd served as Area Senior VP since 2003. Quinlan has targeted expertise working with clients in the technology industry, and has developed ... Read the full article
Marsh launches social unrest insurance solution
26th October 2018
Global re/insurance broker Marsh has announced the launch of a new standalone insurance solution that provides financial protection in the event of business interruption following social unrest. Underwritten by Chaucer, the global solution provides limits up to $20 million for denial of entry/leaving a property caused by events including protests, terrorism, ... Read the full article
SCOR could increase nat cat budget for 2019 and beyond: Victor Peignet
25th October 2018
Global insurer and reinsurer SCOR is looking at its natural catastrophe budget and could increase it when planning for 2019 and beyond, according to the Chief Executive Officer (CEO) of SCOR Global P&C, Victor Peignet. The French headquartered re/insurer yesterday announced its results for the first nine months of the ... Read the full article
Apollo charges, higher expenses and losses hit Aspen in Q3
25th October 2018
Aspen Insurance Holdings has reported a net loss of $15.1 million for the third-quarter of 2018, which includes impacts from charges related to its transaction with Apollo, expense efficiencies, and higher losses. As previously announced, Aspen, the global insurer and reinsurer is to be acquired by Apollo Global Management, LLC ... Read the full article
Chubb announces series of leadership changes
25th October 2018
Global insurer Chubb has appointed Joe Vasquez as Senior Vice President, Chubb Group and head of the company's global accident and health insurance business, with Keith Higdon set to succeed him in his current role as President of ESIS, the company's third party risk management and claims services affiliate. Higdon, who has more ... Read the full article
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