Reinsurance News
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
Aon and Guidewire model silent cyber risks for U.S dam attack
25th October 2018
Re/insurance broker Aon and Guidewire Software, a platform provider for property and casualty (P&C) re/insurers, have collaborated on a scenario that models insured losses related to a hypothetical cyber attack on a U.S hydroelectric dam. The scenario analysed an attack in which a hacker opens the flood gates of a hydroelectric ... Read the full article
Guy Carpenter Q3 underlying revenue up 11%, MMC up 3% at $1.6bn
25th October 2018
Guy Carpenter, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, recorded $215 million of revenue in the third quarter, an 11% increase on an underlying basis, according to MMC's Q3 2018 results. For the nine months ended 30 September, Guy Carpenter's underlying revenue growth was 7%. Meanwhile, MMC's ... Read the full article
Mexico insurers will comfortably absorb Hurricane Willa losses: A.M. Best
25th October 2018
Mexico’s insurance industry is sufficiently well capitalised and reinsured to comfortably absorb the financial impact of Hurricane Willa, which made landfall on Mexico’s Pacific Coast this week as a strong Category 3 storm, according to A.M. Best. Willa brought heavy rainfall, flash floods and landslides to the coastal states of Jalisco, ... Read the full article
DWF adds Richard Burger to London Regulatory team
25th October 2018
Multinational law firm DWF has appointed Richard Burger as a Partner in its Regulatory, Compliance & Investigations team in London. Burger joins DWF from corporate and insurance firm Reynolds Porter Chamberlain (RPC) and has 20 years’ experience in UK and international regulatory enforcement, criminal and internal corporate investigations. He is also a ... Read the full article
Saudi Re looks to further expand into Egypt market
25th October 2018
Saudi Re for Cooperative Reinsurance Company (Saudi Re), one of the leading reinsurers in the Middle East & North Africa (MENA) region, has said that it plans to further extend its presence in the Egyptian markets. The company said that it will target growth in the region by focusing on the ... Read the full article
Pace of China re/insurance market likely to accelerate, says JLT Re
25th October 2018
The recent regulatory changes in China all points to a highly dynamic environment not just within the country's boarders but also in Asia-Pacific and globally, according to JLT Re’s Asia Pacific Chief Executive Officer, Jeremy Fox. In a report examining some of the more impactful changes seen in China, JLT Re ... Read the full article
AMP in $3.3bn sale to Resolution Life, secures Swiss Re reinsurance backing
25th October 2018
Financial services firm AMP is exiting the life insurance sector with the sale of its AMP Life business to Resolution Life for total cash and non-cash consideration of AU$3.3 billion (US$2.3 billion); the transaction is expected to complete in the second half of 2019. Concurrently, the company has announced a deal ... Read the full article
Lower-than-expected cat losses benefit AXIS in Q3: Analysts
25th October 2018
AXIS Capital Holdings has announced its results for the third-quarter of 2018, posting net income of $43 million compared with a net loss of $468 million a year earlier. According to analysts, the firm's performance in the third-quarter benefited from lower-than-expected catastrophe losses. The Bermuda-based re/insurer's financial results for the third-quarter ... Read the full article
Munich Re America partners with BriteCore on inland personal flood coverage
25th October 2018
The U.S branch of global reinsurance firm Munich Re is to offer inland personal lines flood coverage to its insurance carriers and agency partners that use BriteCore, a web-based insurance administration platform. The endorsement from Munich Re America is available to homeowners who live outside of a Special Flood Hazard Area ... Read the full article
Asta adds Paul Jardine and Bob Stevenson to Board of Managing Agency
25th October 2018
Asta, the third-party managing agent at Lloyd’s, has announced that Paul Jardine and Bob Stevenson have joined the Board of Asta Managing Agency as Independent Non-Executive Chairman and Independent Non-Executive Director, respectively. Jardine joins from Asta from AXA XL, before which he served as Director and Chief Actuary at Equitas for ... Read the full article
UK property rates remain under pressure despite weather losses: A.M. Best
25th October 2018
Conditions remain challenging for property insurers in the UK as strong competition and the availability of relatively cheap reinsurance put pressure on rates in spite of claims inflation, according to A.M. Best. A report by the rating agency found that the 100 largest UK insurers reported a combined underwriting loss in ... Read the full article
CCRIF completes $5.8m Kirk payout to Barbados government
25th October 2018
CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, has completed the previously-announced $5.8 million payout to the government of Barbados, triggered by heavy rainfall that occurred during the passage of tropical storm Kirk, within 14 days of the event. The payout is CCRIF’s first of ... Read the full article
Labuan FSA appoints Datuk Oh Chong Peng as Chairman
25th October 2018
The Labuan Financial Services Authority has announced the appointment of Datuk Oh Chong Peng as its new Chairman, effective October 16 until February 15 2020. Peng has close to 50 years’ experience in financial and other business sectors. He is currently the Non-Executive Director of British American Tobacco (Malaysia) Berhad, Malayan Flour ... Read the full article
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