Reinsurance News
Liberty appoints Shelia Anderson to Corporate Functions Chief Information Officer
7th March 2018
Liberty Mutual Insurance has appointed Shelia Anderson to the newly created role of Corporate Functions Chief Information Officer (CIO), reporting to Liberty Mutual’s Executive Vice President and Chief Information Officer, James McGlennon. In her Boston-based role, Anderson will focus on customer success for the corporate functions department, B2B architecture, and modernizing ... Read the full article
Ogden change drives Esure’s motor reinsurance renewal cost up by 33%
7th March 2018
The change in the Ogden discount rate to -0.75% in 2017 has resulted in the like-for-like cost of Esure's motor reinsurance programme renewal increasing by 33%, according to the firm's full-year 2017 earnings release. The UK motor specialist explains that it has reinsurance protection in place for both its home and ... Read the full article
GFIA calls for more resilient and widespread cybersecurity
7th March 2018
The Global Federation of Insurance Associations (GFIA) has published a paper that details a number of challenges the cybersecurity and cyber insurance industries currently face, and which proposes some solutions moving forward. GFIA notes that cyber risk is a rapidly evolving global issue. It suggests that growing connectivity and supply chain ... Read the full article
UK life insurers to see gains following drop in life expectancy rates: RBC
7th March 2018
UK life insurers are expected to report years of gains as 2017 life expectancy rates slow compared to reserve assumptions. RBC Europe said "over the next 2 weeks, the large UK annuity writers will report their 2017 preliminary results - we expect the group to handsomely beat consensus estimates as they ... Read the full article
Athene Holding appoints new independent board member
7th March 2018
Athene Holding Ltd., one of Bermuda's leading retirement services companies, has announced that Fehmi Zeko is to be appointed to its board of directors. Zeko is currently Vice Chairman of the Global Technology, Media and Telecommunications Investment Banking Group for Bank of America Merril Lynch in New York. In this role ... Read the full article
Carrie Trudeau appointed to manage AEGIS Canada claims
7th March 2018
Lloyd's managing agent AEGIS London has appointed Carrie Trudeau to manage Canada claims, based in Toronto. Trudeau will strengthen relationships with London market brokers while supporting AEGIS London’s coverholders writing property and other lines of business in Canada. In her new role she will work with and eventually replace Spencer Shusterman who ... Read the full article
Rating agencies turn negative on AXA, positive on XL
7th March 2018
The major rating agencies have unanimously decided to place AXA's ratings on a negative watch following the news of its planned acquisition of Bermudian insurance and reinsurance firm XL Group. At the same time, the rating agencies are positive on XL's ratings and even suggest they may be upgraded as a ... Read the full article
2017 U.S. P&C surplus likely highest ever, stable outlook ahead: KBRA
6th March 2018
Kroll Bond Rating Agency (KBRA) has reported that it considers the outlook for the U.S property and casualty (P&C) industry to be stable, and that policyholders’ surplus (PHS or surplus) will likely be the highest ever recorded at year-end 2017. Despite an incredibly turbulent and destructive 2017 Atlantic hurricane season, KBRA ... Read the full article
Maiden Holdings gets rating downgrade after reinsurance results deteriorate
6th March 2018
A.M. Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) of Maiden Holdings and its downstream, intermediate holding company, Maiden Holdings North America from bbb to bbb-. The firm's associated Long-Term Issue Credit Ratings (Long-Term IRs) received the same rating downgrade. In addition, A.M. Best has downgraded the Financial Strength Rating to A- from ... Read the full article
Chubb appoints Scott Simpson as Country President of general insurance, Singapore
6th March 2018
Chubb has named Scott Simpson as new Country President for its general insurance business in Singapore, set to replace Adam Clifford who is moving into a new role as Chubb’s Division President for Continental Europe. As the new Country President, Simpson will assume responsibility for the growth and financial results of the ... Read the full article
U.S. Risk Insurance Group acquires L.A. Xcess Brokers
6th March 2018
U.S. Risk Insurance Group has announced the acquisition of L.A. Xcess Insurance Brokers, a Los Angeles, California based wholesale broker focused on the entertainment industry. Randall Goss, Chief Executive Officer (CEO) of U.S. Risk, said: "We are very pleased to add L.A. Xcess to the U.S. Risk team focused on the ... Read the full article
Greenlight Capital Re launches InsurTech innovation unit
6th March 2018
Specialist property and casualty reinsurer Greenlight Capital Re has launched Greenlight Re Innovations, a new unit set to be head up by Greenlight Re's Chief Operating Officer (COO), Michael Belfatti. The innovation unit's central mission will be to support commerce and personal health and welfare through technology and risk enterprises that ... Read the full article
DARAG completes IKANO Försäkring deal
6th March 2018
DARAG Group Limited has announced the completion of its acquisition of the total shares of Swedish captive insurance company IKANO Försäkring AB, a subsidiary of IKANO Group. IKANO gains legal and economic finality from this deal in relation to its insurance business, and has already received approval from the Swedish Financial ... Read the full article
Channel Syndicate, Canopius and Liberty form $27bn consortium
6th March 2018
The Channel Syndicate and Canopius are to join Liberty Specialty Markets (LSM) in a $27 billion consortium to provide capacity for LSM’s new electronic trading platform, Toredo. LSM, part of Liberty Mutual Insurance, recently announced the launch of Toredo, its new web-based platform for transacting specialised trade credit insurance for ... Read the full article
Morgan Stanley warns on headwinds for P&C industry
6th March 2018
The U.S. tax reform has been heralded as a positive overall for re/insurers, but Morgan Stanley has pointed to a potential erosion of increased earnings as additional regulatory headline risks and an expected slowing of reserve releases take their toll on balance sheets. Prior to Q4 earnings, Morgan Stanley had raised ... Read the full article
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