Reinsurance News
Karen White to replace Hemant Shah as CEO of RMS
2nd March 2018
Catastrophe risk modeller RMS has announced the appointment of Karen White as its new Chief Executive Officer (CEO), replacing current CEO and co-founder, Hemant Shah. White has extensive experience in the technology industry, having served as an executive and investor for over 25 years. She started her career in Silicon Valley in 1993 as ... Read the full article
Re/insurance M&A activity is down to lack of organic growth: Morgan Stanley
2nd March 2018
The reason we are seeing a fair amount of mergers and acquisitions (M&A) in insurance and reinsurance sector is down to the fact that organic growth is not getting any easier to find, according to analysts at Morgan Stanley. As a result, the types of mergers or acquisitions being seen are ... Read the full article
Stone Point & Karfunkel-Zyskind Family raise offer for AmTrust
2nd March 2018
Stone Point Capital, the Karfunkel Family and Barry Zyskind Chief Executive Officer (CEO) of AmTrust Financial Services have revealed plans to acquire AmTrust Financial Services for an increased offer of $13.50 per share in cash, a premium increase of 13% compared to their previous proposal. In January, the Karfunkel-Zyskind Family had ... Read the full article
Swiss Re & Argo backed cyber insurer Coalition raises $10 mn
1st March 2018
Swiss Re and Argo backed cyber insurer Coalition has raised $10 million in Series A funding from leading technology investors including Vy Capital, Ribbit Capital, Valor Equity Partners, Sam Altman (President, Y Combinator), and Deep Nishar (Senior Managing Director, Softbank Vision Fund). Proceeds from the funding will be used to grow Coalition’s ... Read the full article
Average global insurance pricing increased by 0.8% in Q4: Marsh
1st March 2018
Record-setting catastrophe losses in 2017 sparked hopes of a bottoming out of the soft market cycle and although re/insurance renewal rates trailed expectations, Q4 2017 saw a reversal of the trend of declining rates as global insurance industry prices increased for the first time in four years, according to Marsh ... Read the full article
Arthur J. Gallagher appoints Jayne Pinnell to Client Director in UK North East practice
1st March 2018
Arthur J. Gallagher & Co has appointed Jayne Pinnell to Client Director for the North East in Gallagher’s specialist UK Public Sector & Education Practice. Pinnel brings over 25 years' experience to the newly created role where she'll focus on enabling public sector and education clients to establish effective risk financing strategies and ... Read the full article
Rising interest rates a ‘net positive’ for P&C insurers: KBW
1st March 2018
Investment banking firm Keefe, Bruyette & Woods (KBW) has indicated that they see rising interest rates as a net positive for property and casualty (P&C) insurers. KBW suggests that this is primarily because, as interest rates rise, P&C insurers will be able to invest new money at higher yields. The firm note ... Read the full article
XL Catlin names Elie Hanna as Head of central broker management
1st March 2018
XL Catlin has appointed Elie Hanna to Head of central broker management, set to lead XL Catlin’s strategic relationships with brokers for the insurance segment. His responsibilities will include looking at how XL Catlin engages with its key trading partners, setting broker engagement best practices, and working with both distribution and underwriting teams ... Read the full article
Inga Beale warns London is losing market share and relevance
1st March 2018
Lloyd's Chief Executive Officer (CEO) Inga Beale warned at the Association of British Insurers (ABI) conference that the London re/insurance centre is losing market share and relevance, as emerging markets gain traction in the global re/insurance hub space, A.M. Best reported. Beale said that while London remains the largest global insurance ... Read the full article
CCR names Nicolas Bauduceau to Head of Public Funds & Prevention Department
1st March 2018
CCR, which provides the French insurance market with reinsurance cover against natural disasters through a state-backed Natural Disaster compensation scheme, has appointed Nicolas Bauduceau to Head of the Public Funds & Prevention Department. Bauduceau boasts significant experience natural risk prevention expertise; in 2006, he worked for the European Center for Flood Risk Prevention (CEPRI) ... Read the full article
Liberty restructures global risk, reinsurance, and specialty operations
1st March 2018
Liberty Mutual has announced the operating structure of its recently formed Global Risk Solutions business, which will consist of specialty, reinsurance, and surety operations. The businesses included in the new arrangement are National Insurance, Global Surety, North American Specialty, and Liberty Specialty Markets (LSM). LSM is to operate all of Liberty’s reinsurance ... Read the full article
Australian terror pool renews $3 bn retro reinsurance programme
1st March 2018
Australia’s terror insurance administrator, Australian Reinsurance Pool Corporation (ARPC), has increased its private reinsurance capacity in its confirmed $3.065 billion retrocession reinsurance programme. The $3.065 billion retrocession reinsurance programme covers about $3.5 trillion in Australian-based commercial property sector assets by insured value, up from $3.4 trillion in 2017. Dr Chris Wallace, ARPC ... Read the full article
Dominic Christian appointed new Global Chairman of Aon Benfield
1st March 2018
Aon plc has announced that it has appointed Dominic Christian as new Global Chairman of Aon Benfield, and that Julie Page has been promoted to Chief Executive Officer (CEO) of Aon UK Ltd. Christian has been the CEO of Aon UK Ltd, the firm’s UK risk management, insurance broking, and reinsurance ... Read the full article
Pool Re upsizes retrocession program to £2.1bn, includes cyber terror
1st March 2018
The UK's government-backed mutual terrorism reinsurer Pool Re has renewed its retrocessional reinsurance program at an expanded size and with the inclusion of coverage for cyber terrorism events, a risk the reinsurer has been promising to include within its offering. The retrocession program was increased in size by £100 million ... Read the full article
China intends to merge insurance and banking regulators
1st March 2018
According to the South China Morning Post (SCMP), sources have confirmed that China plans to consolidate its insurance and banking regulators in an effort to observe President Xi Jinping’s stance on reducing financial risk. SCMP’s sources reported that the China Insurance Regulatory Commission (CIRC) and the China Banking Regulatory Commission (CBRC) ... Read the full article
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