Reinsurance News
V3 Insurance Partners appoints Janitschke to Chief Operating Officer
21st February 2018
Specialty insurance program administrator, V3 Insurance Partners, has named Brian Janitschke as Chief Operating Officer (COO), who is returning to the MGA space from recent roles as the Chief Actuary of Capital Insurance Group and the leader of Business Intelligence at Western National Insurance. Susan Rivera, President and Chief Executive Officer ... Read the full article
18 companies join The Institutes RiskBlock Alliance blockchain consortium
21st February 2018
The Institutes RiskBlock Alliance has announced that 18 companies have joined the risk management and insurance industry’s first enterprise-level blockchain consortium. The RiskBlock Alliance seeks to leverage the blockchain to lower industry transaction costs while increasing the speed and security of data transfers among customers, industry stakeholders, and third parties. RiskBlock Alliance ... Read the full article
Repeatability of innovative solutions needed to expand risk transfer: PCS
21st February 2018
The traditional and alternative reinsurance industry has a solid track record of innovation, but as seen with risks like cyber and terror, sustainability and adoption has proved more challenging, suggesting a need for risk transfer solutions that support repeatability, according to Property Claim Services (PCS), a Verisk Analytics business. PCS has ... Read the full article
The Institute of Risk Management issues new insurance guidance framework
21st February 2018
The Institute of Risk Management’s (IRM) Internal Model Industry Forum (IMIF) has announced the release of its eighth guidance document for the insurance market, the Journey from Model Validation to Model Risk Management. Philip Whittingham FIRM, Head of Model Validation and Risk Governance at XL Catlin, who is also the chair ... Read the full article
Everest Re expands financial lines with a Private Company unit
21st February 2018
Reinsurer Everest Re has expanded the Everest Insurance Financial Lines division of Everest Specialty Underwriters (ESU), with a Private Company/Not-For-Profit unit, set to be led by Salvatore Collura. The Private Company aims to design creative insurance solutions to protect companies and management from shareholder disputes and employment-related issues to cyber threats. Everest ... Read the full article
Insurtech industry board set up with UK government support
21st February 2018
A new Insurtech Board has been set up as part of the Tech City UK and UK government backed Fintech Delivery Panel, to provide a focus on making the UK a key hub for insurance technology start-ups, investing and developments. The Fintech Delivery Panel, which was established at the request of ... Read the full article
WMIH Corp and Nationstar Mortgage enter merger agreement
21st February 2018
WMIH Corp and Nationstar Mortgage Holdings with its flagship brand Mr. Cooper have announced that they have entered into a definitive merger agreement. WMIH Chief Executive Officer (CEO) Bill Gallagher, said; “Nationstar aligns perfectly with our acquisition strategy and has a strong track record of providing mortgage servicing and loan and ... Read the full article
XL CEO McGavick pleased to see firming but says market is still underpriced
21st February 2018
Speaking at the Bank of America Merrill Lynch 2018 Insurance Conference, Mike McGavick, the Chief Executive Officer (CEO) of insurer and reinsurer XL Group, said that despite rate improvements at the Jan 1st renewals, the market is still broadly underpriced. "I think the market very broadly is still underpriced. There are ... Read the full article
ACORD names two new board directors
21st February 2018
Global standards-setting body for insurers ACORD has revealed updates to its 2018 Board of Directors, naming John Artesani, Executive Vice President & Chief Operating Officer, Lexington Insurance, and Mark Cook, Global Chief Information Officer of Marsh, as new directors. Zacharias, Senior Vice President of Chubb, was elected Chair of the Board last year and ... Read the full article
BMS launches new energy division with senior broker hires
20th February 2018
BMS Group Limited, the insurance and reinsurance broking specialist, has launched a new energy broking division with the hires of three brokers, two of which are particularly senior and well-known figures. James Chicken and Charlie Bowring both join from Price Forbes and are set to become managing director and chairman of ... Read the full article
Hamilton Underwriting reorganises underwriting team
20th February 2018
Hamilton Underwriting, the managing agency of Syndicate 3334 and the Lloyd’s operations of Hamilton Insurance, has announced a reorganisation of its underwriting team. Head of Specialty, Adrian Daws, and Head of Direct & Facultative Property, Miles Osorio, will each assume the position of Active Underwriter, reporting directly to Hamilton Underwriting Chief ... Read the full article
Zurich launches UK Innovation Foundry
20th February 2018
Zurich has launched a new initiative to tackle changing customer demands and help drive change throughout its operations, the UK Innovation Foundry, set to be led by Mark Budd, UK Head of Innovation. The Innovation Foundry will progress Zurich’s innovation agenda and support the development of all ideas in a formally coordinated ... Read the full article
Cyber incidents evolving and becoming more sophisticated: Beazley
20th February 2018
Specialist insurer Beazley has released its 2018 Breach Briefing, which explores the evolving cyber risk landscape and highlights a number of growing threats to businesses around the world, further supporting the need for affordable and effective cyber risk insurance and reinsurance solutions. Over the past year Beazley helped clients manage 2,615 ... Read the full article
No systemic risk in traditional re/insurance: Insurance Europe
20th February 2018
Insurance Europe, a European insurance and reinsurance federation, has responded to the International Association of Insurance Supervisors' (IAIS) pre-consultation on an activities-based approach (ABA) to systemic risk, concluding that systemic risk among re/insurers is rare. The insurance body says that, "Traditional insurance is not systemically risky and systemic risk from individual ... Read the full article
CBL Insurance Europe ordered to cease underwriting Irish business
20th February 2018
The Central Bank of Ireland has ordered CBL Insurance Europe dac, a branch of New Zealand-based specialist insurer CBL Corporation, to stop underwriting after regulatory authorities concluded the firm needed to raise capital to increase claim reserves for its French construction lines. The French construction business makes up over 60% of ... Read the full article
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