Reinsurance News
Prudential takes on $1.6bn in pension liabilities from International Paper
2nd October 2018
The Prudential Insurance Company, a subsidiary of Prudential Financial is to assume responsibility for paying pension benefits to ~23,000 of International Paper’s retirees, following an agreed transfer of $1.6 billion in pension liabilities. The agreement is the second pension risk transfer between the two companies in just over a year. Last ... Read the full article
Willis Towers Watson acquires French broker Dero Courtage
2nd October 2018
Insurance and reinsurance broker Willis Towers Watson has announced the acquisition of Dero Courtage, a risk advisor and insurance broker based in the French region of Normandy, for an undisclosed consideration. Headquartered in Le Havre, Dero Courtage specialises in corporate risks and the protection of executives. Following the acquisition, the business will ... Read the full article
Canopius appoints Swiss Re’s Wattanaumphaipong to lead Asia Pacific reinsurance
2nd October 2018
Global specialty lines re/insurer Canopius has appointed Nattakorn Wattanaumphaipong as Head of Reinsurance, Asia Pacific. Wattanaumphaipong joins the Canopius Singapore office in January 2019 and will report to Jamie Wakeling, Chief Underwriting Officer, Reinsurance. He arrives from Swiss Re, having served the company across multiple senior positions over a period of 13 ... Read the full article
Ed appoints head of Treaty & Facultative team for Singapore
2nd October 2018
Ed, the global reinsurance, wholesale and specialty broker, has strengthened its Treaty and Facultative team in Singapore with the appointment of Tommy L. Co as Executive Director, effective immediately. Co has 35 years of re/insurance industry experience and joins Ed from ERGO Insurance Singapore, where he most recently served as Chief ... Read the full article
Markel makes new Trade Credit & Surety appointments
2nd October 2018
Markel International, the specialist insurer, has strengthened its Trade Credit, Political Risk & Surety (TCPRS) operations by expanding the role of Simon Philpin and appointing Victoria Northedge as Assistant Underwriter. Philpin has worked in Markel’s Trade Credit division since 2014, most recently as a Senior Underwriter, and will now also be ... Read the full article
Aon launches Americas Capital Advisory team, Kelly Superczynski to lead
2nd October 2018
Global re/insurance broker Aon has announced the launch of its Americas Capital Advisory team, aimed at strengthening re/insurers’ profitability in the face of low growth, shrinking underwriting margins and perpetually evolving rating agency criteria. Aon says the key goal of this Capital Advisory team is to help re/insurers address a broad ... Read the full article
Philippines turns to Lloyd’s & World Bank for infrastructure risk transfer advice
2nd October 2018
As the Philippine Government prepares to invest as much as $170 billion into the country’s infrastructure over the coming years, national newspaper the Manila Standard reports that assistance has been sought on risk transfer and insurance from Lloyd’s of London and the World Bank. The country’s Finance Secretary Carlos Dominguez III ... Read the full article
Sompo International announces launch of Global Risk Control Services
2nd October 2018
Bermudian property and casualty re/insurer Sompo International has launched a Global Risk Control Services function within its insurance business under the leadership of Senior Vice President, Risk Control, Victor Sordillo. The team will work with the company’s insureds to deliver advanced risk management programs as well as more traditional loss control tools. Leveraging ... Read the full article
Mark Cloutier to leave Brit with a view to becoming Chairman & CEO of Aspen
1st October 2018
Brit has announced that Executive Chairman Mark Cloutier is to step down from his role in December 2018, with a view to becoming the Chairman and Chief Executive Officer (CEO) of Aspen Insurance Holdings. Following his departure, Cloutier will assume a role with an affiliate of Apollo Global Management, LLC, working ... Read the full article
Liberty Specialty expands UK Financial Institutions team
1st October 2018
Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, has expanded its London-based Financial Institutions (FI) team with the appointments of a new Underwriting Manager and Senior Underwriters. Sam Adamson has been promoted to Underwriting Manager for Financial Institutions, UK and Ireland after six years of working in the ... Read the full article
Post-Irma residential remodelling spike exposes data inaccuracies: BuildFax
1st October 2018
BuildFax, a provider of property condition and history insights, has released a report on residential remodelling trends following hurricane Irma it says could positively impact Florida carriers going into this year’s renewal negotiations. Irma caused over $10 billion in insured losses and was the first major hurricane to make landfall in ... Read the full article
Munich Re names Mari-Lizette Malherbe as CEO of UK life business
1st October 2018
Munich Re has appointed Mari-Lizette Malherbe as Chief Executive Officer (CEO) of Munich Re London (Life Branch), the company’s UK & Ireland life reinsurance business, succeeding outgoing CEO Andy Batley. Malherbe has over a decade of international experience in the reinsurance industry and joined the senior management team of Munich Re ... Read the full article
Hannover Re US develops new event policies with Life By Spot start-up
1st October 2018
Hannover Life Reassurance Company of America (Hannover Re US) has partnered with Life By Spot, a direct-to-consumer insurance start-up, to develop a new category of life insurance for short-duration events. The policies will offer cover to ‘adventure-loving clients’ in the U.S market for periods ranging from 24 hours to 30 days, ... Read the full article
SCOR should not accept offer below €50 per share, says Amber Capital investor
1st October 2018
Joseph Oughourlian, Founder and Managing Partner of long-time SCOR investor Amber Capital, has told the Financial Times that he believes SCOR was right to reject Covéa’s €8.2 billion (US $9.6 billion) acquisition bid, which valued SCOR’s shares at €43 per share. Oughourlian, whose company has been an investor in Scor ... Read the full article
LIIBA “lobbied hard” to ensure “manageable” IDD effect on wholesale brokers: Croft
1st October 2018
The London and International Insurance Brokers’ Association “lobbied hard” to ensure that today’s implementation of the Insurance Distribution Directive in the UK will have a manageable effect on wholesale brokers, according to LIIBA Chief Executive Officer Christopher Croft. Essentially, IDD is designed to outline the information consumers should receive before they ... Read the full article
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