Reinsurance News
Blackstone targets re/insurance asset management with new unit and hire
20th March 2018
U.S investment giant Blackstone has announced that Michael McRaith, former Director of the U.S Department of the Treasury’s Federal Insurance Office (FIO), has been appointed Managing Director for the newly formed Blackstone Insurance Solutions (BIS). BIS was recently established to allow Blackstone to deliver its investment management expertise and innovative products ... Read the full article
Australian re/insurers respond to weekend of disasters
19th March 2018
The Insurance Council of Australia (ICA) is working with emergency services and local governments in the Northern Territory and Victoria after the states were ravaged over the weekend by Tropical Cyclone Marcus and a series of bushfires. Category 2 Tropical Cyclone Marcus, which reached peak gusts of 130km/h on Saturday, caused ... Read the full article
Fidelity to acquire title re/insurer Stewart in $1.2bn deal
19th March 2018
Fidelity National Financial, Inc. (FNF) has signed a merger agreement to acquire Stewart Information Services Corporation for a total consideration of US $1.2 billion. FNF, which is the largest title re/insurer in the U.S, has offered Stewart $50.00 per share of common stock, and will pay the total consideration 50% in ... Read the full article
Talanx’s financial results remain robust in spite of heavy 2017 losses
19th March 2018
Despite heavy catastrophe losses in 2017 Hannover Re's parent company Talanx's financial results show the re/insurance giant remains well-placed to ride out the industry's cyclical low points reporting an overall 6.3% gross written premiums increase, solid return on investment and continued dividends' growth. Group net income for 2017 was EUR 672 ... Read the full article
Brexit transition deal is temporary, not legal, certainty for re/insurers
19th March 2018
The UK government and the European Union have reached an agreement today on what they term a "large part" of the transition agreement for the UK leaving the EU. The agreement on a so-called Brexit transition deal is designed to provide for a smoother exit from the EU for the UK ... Read the full article
Aon’s One Underwriting unit appoints new Director from Swiss Re
19th March 2018
Global insurance and reinsurance broker Aon's Australian third-party distribution business, One Underwriting, has appointed Adam Cox as its new Director, as former One Underwriting Director, Alison Smith, transitions to the firm's broking area. Cox joins the broker after eight years with reinsurance giant Swiss Re, where he was most recently responsible ... Read the full article
ACORD and Lloyd’s in new processing standards partnership
19th March 2018
ACORD, the re/insurance industry data standards body, has announced that Lloyd’s coverholders and MGAs are now eligible to access ACORD Delegated Authority Standards, information, training and other valuable resources. Lloyd’s coverholders can now benefit from access to ACORD Standards for Delegated Authority Insurance Transactions and a platform to collaborate on the ... Read the full article
JLT Re names Vinod Krishnan as CEO, Asia Treaty
19th March 2018
Global reinsurance broking and consultancy provider JLT Re has announced the appointment of Vinod Krishnan as Chief Executive Officer (CEO), Asia Treaty. Krishnan, who is based in Singapore, will be responsible for developing JLT Re’s business in the region by building its treaty offering in the ASEAN nations and South Korea. He ... Read the full article
XL Catlin reveals new Brexit continuity clause
19th March 2018
XL Catlin’s London-based re/insurance operations have announced that an innovative new contract clause will be added to their policies to address concerns that continuity may be affected by the UK’s anticipated departure from the European Union (EU). The clause, which will factor in uncertainties like loss of passporting rights, will be ... Read the full article
Rokstone launches property catastrophe reinsurer, Rokstone Re-Treaty
19th March 2018
Rokstone Underwriting has announced the launch of a new Property Treaty team that will focus primarily on traditional catastrophe reinsurance treaties, called Rokstone Re-Treaty. The new unit was launched in early 2018 and is to be led by industry veteran Peter Mousley, formerly at CNA Hardy. The unit will underwrite a range of ... Read the full article
Arch Capital promotes Marc Grandisson to President & CEO
19th March 2018
Bermudian reinsurer Arch Capital Group (ACGL) has promoted Marc Grandisson to President & Chief Executive Officer (CEO), and to AGCL's Board of Directors with effect from March 3rd, 2018. Grandisson was promoted from a position as President and Chief Operating Officer (COO) of ACGL, which he had taken up on January ... Read the full article
Munich Re looks to reshuffle the value chain
19th March 2018
Global, Germany-based reinsurance giant Munich Re is looking to transform its business model in order to get closer to the client, essentially reshuffling the value chain with the help of technology and digitisation to reduce complexities and boost efficiency. As part of its recent annual 2017 recap and 2018 outlook, Munich ... Read the full article
Insurers “remain at the intial stage of data maturity”: A.M. Best
19th March 2018
Although most insurers anticipate major industry changes in the next couple of years and have begun diverting company resources for additional technology research that focuses on better and cheaper ways to do business, the industry lags behind other industries when it comes to technological innovation. Re/insurers are revving up for change with ... Read the full article
Re/insurers with own view of risk less impacted by model changes: GC’s Imelda Powers
16th March 2018
Speaking with Reinsurance News, Imelda Powers, Global Chief Catastrophe Modeler at reinsurance broker Guy Carpenter, discussed the management of changes to models and the impact this can have on insurers and reinsurers, while underlining the importance of utilising the latest data and expertise within models to improve the industry's view ... Read the full article
Milliman expands P&C expertise to meet growing analytics demand
16th March 2018
Global consulting and actuarial firm Milliman, Inc. has announced that its Tampa office will now benefit from the addition of a Property and Casualty (P&C) team, which will be established in response to the growing demand for its property insurance analytics. The new Tampa P&C office will solidify Milliman’s presence in ... Read the full article
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