Reinsurance News
Hamilton Underwriting appoints Robert Patten to Head of Casualty
18th December 2017
Hamilton Underwriting managing agency of Syndicate 3334 and the Lloyd’s operations of Bermuda-based Hamilton Insurance Group has appointed Robert Patten to Head of Casualty. Patten is set to begin on December 11th, and will report to Active Underwriter and Head of Treaty Trevor Carvey. Hamilton Underwriting Limited Chief Executive Officer Dermot O’Donohoe ... Read the full article
Fidelis Insurance buys stake in MGA Firestone Surety
18th December 2017
Fidelis Insurance has bought an equity stake in a new Managing General Agent, Firestone Surety, and will be providing its underwriting capacity. Firestone will focus on the small and medium-sized enterprises sector of the surety market and will be managed through Pine Walk Capital, Fidelis’ subsidiary MGA platform. Firestone will be head ... Read the full article
Governments to help drive InsurTech start-up growth
15th December 2017
Digital initiatives and regulatory exemptions by the Indian, Australian, and Hong Kong governments are expected to spur the development of their local InsurTech start-up sector in coming years, as regimes seek to encourage economic growth through building an environment conducive to tech-innovation. In Clyde & Co's recent report on expectations for ... Read the full article
XL Catlin promotes Jay Lefkowitz to lead U.S. Global Risk Management unit
15th December 2017
Insurer and reinsurer XL Catlin has promoted Jay Lefkowitz from his role as head of U.S. Risk Management team to President of its Global Risk Management business in North America. In his New York based role Lefkowitz will assume underwriting management of XL Catlin’s North America primary casualty platform including its ... Read the full article
International Group secures lower rates for 2018 reinsurance renewal
15th December 2017
For the fourth consecutive year, the International Group of Protection & Indemnity Clubs has secured reinsurance renewal premium reductions on the Group programme, after finalising its 2018/2019 General Excess of Loss (GXL) reinsurance contract and the Hydra reinsurance programmes. The Group has announced that in spite of uncertainty in the global insurance ... Read the full article
Berkshire Hathaway Specialty Insurer launches financial indemnity line in Asia
15th December 2017
Berkshire Hathaway Specialty Insurance Company (BHSI) has announced the introduction of a Professional First Financial Institution Professional Indemnity (FIPI) Insurance policy in Asia, in response to growing demand from the financial services sector. Scotland Walsh-Riddle, Head of Executive & Professional Lines at BHSI Hong Kong, commented that financial institutions are "seeing ... Read the full article
IAIS seeks feedback on an activities-based approach to systemic risk
15th December 2017
The International Association of Insurance Supervisors (IAIS) has released an interim public consultation paper on an activities-based approach to systemic risk in the insurance industry. The release is in accordance with the IAIS' Systemic Risk Assessment and Policy Workplan, which was announced on February 28th, 2017, and that was welcomed by ... Read the full article
ArgoGlobal names Elizabeth Mitchell as onshore energy underwriter
15th December 2017
Lloyd’s insurer and member of Argo Group, ArgoGlobal, has appointed Elizabeth Mitchell, who joins from a role as oil and gas underwriter with Munich Re, to onshore energy underwriter with immediate effect. Mitchell will report to Jodi Davenport, Class Underwriter, onshore and downstream energy, who welcomed her to the role; "Elizabeth ... Read the full article
Munich Re acquires additional 11% of Global Aerospace shares
15th December 2017
Munich Re has agreed to buy an additional 11% of the shares in Global Aerospace Underwriting Managers Limited, the company that manages the Global Aerospace Pool. The acquisition brings Munich Re's total shares up to 51%, with the remaining 49% split with a subsidiary of Warren Buffett's Berkshire Hathaway. “We are fortunate in ... Read the full article
Global insured average annual cat loss at $80 billion: AIR Worldwide
15th December 2017
AIR Worldwide's 2017 Global Exceedance Probability (EP) report estimates that the 1% aggregate exceedance probability insured loss (or the 100-year return period loss) from catastrophes worldwide is nearly $250 billion, and the global insured average annual loss (AAL) is at about $80 billion. Average annual insured losses from the aggregate insured ... Read the full article
Lloyd’s names REG as new admin platform for coverholder compliance
15th December 2017
Lloyd's of London has announced its selection of online due diligence and regulatory compliance platform, Regulatory Efficiency Gains (REG), to help manage data and reduce the administrative burden of coverholder compliance. The REG platform will help with capture and maintenance of up-to-date public market data, initially on Lloyd's UK based coverholders, ... Read the full article
HCI Group names Karin Coleman EVP
15th December 2017
Insurance holding company HCI Group has announced the appointment of Karin Coleman, who joined the firm in 2009, to Executive Vice President (EVP). Coleman has headed up the firm's corporate services department since 2009, and oversees human resources, regulatory and legislative affairs, vendor management, community relations and several select projects and business units, ... Read the full article
Reinsurers to pay most of Farmers $1.2bn Northern Cali wildfire bill
15th December 2017
Farmers Insurance has announced that it's received more than 4,000 claims from the Northern California wildfires, with an estimated total cost of $1.2 billion, the majority of which will be passed onto its reinsurers. The California Department of Insurance announced recently that insurance claims filed in relation to the October ... Read the full article
Bretton Woods gains independent license & Lloyd’s Broker status
15th December 2017
Specialist insurance broker Bretton Woods (BWI) has gained an independent licence as a Financial Conduct Authority authorised broker and has achieved status as a “Lloyd’s Broker” registered by Lloyd’s of London. BWI will continue to use its own broker number – BWI 1392 BWI. Prior to gaining its FCA license, BWI traded as ... Read the full article
London’s Grenfell tower demonstrates dangers of combustible cladding: Swiss Re
15th December 2017
London's Grenfell Tower tragedy in June has highlighted the dangers of combustible exterior cladding on high rise buildings - which have since become a global concern for governments and reinsurers. Swiss Re Corporate Solutions has warned of the dangers of combustible exterior cladding on high rise buildings, after reinsurers picked up the ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
