Reinsurance News
Munich Re’s HSB joins LoRa Alliance in push for IoT standardisation
20th September 2018
The Hartford Steam Boiler Inspection and Insurance Company, a subsidiary of reinsurance giant Munich Re, is to become a contributor member of the LoRa Alliance. The LoRa Alliance is a non-profit association dedicated to the standardisation of low power wide area networks (LPWAN); a technology that enables long-range, wireless connectivity between ... Read the full article
Western & Southern to purchase Nestlé’s Gerber Life business for $1.55bn
20th September 2018
Nestlé has revealed that it has entered an agreement to sell its Gerber Life Insurance Company to U.S life insurance and financial services provider Western & Southern Financial Group for US $1.55 billion in cash. Gerber Life is a juvenile and family life insurance provider with statutory capital and surplus of ... Read the full article
SCOR commits to value creation following Covéa offer
19th September 2018
SCOR has reiterated its commitment to continue creating value for its long-term shareholders following an €8.2 billion (US $9.6 billion) acquisition offer from French insurance group Covéa, which was rejected unanimously by SCOR’s Board of Directors. The reinsurer recently came under fire from shareholders such as French investment fund ... Read the full article
SCOR’s Channel Syndicate partners with InsurTech start-up on invoice protection
19th September 2018
SCOR Global P&C’s Channel Syndicate has partnered with InsurTech start-up Hokodo to provide an invoice protection product to small and medium sized businesses. The partnership will see the Channel Syndicate and SCOR Global P&C develop a range of insurance products which will then be underwritten and distributed using Hokodo’s innovative distribution ... Read the full article
Willis Towers Watson develops new multi-peril property loss modelling tool
19th September 2018
Insurance and reinsurance broker Willis Towers Watson has developed a new technology platform to help organisations analyse potential property losses, called Property Quantified. Set to be launched during the RIMS Canada 2018 Conference on September 23, the Property Quantified platform will enable clients analyse losses across a global portfolio and optimise ... Read the full article
Beach appoints Marsh’s Jonathan Tritton to London Wholesale Practice as SVP
19th September 2018
Reinsurance brokerage Beach & Associates has announced that Jonathan Tritton is to join its recently-formed London Wholesale Practice as a Senior Vice President in December. Tritton joins from Marsh, where he led the initiative to secure new products and coverage for Marsh & McLennan Agency, Marsh’s middle market retail network, as ... Read the full article
Pioneer adds Mark Kelsey to Political Violence underwriting team
19th September 2018
Pioneer Underwriters has expanded its Political Violence team with the appointment of Mark Kelsey as underwriter. Kelsey joins Pioneer from Advent Underwriting, where he most recently served as a terrorism and political violence underwriter. He has nine years of re/insurance industry experience, having previously worked within the Terrorism & Political Violence and ... Read the full article
Lloyd’s releases policy documentation for post-Brexit Brussels subsidiary
19th September 2018
Lloyd’s has published a new suite of policy documentation to support the underwriting of risks from the European Economic Area (EEA) by its new post-Brexit subsidiary, Lloyd’s Brussels, which is due to commence business on 1 January 2019. The new documents were prepared by the Lloyd's Market Association’s (LMA) wordings team, ... Read the full article
Willis Re reorganises Specialty broking business
19th September 2018
Willis Re Speciality has appointed Jonathan Marsh as Chairman and Printhan Sothinathan as Chief Strategy Officer as part of a restructure designed to provide better career development opportunities and improved clarity of roles and accountability. Graeme Moore will still lead the Willis Re Speciality business as Chief Executive Officer (CEO), while ... Read the full article
Enstar rejects potential sale of Atrium and StarStone
19th September 2018
Enstar has announced that it is “no longer assessing market interest” regarding the potential sale of its active underwriting businesses, Atrium and StarStone. The insurance, reinsurance and run-off specialist revealed in June said that it had, alongside fellow investor Stone Point Capital LLC, engaged an investment bank to assess interest ... Read the full article
RMS and CCRS collaborate on new data schema covering $554tn of insurance exposure
19th September 2018
Global catastrophe risk modeller RMS has collaborated with the Cambridge Centre for Risk Studies (CCRS), part of The University of Cambridge, to develop and launch a new Data Definitions Document v1.0 for 14 different classes of insurance exposure. The new, published insurance exposure Data Definitions Document v1.0 offers a standardised schema ... Read the full article
R&Q set to acquire Global Re U.S for $80.5m
19th September 2018
Specialist non-life insurance investor, service provider and underwriting manager, Randall & Quilter Investment Holdings, has signed a definitive agreement to acquire Global U.S Holdings Incorporated from AXA DBIO, a subsidiary of investment funds managed by AXA Liabilities Managers. The deal will see R&Q acquire Global U.S Holdings’ insurance subsidiary Global Re ... Read the full article
SCOR & Covéa rumours continue, as activist investors mobilise
19th September 2018
French insurance group Covéa is continuing to examine new approaches to a potential acquisition of SCOR after its offer of €8.2 billion (US $9.6 billion) was rejected last month, while pressure mounts for SCOR as activist investors urge CEO Denis Kessler to engage in talks. Sources at Reuters said that ... Read the full article
AFL acquires Zodiac MGA for undisclosed sum
19th September 2018
AFL Insurance Brokers, an Independent Lloyd’s broker, has acquired a majority stake in New Jersey-based Zodiac Insurance Services, for an undisclosed sum. Zodiac is a Lloyd’s managing general agent (MGA) underwriting in excess of $10 million casualty lines business in the U.S and specialises in professional, entertainment and event insurance. “Our acquisition ... Read the full article
Evergreen Pacific first reinsurer to cover medical cannabis costs
19th September 2018
Evergreen Pacific Reinsurance Company is to provide coverage for health insurers prescribing cannabinoid therapeutic treatments. Evergreen Pacific says it is welcoming insurance company enquiries regarding its new turnkey health insurance rider to cover medical cannabis costs, to be deployed inside health insurance plans. "Evergreen Pacific's fully integrated solution combines multi-disciplinary medical services, ... Read the full article
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