Reinsurance News
Reinsurance Group of America backs cryptocurrency startup Bitspark
7th November 2017
Hong Kong domiciled FinTech that provides cryptocurrency brokerage services to global Money Transfer Operators (MTOs), Bitspark Limited, has secured funding from Reinsurance Group of America's (RGA) innovation accelerator, RGAx. Bitspark's money exchange technology and placement in the blockchain sector offers a unique perspective on international cash-based remittance transactions. The announced funding from RGAx will see ... Read the full article
AmTrust uses up its $400m Premia loss development reinsurance
7th November 2017
AmTrust Financial Services, Inc. said it has fully utilised the $400 million loss development reinsurance coverage that it entered into with Premia Holdings Ltd. subsidiary, Premia Reinsurance Ltd. in July. The agreement provided AmTrust with adverse net loss reserve development reinsurance protection of up to $400 million, in excess of ... Read the full article
Hampden to offer freehold capacity on Verto Syndicate 2689
6th November 2017
Hampden has agreed with Asta and Lloyd's to offer freehold capacity on Verto Syndicate 2689 for 2018, after reconsidering the terms of participation for the syndicate. Verto's business plan for 2018 has been approved as submitted with capacity of £115 million and an Economic Capital Assessment (ECA) of 92.4% which represents ... Read the full article
Willis Towers Watson appoints Evariste Yeung Head of P&C, North Asia
6th November 2017
Global insurance and reinsurance broker, Willis Towers Watson (WTW), has named Evariste Yeung as Head of Property and Casualty (P&C), North Asia, effective 25th September, 2017. Yeung is based in Shanghai and reports to Managing Director of WTW's Insurance Consulting and Technology business in Asia-Pacific, Richard Collis. In his newly created position, ... Read the full article
Gareth Davies joins Lockton in Bermuda from JLT
6th November 2017
Global insurance and reinsurance broker, Lockton, has announced the appointment of Gareth Davies, formerly Chief Executive Officer (CEO) of JLT Bermuda, as Senior Vice President (SVP), Property, Bermuda. Davies has more than 20 years of property broker experience in Bermuda, and has expertise in facultative reinsurance as well as alternative property ... Read the full article
Swiss Re, Resolution, & Cinven vying for Ergo & Generali life portfolios: Reports
6th November 2017
Reinsurance firm Swiss Re and financial investment firms Resolution Group and Cinven have expressed interest in acquiring two Ergo and Generali German life insurance portfolios, sources told Reuters. Munich Re's primary insurance affiliate, Ergo, and Generali's German subsidiary are among carriers - increasingly driven by record-low interest rates and stringent ... Read the full article
Cyclone Debbie payouts reach AU$1bn with 85%+ of claims now closed: ICA
6th November 2017
The Insurance Council of Australia (ICA) has revealed that more than 85% of claims from Cyclone Debbie have now closed, totalling AU$1 billion (roughly US$770mn). Data from the ICA shows that overall insurance losses from the event have now reached $1.565 billion (roughly US$1.2bn) from 72,767 claims, making Debbie the second-most ... Read the full article
Property & casualty business now live on PPL
6th November 2017
The Board of PPL Ltd, a core component of the London Market Target Operating Model, has announced that property and casualty lines of re/insurance business are now live on its electronic placement platform. The move means that the area of London market insurance and reinsurance business with the greatest volumes can ... Read the full article
Bruce Love joins Liberty Specialty’s Casualty Treaty division from Munich Re
6th November 2017
Liberty Mutual Insurance subsidiary, Liberty Specialty Markets (LSM), has announced the hiring of Bruce Love from Munich Re as Director, Assumed Reinsurance, Casualty Treaty, based in the firm's Stamford, Connecticut office. Love will report to Thomas Greene, the company's Head of Casualty, Reinsurance, and will have responsibility for production, underwriting and ... Read the full article
Pioneer launches property E&S unit, hires David Phillips to lead operation
6th November 2017
Pioneer Underwriters, which operates as a risk carrier and managing agent currently with the backing of Liberty Syndicate 4472, has launched its new Property E&S unit, which is to be led by David Phillips. Phillips will be based in Alpharetta, Georgia, and brings more than 20 years of property insurance expertise ... Read the full article
Reinsurers need to manage expense & invest in InsurTech: PwC
6th November 2017
In the consistently competitive, challenged and evolving reinsurance market, companies need to focus on cost optimisation and reducing expenses, in order to remain agile and be able to take advantage of future opportunities, according to PwC. Add on the impacts of recent catastrophic losses, which are estimated to total an industry-wide ... Read the full article
Berkshire Hathaway suffers $3bn cat hit, drives re/insurance to underwriting loss
6th November 2017
Warren Buffett's conglomerate Berkshire Hathaway has suffered around $3 billion of losses from the recent major catastrophe events, which has driven his re/insurance businesses to an underwriting loss for the quarter. Berkshire Hathway now faces the prospects of suffering its first full-year underwriting loss in 15 years, as the impacts of ... Read the full article
Ignore recent cat activity at your peril, warns Alleghany President, Hicks
6th November 2017
Weston M. Hicks, President of Alleghany Corporation, has warned against dismissing third-quarter catastrophe events as an anomaly, events that depleted more than a third of the company's underwriting profits earned in the prior five years. The impact of catastrophe events in the third-quarter of 2017 resulted in losses for Alleghany of ... Read the full article
Bermuda reinsurers’ show increased catastrophe resilience
3rd November 2017
Bermuda-domiciled carriers' resilience to catastrophe events has shown consistent year-on-year improvement with capital level growth exceeding gross catastrophe exposure, according to a recent report from the Bermuda Monetary Authority (BMA). While gross catastrophe exposure for Bermuda's reinsurance sector increased by about 9% year-on-year, capital levels also increased at a slightly higher ... Read the full article
ICA appoints Richard Enthoven as President and Chairman of the Board
3rd November 2017
The Board of the Insurance Council of Australia (ICA) has announced a two-year appointment of Richard Enthoven as President of the Insurance Council and Chairman of the Board. He was previously Deputy President, and served as Acting President last month following the departure of Anthony Day from Suncorp. Gary Dransfield, Chief Executive ... Read the full article
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