Reinsurance News
Guy Carpenter hires Shaun Sinniah as Head of Strategy & Client Engagement
4th September 2018
Guy Carpenter & Company, LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has appointed Shaun Sinniah as Head of Strategy and Client Engagement for the firm’s International and Global Specialties divisions, effective from October. Sinniah joins Guy Carpenter from Willis Re, where he most recently served ... Read the full article
Lloyd’s Lab innovation accelerator opens after global search
4th September 2018
The specialist Lloyd's of London insurance and reinsurance marketplace has announced the opening of its new innovation accelerator, Lloyd's Lab, after a global search for talent that attracted over 200 applicants from 36 countries. The event, which was attended by the Economic Secretary to the Treasury, John Glen MP, and the outgoing ... Read the full article
Opportunities remain in U.S mortgage reinsurance market, but discipline is key: S&P
3rd September 2018
Opportunities remain for reinsurers in the U.S mortgage market, although companies must exercise strong discipline as the underwriting cycle is now past its peak, with credit risk and pricing pressure likely to increase as capacity expands, according to a report by S&P Global Ratings. The U.S housing and mortgage market has ... Read the full article
Workers’ comp profits strong, weaker pricing ahead: Fitch Ratings
3rd September 2018
The U.S workers' compensation insurance market reported strong underwriting performance for the third consecutive year in 2017, with an industry statutory combined ratio of approximately 92%, according to Fitch Ratings. However, Fitch warns that a steady decline in premium rates from increased competition will ultimately lead to weaker underwriting results. Fitch believes ... Read the full article
kWh Analytics completes 50 MW Solar Revenue Put, backed by Swiss Re
3rd September 2018
kWh Analytics, a leading solar risk management provider, has structured a Solar Revenue Put with global solar developer GCL New Energy and U.S solar project investor PNC Bank for 50 MW of solar farms, with risk capacity provided by Swiss Re Corporate Solutions. The 4 solar farm projects, which belong to ... Read the full article
NewRe appoints Artur Klinger as Chief Underwriting Officer for P&C
3rd September 2018
NewRe Ltd, a wholly owned subsidiary of Munich Re, has appointed Artur Klinger as its new Chief Underwriting Officer (CUO) for the Property and Casualty (P&C) business, effective 1 September. He succeeds Jean-Luc Bourgault, who is stepping down after 17 years as the company’s CUO, and who will remain with NewRe ... Read the full article
RSA opens post-Brexit Luxembourg hub, led by Richard Turner
3rd September 2018
RSA Insurance Group has opened a new office in Luxembourg as part of its preparations for the UK’s exit from the European Union (EU), and has appointed Richard Turner to lead it. The office will provide a platform for RSA in Europe post-Brexit, minimising disruption to business with EU-based customers and ... Read the full article
JLT Re warns of inflection point as re/insurers accelerate reserve releases
3rd September 2018
JLT Re, the reinsurance broking arm of global brokerage JLT Group, has described the recent reserving practices of some insurers and reinsurers as somewhat aggressive, noting that some companies are accelerating their releases in certain business lines. While much of the marketplace focuses on the property catastrophe losses of 2017 as ... Read the full article
Caribbean Development Bank to subsidise Haiti’s catastrophe premiums
3rd September 2018
The Caribbean Development Bank (CDB) has approved a grant of US $3 million to cover Haiti’s 2018-2019 insurance premiums with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) SPC, a provider of parametric coverage in the Caribbean and Latin America. The funding will help Haiti meet the cost of the premiums for ... Read the full article
Aon’s public D&O pricing increases 6.1% at Q2 2018
3rd September 2018
Aon Risk Solutions (U.S) has reported in its quarterly pricing index of Directors’ and Officers’ liability (D&O) insurance that its D&O price per million was up 6.1% at Q2 2018 when compared with the prior year quarter, while average change for primary policies with the same limit and deductible increased ... Read the full article
Aspen UK approves early release of Thomas Lillelund to AIG
3rd September 2018
Aspen Insurance Holdings Limited has agreed to release former Chief Executive Officer (CEO) of its reinsurance segment, Thomas Lillelund, early. Lillelund stopped acting as CEO of Aspen's reinsurance segment effective August 7th, 2018, and on August 29th, Aspen Insurance UK Limited and Lillelund executed a letter outlining terms and conditions of his ... Read the full article
Daljitt Barn joins Tokio Marine from Munich Re as Global Head of Cyber Risk
3rd September 2018
Tokio Marine Holdings has announced the appointment of Daljitt Barn from reinsurance giant Munich Re, to the newly created role of Global Head of Cyber Risk. Based in London, Barn started at Tokio Marine on September 3rd, 2018, and will be responsible for developing the firm's cyber strategy. Joining from Munich Re, ... Read the full article
Everest Insurance names Vincent Vandendael CEO of international operations
3rd September 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has announced the addition of Vincent Vandendael - who confirmed his departure from Lloyd’s earlier today - as Chief Executive Officer of Everest Insurance International. He will be based out of the firm’s London office. Vandendael will report to Jonathan ... Read the full article
U.S single premium pension buy-out sales exceed $8.2bn at Q2: LIMRA
3rd September 2018
U.S single premium pension buy-out product sales surpassed $8.2 billion in the second quarter of 2018, more than doubling sales totals for Q2 2017, according to a quarterly survey by the LIMRA Secure Retirement Institute (LIMRA SRI). LIMRA SRI also noted that Q2 2018 marked the 13th consecutive quarter of sales ... Read the full article
Reinsurers adapting as alternative capital becomes permanent fixture: J.P. Morgan
31st August 2018
Reinsurers are adapting their business models in light of the market’s increasing reliance on alternative capital, which proved capable of absorbing large industry losses in 2017, and which may have ended the concept of ‘payback’ in the property & casualty (P&C) sector, according to analysts at J.P. Morgan. A report by ... Read the full article
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