Reinsurance News
Canopius partners with Anvil Underwriting on credit and political risk
31st August 2018
Global specialty lines re/insurer Canopius has entered into a partnership with Anvil Underwriting Ltd, a managing general agent (MGA) specialising in credit and political risk. The partnership, which is effective from 3 September, will allow Anvil to underwrite credit insurance, contract frustration, and political risks on behalf of Canopius. The agreement will ... Read the full article
Swiss Re’s Frank O’Neill to step down as CEO for UK & Ireland
31st August 2018
Swiss Re has announced that Frank O’Neill, current Chief Executive Officer (CEO) for UK & Ireland, has decided to step down from his position, effective 4 September 2018, in order to pursue an opportunity outside of Swiss Re. The company said that a search to find a successor to O’Neill is ... Read the full article
Enstar to acquire Maiden Re North America for $307.5mn
31st August 2018
Bermuda based insurance, reinsurance, run-off and legacy transaction specialist Enstar Group Limited has announced that it has entered into an agreement to acquire Maiden Re North America from a subsidiary of Maiden Holdings for a total consideration of $307.5 million. Domiciled in Missouri, Maiden Re North America is a diversified insurance ... Read the full article
ESG integration entails both social and financial benefits: A.M. Best
31st August 2018
In recent years, investors and shareholders have been increasingly judging re/insurers on their incorporation of a range of Environmental, Social and Governance (ESG) factors, but consideration of these risks and opportunities could also result in significant financial benefits, according to a recent report by A.M. Best. The report observed that, while ... Read the full article
Markel Corporation buying Nephila Capital, world’s largest ILS manager
31st August 2018
It's been announced that Markel Corporation is to acquire all of the outstanding shares of Nephila Holdings Limited, the largest manager of catastrophe and weather insurance and reinsurance linked investment funds in the world. Nephila manages $12.2 billion of assets under management (AuM) for a geographically diverse investor base of ... Read the full article
Lloyd’s COO Vincent Vandendael to leave for Everest Insurance
31st August 2018
Lloyd’s of London has announced that its Chief Commercial Officer (COO) of nearly six years, Vincent Vandendael, is to leave the company. Vandendael is to join Everest Insurance as Chief Executive Officer (CEO) of International Insurance in early 2019. His departure date has yet to be confirmed. Since joining Lloyd’s as ... Read the full article
Mitsui Sumitomo increases shareholdings in Sri Lanka’s Ceylinco Group to 15%
31st August 2018
Mitsui Sumitomo Insurance Co., Ltd. (MSI), a member of MS&AD Insurance Group, has acquired an additional 9% of common stock in Ceylinco Insurance PLC, the largest insurance group in Sri Lanka, for approximately 3 billion rupees (US $42 million), increasing its total shareholdings to 15%. MSI originally invested in Ceylinco Group, ... Read the full article
Allianz names Bart Schlatmann CEO of European direct business
31st August 2018
Insurance giant Allianz has named Bart Schlatmann as Chief Executive Officer (CEO) of its European direct business, effective September 1. Schlatmann, who brings over 20 years’ experience to the role, will lead the consolidation process for Allianz’ European direct business; including the establishment of a new pan-European risk carrier for the ... Read the full article
Political solution needed to ensure contract continuity post-Brexit: BaFin President
31st August 2018
In a recent interview with Bloomberg TV, Felix Hufeld, the President of Germany's financial regulatory authority, BaFin, called for a political solution to ensure contract continuity post-Brexit, with billions of contracts, including insurance, in need of some level of security. Reinsurance News discussed recently that it appears the UK is ... Read the full article
Top eight reinsurers account for 90% of global life premiums: S&P
31st August 2018
The top eight global life reinsurers dominate the industry and account for around 90% of total premiums, making it difficult for new entrants to quickly enter the market and establish themselves, according to a recent report by S&P Global Ratings. The report said that such a scale of competitive advantage would ... Read the full article
“Conditions are right” to buy more catastrophe reinsurance: JLT Re’s Ed Hochberg
31st August 2018
Ed Hochberg, Chief Executive Officer (CEO) of JLT Re in North America, has suggested that primary insurers are increasingly understanding the value of reinsurance following 2017’s catastrophe losses, and claimed that the “conditions are right” for them to buy more cover. “It’s clear that primary insurers increasingly recognise the valuable role ... Read the full article
Amendment made to Sirius Group & Easterly merger agreement
31st August 2018
Sirius International Group, a global multi-line re/insurance group, has announced an amendment to its previously-confirmed merger agreement with Easterly Acquisition Corp. The merger, first revealed on June 25, was to see Easterly combine with and become a wholly-owned subsidiary of Sirius Group, which would become a publicly listed company. The amendment ... Read the full article
InsurTechs still growing despite unsustainable loss ratios: Industry execs
30th August 2018
InsurTech start-ups have continued to record robust premium growth so far in 2018, however, generating a sustainable loss ratio below 100% remains a challenge, according to analysis by two industry executives. A recent article co-authored by Adrian Jones, Head of Strategy & Development at reinsurance giant SCOR, and Matteo Carbone, Founder ... Read the full article
PartnerRe names Brian Dowd to replace Elkann as Chairman
30th August 2018
Reinsurer PartnerRe has announced that John Elkann is to be replaced as Chairman of the firm's Board of Directors by Brian Dowd, effective September 1st, 2018. Elkann, who is Chairman and Chief Executive Officer (CEO) of EXOR, is to remain on the PartnerRe Board after he steps down as its Chairman. His ... Read the full article
Munich Re Specialty hires two to lead Americas underwriting team
30th August 2018
Munich Re Specialty Group (MRSG), a division of reinsurance giant Munich Re, has appointed Steven Weiss and Ben Tucker to lead its expanding underwriting team in the Americas. Weiss has been named Senior Vice President (SVP)/Chief Underwriting Officer (CUO) of Ocean and Inland Marine Insurance. He brings 28 years’ experience as ... Read the full article
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