Reinsurance News
NMI secures $264.5mn of collateralised mortgage reinsurance
23rd July 2018
Mortgage insurance specialist NMI Holdings has announced its second insurance-linked securities (ILS) transaction in as many years, securing $264.5 million of collateralised mortgage reinsurance from newly-formed Bermuda special-purpose insurer Oaktown Re II. The transaction is expected to close on July 25 and consists of notes being offered for sale to eligible ... Read the full article
Brit appoints Tony Medniuk as Chairman of Lloyd’s managing agent
23rd July 2018
London-headquartered insurance group Brit has appointed Tony Medniuk as Non-Executive Chairman of its Lloyd’s managing agent Brit Syndicates, effective September 6. He will succeed outgoing Chairman and ex-Lloyd's Chief Executive Officer (CEO) Richard Ward, who is also stepping down from the Board of Brit. Medniuk was Managing Director and Chief Underwriting Officer ... Read the full article
PIC completes £50mn pension buy-in deal with IET
23rd July 2018
The Institution of Engineering and Technology (IET), one of the largest STEM industry bodies, has announced the completion of a £50 million buy-in deal that sees the Pension Insurance Corporation (PIC) take on 300 uninsured pensioner members of its Superannuation and Assurance Scheme. This is the second buy-in for the Scheme following ... Read the full article
Pioneer adds James Sharpington to CAT underwriting team
23rd July 2018
Pioneer Underwriters has appointed James Sharpington as an underwriter in the Pioneer CAT team, which provides property catastrophe reinsurance underwriting, distribution and portfolio management expertise to Pioneer’s capacity providers from its base in London. Sharpington will be tasked with developing and expanding the team’s existing property cat portfolio, and will focus ... Read the full article
Argo appoints Manuel Moreno to new Latin America underwriter role
23rd July 2018
Global specialty re/insurer Argo Group International Holdings has announced the appointment of Manuel Moreno to the newly created position of Chief Underwriting Officer of Latin America, effective immediately. The new role includes responsibility over the strategy and execution of all underwriting operations in the region and will see Moreno report to ... Read the full article
Qatar Re to cease underwriting from Singapore branch
23rd July 2018
Qatar Reinsurance Company Limited (Qatar Re) has stated this morning that it will cease all underwriting operations from the reinsurers branch office in Singapore. The company said that as from July 20th 2018 Qatar Re has ceased underwriting both new and renewal business from Singapore branch office. Qatar Re said it will ... Read the full article
Oasis Loss Modelling Framework offered open source and free of charge
23rd July 2018
The not-for-profit catastrophe modelling platform Oasis Loss Modelling Framework has made its software open source and downloadable from GitHub free of charge. Oasis says the modelling system has been made more accessible in an effort to increase the resources available to strengthen resilience to natural disasters. Robert Bentley, President, Global Strategic Advisory ... Read the full article
Every $1 spent on hurricane protection saves $105: FM Global
20th July 2018
Commercial and industrial property insurer FM Global has calculated that for every $1 spent on hurricane protection, businesses reduce loss exposure by an average of $105. The insurer analysed data on 1,800 client organisations for the past decade, tallying an estimate for over 10,000 wind and flood related investments and their ... Read the full article
MAPFRE restructures Global Risks reinsurance under MAPFRE Re
20th July 2018
Spanish insurer MAPFRE is to implement a restructuring of the way it handles its Global Risks large client insurance business and its reinsurance business, including an integration of its Cologne Global Risks office into its branch in Munich, from January 2019. Under plans laid out today, MAPFRE Global Risks will underwrite ... Read the full article
Slow moving lava flow losses means no available reinsurance: RLI President
20th July 2018
Specialty insurer and reinsurer, RLI Corporation, saw its second-quarter net underwriting income decline by $5.5 million as a result of volcano activity in Hawaii, while the slow moving nature of the exposure means there isn't any available catastrophe reinsurance, according to President and Chief Operating Officer (COO), Craig Kliethermes. Hawaii's Kīlauea volcano ... Read the full article
Lancashire appoints Sally Williams to Non-Exec Director role
20th July 2018
Specialty insurer and reinsurer Lancashire Holdings has announced the appointment of Sally Williams as Non-Executive Director, effective early 2019. “We are delighted to welcome Sally to Lancashire as a Non-Executive Director. Sally has significant regulatory, risk and accounting experience with a particular knowledge of the insurance and insurance distribution markets,” said ... Read the full article
Rating agencies maintain divergent reinsurance sector outlooks: Aon
20th July 2018
Rating agencies continue to hold divergent outlooks for the global reinsurance sector, with prolonged market softening and 2017 catastrophe losses driving down profits, while the sector's capital adequacy remains very strong in 2018, reports global insurance and reinsurance broker, Aon. Both A.M. Best and Fitch hold a negative outlook for the ... Read the full article
Liberty Specialty expands liability team
20th July 2018
Liberty Specialty Markets, part of Liberty Mutual Insurance, has created two new senior underwriting roles as the firm looks to expand its liability team. Paul Grover, formerly international class subject matter expert with AIG, becomes LSM’s international Casualty Underwriting Manager. Daniel Munro, who was London market Manager at AIG, will serve as ... Read the full article
Beazley eyes broader growth in improved rating environment
20th July 2018
Price firming has been in line with the expectations of specialist insurer Beazley, and the firm sees an opportunity to take advantage of an improved rating environment, where it can ultimately look for growth across a broader range of business lines. The London-based insurer reported a decline in profit before tax ... Read the full article
Hannover Re’s Doug Ingle joins AHOU Hall of Fame
20th July 2018
Hannover Life Reassurance Company of America (Hannover Re U.S) has announced that Doug Ingle, Vice President of Underwriting Research, has been elected to join the Association of Home Office Underwriters' (AHOU) Hall of Fame. AHOU is the world’s largest association of life underwriters, and elects a number of professionals to its ... Read the full article
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