Reinsurance News
Brexit white paper draws criticism from Lloyd’s CEO
13th July 2018
Lloyd's of London’s outgoing Chief Executive Officer (CEO), Inga Beale, has responded to the exit strategy laid out in the Brexit white paper with claims that professional and financial services “are not catered for” and that the proposed deal will accelerate its plans for a Brussels subsidiary. In an interview ... Read the full article
Typhoon Maria drives economic losses of at least $432mn in China: Impact Forecasting
13th July 2018
Typhoon Maria has caused at least US $432 million in economic damages, primarily in the Fujian province of China, after making landfall as a Category 2 storm on July 11, according to Impact Forecasting, Aon’s catastrophe risk modeller. After reaching typhoon status on July 5, Maria tracked across the Western Pacific, ... Read the full article
Willis launches CyCon, a new cyber solution for the construction industry
13th July 2018
Re/insurance broker Willis Towers Watson has announced the launch of its CyCon cyber insurance solution, having concluding that cyber attacks and the failure of IT systems rank among the top risks facing the construction industry. While the construction sector has continued to embrace and integrate more sophisticated technologies for project design, ... Read the full article
Lloyd’s market needs ‘radical change’, says LMA head Gittings
13th July 2018
David Gittings, Chief Executive of the Lloyd’s Market Association (LMA), has called for a “thorough review” of how the re/insurance market at Lloyd’s operates, according to the Financial Times (FT). Gittings told the publication: “I don’t believe Lloyd’s is facing an existential crisis but it needs a thorough review of what ... Read the full article
Ascot creates new U.S marine insurance team, names head
13th July 2018
Ascot Group, a Bermuda headquartered insurance and reinsurance firm, has launched a new U.S marine insurance division and appointed Chris Piazza to lead it. As Executive Vice President (EVP) and Head of U.S Marine Insurance, Piazza will lead all aspects of Ascot’s U.S marine insurance business, supported by new hires Tom ... Read the full article
Industry consolidation & entrepreneurial spirit is growing the UK MGA sector
13th July 2018
The ongoing wave of consolidation across the insurance industry, coupled with an entrepreneurial spirit of some underwriters, is resulting in a growing number of Managing General Agents (MGAs) in the UK insurance sector, according to the Chairman of The Managing General Agents’ Association (MGAA), Charles Manchester. Addressing an audience at the opening ... Read the full article
Markel appoints Chubb’s Robert Cox as President and COO, Insurance
13th July 2018
Markel Corporation has appointed Robert Cox, former Chief Operating Officer (COO) at Chubb, to the newly created position of President and COO, Insurance Operations. Cox will be tasked with overseeing all of Markel’s insurance divisions, including Markel Assurance, Markel Specialty, and Markel International , as well as Sales and Marketing. Additionally, Markel ... Read the full article
M&A deal activity to increase despite rising costs: Moody’s
13th July 2018
The re/insurance industry is likely to see an increase in mergers and acquisitions (M&A) deals in the future, even as transactions become more expensive due to high expectations from sellers, according to Moody’s Investors Service. In recent years, Moody’s observed that there has been a trend of large, globally diversified firms ... Read the full article
Danny Gluszkiewicz joins BMS as a director of Australian operations
13th July 2018
Specialist insurance and reinsurance broker BMS Group Limited has announced the hiring of Danny Gluszkiewicz within its Australia team, as a Director of the Australian operations, effective August, 2018. He will be based in Brisbane, and will form part of BMS Australia's national team, reporting to BMS Australia Chief Executive Officer (CEO), ... Read the full article
U.S. P&C insurers return to underwriting gains in 2018: ISO, PCI
13th July 2018
After suffering underwriting losses for seven quarters in a row, private U.S. property and casualty (P&C) insurers recorded net underwriting income of $4.2 billion in the first-quarter of 2018, according to analysis by ISO, a Verisk business, and the Read the full article
InsurTech Hippo reports solid growth and expansion of its senior leadership
13th July 2018
California-based InsurTech firm Hippo has recorded solid growth in recent times, tripling its written premiums quarter-over-quarter and with total insured property value now exceeding $10 billion. The InsurTech company has a focus on improving customer experience, and by leveraging its modern home insurance solution, which combines its patented AI framework with ... Read the full article
Alternative capital market still reliant on property catastrophe risk: Johansmeyer, PCS
12th July 2018
The issuance of catastrophe bond and insurance-linked securities (ILS) transactions during the first-half of 2018 remained strong, and there's an opportunity for the alternative reinsurance capital market to enter new regions and lines of business, ultimately transitioning away from its reliance on property catastrophe risks. Catastrophe loss data aggregator, PCS, highlights ... Read the full article
Patricia McMahon named SVP, Chief Claims Officer, Everest Insurance
12th July 2018
Global reinsurer Everest Re Group has announced the appointment of Patricia McMahon as Senior Vice President (SVP) and Chief Claims Officer, Everest Insurance. McMahon joined the Bermuda domiciled re/insurer in June last year as Head of Casualty from insurance giant AIG, and brings a unique depth of experience to the new role. She will report ... Read the full article
XL Catlin appoints leaders for U.S Multinational Casualty Insurance
12th July 2018
XL Catlin has appointed Stefan Homberger as Head of Multinational Casualty Insurance in the U.S and promoted Arielle Moody to team lead for its U.S Eastern Region Multinational Casualty group. Homberger has worked at XL Catlin for 20 years, having most recently served as Underwriting Manager for Multinational Casualty Programs. Commenting on ... Read the full article
Willis partners with MAR Fund on parametric reef insurance project
12th July 2018
Global re/insurance broker Willis Towers Watson has announced a partnership with the Mesoamerican Reef Fund to develop and implement an insurance model for reefs across seven sites in the four countries of the MAR Region: Mexico, Belize, Guatemala and Honduras. Through its Global Ecosystem Resilience Facility, Willis plans to develop parametric reef ... Read the full article
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