Reinsurance News
Legal & General’s U.S Pension Risk Transfer business volume nears $2bn
3rd July 2018
Legal & General has announced that its Pension Risk Transfer (PRT) business has experienced continued growth since the company entered the U.S market less than three years ago, having written nearly $2 billion in total volume across 28 clients. The business has also amassed a global annuity book of nearly $80 ... Read the full article
Pool Re names Tracey Paul as Chief Strategy and Communications Officer
3rd July 2018
Pool Re, the UK’s government-backed terrorism reinsurer, has appointed Tracey Paul to the newly-created position of Chief Strategy and Communications Officer. Paul has more than 20 years of strategic communications experience and will take up her new position with immediate effect, reporting directly to Julian Enoizi, Chief Executive Officer (CEO) at ... Read the full article
Zurich completes Oak Underwriting takeover
3rd July 2018
Global insurer Zurich has completed the acquisition of Oak Underwriting from RSA Insurance, enhancing the company's high net-worth proposition, known as Zurich Private Clients. The insurer's purchase of Oak Underwriting, a high net-worth specialist insurer, makes Zurich one of the largest high net-worth insurers in the UK, and provides it with ... Read the full article
Rebranded Liberty reinsurance division launches Italian operation
3rd July 2018
Liberty Specialty Markets (LSM), the London headquartered unit of Liberty Mutual Insurance Group, has rebranded its reinsurance division as Liberty Mutual Re and launched a reinsurance operation in Italy for the first time. The rebrand applies to all aspects of LSM’s reinsurance division, which comprises 180 people in 14 locations. Liberty Mutual ... Read the full article
Swiss Re Corporate Solutions targets expansion with new Hamburg office
3rd July 2018
Swiss Re Corporate Solutions, the commercial insurance arm of the global reinsurance firm, has opened an office in Hamburg, Germany in an effort to expand its commercial insurance portfolio in northern Germany’s regional market. The office is already operational and through its broking partners will serve large and upper mid-sized companies, ... Read the full article
“Our DNA is changing”, says Munich Re CIO
3rd July 2018
The 2018 Tech Trend Radar report by Munich Re emphatically underlines the rate at which it expects new technologies to transform customers’ demands and expectations over the next two decades. This trend towards greater-connectivity is one that re/insurers must understand, accept and integrate into its framework into to secure longevity, says ... Read the full article
Brokers relying on more granular data in challenging property market: AmWINS
3rd July 2018
Property market brokers are increasingly relying on more granular data and risk models to obtain better results as 2018's underwhelming pricing environment looks set to extend into the second half of the year, according to specialty insurer AmWINS. A report by the company observed that advanced risk modelling was leading to greater ... Read the full article
Re/insurers step up Brexit plans as uncertainty remains
2nd July 2018
Analysis by Ernst & Young (EY) via its Financial Services Brexit Tracker reveals that re/insurers continue to step up their Brexit contingency plans despite the transition agreement, as widespread uncertainty remains. Despite the importance of the financial services sector to London and the wider UK, it appears that insurers and reinsurers, ... Read the full article
Windward secures $16.5mn in fresh funding, backed by XL Innovate
2nd July 2018
Windward, a maritime risk analytics start-up, has raised $16.5 million in a Series C round of funding that was led by XL Group's venture capital InsurTech fund, XL Innovate, bringing its total funding to $38.9 million. Existing investors such as Horizons Ventures and Aleph also participated in the latest round of ... Read the full article
PIC concludes £850m full buyout of the PA Pension Scheme
2nd July 2018
Pension Insurance Corporation plc (PIC) has announced the completion of a full buyout of all members of the PA Consulting Pension Scheme, covering £850 million of liabilities and roughly 2,400 members. PIC, a specialist insurer of defined benefit pension funds, wrote a total £3.2 billion of new business in the first ... Read the full article
Athene resolves investigation with New York State regulator
2nd July 2018
Athene Holding Ltd. has announced that Athene Life Insurance Company of New York (ALICNY) and First Allmerica Financial Life Insurance Company (FAFLIC), a subsidiary of Global Atlantic Financial Group, have agreed to a $55 million consent order with the New York State Department of Financial Services (NYSDFS). The agreement resolves the ... Read the full article
Matthew Hardy named EVP of Global Energy, Chubb Overseas General
2nd July 2018
Chubb has announced the appointment of Matthew Hardy as Executive Vice President, Global Energy, Chubb Overseas General, effective July 1st, 2018. Hardy will report to Timothy O'Donnell, the newly-appointed Division President, Commercial Property & Casualty, Chubb Overseas General. Hardy has been active for over two decades and was previously Product Head, Energy ... Read the full article
Reinsurers unlikely to earn back 2017 catastrophe losses: Deutsche Bank
2nd July 2018
Deutsche Bank equity analysts have suggested that global reinsurance companies are unlikely to earn back 2017 catastrophe losses as a result of insufficient rate increases at the January, April and June renewals, with further disappointment expected through July. Deutsche Bank analysts recently met with management of global reinsurance giant Munich Re, ... Read the full article
Ageas obtains regulatory approval to begin reinsurance activities
2nd July 2018
Brussels-headquartered multinational insurer Ageas has received regulatory approval from the National Bank of Belgium (NBB) to begin organising and operating reinsurance activities. Ageas said that operating as a reinsurer would increase the fungibility of capital within the Group, providing it with higher flexibility and agility to implement its strategy. The announcement follows ... Read the full article
DARAG appoints new group CEO
2nd July 2018
European legacy acquirer DARAG has announced the appointment of Tom Booth as group Chief Executive Officer (CEO), effective July 23rd, 2018. Stuart Davis remains Executive Chairman until the transition is complete, after which he is to become Non-Executive Chairman and work with Booth on a “significant” planned expansion of DARAG. Booth joins ... Read the full article
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