Reinsurance News
Ron Lockton to replace Glenn Spencer as President & CEO, Lockton
19th July 2017
International brokerage, Lockton, Inc., has revealed that Vice Chairman Ron Lockton, is to expand his role and become President and Chief Executive Officer (CEO) of the firm, replacing Glenn Spencer. Spencer is to retire from the company for personal reasons, with immediate effect, and after serving as the firm's Vice Chairman ... Read the full article
U.S. thunderstorms lead mid-year catastrophe losses: Munich Re
19th July 2017
2017 severe weather event related insurance and reinsurance losses have been largely dominated by a series of severe U.S. hailstorms and tornadoes which each incurred costs in the billions, although overall, global catastrophe losses have been well below the ten-year average, Munich Re said in its natural catastrophe review for January to ... Read the full article
IAG reveals new single Australian division in optimisation push
19th July 2017
Insurance Australia Group Limited (IAG) has announced the establishment of a single Australian division that will be led by current IAG Chief Operating Officer (COO), Mark Milliner. The launch of the new Australian division sees IAG consolidate and simplify its operating model, combining the former Australian Consumer, Australian Business, Operations and Satellite Divisions. Current ... Read the full article
‘Tasman Tempest’ storm drives NZ$62 million insured loss
19th July 2017
A storm that struck Auckland and the Coromandel, New Zealand over the 7th and 12th of May, 2017, has resulted in an insurance industry loss of NZ$62 million (roughly US$46 million), an increase of almost 48% from the provisional estimate, according to the Insurance Council of New Zealand (ICNZ). The storm, ... Read the full article
Nexus expands global reach with acquisition of Trade Credit MGA, Equinox
19th July 2017
Nexus has expanded its distribution opportunities and expertise with the acquisition of fast-growing Specialist Trade Credit MGA and registered Lloyd's Coverholder, Equinox Global, as well as all other Equinox group companies. The founders of Equinox and Beazley, previously the MGA's biggest shareholder, are set to become shareholders in Nexus, aligning all ... Read the full article
Gibson joins Neon from Argo Group as Director of Reinsurance & Alternative Capital
19th July 2017
Insurance and reinsurance specialist, Neon Underwriting, has named Mark Gibson from Argo Group as its Director of Reinsurance and Alternative Capital. Gibson will report to Neon's Managing Director, Ian Martin, and have responsibility for developing the company's outwards reinsurance programmes and alternative, or third-party reinsurance capital strategy. Gibson previously worked for BNP ... Read the full article
Allianz partners with InsurTech firm on aviation insurance solutions
19th July 2017
Subsidiary of global insurer Allianz Group, Allianz Global Corporate & Specialty (AGCS), has partnered with InsurTech firm, Visicover, and will now underwrite the company's aircraft insurance solutions and provide the claims management service. Under the new partnership agreement Visicover, an online award-winning InsurTech firm, will offer both its existing and new ... Read the full article
AmTrust appoints Daniel Hickey to EVP, Business Strategy & Development
19th July 2017
AmTrust Financial Services has appointed Daniel Hickey, formerly of PartnerRe, to Executive Vice President (EVP) of Business Strategy and Business Development. In his New York-based role with AmTrust, Hickey will oversee the firm's business strategy planning, developing a global framework that reflects macro market trends and combines these with various local ... Read the full article
Border-adjustment tax would drive higher insurance premiums across the U.S.
19th July 2017
The implementation of a border-adjustment tax (BAT) in the states would eliminate the ability of U.S. insurers to utilise vital foreign reinsurance to manage exposures and drive higher premiums, especially in areas like California that are highly susceptible to significant catastrophe risks, warns R Street and the Pacific Research Institute ... Read the full article
Intent to sign EU/U.S. covered agreement welcomed by the IUA
19th July 2017
The International Underwriting Association of London (IUA) has welcomed news that the U.S. Department of the Treasury and the Office of the U.S. Trade Representative plans to sign the EU/U.S. covered agreement relating to insurance and reinsurance practices. The bilateral agreement has been in the pipeline for some time now, but the U.S. ... Read the full article
Property-Casualty MGA’s see expansion but under pressure with softening rates: Conning
19th July 2017
Property-Casualty Managing General Agents (MGAs) have shown continued growth so far this year, exceeding the segment's general market growth by over one-third despite adverse soft market conditions - but rates have softened as performance comes under increasing pressure, according to Conning's latest strategic study on the MGA market segment. The study ... Read the full article
Re/insurance can help close Eastern Canada quake protection gap: Swiss Re
18th July 2017
A recent Swiss Re report highlighted the vulnerability of Eastern Canada to earthquake risk where it said a lack of awareness has led to a high protection gap in a region vastly exposed to high economic and social losses in the case of a major earthquake. A magnitude 7.3 earthquake in ... Read the full article
HCI insurance subsidiary gets approval to write flood insurance in Pennsylvania
18th July 2017
HCI insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, has received regulatory approval to write flood insurance in Pennsylvania. The re/insurers proposed rates and forms are still awaiting approval from State regulators before HCI can begin expanding into the Pennsylvania market. Last month the re/insurer announced plans to begin the regulatory ... Read the full article
Specialist insurer GCube announces appointment of Director and Senior Underwriter
18th July 2017
Specialist renewable energy insurer GCube Underwriting has strengthened its executive and underwriting team with the appointment of Steve Allen and Adam Hearn to Director and Senior Underwriter respectively. The appointees both join GCube from RSA Group where Allen was Director of Engineering Construction and Renewable Energy and Hearn worked for over ... Read the full article
New Dawn Risk Group gets approval to operate as registered Lloyd’s broker
18th July 2017
New Dawn Risk Group Limited, an independent specialist intermediary for non-marine liability and specialty insurance and reinsurance, has been given approval to operate as a registered Lloyd's broker. The approval comes after the group traded for nine years as an appointed representative of Grosvenor Brokers (America) LLC and more recently of ... Read the full article
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